Oil’s 60% crash is the tip of an iceberg. The reality is worse
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Asia
Polarcus scraps another seismic shoot
Seismic provider Polarcus has noted another project cancellation, this time in West Africa.
Pharos puts dividend on hold, pulls production guidance
Pharos Energy has set out plans to spend around $45 million in 2020 but has suspended production guidance from Egypt in response to the oil price pressures.
Supply booms, demand languishes: all are punished
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
Exclusive: Shell-Total deal delayed by Malaysia-Brunei spat
Malaysia has revoked a cross-border agreement with Brunei to jointly develop fields along the Malaysian-Brunei maritime boundary.
At London’s oil week, clues about demand will be all around
Oil traders are gathering in London for what’s normally a week of lavish parties, dealmaking and market chatter. China’s coronavirus means this year’s events will be more subdued – and fewer in number – than usual. The talk will be about absent friends and uncertain demand.
Shell tips LNG shortfall by mid-2020s
Shell has stuck to its growth expectations for LNG continuing to predict an emerging shortfall of supply from around 2025.
Chinese shipyards in the shadow of coronavirus
The short-term impact of the coronavirus has been seen almost entirely on demand, reducing China’s need for oil and LNG supplies.
West African flows squeezed as China dials down demand
The reduction in Chinese oil demand as a result of the coronavirus has taken its toll on African exports.
US men charged for Iranian oil-to-China plan
The US has charged five of its citizens with conspiring to sell sanctioned Iranian oil to China.
Updated: Virus-induced oil price slump harks back to Sars, Aberdeen oil experts say
Oil and gas shares were hit yesterday by a drop in crude prices brought on by the deadly Coronavirus outbreak originating in China.
IOC signs on to support Ghana’s LPG push
Indian Oil Corp. (IOC) has signed a memorandum of understanding (MoU) with Ghana’s National Petroleum Authority (NPA) on the implementation of an LPG policy.
Australia leads in bumper year for Asia Pacific FIDs
Looming wave of final investment decisions (FIDs) will provide massive boost for offshore oilfield service sector in Southeast Asia
US-China deal provides boost for energy exports
A deal by the US and China goes some way to ending the two-year trade war, with particular support in the agreement for agriculture and energy exports.
Pharos pushes Egyptian work after slow start
Pharos Energy’s Egyptian assets have increased production slower than expected but should overtake the company’s Vietnamese volumes this year.
Offshore seismic on the up
Confidence continues to return for offshore work, with offshore seismic companies reporting improved performance from contract work, while multi-client continues to lag.
Equinor and Rosneft greenlight Siberian oil and gas field
Equinor and Rosneft have sanctioned a full development of the North Komosomolskoye field in Russia.
Asia Pacific upstream M&A set to accelerate
Southeast Asia and Australia are set to take centre stage in the region’s upstream M&A activity as private equity companies sense a value opportunity.
One of hottest energy trades this year is becoming the trickiest to profit from
One of the hottest trades this year across energy markets is proving one of the trickiest to profit from.
Southeast Asia braces for huge wave of decommissioning
Decommissioning Southeast Asia’s aging oilfields offers a vast but challenging market opportunity.
China sets up national pipeline company in major energy revamp
China announced the creation of its long-planned national oil and gas pipeline company, officially kicking off one of its biggest energy revamps aimed at helping supply keep pace with swelling demand.
Petrobras sharpens deepwater focus in quest for value
Petrobras is in a state of transformation, company officials said at a press conference in London, with an eye on selling down assets and tackling debt – in tandem with major expansion plans.
IOC sets out the Indian advantage
When Indian Oil Corp. (IOC) was launched it focused on the downstream and has subsequently expanded into the upstream, while also moving into petrochemicals.
Wellpro lines up Middle East, Asia focus
Wellpro Group struck a deal to enter the Middle East in May, with an aim for leveraging an existing footprint to speed the way.
Russia Opening Giant Gas Link to China as Putin Pivots East
The world’s biggest natural gas exporter and one of the globe’s top consumers of the fuel cement their energy co-operation on Monday with the launch of Russia’s giant Power of Siberia pipeline to northern China.