No more FPSO orders in 2020
No more floating production, storage and offloading (FPSO) vessels will be ordered this year, Rystad Energy has predicted.
Europe
Oil crisis shows Norway remains a crude addict
Norway has been talking for years about weaning itself off oil, but the Covid-19 crisis has revealed how far it has left to go.
Sonatrach completes Medgaz acquisition
Sonatrach has increased its stake in the Medgaz pipeline to 51%, following the completion of a deal with Spain’s Cepsa.
Europe pledges green recovery with historic stimulus programme
The European Union proposed making its climate-neutrality strategy a key pillar of a 750 billion-euro ($824 billion) recovery plan in a bid to boost economic growth and create new jobs.
Record spending cuts this year, IEA warns
The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
Builders sought for EastMed pipe
IGI Poseidon has invited companies to submit plans for the offshore parts of the proposed EastMed gas pipeline, which will run from the southeast Mediterranean into Europe via Greece and Cyprus.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
IEA calls for deeper cuts
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
IEA: short-term pain to balance out in second half
Actions taken by producer states under the OPEC+ banner, coupled with moving oil into storage, should see a stock draw of 4.7 million barrels per day in the second half of 2020, the International Energy Agency (IEA) has said in its recent Oil Market Report (OMR).
Trump’s oil deal: the inside story of how a price war ended
After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.
Saudi, Russia rift widens
US President Donald Trump’s call for a 10 million barrel per day – or even 15mn bpd – cut drove up oil prices last week but weak demand continues to run the show, with little respite expected from talks due to take place this week.
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.
Price plunge fires up short sellers
As prices have plunged, interest in short selling of oil companies has increased.
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.
XR broadens target list for 2020
Extinction Rebellion is broadening its list of targets to include financial services and the media in pursuit of its environmental goals.
Oil investing in a carbon-averse world
The world continues to need investment in the oil and gas sector, according to most forecasts, but this is an increasingly difficult pitch for investors given concerns over carbon emissions.
Russian-Turkish ceasefire for Libya takes flight
A ceasefire in Libya driven by Turkey and Russia has received backing from the two major factions in the North African country, with hostilities having officially stopped on January 12.
Russia, Turkey call for Libya ceasefire
Russia and Turkey have called for a ceasefire in Libya, to come into force as of midnight January 12.
Russia Readies New Gas Link to Europe in Defiance of US
Russia officially opened its TurkStream natural gas pipeline on Wednesday, further diversifying export routes to Europe amid a backlash from the U.S.
European gas prices fall as Ukraine, Russia deal averts crisis
European gas and power prices extended declines after a last-gasp accord between Russia and Ukraine on natural gas flows averted a winter supply crisis.
Making progress with Progressive TSL
Working in different locations presents various logistical problems for companies – a problem Progressive TSL aims to tackle.
Eland sale puts Westhill base on thin ice
Nigeria’s Seplat Petroleum has completed its acquisition of Eland Oil and Gas, which owns assets in Nigeria’s Niger Delta.
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.
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.