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 & Gas
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
The double whammy of the Covid-19 pandemic and the effects of the Opec+ price war is presenting what is rapidly becoming the upstream oil and gas sector’s biggest challenge to date.
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
While some predicted it, most of us never saw it coming. The uncertainty and pace of change in the upstream sector over the past month has been spectacular and has turned businesses and our lives upside down.
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the negotiating tele-table on 6 April 2020 to discuss the output cuts of at least 10 million barrels per day (bpd), first announced by US President Donald Trump on Twitter on 2 April 2020.
The world has been transformed in the past month since the COVID-19 pandemic took hold. The dramatic impact of COVID-19 on global oil demand and has been compounded by Saudi Arabia and Russia failing to agree production cuts to stabilise oil prices. With Brent trading well below US$30/bbl the resilience of the sector is once again being pushed to its limit. What does this mean for the UK and Norway upstream sectors?
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
Drilling firm Valaris is set to undertake drilling and subsea work at Premier Oil's North Sea Catcher field next week.
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
A workers who was airlifted from a UK North Sea platform has tested positive for the Covid-19 virus.
A deal that holds the key to Neptune Energy obtaining a stake in a major UK North Sea discovery took a step forward today.
The Oil & Gas Technology Centre (OGTC) will launch the first of its Tech20 Virtual series with ‘Artificial Intelligence vs Data Privacy: a 21st century David and Goliath story’, taking place Friday 3 April, 11:00-12:00 GMT.
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
Total and Apache have made a second discovery offshore Suriname, at Block 58’s Sapakara West-1 well.
An energy service ROV firm has staked its claim in Scotland with a number of executive hires across its business in Edinburgh.
PGS has completed the acquisition of 3D seismic on Angola’s Kwanza shelf, which will be used in the country’s 2021 licence round.
Nigeria’s Department of Petroleum Resources (DPR) has ordered companies to limit the number of personnel at sites, in line with a directive from Nigerian President Muhammadu Buhari.
A pipeline has been completed at the Al Jahraa field, in Egypt, allowing gas sales to begin and eliminating flaring, United Oil & Gas has reported.
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
Utilities giant Centrica has "paused" the sale of its stake in Spirit Energy due to the economic meltdown caused by the Covid-19 outbreak and oil price war.
Dundee will become the go-to hub for decommissioning work in the UK according to the man who has spearheaded the city’s move into the sector.
BP is adjusting the company's offshore procedures after several workers who had previously been aboard a production platform in the Gulf of Mexico tested positive for the coronavirus.