Will oil hit $80 this summer?
India, the world's third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices.
oil
China’s April oil imports slide on higher crude prices
Estimates from OilX show China’s crude oil imports fell 11% month-on-month to 10.41 million barrels per day (b/d) in April. This would imply a year-on-year increase of 5.37%, or 0.53 million b/d, the latest data from the analytics firm showed.
More upstream projects on the horizon for Australia
Australia is expected to see 118 oil and gas projects start operations across the value chain between 2021-2025, making up 6% of the total project starts in the Asia-Pacific (APAC) region, according to GlobalData.
Total accused of alleged profiteering in Myanmar
Activist group Justice For Myanmar, which documents military-linked financial matters in the country, has accused French major Total of making excessive profits at Myanmar’s expense.
Carbon pricing ‘stick’ may compel oil industry to invest in decarbonisation
A renowned petro-economist believes carbon pricing will be one of the “sticks” the UK Government uses to compel oil firms to invest in emissions-busting technologies.
Nuts and bolts: Ineos gearing up for Forties pipeline shutdown
Petrochemicals giant Ineos is gearing up for a big push on its crucial North Sea Forties pipeline life extension project after Covid caused a year-long delay.
Oil demand in India drops as brutal virus wave convulses nation
India’s Covid-19 crisis has pummelled demand for transport fuels to the lowest in several months, highlighting the risks for energy consumption amid an uneven global recovery from the pandemic.
Equinor boss hails ‘best’ quarterly results since 2014
Equinor said today that higher oil and gas prices and strong financial performance from its renewables segment drove the company to its best quarterly results since 2014 in Q1.
‘Green shoots’: Hunting buoyed by prospect of improved 2021
Bosses at oilfield service firm Hunting said trading in early 2021 remained subdued but they predicted stronger performance across the group during the rest of the year.
Japan eyes Vietnam for ASEAN oil-sharing deal
Japan is targeting Vietnam for what will be its first oil-sharing deal with a Southeast Asian nation as Tokyo attempts to ensure an uninterrupted supply of petroleum from overseas supply chains in the event of a disruption.
Petrofac boss says confidence in North Sea market based on real activity, not hope
A boss at Petrofac said yesterday his confidence that the North Sea market is picking up in 2021 is based on real activity, rather than mere hope.
Duterte won’t challenge China at sea unless it drills for oil
Philippine President Rodrigo Duterte said challenging China in the South China Sea will only lead to violence, and that he will only do so if Beijing drills for oil in the disputed waters.
Historic oil glut amassed during pandemic almost gone
The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.
BP preparing for removal of ‘iconic’ vessel from Foinaven field
BP has started preparing for the removal of the "iconic" floating production, storage and offloading vessel (FPSO) on its Foinaven field.
Is a new global oil supercycle looming?
Energy Voice considers the prospect of an oil supercycle and its potential supply crunch, rising demand, and triple digit oil prices.
Fire raging at China field owned by CNOOC and ConocoPhillips
Three crew members are missing following a well blowout and fire at an oil production platform in the Bohai Sea in northeastern China earlier this week that stopped operations at one of the country’s largest oil fields.
Ithaca gives the thumbs up for phase two of Captain enhanced recovery project
Ithaca Energy, of Aberdeen, has decided to forge ahead with a £400 million project to boost output from a UK North Sea oilfield.
Jersey wraps up deal for remaining stakes in Verbier
Jersey Oil and Gas has wrapped up its acquisition the remaining 12% of the Verbier discovery in the UK North Sea.
Refinery fire in Indonesia sees near-term supply risk
A massive fire has been extinguished at one of Indonesia’s biggest oil refineries operated by national oil company Pertamina. However, near-term supply risks remain, but the national refining expansion plan remains intact, reported Fitch Solutions Country Risk & Industry Research.
Petronas declares force majeure in Myanmar
Malaysian national oil company (NOC) Petronas has declared force majeure on its Yetagun field off Myanmar, which is on the brink of civil war, due to the depletion of gas production.
Harbour Energy talked up as future ‘go-to’ for oil investors on London debut
Harbour Energy was lauded as a future “go-to” name for oil and gas investors after making its debut on the London Stock Exchange yesterday.
Tailwind Energy snaps up North Sea minnow Decipher
Tailwind Energy said today that it had agreed to buy fellow UK North Sea oil and gas firm Decipher Energy, of Aberdeen for an undisclosed sum.
Pertamina refinery fire rages in Indonesia
A massive fire continues to rage at one of Indonesia’s biggest oil refineries operated by national oil company Pertamina.
Robots could replace hundreds of thousands of oil and gas jobs, save billions in drilling costs by 2030, Rystad says
Even when the Covid-19 downturn is finally past us, operators will have to continue exploring new avenues for cost reductions to be better equipped to withstand future market declines. In a report that looked into the adoption of robotics across the petroleum industry, Rystad Energy found that existing solutions could replace hundreds of thousands of oil and gas jobs globally and reduce drilling labor costs by several billion dollars by 2030, if there is an industry push for such a transition.
Shaping the future of HSE
This year has been incredibly tough for everyone. Covid-19 has created enormous uncertainties in every aspect of our lives that will reverberate for years. And my strong suspicion is that our society and our industry cannot go through upheavals of this nature, and simply return to life as it was before.