A global deal to cut oil production and save the market from a coronavirus-induced breakdown proved elusive on Friday as a diplomatic initiative led by Saudi Arabia suffered repeated setbacks.
Mexico said it has reached an agreement with OPEC+ for deep oil-production cuts, after an intervention from U.S. President Donald Trump resolved an overnight impasse.
EnQuest has insisted its day-to-day operations are not “materially affected” by the coronavirus outbreak.
Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up.
The proposed 10 million bpd cut by OPEC+ for May and June will keep the world from physically testing the limits of storage capacity and save prices from falling into a deep abyss, but it will still not restore the desired market balance. Just hours before delegates stepped into the (again virtual) closed meeting, Brent was fluttering in the mid-$30s, seemingly oblivious to the fact that even if a 10 million bpd cut is agreed upon, or even in the best-case scenario 15 million bpd if the US, Canada, Norway and Brazil join forces, an excess of supply of the magnitude of 5-10 million bpd will remain, and will need to be stored.
A historic multilateral deal to lower global oil production and stabilise prices, led by record cuts from Saudi Arabia and Russia, is at risk as Mexico refuses to agree to the proposed curbs.
North Sea workers must accept ‘accountability’ for their own health and safety in order to halt the spread of Covid-19 offshore.
None of us have been in a situation remotely like this before. The rules and the facts are changing daily and it can be overwhelming to try to keep up with developments.
In an ideal world, organisational change management is planned – for example, the introduction of a new HR system, the opening of a new branch or adopting new technologies.
With crude oil prices sitting in the low $30s due to the impact of a global pandemic, the oil and gas industry will have to be creative in how it responds to the impact around the world.
It’s no secret that the situation the world finds itself in is an unprecedented one.
Transocean has said it is “taking precautions” after two crew members tested positive for Covid-19 on one of its rigs offshore UK.
Around 80 jobs have been saved at Altrad Services after union pressure saw the firm reinstate workers under the government’s furlough scheme.
A Highland onshore wind farm operated by EDF Renewables are set to redirect local community funding towards the coronavirus pandemic response.
Rivers Governor Nyesom Wike has ordered Caverton Helicopters to halt operations in the state, as the row over a flight into Port Harcourt escalated.
Looking after the wellbeing of our colleagues in the global energy workforce during the coronavirus pandemic is, in a sense, business as usual for all of us at Opito.
EnQuest today announced deeper cuts to its spending plans as it published full-year results showing it lurched into the red in 2019.
A managing partner of Anderson Anderson & Brown (AAB) has warned too many businesses may “fall through the cracks” of Covid-19 support.
Safety fears have been raised about the potential spread of Covid-19 due to a lack of guidance given to oil and gas workers using Aberdeen’s new safe haven hotels.
The deep and fundamental impact Covid-19 is having on the global economy is unprecedented, however, the shared global conviction to recover will be fast, and we expect that businesses which can pick up where they left off when things are safe will do so quickly.
The UK Government recently published updated guidance on Oil and gas: offshore environmental legislation (20 March, 2020). It was a reminder that the OSPAR decommissioning regulations are not consistent with the UK’s Conservation of Offshore Marine Habitats and Species Regulations 2017.
While most international oil companies (IOCs) have stated they will make major spending cuts this year in response to the downturn, Asian national oil companies (NOCs) are expected to maintain domestic upstream spending to help employment and economic activity levels.
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.
Kosmos Energy has cut spending for a second time in a month and confirmed delays at the Tortue LNG project, where it works with BP.
Sasol will shutdown its Natref refinery as of Arpil 9 in response to the “unprecedented decline” in fuel demand, stemming from South Africa’s lockdown aimed at halting the spread of coronavirus.