North Sea goes without a major oil and gas release for first time in 25 years
The North Sea has gone without a major oil and gas release for the first time since industry trade association records began more than 25 years ago.
2020
KCA Deutag facing better future after ‘battening down the hatches’
KCA Deutag is facing better prospects after slashing its debt and “battening down the hatches” in during a tumultuous 2020, the Aberdeen-based oil and gas drilling giant’s chief finance officer said yesterday.
BP takes £2bn hit on value of UK North Sea assets
BP has taken a $2.79bn (£2billion) impairment on the value of its oil and gas assets in the UK North Sea.
Wintershall Dea losses top £1billion as Covid cuts oil and gas prices
Wintershall Dea of Germany saw losses widen to more than £1billion in 2020 as Covid-19 brought down commodity prices.
Ørsted more than doubles pre-tax profits in 2020
Ørsted enjoyed “great strategic progress” last year as it managed to strengthen its financial footing in the face of the Covid-19 pandemic.
Exxon posts first annual loss in 40 years on huge writedown
Exxon Mobil Corp. posted a $19.3-billion writedown of U.S. natural gas and other assets, capping the first annual loss for the Western world’s largest oil company in at least four decades.
Baker Hughes rounds off ‘incredibly challenging’ 2020 with $15billion losses
Baker Hughes has closed out its “incredibly challenging” 2020 financial year with pre-tax losses of $15.2billion (£11bn).
New IOGP chief outlines ‘litmus test’ for oil and gas industry
Iman Hill, recently appointed as the new executive director of the International Association of Oil and Gas Producers (IOGP) writes for Energy Voice on the current "litmus test" for the sector.
Bilfinger Salamis had ‘particularly strong year’ before Covid-19 hit
Bilfinger Salamis was having a “particularly strong year” before Covid-19 struck the oil and gas industry, new accounts have revealed.
BP reassessing 2020 AGM as venue being converted into coronavirus hospital
BP is reassessing the “chosen venue” for its 2020 Annual General Meeting as the planned site is being converted into a coronavirus field hospital.
OPEC sees demand for its crude oil falling for rest of decade
OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million barrels a day by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 million barrels more than projected a year ago, and 1 million less than the group pumped in November. The forecast underlines the struggle faced by the Organization of Petroleum Exporting Countries as it seeks to defend market share against a surge in output from rivals such as the U.S. and Russia. While OPEC is slowly taming the expansion of competitors, the collapse in oil prices means the financial costs of its strategy are immense. Brent crude futures touched an 11-year low of $36.04 a barrel on Dec. 21.
EU emissions down 23%, passing targets for 2020
The European Union says its emissions fell 4% last year, meaning the 28-nation bloc has already surpassed its target for 2020. A report by the EU’s environment agency said 2014 emissions were 23% lower than in 1990. The EU is the world’s third largest greenhouse gas polluter.