Oil plummets with economic jitters surging through markets
Crude futures plunged by the most in more than two weeks as jitters reverberated through markets a day after the Federal Reserve provided a gloomy outlook for the U.S. economy.
oil
Kuwait plans to curb expat hiring
Kuwait intends to ban the practice of hiring expatriate workers at Kuwait Petroleum Corp. (KPC) and its subsidiaries.
Oil slides after US crude stockpiles expand to record
Oil slumped as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.
Private jet hire firm eyes offshore helicopter market
A firm that specialises in private jet hire for clients including “entertainment legends, royalty and blue-chip companies” is eyeing a move into the offshore helicopter market.
UK energy sector needn’t curse ‘interesting times’
The apocryphal Chinese curse ‘may you live in interesting times’ could well apply to the current situation within the oil and gas sector.
‘Extraordinarily challenging headwinds’ hit Spirit’s bottom line
Spirit Energy plunged into the red in its second full year as an independent oil and gas business as impairments linked to lower commodity prices hit hard.
BP, Cnooc and Equinor partner with RGU spin-out to save industry millions
Artificial intelligence-based software being developed in Aberdeen is said to have the potential to unlock “significant value” from the UK North Sea.
Oil advances after OPEC+ extends production cuts
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agrees to extend output cuts as cheats offer penance
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Updated: Oil’s climb continues as strong jobs data adds to OPEC+ optimism
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
ShoreCan, Essar settle Nigerian differences
Shoreline Canadian Overseas Petroleum Development (ShoreCan) has reached an agreement in principle with Essar Mauritius bringing an end to a dispute on Nigeria’s OPL 226.
Oil slips with planned Opec+ talks stymied by Iraq obstacle
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Stick to letter of the law
The challenges of the combination of Covid-19 and the fall in the oil price continue to place enormous stress on the industry. While those offshore have remained at their workplaces, albeit in smaller numbers and under strange and difficult circumstances, in order to maintain production from the UKCS, others who have now spent two months working from home are beginning to consider a return to the office or work site.
United celebrates infill success at Abu Sennan
Testing of Egypt’s El Salmiyah-5 has seen the well flow at rates of around 8,700 barrels of oil equivalent per day, United Oil & Gas has reported.
Oil dips as quota cheating casts doubt over Opec+ meeting
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
‘Relief’ for some as oil rises past $40, but North Sea activity to remain depressed
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
Get set for ‘new normal’
As the lockdown measures are eased, the number of workers offshore will steadily increase. Many will be faced with a “new reality” which will, in time, become the “new normal”.
Angola in debt talks with oil importers
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
French navy and UN intervene to stop Libya-bound tanker
A French navy frigate intervened along with the United Nations to stop a tanker as it was on its way to load refined petroleum products from an eastern Libyan port in violations of sanctions, leaving it loitering offshore for almost a week.
Oil drops further on signs US stockpiles expanding
Oil extended its drop after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
OGA gives Hurricane, Spirit breathing room at Lincoln field
Hurricane Energy’s boss has thanked the UK oil and gas industry’s regulator for giving the company more breathing room with its licence obligations.
Oil climbs on hopes market may balance in coming weeks
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Exclusive: BP’s North Sea chief Ariel Flores promoted
The boss of BP’s North Sea business is being promoted as part of a management overhaul at the energy giant.
Contracting firms poised to lay off furloughed workers, union boss says
A union boss has claimed a “host” of North Sea contracting firms are poised to lay off furloughed workers as the cost of maintaining the scheme mounts.
Surprise boost for Nigeria’s economy comes with higher oil flows
Nigerian economic growth beat estimates in the first quarter as oil production rose to the highest in at least four years.