Industry News

Oil Prices Surge Amid Supply Decline Expectations

21 June 2021, 7:39pm
Oil jumped by the most in a month.
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International Group Takes 49% Stake in Aramco Oil Pipeline Unit

21 June 2021, 1:31pm
A consortium has closed a $12.4 billion deal to acquire an equity stake in Aramco Oil Pipelines Co.
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Maersk wins EPCI contract for Mero 2 project in Brazil

21 June 2021, 1:05pm
Libra Consortium has contracted Maersk Supply Service for the pre-lay of the mooring system for a newbuild FPSO in Brazil. The post Maersk wins EPCI contract for Mero 2 project in Brazil appeared... ...
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Venezuela Oil Minister Sees USA Producers Rushing Back to His Country

21 June 2021, 12:56pm
Venezeula's oil minister claims something magical is about to happen.
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BofA Says Oil May Hit $100 Next Year

21 June 2021, 12:10pm
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said.
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February’s increase in coal-fired electric generation reduced U.S. coal stockpiles

21 June 2021, 12:00pm
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in February 2021. February’s draw was the largest monthly coal inventory decrease since July 2011, when stocks were drawn down by 18 million tons.
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Subsea 7 wraps up Lingshui offshore installation campaign

21 June 2021, 11:58am
Subsea 7’s vessels Seven Borealis and Seven Eagle have completed the offshore installation campaign […] The post Subsea 7 wraps up Lingshui offshore installation campaign appeared first... ...
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How to Tell a Real Oil and Gas ESG Program from a Fake

21 June 2021, 11:06am
Informed sources offer insights on what a genuine oil and gas ESG program should include.
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What Could an Oil Super-Cycle Mean for USA Producers?

21 June 2021, 11:05am
Here's a preview of what to watch this week in the oil and gas markets.
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Ex-Baker Hughes Rep Gets VAALCO CFO Job

21 June 2021, 9:58am
VAALCO Energy (NYSE, LSE: EGY) has announced that its board of directors has named Ronald Bain as the company's new chief financial officer, effective June 21.
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BSEE Releases Deepwater Asgard Incident Report

21 June 2021, 9:32am
The Bureau of Safety and Environmental Enforcement has released the results of its investigation into the Deepwater Asgard incident, which occurred on October 28, 2020.
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TotalEnergies, Qatar Petroleum, Chevron win Suriname offshore acreage

21 June 2021, 8:50am
A consortium between France's major TotalEnergies and Qatar's Qatar Petroleum and U.S. supermajor Chevron have submitted winning bids for shallow-water offshore acreage in Suriname. The post... ...
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Oil Up as Iran Nuclear Talks End Without Deal

21 June 2021, 8:45am
Oil climbed near $72 a barrel after the latest talks between world powers and Iran to revive a nuclear deal ended without an agreement.
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OGA Extends Mediation Pilot

21 June 2021, 8:31am
The UK Oil and Gas Authority has announced that the UKCS Mediation Pilot has been extended until April 30, 2022.
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Vår Energi makes ‘significant’ discovery in Balder area

21 June 2021, 7:57am
Oil and gas company Vår Energi has made a ‘significant’ discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea offshore Norway. The post Vår... ...
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Var Energi Makes Significant North Sea Find

21 June 2021, 7:55am
Var Energi has announced a 'significant' discovery in the North Sea.
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TGS begins 3D survey in US Gulf of Mexico

21 June 2021, 7:30am
TGS has commenced Sophies Resolve Refocus 3D, an ocean bottom cable (OBC) and narrow azimuth (NAZ) imaging program in the U.S. Gulf of Mexico. The post TGS begins 3D survey in US Gulf of Mexico... ...
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Vaalco names new chief financial officer

21 June 2021, 7:26am
Houston-based oil and gas company Vaalco Energy has appointed a new chief financial officer (CFO), effective 21 June 2021. The post Vaalco names new chief financial officer appeared first on... ...
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U.S. offshore rig count flat for two straight weeks

21 June 2021, 7:06am
The number of offshore rigs in the U.S. remained unchanged for two weeks in a row, according to a weekly rig count by Baker Hughes. The post U.S. offshore rig count flat for two straight weeks... ...
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Baltic Pipe construction to continue in certain Danish areas

21 June 2021, 6:59am
The Danish Environmental Protection Agency has informed Energinet that the Baltic Pipe project can […] The post Baltic Pipe construction to continue in certain Danish areas appeared first on... ...
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Siem Offshore sheds two anchor handlers

21 June 2021, 6:15am
Offshore vessel owner Siem Offshore has sold two of its anchor handling tug and supply (AHTS) vessels to an undisclosed buyer. The post Siem Offshore sheds two anchor handlers appeared first on... ...
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Aker BP extends deal for Eidesvik platform supplier

21 June 2021, 5:55am
Norwegian oil company Aker BP has awarded a 100-day contract to compatriot shipping company Eidesvik Offshore for one of its platform supply vessels. The post Aker BP extends deal for Eidesvik... ...
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Hess Makes Multi-million dollar Houston Education Investment

20 June 2021, 2:13pm
Hess Corporation (NYSE: HES) has announced that it is making $9 million investment in education in Houston's underserved communities.
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Texas Seeks to Defend Key Economic Segment

20 June 2021, 2:10pm
Here is a look back at some of Rigzone's top downstream-related articles from last week.
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Shell Mulls Largest US Oil Field Sale and More

19 June 2021, 2:08pm
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them...
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Baker Hughes Shows 23 More Oil Rigs

19 June 2021, 2:07pm
Baker Hughes reported jumps in the number of rotary drilling rigs operating in the United States and Canada.
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Oil Prices Climb for Fourth Straight Week

18 June 2021, 7:44pm
Oil posted a fourth straight weekly gain.
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Will Shell's Permian Assets Be Repurposed?

18 June 2021, 4:36pm
Rigzone panelists look back at oil and gas market hits and misses for the week ending June 18, 2021.
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China Cracks Down on Private Refiners

18 June 2021, 12:33pm
Industry insiders say the probe could shift the balance of power from the private sector to the state.
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USA Oil Prices Close Gap to Brent

18 June 2021, 11:28am
The U.S. oil market is reaching a crunch point.
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USA Hurricane Center Issues Advisories

18 June 2021, 9:35am
The U.S. National Hurricane Center is issuing advisories on Potential Tropical Cyclone Three, which is located over the southwestern Gulf of Mexico.
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U.S. dry natural gas production and rig count continue to grow from pandemic lows

17 June 2021, 12:00pm
Our June Short–Term Energy Outlook (STEO) estimated that production of dry natural gas in the United States averaged 92.2 billion cubic feet per day (Bcf/d) during May 2021, compared with 87.8 Bcf/d in May 2020. The record high for U.S. natural gas production was set in December 2019, when dry production averaged 97.0 Bcf/d. Aside from February 2021, when weather–related well freeze–offs contributed to natural gas production shut ins, May 2020 marked the low point for U.S. natural gas production so far during the pandemic. As a result of COVID–19 mitigation efforts and warmer weather, natural gas demand diminished, which lowered prices. We expect dry natural gas production to continue to grow in the United States through the end of 2022, averaging about 94.8 Bcf/d for November and December 2022.
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The United States consumed a record amount of renewable energy in 2020

16 June 2021, 12:00pm
In 2020, consumption of renewable energy in the United States grew for the fifth year in a row, reaching a record high of 11.6 quadrillion British thermal units (Btu), or 12% of total U.S. energy consumption. Renewable energy was the only source of U.S. energy consumption that increased in 2020 from 2019; fossil fuel and nuclear consumption declined. Our U.S. renewable energy consumption by source and sector chart shows how much renewable energy by source each sector consumes.
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Growing global production limits crude oil price increases in the most recent forecast

15 June 2021, 1:00pm
In the June Short-Term Energy Outlook (STEO), we forecast that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). We forecast production will increase more rapidly than consumption, ending the large global stock draws seen in the first two quarters of 2021 and limiting upward crude oil price movement.
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