Industry News

Crude Oil Declines After Choppy Session

21 January 2021, 9:09pm
Oil ended a choppy session lower with worsening global coronavirus outbreaks accentuating concerns over a demand rebound.
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Baker Hughes Expects More LNG Approvals in 2021

21 January 2021, 7:38pm
Baker Hughes Co. expects as many as four LNG projects globally to move to a final investment decision this year.
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Biden Puts US on Path to Rejoining Paris Climate Deal

21 January 2021, 3:28pm
Biden's flurry of actions drew opposition from industry and, with Paris, even a key Senate Democrat.
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Woman to Lead New Middle East Oil Firm

21 January 2021, 2:48pm
Oman's government named Haifa Al Khaifi as head of a new company that controls the country's biggest oil block.
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Libya Wants Foreign Oil Firms to Fund Infrastructure Repairs

21 January 2021, 2:24pm
Libya is seeking funding from foreign oil companies to fix its ailing infrastructure after years of war and neglect.
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Baker Hughes back in black after three quarters

21 January 2021, 2:22pm
Oilfield services major Baker Hughes has booked $653 million profit in the fourth quarter […] The post Baker Hughes back in black after three quarters appeared first on Offshore Energy. ...
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Serica Energy gets Rhum license renewal

21 January 2021, 1:53pm
UK oil and gas company Serica Energy has received a renewed license and secondary sanctions assurance from the U.S. Office of Foreign Assets Control (OFAC) relating to the North Sea Rhum field in... ...
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Alberta Leader Urges Keystone Retaliation

21 January 2021, 1:08pm
The leader of Canada's oil heartland called President Joe Biden's decision to cancel the Keystone XL pipeline project an 'insult' and urged Prime Minister Justin Trudeau to consider retaliation.
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Rystad: Oilfield services sector will struggle to repeat former glory amid energy transition push

21 January 2021, 1:06pm
The Covid-19 pandemic caused the value of 2020’s awarded contracts to slump to a 16-year low, according to Rystad Energy. The post Rystad: Oilfield services sector will struggle to repeat former... ...
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Uni of Aberdeen Launches Energy Transition Degree

21 January 2021, 1:02pm
The University of Aberdeen has launched the UK's first postgraduate degree program in Energy Transition Systems and Technologies.
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EIA expects crude oil prices to average near $50 per barrel through 2022

21 January 2021, 1:00pm
In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.
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MDL executes SURF decom project with Helix

21 January 2021, 12:22pm
Back-deck equipment specialist Maritime Developments MDL has completed a SURF decommissioning project in the UKCS for […] The post MDL executes SURF decom project with Helix appeared... ...
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Mubadala enters Shell’s Red Sea block

21 January 2021, 12:18pm
Mubadala Petroleum has signed a concession agreement for the Shell-operated Block 4 located in the Red Sea offshore Egypt. The post Mubadala enters Shell’s Red Sea block appeared first on... ...
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TC Energy Reacts to Keystone Pipeline Development

21 January 2021, 12:09pm
TC Energy Corporation is disappointed with the expected action to revoke the existing Presidential Permit for the Keystone XL pipeline.
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Energean could push back first gas from Karish to 2022

21 January 2021, 11:27am
Oil and gas company Energean has informed that first gas from its Israeli fields could start flowing in the first quarter of 2022, instead of the current target of around year-end 2021. The post... ...
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Wintershall Dea curbs Dvalin gas flows over mercury issues

21 January 2021, 11:24am
Wintershall Dea has decided to postpone the commercial gas production from its Dvalin field due to a high level of mercury in the gas flow. The post Wintershall Dea curbs Dvalin gas flows over... ...
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Shell Reshapes Malaysia Business

21 January 2021, 11:16am
Shell (NYSE: RDS.A) has announced that its Malaysia business will be implementing changes to ensure that the company thrives through the energy transition and becomes a simpler organization.
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Energean takes subsea tieback FID off Egypt

21 January 2021, 10:40am
London-based Energean has taken the final investment decision on the North El Amriya and […] The post Energean takes subsea tieback FID off Egypt appeared first on Offshore Energy. ...
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NEO Energy in talks to buy ExxonMobil’s North Sea assets

21 January 2021, 10:34am
HitecVision's NEO Energy has entered into exclusive negotiations to buy ExxonMobil’s upstream assets located in the central and northern North Sea. The post NEO Energy in talks to buy... ...
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Santos post record production figures

21 January 2021, 10:26am
Australian gas producer and GLNG operator, Santos reported record annual production, as well as record quarterly production in the quarter ending December 31, 2020. The post Santos post record... ...
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Oil Dips on Demand Pessimism

21 January 2021, 9:45am
Oil dipped as pessimism over the short-term demand outlook in the world's two largest economies was partially offset by more weakness in the dollar.
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North Sea SURF Decom Project Concludes

21 January 2021, 9:22am
MDL has completed a SURF decommissioning project in the U.K. Continental Shelf. PHOTO SOURCE: MDL
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Malaysia Subsea Tieback Contract Goes to JDR

21 January 2021, 9:22am
UMD Energy has awarded JDR a contract to manufacture and supply a subsea production umbilical. PHOTO SOURCE: JDR
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Oil Prices Rise Despite Consumption Concerns

20 January 2021, 9:03pm
Oil pared a rally late in the trading session amid concerns over lackluster consumption.
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Is the Mega Pipeline Era Over in the US?

20 January 2021, 5:12pm
Biden has pledged to reshape the US energy sector.
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EPA Grants Biofuel Waivers to Refiners

20 January 2021, 4:48pm
The Trump administration granted three oil refineries exemptions from biofuel-blending requirements in a last-minute move.
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Investors Eye Aramco Oil Pipeline Bids

20 January 2021, 4:09pm
The stake sale could fetch Aramco around $10 billion, according to unnamed sources familiar with the matter.
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Israeli Firm Claims EV Charging Breakthrough

20 January 2021, 3:41pm
The company contends the rapid charging batteries could overcome range and charging anxiety, a critical barrier to mainstream EV adoption.
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Oil Tanker Market Grapples with Negative Earnings

20 January 2021, 1:58pm
Negative earnings can arise when the fees that oil companies pay to charter ships don't cover the costs involved.
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New US Sanctions Add to Nord Stream 2 Setbacks

20 January 2021, 1:41pm
The future of Nord Stream 2 looks increasingly uncertain.
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Oil Prices Gain on Yellen Call for Big Stimulus

19 January 2021, 9:24pm
Oil surged the most in over a week in London as broader markets rallied on expectations of additional US stimulus boosting the economy.
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EIA forecasts less power generation from natural gas as a result of rising fuel costs

19 January 2021, 1:00pm
In its latest Short–Term Energy Outlook (STEO), released on January 12, the U.S. Energy Information Administration (EIA) forecasts that generation from natural gas–fired power plants in the U.S. electric power sector will decline by about 8% in 2021. This decline would be the first annual decline in natural gas–fired generation since 2017. Forecast generation from coal–fired power plants will increase by 14% in 2021, after declining by 20% in 2020. EIA forecasts that generation from nonhydropower renewable energy sources, such as solar and wind, will grow by 18% in 2021—the fastest annual growth rate since 2010.
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Fossil fuel production expected to increase through 2022 but remain below 2019 peak

15 January 2021, 12:00pm
In 2020, fossil fuel production in the United States declined by an estimated 6% from the 2019 record high of 81.3 quadrillion British thermal units (Btu). Based on forecasts in the U.S. Energy Information Administration's (EIA) January 2021 Short-Term Energy Outlook (STEO), EIA expects total production of fossil fuels in the United States to remain flat in 2021 as increased coal production offsets declines in natural gas production. EIA expects production of all fossil fuels—crude oil, coal, dry natural gas, and natural gas plant liquids (NGPL)—to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.
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