U.S. oil major Chevron Corp. on Jan. 29 swung to an $11 million fourth-quarter loss and missed Wall Street expectations as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results. Oil companies are expected to benefit from a bounce-back in oil and gas prices after …
Read More »EIA Estimates that Global Petroleum Liquids Consumption Dropped 9% in 2020
Responses to the coronavirus disease (COVID-19) caused global demand for petroleum products to fall significantly in 2020. The U.S. Energy Information Administration (EIA) estimates that the world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020, a 9% decline from the previous year and …
Read More »Investors Eye Aramco Oil Pipeline Bids
Brookfield Asset Management Inc. and KKR & Co. are among top infrastructure investors weighing bids for a stake in Saudi Aramco’s oil pipelines, people familiar with the matter said. Apollo Global Management Inc. has also been studying whether to make an offer, the people said, asking not to be identified …
Read More »UAE ADNOC Turns to Hydrogen
ADNOC, the Abu Dhabi state oil company, Adu Dhabi Investment Holding, and Mubadala Investment Co., two state investment funds, have teamed up in an Abu Dhabi Hydrogen Alliance to develop hydrogen production and export capabilities, joining a growing number of businesses betting on hydrogen, Argus reports citing Emirati media. Bloomberg …
Read More »Oil Major Total Withdraws from API over Climate Policy Differences
Total will not renew its membership in the American Petroleum Institute (API) for 2021 due to divergences with the main U.S. oil lobby over climate policies, the French oil and gas supermajor said on Friday. For 2019 and 2020, Total found API’s positions “partially aligned” to its own, but some …
Read More »US Clamps Down on China Tech, Blacklists CNOOC
The US government on Thursday ramped up sanctions and restrictions on Chinese firms over Beijing’s actions in the disputed South China Sea, and the security threat posed by technology. In a wide ranging series of steps unveiled in the waning days of President Donald Trump’s administration, Washington targeted state oil …
Read More »Russia’s Gazprom Postpones Construction of Nord Stream-2 Pipeline
Construction of the last section of the Nord Stream-2 gas pipeline in Danish territorial waters has been postponed. Switzerland’s Nord Stream 2 AG, Gazprom’s 100 percent subsidiary, has no plans to start work on January 15, the day when Denmark’s permit for the beginning of the construction takes effect, Handelsblatt …
Read More »Total Makes Fresh Discovery Offshore Suriname
This latest discovery follows previous discoveries at Maka Central, Sapakara West, and Kwaskwasi announced in January, April, and July 2020, respectively. Total said on Thursday that the well was drilled by a water depth of about 725 meters and encountered a total of 63 meters net pay of hydrocarbons. This …
Read More »Total, Engie Seek Aid for France’s Biggest Green Hydrogen Plant
Total SE and Engie SA plan to build France’s largest green hydrogen facility to feed the oil company’s biodiesel plant in the south of the country from 2024, provided they get subsidies to make the project viable. Steelmakers and gasoline and biofuel producers currently make the hydrogen they need from …
Read More »BP Relaunches Sale of Stakes in North Sea Oilfields
As reported by Reuters, BP has relaunched the sale of stakes in a number of North Sea oilfields it agreed to sell to Premier Oil before Premier was taken over last year, industry sources said on Thursday. BP originally agreed to sell its interest in the fields in the Andrew …
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