Companies

The emergence of the new round of restrictions caused by COVID-19 in Europe, and signs of economic weakness in some other countries including the US, have prompted Wood Mackenzie’s analysts to revise down their forecasts for world oil consumption in the last quarter of 2020 and the first of 2021, …

Another set of tests has been performed in the upper levels of the exploration well at the Leningradskoye field of the Yamal gas production center. Earlier, the well helped discover a new deposit in the lower levels. In the course of the exploration activities, commercial gas inflow of over 1 …

Republic of Korea’s Samsung is to participate in building gas carriers at Russia’s Zvezda shipyard in the Far East, according to the press office of the Presidential Plenipotentiary in the Far Eastern Federal District. The announcement comes after a meeting between the Co-Chairmen of the Organizing Committee of the year …

Qatar Petroleum has announced a new gas/condensate discovery in the Luiperd prospect, located in Block 11B/12B, in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa. This is the second significant discovery in Block 11B/12B, which is being explored by Qatar Petroleum and its partners, Total (operator), …

Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend. The company cut its investment target to $13 billion from $14bn and said it was keeping a lid on operating costs too, even as …

Norwegian firm Equinor and its partner BP Canada have made two oil discoveries offshore Newfoundland, Canada. Following drilling in the Flemish Pass Basin, the two wells at the  Cappahayden  and  Cambriol prospects proved hydrocarbons presence. However, Equinor said it is too early to provide specific information on volumes present at the two prospects. Equinor …

Exxon Mobil Corp is “very close” to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts …

Total SE is considering natural-gas investments in Iraq, according to the Middle Eastern nation’s government. The two sides held talks this week about projects in western Iraq and near the southern energy hub of Basra, the Iraqi oil ministry said in a statement. They hope to reach an agreement soon, …

Scientists of the Rosneft United Research and Development Centre have developed a laboratory unit designed to convert methane to synthetic liquid hydrocarbons. The unit has successfully completed a synthetic oil production run, and the Company’s technology for obtaining synthetic oil from associated petroleum gas has undergone a series of expert …

Lukoil PJSC is seeking to develop new oilfield projects in Iraq even as slumping crude prices and OPEC+ supply cuts have compelled the company to slash production in the country. Russia’s second-biggest oil producer pumped 400,000 barrels a day last year at its West Qurna 2 project in southern Iraq, …