U.S. energy companies are urgently building their cyberattack insurance coverage following the Colonial Pipeline network attack earlier this month, Reuters has reported, adding that premiums were likely to rise on this increased demand. A ransomware attack shut down the largest fuel pipeline in the United States two weeks ago, causing …
Read More »China Gives Companies Urgent Notice in Oil Import Probe
China gave five state-owned companies until Thursday to report on their historic use of imported oil as part of a broader effort by the world’s largest oil importer to control shipments as domestic supplies swell. In an “urgent notice” dated May 25 and reviewed by Reuters, the National Development and …
Read More »Nord Stream 2 Sanctions would Be Counter-Productive for European Ties
U.S. President Joe Biden on Tuesday said he decided to waive sanctions against the company behind the Nord Stream 2 gas pipeline because the project was nearly complete, and doing so could have harmed ties with Europe. Biden, who is preparing for his first visit to Europe and his first …
Read More »5 Oil & Gas Giants 2020 Revenue Down 30% Despite $1trn Sales
The five largest oil and gas companies recorded a cumulative revenue of $1.14 trillion in 2020, representing a loss of about 30.9% or $500 billion from the 2019 figure of $1.65 trillion, according to data acquired by Finbold. PetroChina’s last year revenue stood at $280.7 billion, a drop of 19.28% …
Read More »Iraq Says $150bn Stolen Oil Cash Smuggled out since 2003
Iraq’s president said Sunday $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption. President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to …
Read More »Russian Pipe-Laying Vessel Continues Work on Nord Stream 2 Project in German Waters
Previously, a lawsuit filed by the German environmental charity Nabu against the construction of the gas pipeline halted the issuance of the work permit by the Federal Maritime and Hydrographic Agency, but it later said the work could continue in May. Despite pressure from the US, Russia’s Fortuna vessel has …
Read More »OPEC: IEA Net-Zero Scenario may Lead to Oil-Price Volatility
The Organization of the Petroleum Exporting Countries (OPEC) stated that the scenario provided in the International Energy Agency’s (IEA) report could affect companies’ investments and demand for oil, Reuters reported. According to the report, investors should not fund new oil, gas, and coal supply projects if the world wants to …
Read More »US Oil Rig Count Rises to Highest Level since April 2020
U.S. energy firms added oil and natural gas rigs for a fourth week in a row as higher oil prices prompt some drillers to return to the well pad. The oil and gas rig count, an early indicator of future output, rose two to 455 in the week to May …
Read More »Biden Administration to Waive Sanctions for Head of Nord Stream 2 Pipeline
The Biden administration plans to waive sanctions against an ally of Russian President Vladimir Putin who heads the company that is building the Nord Stream 2 gas pipeline from Russia to Germany, two people with knowledge of the move said Tuesday. The move to invoke a national security waiver for …
Read More »Novatek Plans to Launch Arctic LNG 2 Ahead of Schedule
RF President Vladimir Putin had a working meeting with Leonid Mikhelson, Chairman of the Management Board of Novatek. They discussed the company’s performance in 2020, current activities and development plans, the Kremlin press office reports. Mikhelson briefed the President on the implementation of the Arctic LNG 2 project and the …
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