Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength …
Read More »U.S. Rig Count Falls for 18th Week In A Row
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the number of active rigs, with losses in the Permian, Eagle Ford, Marcellus, and Barnett basins. The total oil and gas …
Read More »US Crude Oil Stocks Increase against Market Expectation
US commercial crude oil stocks increased against the market expectation of a fall last week, according to data released by the country’s Energy Information Administration (EIA) on Wednesday. Commercial crude oil inventories in the US rose by 5.7 million barrels, or 1.1%, to 539.2 million barrels for the week ending …
Read More »US Natural Gas Consumption to Drop 3% This Year
US natural gas consumption is forecast to fall 3 percent this year from fewer drillings due to the coronavirus pandemic and demand could decline as much as 5 percent in 2021, the Energy Information Administration said in its July outlook. “EIA expects US natural gas consumption will decline by 3% …
Read More »Oil Minister: US Fails to Hamper Iran’s Activities by Imposing Sanctions
Iranian Oil Minister Bijan Zangeneh underlined that Washington has been unable to bring the Islamic Republic’s energy and oil activities to a halt despite unilateral sanctions imposed on the country. “We have managed to overome the US sanctions and engage in our oil trade activities,” Zangeneh said. He, meantime, pointed …
Read More »Great Wind Blows in Nebraska after the Completion of Ørsted’s 230MW Wind Farm
The wind farm is estimated to generate $3m in community revenue to benefit school districts, the local hospital and a community college.
Read More »COVID-19 Impact Pushes Exxon to An Unprecedented Quarterly Loss
Exxon Mobil incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. The explorer’s oil and natural gas unit took a hit of as much as $3.1 billion as prices for those commodities slumped, according to …
Read More »Merkel: US Sanctions on Nord Stream 2 Pipeline Elude Understanding
German Chancellor Angela Merkel said on Wednesday that proposed US sanctions against the Nord Stream 2 gas pipeline from Russia were law-defying and would be dealt with. “We think that extraterritorial sanctions, like the ones imposed by the US, do not match our understanding of what is legal. This concerns …
Read More »Investors Pressure Exxon, Chevron to Disclose Long-Term Oil Price Forecasts
America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels. Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able …
Read More »Schlumberger Introduces Performance Live Service
Digitally connected service delivers real-time operational data and insights for improved performance Schlumberger introduced, on June 29, Performance Live digitally connected service that optimizes remote wellsite operations control while improving safety, efficiency and footprint. The service includes technology and domain expertise within a digital ecosystem, leveraging cloud-based applications and automated …
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