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The companies that frac wells and make the equipment necessary to produce oil cut an estimated 12,321 jobs over a three-month stretch ending in February, according to an analysis of labor market data by the industry-funded Energy Workforce and Technology Council. View the full article
Occidental has long held more pipe space than it needs from the Permian, in the hope that its shale business would eventually grow big enough to make use of it. But last year’s oil-price crash, and, more recently, the winter freeze in Texas, caused the company to cut investment and production in an effort to prioritize near-term cash flow for debt reduction. View the full article
Without Keystone XL, rail will become a more important way for Canadian oil to reach U.S. Gulf Coast refineries, which need the heavy crude to replace declining supplies from Mexico and Venezuela. And more rail traffic means greater derailment risk. View the full article
The Nordic country’s oil and gas industry has been keen for new acreage to offset an expected decline in production toward the middle of the decade. The Barents is estimated to hold more than 60% of the undiscovered resources off Norway, according to the nation’s petroleum directorate. View the full article
Saudi Arabia said a storage tank at Ras Tanura in the country’s Gulf coast was attacked on Sunday by a drone from the sea. The terminal is capable of exporting roughly 6.5 million barrels a day -- nearly 7% of oil demand -- and as such one of the world’s most protected installations. View the full article
A natural gas pipeline linking Russia and Germany edged closer to completion after the Biden administration loosened sanctions of the controversial project, but significant hurdles remain before the fuel can start flowing under the Baltic Sea. View the full article
Myanmar, formerly known as Burma, that used to enjoy relative stability with a fragile democracy, started grabbing headlines again for all the wrong reasons.
After days of speculation about a coup attempt by the powerful military, on Monday, it just went ahead with what it had been planning for weeks, if not months.
With a series of early-morning raids, it detained the elected ruling members including the most famous of them all, Aung San Suu Kyi, citing the irregularities in the elect
Many OPEC-watchers had been expecting the group to roll over its production quotas for at least one month, so any deviation from that could be bearish. It remains to be seen whether the call from U.S. Energy Secretary Jennifer Granholm to her Saudi counterpart Prince Abdulaziz bin Salman could tip the balance in the another direction. View the full article
New wells at Valemon will extend profitable operations at Heimdal, which is processing gas from Valemon. The Heimdal partners have now decided to extend operations at Heimdal to 2023. View the full article
For U.S. President Joe Biden, the easy part was threatening a response. Now comes the tougher challenge of delivering one, or risk looking impotent in his struggle with the oil cartel. View the full article
Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, Pioneer Natural Resources CEO Scott Sheffield said at an industry summit. He added that the cartel, frustrated at U.S. producers’ success in taking market share from OPEC, allowed prices to tumble. View the full article
The oil price needed to profitably drill a new well is $52 a barrel, executives from almost 100 producers said in the latest quarterly survey by the Federal Reserve Bank of Dallas. That’s an increase of 6%, compared with when the question was asked last year. To cover costs on existing wells, companies need $31, which is 3% more than last year. View the full article
Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. View the full article
CGG announced the creation of a new HPC & Cloud Solutions business, under the leadership of Agnès Boudot, who will report to the CEO and joined the company’s executive team on June 28, 2022. View the full article
As the Biden Administration aims to significantly increase federal investment in renewable energy under the American Jobs Plan, the United States already ranks as the most attractive market for renewables investment, according to results from a new ranking by IHS Markit. View the full article
The Wärtsilä system will enable a subsidiary of RWE Renewables, Hickory Park Solar, LLC, to sell nearly 200 MW of generation from the solar PV panels to Georgia Power Company. View the full article
Iraq is discussing a deal with Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News, saying “the agreement is giant, and the volume of the investment exceeds $7 billion.” View the full article
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic. View the full article
Modern smart marine electric and power systems, such as Wärtsilä HY are supporting decarbonization through the increasing use of electrical solutions, renewable energy and the evolution of propulsion design to create greater flexibility and efficiency. View the full article
Nigeria shouldn’t leave its gas in the ground and run the risk of ending up with an energy transition that unfairly deprives its citizens of energy, as well as opportunity. View the full article
Oil is “in a holding pattern until we get to June, because that’s when Europe’s going to start to reopen and the U.S. driving season will have officially kicked off,” said Jay Hatfield, CEO of Infrastructure Capital Management. “Between now and then, the main influences will be Iran headlines as a headwind” and signs of further improvement in the U.S. market as a supportive factor. View the full article
The Leviathan gas field offshore Israel – touted as the largest gas field in the Mediterranean- is set for an expansion in natural gas export capacity, following preliminary approval from Israel’s Energy Ministry. The approval allows for an increase in export volume by up to 145 Bcm. View the full article
Speaking at CERAWeek, H.E. Dr. Al Jaber says the UAE has been preparing for the energy transition for over 15 years and views it as an opportunity to diversify its economy. ADNOC has stated that it will reduce its carbon intensity by a further 25% by 2030. View the full article
Motorists across a broad swath of the U.S. East Coast and South are struggling to find gasoline and diesel as filling stations run dry amid the unprecedented pipeline disruption caused by a criminal hack. View the full article
Shell, already the operator of the field, has right of first refusal to any sale by BP. As such, its decision to acquire the stake puts an end to BP’s deal to divest the holding to Tailwind Energy Ltd., an explorer backed by trading house Mercuria Energy Group Ltd. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.