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The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that’s dependent on petroleum revenue. View the full article
Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana. View the full article
Equinor and Norwegian technology Vissim have completed the development of a new and expanded ocean space surveillance system for energy operators on the Norwegian and UK continental shelves. View the full article
The U.S. crude benchmark climbed nearly 5% on Monday and the global benchmark Brent also advanced, rallying along with equities and other commodities. In addition to more positive sentiment in financial markets, China has made progress in containing the fast-spreading delta variant, bringing local cases down to zero. View the full article
Oil in New York surged past $81 a barrel after the International Energy Agency became the latest to say natural gas shortages are boosting demand for crude. View the full article
Schlumberger announced it has expanded its global INNOVATION FACTORI network with the inauguration of a new center in Oslo, Norway. View the full article
Environmental groups sued the Biden administration to block its revival of plans to allow new oil drilling on public land in western states. View the full article
OPEC+ is expected to keep output steady when it meets next week, anticipating that oil markets will recover from a recent price rout and tighten by year-end. View the full article
The scope of work is focused on two FPSO (floating production, storage, and offloading) units, namely Greater Plutonio and PSVM. The work comprises engineering, procurement, and construction services (EPC) of the brownfield maintenance and modifications scopes. View the full article
Kayrros has released measurements quantifying the total methane emissions across the Appalachian Basin. The findings, derived from satellite data and proprietary algorithms, place the Appalachian Basin ahead of the Permian as the biggest source of methane in the US and identify the primary sources behind its emissions. View the full article
Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022 despite a strong rebound in earnings over the past 12 months. View the full article
Shell Brasil Petróleo, a subsidiary of Shell plc, signed a Production Sharing Contract to acquire a 25% stake of the Atapu field. Shell paid $1.1 billion to Petrobras for the increased stake in the field. View the full article
Railroad Commission of Texas commissioners approved a proposed sweeping weatherization rule to help protect Texans during weather emergencies that could occur any time of the year. View the full article
Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility giant known as ISA. The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. View the full article
A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. View the full article
European gas futures continued their march upwards on Thursday, even after Russia pledged to deliver as much supply as the continent needs. View the full article
Turkey threatened to block any unauthorized search for gas and oil in its economic exclusive zone in the eastern Mediterranean after Cyprus awarded hydrocarbon exploration and drilling rights in its offshore block 5 to a venture of Exxon Mobil and Qatar Petroleum. View the full article
After driving up prices for everything from steel pipes to frac sand to labor, inflation has finally ensnared the centerpiece of oilfield equipment: the drilling rig. View the full article
Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too slow. Governments need to make urgent, significant policy interventions, according to a new report by DNV. View the full article
The addition will mean Vista has two fracking crews and related equipment in operation. The company is aiming to raise production 55% to the equivalent of 85,000 bpd by the fourth quarter, and start production on 138 new oil wells by 2026 in an effort to reach 100,000 bpd. View the full article
The world’s biggest oilfield contractor joined rivals Halliburton and Baker Hughes this week in predicting expansion in overseas work and a more muted recovery in North America through the rest of 2021. Global oil demand should return to pre-pandemic levels by the end of next year, if not sooner, Schlumberger CEO Olivier Le Peuch told analysts on Friday. View the full article
A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. View the full article
Russia’s crude oil exports in the first 28 days of April jumped more than 17%, with hikes recorded for flows via all key pipelines and ports even as the nation’s production declined. View the full article
Two production trains are increasing production already. They will be followed by the third train as early as the end of next week. Full production is expected in August, people said, asking not to be identified because the information was not made public. View the full article
Co-owners of the Terra Nova FPSO facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision this fall. 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.