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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
The Biden administration has ordered an immediate halt to new federal support for coal plants and other carbon-intensive projects overseas, a major policy shift designed to fight climate change and accelerate renewable energy worldwide. View the full article
A Tellurian Inc. investor is urging the would-be U.S. energy exporter to put itself up for sale, saying poor governance, nepotism and “misleading communications” have doomed the company’s $12.8 billion aspiration to ship shale gas overseas. View the full article
One of the fastest-growing corners of China’s energy market is facing a potentially devastating blow as Xi Jinping’s government increases scrutiny of high-emission fuels. 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
After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed. View the full article
Iran’s President Hassan Rouhani said world powers have accepted that major sanctions on his country -- including those on oil, banking and shipping -- will be lifted as part of an agreement with the U.S. to revive a 2015 nuclear deal. View the full article
Phase 2 of project approvals is great boost to jump start carbon capture, but all projects are needed if UK is to meet climate goals, industry body OEUK says. View the full article
Oil producers in the Permian Basin must do more to disclose and stop the leak of methane, a powerful greenhouse gas, a House committee wrote in a letter to 10 major oil companies. View the full article
Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems business with Akastor’s wholly owned subsidiary, MHWirth AS. View the full article
Saudi Arabia’s move to push up the cost of its oil in Asia may backfire as an outbreak of the delta virus variant in China damps demand, while the U.S. and Russia offer more competitively priced alternatives. View the full article
The oil futures curve is continuing to indicate tightness. The market is in a backwardation of almost $6 a barrel for the next 12 months, a structure that indicates scarce supplies. View the full article
The head of oil trader Gunvor Group Ltd. expects prices to remain stuck where they are as draws of excess stocks slow amid rising coronavirus cases in Europe. View the full article
South Sudan is experiencing a rapid drop in crude output as producing oil blocks have hit peaks and have begun to decline, according to Ministry of Petroleum Undersecretary Awow Daniel Chuang. View the full article
The infection rate of Covid-19 seems to be on decline and the trend has been consistent for the past few days in the United Kingdom so that the inhabitants can breathe a collective sigh of relief.
As of yesterday, the 7-day-average of infections and the 7-day-aveage of the deaths are 35929 and 1239 respectively.
The good news was overshadowed yesterday as the country moved past the grim milestone of over 100,000 deaths.
There is no doubt that the strict lockdown measures and maski
The package includes older wells in the Permian’s Central basin that produce small but stable amounts of oil, according to people familiar with the matter who declined to be named because sale negotiations are private. View the full article
The African Energy Chamber encourages all parties involved in the force majeure declaration on the Mozambique LNG project to have a better and more open conversation to find a practical and pragmatic commonsense solution for the project to resume, for the benefit of Total, other companies and especially for Mozambique’s people. View the full article
Halliburton has signed an eight-year contract with the Norwegian Petroleum Directorate to deploy and operate Diskos, the Norwegian national repository of seismic, well, and production data for the oil and gas industry. View the full article
French President Emmanuel Macron said that the United Arab Emirates’ ruler confided to him that OPEC’s two leading oil exporters are already pumping almost as much oil as they can. View the full article
Talks on reviving the Iran nuclear deal that have resumed in Vienna show some progress but it’s “far too slow,” a U.S. official said Tuesday. View the full article
It hasn’t been this cheap for shale explorers to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates. View the full article
Following concerns that it is facilitating the sale of meaningless carbon credits to corporate clients, the Nature Conservancy says it’s conducting an internal review of its portfolio of carbon-offset projects. View the full article
CGG has been awarded three major seismic imaging projects by BP, two from the deepwater Gulf of Mexico and one from offshore Trinidad and Tobago. These projects will start in Q1/Q2 this year and complete with cloud delivery of the data no later than Q4 of 2021. View the full article
Venezuelan president Nicolas Maduro is keen to enlist American and European oil companies to help bring an end to U.S. sanctions – and with investment opportunities in the world’s largest oil and gas reserves as leverage, his plan appears to be working. View the full article
Hedge funds and other investors looking to cash in on Brazil’s surging oil and gas output are turning to a new breed of drillers as an alternative to turmoil-wracked Petroleo Brasileiro SA, the state-owned producer that’s had four CEOs since early 2019. 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.
