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A Dutch court ordered a Nigerian subsidiary of the oil giant, Shell, last week to compensate for the damage caused by oil spills to local farmers on its watch in the oil-rich Niger Delta region, in 2013.
The unprecedented ruling will have server repercussion for the international oil companies, which work in Nigeria – and beyond its borders.
Shell had been denying the allegation that it was responsible for the oil spills that ruined the livelihood of farmers living in the region; inste
The $2.25 trillion, eight-year proposal is a follow-up to the $1.9 trillion economic relief bill passed earlier this month. To cover the costs, Biden wants to raise corporate taxes to 28% from 21%. The plan also seeks a minimum tax on profits U.S. corporations earn overseas, increasing the rate to 21% from roughly 13%. View the full article
Chevron shareholders voted for a proposal to reduce emissions from the company’s customers, the latest sign that oil titans are coming under increasing pressure to address environmental concerns. View the full article
Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah. View the full article
Oil rallied at the start of the week’s trading on signs that the crude market is tightening amid a global energy crunch. View the full article
Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS. View the full article
Equinor ASA will make a $1.8 billion impairment on its Mariner field after slashing reserve estimates for the U.K. North Sea oil deposit. View the full article
The U.S. Department of Energy (DOE) filed a notice of intent to fund the Bipartisan Infrastructure Law’s $8 billion program to develop regional clean hydrogen hubs – H2Hubs – across America, the DOE said in a press release on Monday. View the full article
With $4 a gallon gas, inflation at 40-year highs, and two straight quarters of economic recession, D.C. Democrats fast-tracked partisan legislation that will stifle the economy, kill jobs, hike taxes, and increase energy costs. View the full article
The revision, which mainly affects the next few months, follows a recommendation from OPEC Secretary-General Mohammad Barkindo that the coalition should remain very cautious. View the full article
Suncor Energy aims to reduce emissions by 10 megatons by 2030, from about 29 megatons in 2019. Half of the target will be achieved at its oil sands plants, refineries and other facilities through using carbon capture technology, switching fuels for operations and increasing energy efficiency. View the full article
Exxon Mobil’s knockout second-quarter results did little to entice investors because much of the extra cash coming from soaring energy and petrochemical prices will be used to pay down debt rather than reward shareholders. View the full article
A recently discovered natural gas field in the Black Sea is set to provide nearly a third of Turkey’s domestic needs when it reaches peak production capacity by 2027, Energy Minister Fatih Donmez said, unveiling details of his ambitious timeline to bring last year’s find on stream. View the full article
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster. View the full article
Environmental activists in Argentina are trying to prevent new oil exploration in the resource-rich South American nation just days after forcing a governor in Patagonia to reverse course on silver mining. View the full article
Devon agreed to acquire the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company focused in the Williston Basin, for total cash consideration of $865 million. View the full article
A federal judge ruled Brazil’s Petrobras liable in a lawsuit filed by Houston firm IEG Global Energy Partners, finding that Petrobras defrauded EIG in connection with a deal to build and charter 28 oil drilling rigs off the coast of Brazil. View the full article
The Joint Ministerial Monitoring Committee, JMMC, meeting of the OPEC+ that took place in the form of a virtual conference on Wednesday, finally managed to provide the markets with much needed sense of direction.
The oil price shot up, having been in decline for days. Brent oil hit above $58, the highest so far during the turbulent period.
The meeting was unusually short, yet managed to reach an agreement with most members seeing eye to eye on the main issue: maintaining the crude
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
The divestment is part of Shell’s strategy to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants and marketing businesses. View the full article
Israel’s prime minister said Iran was “unequivocally” to blame for a deadly attack on an Israel-linked oil tanker off Oman on Thursday, just after Tehran denied responsibility. View the full article
Halliburton introduced IsoBond, a cement system that reduces sustained casing pressure at its source to deliver a barrier that minimizes fluid loss, shortens transition time, and improves shear bonding. View the full article
The ADIPEC conference, running from Nov. 15-18, is taking place in the wake of the COP26 climate talks and with energy prices soaring. Benchmark Brent crude has climbed almost 60% to above $80 a barrel, while gas prices in Asia and Europe hit record highs recently. View the full article
U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output. View the full article
Devon agreed to acquire the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company focused in the Williston Basin, for total cash consideration of $865 million. 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.
