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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
Futures in New York lost as much as 8.3% on Monday as OPEC and its allies pledge to increase oil production from August until all halted output is revived. A jump in virus cases from Asia to the U.S. drove down equities, with stocks in Europe hitting a seven-week low. View the full article
Aliko Dangote, Africa’s richest person, said he plans to diversify his group’s investments in Cameroon, starting with energy. View the full article
Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy. View the full article
A long, frigid winter drained gas stockpiles from Louisiana to Germany, and utilities are struggling to build them back up. But unforeseen supply disruptions and a rebounding global economy are making it impossible to keep up. View the full article
As U.S. President Joe Biden weighs alternatives to lower fuel prices, one move that could bring immediate relief at the pumps is sparking debate: adjusting the Bush-era renewable fuel mandate. View the full article
Subsea7 has been awarded an engineering, procurement, construction, and installation contract by bp for the Murlach development, formerly known as the Skua field, located 149 miles east of Aberdeen in the UK North Sea. View the full article
The Jacob Federal 1-42-73-9H was completed in the Parkman Formation, with a lateral length of 4,563 feet. View the full article
Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned ADNOC said Wednesday in a statement. Abu Dhabi holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC. View the full article
The U.S. is backing natural gas and low-carbon power sources as it seeks to improve the eastern Mediterranean’s energy ties to Europe and promote stability in the region. View the full article
Stephen Chazen, the former chairman, president and CEO of Magnolia Oil & Gas Corporation and former CEO of Occidental Petroleum, has died after an illness. He was 76. View the full article
The move by senators Steve Daines of Montana and Cynthia Lummis of Wyoming underscores deep opposition from many Senate Republicans over the Biden administration’s plans for managing the nation’s federal lands and waters. View the full article
The organizations - who represent more than 11 million American skilled workers keeping the lights on and fuels flowing - encouraged the administration to recognize domestic energy resources as a strategic asset for U.S. national and economic security. View the full article
CGG announced the delivery of the fast-track data from its Agata Reimaging program over the Agata block in the Santos Basin, a highly prolific area of Brazil’s offshore pre-salt. View the full article
The free ride for methane, a climate-warming gas 84 times stronger than carbon dioxide, is nearing an end in Washington. View the full article
Norway, Western Europe’s biggest oil producing nation, plans to expand its green energy industry and strengthen its power grid, but isn’t willing to budge when it comes to exploiting its oil and gas resources. View the full article
Oil price that has been rising for the past few weeks, judging by the above chart, shows signs of becoming static – finally.
Neither the cut in output by the OPEC+ nor the significant drop in crude oil stockpiles moved the price up, buckling the widely-anticipated trend.
Do the investors know something that is not depicted by these charts that we do not know? It remains to be seen.
Of course, the Coronavirus infections show no sign of abating; there is no heighted alarm among the
Saudi-led coalition warplanes raided the Yemeni capital, Sana’a, targeting military camps and Houthi rebel facilities near the city’s airport and in its suburbs, residents and rebel-run Al-Masirah TV said. A separate strike hit a rebel target in the port province of Hodeidah. View the full article
The final investment decision on a key pipeline will see Total tap more than a billion barrels of crude from Uganda and ship it across East Africa to the coast. A decision on the development of the oil fields feeding the pipe is likely at the same time. View the full article
The Justice Department is defending the Trump administration’s approval of a massive ConocoPhillips Alaska Inc. project in federal court, over the objections of environmentalists who say the government didn’t adequately consider the venture’s effect on polar bears and the climate. View the full article
This new name and new visual identity embody the course TotalEnergies has charted for itself: that of a broadly-focused energy company committed to producing and providing energies that are ever more affordable, reliable and clean. View the full article
India has become a vocal critic of the kingdom’s hawkish stance on oil prices and OPEC+ output policy in recent months, with mounting tensions prompting the country to seek alternative sources of crude. View the full article
Senate Democrats began using a special procedure to undo parts of Donald Trump’s regulatory agenda, starting by rescinding a measure that made it harder for the Environmental Protection Agency to limit leaks of the powerful greenhouse gas methane from oil and gas wells. View the full article
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak. View the full article
TotalEnergies SE is investing about $1.5 billion in Qatar’s latest, mammoth natural gas development, just three months after buying into another of the nation’s expansion projects. 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.