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Reuters reports that oilfield services provider Schlumberger has withdrawn its staff from the Offshore Technology Conference, set to take place in Houston August 16 – 19, in the face of rising Covid infection rates and hospitalizations. View the full article
Major energy traders including Gunvor Group Ltd. and Mercuria Energy Group Ltd. have reduced the size of their trading positions and increased borrowing from lenders to cover large margin calls stemming from the unprecedented surge in European gas prices, according to people familiar with the matter. View the full article
Shell Plc, ExxonMobil Corp., Chevron Corp. and Equinor ASA plan to withdraw multibillion-dollar lawsuits against Nigeria’s state energy company after finalizing new terms for deepwater oil production in Africa’s largest crude producer. View the full article
Honeywell is launching its gas cloud imaging system in Europe to provide automated and continuous monitoring for leaks of dangerous and polluting gases such as methane at oil and gas, chemical and power generation facilities across the continent. View the full article
Latest analysis from Westwood Global Energy Group reveals a healthy recovery roadmap for the global land rig market, driven by higher commodity pricing and mounting pressures around energy security. View the full article
Mexican President Andres Manuel Lopez Obrador has sought to clamp down on private competition to state-owned companies, saying in October he intends to protect the interests of state oil producer Pemex and electricity firm Comision Federal de Electricidad. At the time, he accused foreign companies of ransacking the country. View the full article
Oil crashed more than 10% in both London and New York as a new coronavirus strain sparked fears that renewed lockdowns will threaten the global recovery in demand. View the full article
Halliburton Co. said that sanctions imposed by the U.S., the EU and others require the company to wind down certain contracts in Russia by May 15. View the full article
The Bureau of Ocean Energy Management will publish a Request for Interest in the Federal Register on Friday, June 11 to assess interest in potential offshore wind development in the Gulf of Mexico's outer continental shelf. View the full article
Enbridge Inc.’s Line 3 oil pipeline from Alberta to Wisconsin could start operating as soon as Sept. 15, bringing relief to Canadian oil sands producers who have had limited access to export pipelines. View the full article
Research shows companies with a higher percentage of women in executive positions have a 34% higher total return to shareholders than those that do not and companies with ethnic diversity on their executive team are 25% more likely to have above average profitability and 27% likelihood of outperforming peers in value creation. View the full article
U.S. shale producers are on course to make nearly $200 billion this year, enough to make the industry debt-free by 2024 and potentially fund a pivot toward more natural gas production, according to Deloitte LLP. View the full article
The process of taxonomy is crucial because it will keep the EU on track to meet its commitment to climate neutrality. The challenge for the EU is to ensure it gets the political and social support while avoiding the risk of greenwashing, or overstating the significance of emissions reductions. View the full article
The Department of the Interior announced that Texas has been awarded an initial grant of $25 million from the Infrastructure Investment and Jobs Act to begin work to plug, cap and reclaim orphaned oil and gas wells across the state. View the full article
The market is likely underestimating the impact from an unprecedented polar blast that hit the central U.S. last week, while some 40 million barrels of February oil output, largely from the Permian basin, will not be produced due to the recent Texas freeze. View the full article
Tenaris is pushing ahead with plans to increase its operations across the US, bringing its facilities in the Northeast back online. With the ongoing expansion, Tenaris is working to boost its employee base in the States by about 1,000. View the full article
TC Energy Corporation confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the $9 billion Keystone XL Pipeline Project. View the full article
Oil sank for a third consecutive day as Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand. View the full article
Chevron Corp. committed to an “aspiration” of net zero emissions from its operations by 2050 as the company responds to rising investor and societal pressure to play a bigger role in a transition to a low-carbon future. View the full article
Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for steel used in pipes, wells and fittings as well as the high cost of capital for producers will crimp a meaningful supply response by an already hobbled industry even as demand returns. View the full article
The collaboration paves the way for improved lithium production solutions that will help meet the expected surge in demand for lithium as the electric vehicle market takes off worldwide. View the full article
Energy prices in Europe are repeatedly breaking records even before winter really kicks in, and one of the most damaging cost crunches in history is about to get worse as the temperature starts to drop. View the full article
Mozambique will have to wait a little longer to join the ranks of the world’s liquefied natural gas exporters, after a vessel that was destined for its first offshore production platform changed course at the weekend and sailed away. View the full article
Major economies sharply increased support for the production and consumption of coal, oil and natural gas, according to analysis released by the Organisation for Economic Co-operation and Development and the International Energy Agency. View the full article
Oil industry officials have encouraged the administration to seek methane reductions across the economy, including from agriculture. While some independent oil producers oppose new methane-cutting mandates, the trade group American Petroleum Institute supports explicit regulation of methane. 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.