Argus Kingston, 18 June (Argus) — ExxonMobil has restored crude production offshore Guyana to 80,000 b/d after correcting a technical glitch, according to the head of the country’s environmental agency EPA Vincent Adams. A problem with compression equipment had slashed output at the Liza field by 65pc to 27,500 b/d last week, compared with early May. ExxonMobil is flaring less natural gas
Reuters LONDON – Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases. Brent crude LCOc1 futures were up 19 cents at $40.90 a barrel by 1350 GMT and U.S. West Texas Intermediate
EIA Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel of crude oil sold for its government to meet its immediate spending needs and balance its budget. This says a
BIC Oilfield services provider Schlumberger NV expects to book a charge to earnings of up to $1.4 billion for an accelerated restructuring and new job cuts, Chief Executive Officer Olivier Le Peuch said at a energy conference on Tuesday, Reuters reported. Le Peuch said the restructuring will include cuts in the company’s product lines and focus the company’s operations on five key oil
BIC Shale producer Devon Energy Corp has curtailed roughly 10,000 barrels per day of oil production, its chief executive said at an energy conference on Tuesday, but said Devon still expects to end the year with output flat with 2019 levels, as reported by Reuters. U.S. oil and gas companies have slashed spending and pared production amid a sharp slide in
BOE Report U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts
Natural Gas Crude exports from the Port of Corpus Christi in South Texas are continuing to boom even amidst the coronavirus pandemic, and projects and enhancements appear poised to solidify its dominance along the Gulf Coast. Record tonnage was moved in the first quarter, according to the port’s Omar Garcia, chief external affairs officer. Although oil production has declined in
Energy-pedia Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in a set of seven onshore and shallow water concessions located in the state of Alagoas. The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of potential participants, is available on the Petrobras website: https://www.investidorpetrobras.com.br/en/results-and-notices/teasers. The main
CNBC The chief executive of energy giant BP said Wednesday that to get to net zero by 2050, the world would need to see lockdown-like reductions in carbon emissions every other year for the next 25 years. In the London-based oil and gas giant’s annual Statistical Review of World Energy, the group said some aspects of global energy trends prior to the coronavirus
Reuters LONDON – Oil prices are likely to average less than $60 per barrel across the next cycle to ensure production, especially from the shale sector, remains in line with the slow increase in consumption. On Monday, BP announced its long-term investment appraisal price had been cut to an average of just $55 per barrel for Brent in real terms
Reuters LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand would decline by 6.4 million barrels per day (bpd) in
CNBC Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had to guide our respective organizations through these difficult times,” said UAE Minister of State Dr. Sultan Ahmed Al Jaber, who
