Africa Energy Reports First Quarter 2020 Results
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International
Oil & gas firms grapple with huge debt burden as oil prices crash
Oil & Gas 360 Publishers Note: This is an excellent opinion piece, with facts and data, surrounding the oil crisis in Nigeria. It is great to keep a global perspective on our oil & gas crisis.
As oil …
Brazil’s Petrobras says oil exports hit new record 1 million barrels a day in April
BRASILIA – Brazilian state-owned oil giant Petrobras said on Monday it exported a record 1 million barrels of oil a day in April, beating the previous record of 771,000 barrels a day in December last year.
In a securities …
Oil demand is beginning a slow, and fragile, recovery worldwide
Bloomberg
LONDON (Bloomberg) –Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was …
Australia’s $94m oil purchase: Deal of the century or PR stunt?
How much oil do you get for $94 million?
With the crude market in turmoil and prices at record lows, the Energy Minister Angus Taylor made his move, purchasing oil at dirt cheap prices and arranging for …
Cheap oil? A pandemic? No big deal for renewable energy, experts say
NBC
Oil & Gas Publishers Note: This is an amazing time we are living. With the Corona virus, and and the lowest oil prices in years, it will be interesting to see if there will be a delay in renewable …
Update Post Wreck Footage: New heavy-lift crane due to work at giant Scottish wind project ‘collapses’
The Orion is under construction and owned by COSCO (QIDONG) OFFSHORE CO., LTD. – Video below. Oil & Gas 360 Publishers Note: I am glad no one was killed, but would someone answer the phone in the film?
COSCO …
Special Report: Trump told Saudis: Cut oil supply or lose U.S. military support – sources
WASHINGTON/LONDON/DUBAI – As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman …
Ample storage and a recovering China insulate Petrobras from the oil glut
RIO DE JANEIRO (Bloomberg) –Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime.
Demand destruction from …
Saudi crude buyers cancel at least seven supertankers after freight hike: sources
LONDON – U.S. buyers of Saudi Arabian crude oil cancelled at least seven April-loading tankers after a jump in freight costs, two industry sources said, likely to result in lower-than-expected shipments from the world’s top exporter.
The move shows …
Oil majors, governments haggle over sharing pain of deepest cuts yet
LONDON/MOSCOW – From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because …
Venezuela’s gasoline goes from world’s cheapest to steepest
PUERTO ORDAZ/MARACAIBO, Venezuela – Venezuelans reported paying above $2 per liter ($7.57 per gallon) for gasoline last week amid fuel shortages, one of the world’s highest rates and a dramatic reversal for an OPEC nation that long boasted of …
China oil companies could report ‘significant losses’ in the first quarter, Bernstein says
Earnings from China’s oil firms are going to “look pretty ugly” in the short-term, one Bernstein analyst told CNBC on Monday.
“We’re expecting very significant losses in the first quarter for PetroChina and Sinopec as a result of the …
Iraq Says Needs 4 Years to Wean Itself Off Iranian Energy Imports
ith just three days remaining to the expiry of a 30-day US waiver to import Iranian gas and electricity, Iraq will struggle to drum up some $10 billion in investments over a four-year period to stop these imports …
Saudi Arabia and Kuwait start cutting oil output ahead of schedule
Oil&Gas
The two nations acted prior to the May 1 deadline set by OPEC+
Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the …
Italy’s Eni cuts targets, braces for coronavirus complexity
MILAN – Italian energy group Eni lowered its forecast for production and investments on Friday and braced for “a complicated 2020” as the coronavirus crisis destroys oil and gas demand and hammers prices.
Across the industry, producers are being …
QP signs deal to reserve LNG shipyard capacity in China
Qatar Petroleum (QP) has entered into an agreement to reserve LNG ship construction capacity in China to be utilised for its future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects.
The agreement was …
Enter Engineering Helps Uzbekistan Combat the Covid-19 Virus
360 Feed Wire
Construction of new 10,000-bed infectious diseases facility under way
Tashkent, 22 April 2020 – As part of an on-going nationwide effort to tackle the global coronavirus pandemic, Enter Engineering, the largest EPC contractor in Uzbekistan, is nearing …
Cosmo Oil Adopts SAP® Ariba® Solutions for Procurement Efficiency
360 Feed Wire
SAP NEWSBYTE — April 22, 2020 — SAP SE (NYSE: SAP) announced today that Japanese petrochemical company Cosmo Oil Co. Ltd. has rolled out SAP® Ariba® solutions to help it more efficiently procure indirect materials.
As a …
SSI Partners with Texo to Provide Coronavirus Screening Stations
360 Feed Wire
Specialist medical support company, SSI Energy, has forged a strategic partnership with Texo Accommodation, part of Texo Group of companies, to deliver modular Coronavirus screening stations in the UK.
The partnership will combine SSI Energy’s range of …
Saudi Arabia may re-route tankers if U.S. imposes crude import ban: sources
Reuters
LONDON/NEW YORK/MOSCOW – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say.…
Jadestone Energy Inc – Australia Infill Wells Deferred
SINGAPORE / ACCESSWIRE / April 22, 2020 / Jadestone Energy Inc. (AIM:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, notes the collapse of global crude oil benchmarks, with oil demand …
Indian refiners forced to issue force majeure notices: GlobalData
The lockdown in India has resulted in a sharp drop in fuel demand, forcing refiners to operate at lower capacities
Oil & Gas Publishers Note: Very nice article from Carla Sertin. India has been importing oil from Iran – …
Saudis to sell 600,000 bbl of oil a day to the U.S. in April
LONDON (Bloomberg) –Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners.…
Canada attaches stricter environmental rules to oilfield support funds
WorldOil
OTTAWA (Bloomberg) –Canada’s plan to spend $1.2 billion to help clean up the country’s derelict oil wells comes with strings attached: tougher environmental rules for the energy-rich province of Alberta. “We’ve been urging the Trudeau government to bail out …
DeepOcean arrives for Troll phase 3 umbilicals
DeepOcean’s 150-metre-long offshore construction vessel Edda Freya has arrived at Nexans Norway’s factory in Halden to load umbilical for Equinor’s Troll Phase 3 project.
The Norwegian offshore contractor will install the umbillical in the North Sea later in the summer.…
Russian regulator approves infrastructure work for floating Nuclear Power Plant
Glavgosexpertiza announced on 15 April that it had reviewed the design documentation and the results of engineering surveys for construction of coastal and hydraulic engineering buildings, as well as facilities and equipment needed for the plant’s physical …
Russia Trumpets Oil Deal, Says It Will Establish a Price Floor and Save Millions of US Jobs
MOSCOW (Reuters) – The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday.
…
OPEC and allies’ oil production cut is Trump’s ‘biggest and most complex’ deal ever: Dan Yergin
As the Organization of the Petroleum Exporting Countries and its allies came to an agreement on a record cut in oil production, U.S. President Donald Trump may have struck his “biggest and most complex deal,” according to oil expert …
OPEC+ deal saved ‘more than 2 million’ jobs in the US, says Russia’s sovereign wealth fund chief
MOSCOW – The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday.
Having been in a …
