The U.S. Department of Energy is suspending its recently announced sale of crude oil from the strategic petroleum reserve. The U.S. Department of Energy (DOE) is suspending its recently announced sale of crude oil from the strategic petroleum reserve (SPR) “in light of the recent fluctuations in global oil markets”, DOE spokesperson Jess Szymanski …
Oil Workers Test Positive for Virus
One Equinor worker and one Shell worker have tested positive for the coronavirus. One Equinor worker and one Shell worker have tested positive for the coronavirus. The Equinor employee is at the Martin Linge field in the North Sea. The person is not seriously ill, Equinor has confirmed. “Equinor is in dialogue with the Norwegian …
Volume War Likely Until Next OPEC+ Meeting
We're likely in for a volume war until the next scheduled OPEC+ meeting in June, according to Rystad Energy. We’re likely in for a volume war until the next scheduled OPEC+ meeting in June, according to Rystad Energy. If no agreement is reached then, exploration and production (E&P) companies are likely to “slash” capital …
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Oil Crash Sends Shock Through Virus Crippled World
Another shockwave is about to rip through a world economy already reeling from the coronavirus. “Oil prices at sustained lows of $40 for five years is crisis time in Oman first, then Saudi Arabia and Bahrain, with defaults, peg devaluations, hefty spending cuts and higher taxes, with deep recessions and insolvent banks,” said Rory …
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Blockchain ‘Genie’ Spreading Offshore
Offshore oil and gas players are increasingly adopting blockchain-based 'smart contracts,' according to a Houston-based tech entrepreneur. Offshore oil and gas players are increasingly adopting blockchain-based “smart contracts,” according to a Houston-based tech entrepreneur. “A blockchain is an immutable data record – called ‘blocks’ – that are linked together as entries in a distributed ledger,” …
Senegal launches offshore licensing round
The National Oil Company of Senegal, Petrosen, has officially launched the country’s first ever offshore licensing round at the MSGBC Basin Summit & Exhibition in Dakar, Senegal. Source: TGSAs previously reported by Offshore Energy Today, the licensing round comprises twelve blocks on offer in the MSGBC Basin, offshore Senegal. Companies will be able to submit bids over …
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US Natural Gas Prices Continue Freefall This Winter
The cold weather has simply not arrived. After the lowest summer U.S. natural gas prices since 1998, the market has continued to fall this winter 2019-2020. The cold weather has simply not arrived. In fact, after the second warmest November on record, nine of the ten weeks ending November 23 to January 25 were all …
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NLNG Train 7: NNPC, Partners Take Final Investment Decision
NNPC GMD, Mele Kyari (sitting 3rd right), making the announcement of the Final Investment Decision (FID) on the NLNG Train 7 taken by the Board of the NLNG in Abuja The Nigerian National Petroleum Corporation (NNPC and its investment partners, Shell, Total and ENI, have taken the Final Investment Decision (FID) to go ahead with …
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Oil Up After US Strike Kills Top Iran General
Oil jumped close to $70 a barrel after a U.S. airstrike ordered by President Donald Trump killed a top Iranian general in Iraq. (Bloomberg) -- Oil jumped close to $70 a barrel after a U.S. airstrike ordered by President Donald Trump killed a top Iranian general in Iraq, intensifying fears of conflict in the world’s …
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Valaris gets $200 million payment in Samsung Heavy arbitration, secures more rig work
Offshore drilling contractor Valaris has received a $200 million payment following the conclusion of arbitration proceedings with Samsung Heavy and has secured new contracts for its rig fleet, adding $100 million to its contract backlog. Illustration; One of Valaris’ drillships; Image by: CellsDeDells; Source: Wikimedia – under the CC BY-SA 3.0 licenseValaris said earlier this week that it …
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