Browse Tag

Oil

Rich countries must end oil and gas production by 2034 for a fair 1.5°C transition

9 mins read

The FINANCIAL — Rich countries must end oil and gas production by 2034 to keep the world on track for 1.5°C and give poorer nations longer to replace their income from fossil fuel production, finds a new report from a leading climate scientist at The University of Manchester released.…

Levitating oil droplets research may help reduce air pollution

3 mins read

The FINANCIAL —  Research using sound waves to suspend oil droplets has shown that the air pollution coming from the tiny droplets may be impacting larger areas of the environment.…

Oil and Chemical Giants Lobbying Against Rules on Microplastic Chemicals

7 mins read

The FINANCIAL — Trade groups representing the world’s biggest oil and chemical companies have been opposing a ground-breaking new proposal to regulate toxic and persistent chemicals in microplastics, according to documents obtained by Unearthed, Greenpeace UK’s investigative platform, Greenpeace International notes. “We know that microplastic is everywhere, from Arctic sea ice to tap water, and…

Aramco awards major long-term agreements to 8 companies for its oil and gas brownfield projects

3 mins read

The FINANCIAL — Aramco has announced a new contracting strategy for the Company’s oil and gas brownfield and plant upgrade projects. The strategy focuses on establishing new businesses and developing partnerships based on sustainability and new technologies via Aramco’s giant projects by awarding long-term contracts to reputable and experienced contractors to improve cost efficiency and…

BP Canada and Equinor made oil discoveries offshore Newfoundland, Canada

2 mins read

The FINANCIAL — Equinor (60%), and its partner BP Canada (40%), have made two oil discoveries offshore Newfoundland, Canada. The two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons; however, it is too early to provide specific information on volumes. “We are pleased to have made two discoveries offshore…

bp starts gas production from Qattameya field

2 mins read

The FINANCIAL — bp today announced the start of gas production from its latest development ‎offshore Egypt – the Qattameya gas field in the North Damietta offshore concession.  Through bp’s joint venture, Pharaonic Petroleum Company (PhPC), the field, which is ‎expected to produce up to 50 million cubic feet of gas per day, has been…

ConocoPhillips to acquire Concho Resources for $9.7 bln

10 mins read

ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an all-stock transaction. Under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho Resources (Concho) common stock will be exchanged…

In Q3 SOCAR exported about 3,7 mln tons of crude oil and more than 148 mln cubic meters of natural gas

1 min read

The FINANCIAL — SOCAR produced above 1,8 million tons1 of oil and more than 1,8 billion cubic meters2 of natural gas during the third quarter of 2020. Due to production cuts under OPEC+ agreement, oil production decreased, as compared to the same period of the previous year. Natural gas production continued to grow. Nationwide crude oil and natural…

Intercontinental Exchange to launch world’s first Murban crude futures contracts

4 mins read

The FINANCIAL — Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today provides an update on its plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts based on Murban crude oil. Subject to the completion of…

Oil price down as Trump tests positive for COVID-19

5 mins read

The FINANCIAL — Oil fell by 5% on Friday after Trump tested positive for coronavirus. It was already in negative territory after a bipartisan deal on U.S. stimulus continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy.  However, oil prices are expected to…

Stock markets mixed after Wall Street slides

5 mins read

The FINANCIAL — Global stock markets were mixed Monday after the fact that Wall Street turned in its biggest weekly decline in more than two months. London and Frankfurt opened higher. U.S. futures were lower. Benchmarks in Shanghai, Tokyo and Hong Kong retreated while Seoul and Sydney gained. Southeast Asian markets were mixed. On Wall Street,…

BP cuts dividend and plans to slash oil production by 40%

5 mins read

The FINANCIAL — BP to cut down on oil spending and focus on clean energy as a part of a major strategic overhaul revealed on Tuesday, together with a major second quarter loss and dividend cut. BP introduced a new strategy that will reshape its business as it pivots from being an international oil company focused on…

Oil prices fell by 30%

6 mins read

The FINANCIAL — Oil prices plunged on Monday by around 30% as Russia on Friday refused to join the Organization of the Petroleum Exporting Countries [OPEC] in a large production cut. Because of that Saudi Arabia launched an aggressive price war. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a…

OPEC Pushes for oil production slash but will Russia agree?

6 mins read

The FINANCIAL — With oil prices down more than 20% since the start of the year as the economic impact of the coronavirus saps oil demand. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter. Oil traders fear demand for…

Oil prices are falling again

5 mins read

The FINANCIAL – Oil prices are plunging again. Opec members wanted to bring next week’s Vienna meeting forward to late February, but Russia would not agree. The plunge in oil prices has clobbered energy stocks, which entered a bear market late last month. Oil prices fell for a sixth straight session on Friday and were…