HOUSTON (Bloomberg) --Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin, closed out almost all its hedges for this year, indicating a bullish outlook for crude prices. The move will cost $328 million spread over the course of 2022, Pioneer said in a filing Wednesday, but leaves the company well positioned to bank any u...
In alignment with Scottish Government guidance on the coronavirus situation, the organizers of SPE Offshore Europe have made the difficult decision to postpone the event on 1-4 February 2022 at P&J Live, Aberdeen. Jonathan Heastie, Portfolio Director – Energy & Marine at RX, co-organizer with the Society of Petroleum Engineers (SPE) of...
Neptune Energy announced the development of new “digital twins” of two platforms in the Dutch North Sea, which will accelerate work schedules, and reduce costs and environmental impacts by enabling engineers to work onshore. They will also support planning of Neptune’s major Carbon Capture and Storage project in the L10 area. Leading UK-ba...
(Bloomberg) - The vessel hired by Royal Dutch Shell Plc to look for potential oil and gas fields is on course to leave South African waters after community groups won a court case to temporarily halt the activity. A judge on Dec. 28 granted local activists an interim interdict blocking any seismic surveys until a ruling can be made on whether fu...
HOUSTON (Bloomberg) --Bosses for some of the biggest oil explorers in the Permian Basin say their industry could be hurt if crude climbs above $100 a barrel. With an expectation that oil demand exceeds supply by later in the year or in early 2023, Scott Sheffield, chief executive officer at Pioneer Natural Resources Co., said he sees oil prices...
(Bloomberg) --Iraq approved a state company’s potential purchase of Exxon Mobil Corp.’s interest in a huge oil field in the south of the country. The cabinet on Wednesday approved a proposal for Iraq National Oil Co. to start the process of acquiring the stake, Oil Minister Ihsan Abdul Jabbar said in a statement. He didn’t say if INOC had...
(Bloomberg) --OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members. The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December, as a boost by Saudi Arabia was offset by losses in Libya and Nigeria, according to a Bloombe...
(Bloomberg) --Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend. Futures in New York rose as much as 2% and the global benchmark traded above $81 a barrel on Wednesday. OPEC+ on Tuesday stuck to its plan to add 400,000 barrels a day next month after it cut estimates for a surplus i...
ABU DHABI - ADNOC announced the award of a $946 million Engineering, Procurement, and Construction contract for the strategic long-term development of its Umm Shaif field. The investment supports ADNOC’s oil production capacity plans of five million barrels per day by 2030 while ensuring energy security for the United Arab Emirates and partners a...
IRVING, TX – ExxonMobil announced two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilo...