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2020 is Arguably Worst Year for American Oil Sector

2020 is Arguably Worst Year for American Oil Sector
Wednesday January 27, 2021 - Last year was arguably the most devastating year in history for the North American oil and gas industry.
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Industry Headlines

Biden Leasing Ban to Yield Uneven Impact Share your comments
Wednesday, January 27, 2021Biden played up his climate policies as a source of new jobs, but energy companies and Western state officials beg to differ.

Subsea Expo 2021 Scrapped Share your comments
Wednesday, January 27, 2021Subsea Expo will no longer take place this year, event organizer Subsea UK has revealed.

2020 is Arguably Worst Year for American Oil Sector Share your comments
Wednesday, January 27, 2021Last year was arguably the most devastating year in history for the North American oil and gas industry.

Oil Up After Report Points to Drop in US Stockpiles Share your comments
Wednesday, January 27, 2021Oil in New York rose toward $53 a barrel as an industry report pointed to a drop in U.S. crude stockpiles, adding to signs of easing supply.

Oil Prices Mixed Amid Fledgling Recovery Share your comments
Tuesday, January 26, 2021Oil edged lower as the worsening near-term coronavirus outlook raised concerns over the obstacles still facing crude's fledgling recovery.

Schumer Wants Biden to Bypass Congress on Climate Share your comments
Tuesday, January 26, 2021Senate Majority Leader Chuck Schumer called for President Joe Biden to declare a climate emergency.


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Exploration

Biden Admin Issues 30+ Drilling Permits Share your comments
Wednesday, January 27, 2021The Biden administration has issued at least 31 new drilling permits authorizing operations on federal land and coastal waters.

Eni Secures North Sea License Share your comments
Wednesday, January 27, 2021Eni reported Tuesday that it has won a new production license in the UK sector of the North Sea.

Tullow Spuds Well Offshore Suriname Share your comments
Tuesday, January 26, 2021Tullow has commenced drilling the GVN-1 well in Block 47 with the Stena Forth drillship. PHOTO SOURCE: Stena Drilling

Lundin Contracts Odfjell Rig for Up to Nine Wells Share your comments
Tuesday, January 26, 2021Lundin Energy Norway has awarded Odfjell Drilling a letter of intent (LOI) for the latter's Deepsea Stavanger semi-submersible rig.

SpaceX Eyes Gas Wells Near South Texas Launchpad Share your comments
Monday, January 25, 2021SpaceX plans to drill wells close to its Boca Chica launchpad, it was revealed during a Friday hearing before the Railroad Commission of Texas.

Baker Hughes Reveals 16 More Rigs Share your comments
Saturday, January 23, 2021The total number of rotary drilling rigs operating in the US and Canada increased by 16 this week, Baker Hughes reported Friday.

TechnipFMC Wins Egypt Subsea Tieback Contract Share your comments
Friday, January 22, 2021Energean has awarded TechnipFMC the EPIC contract for its North El Amirya and North Idku concession tieback project.


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Production

Pemex Misses 2020 Target Share your comments
Wednesday, January 27, 2021Petroleos Mexicanos's crude production fell last year and failed to reach its target, thwarting the government's plans to reverse more than a decade of output declines.

Permian Flaring Report Contrasts with RRC Stance Share your comments
Tuesday, January 26, 2021An analysis finds up to 40% of the gas that's expected to be flared in the Permian Basin in 2025 could be avoided at no cost to drillers.

Iraq to Lower Oil Production Share your comments
Monday, January 25, 2021Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation's crude.

Subsea 7 Wins Angola Contract from Chevron Unit Share your comments
Monday, January 25, 2021A wholly owned subsidiary of Chevron has awarded Subsea 7 a contract for the Sanha Lean Gas Connection (SLGC) project offshore Angola.

OGA Sponsoring Recovery Factor Studies Share your comments
Sunday, January 24, 2021The UK Oil and Gas Authority and Energie Beheer Nederland are inviting applications from MSc students with data analytic backgrounds to study existing data on oil and gas field recovery factors.

Documents Show China Imports Embargoed Venezuelan Crude Share your comments
Friday, January 22, 2021It may be the oil market's worst-kept secret.


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Finance and Investing

Diamond Offshore Announces Restructuring Plan Share your comments
Tuesday, January 26, 2021Diamond Offshore Drilling enters into a deal with holders of over 70 percent of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction.

Investors Flock Back into Oil Share your comments
Tuesday, January 19, 2021Investors and oil companies are rushing back into the crude market.

Andurand Hedge Fund Soars 154 Percent in 2020 Share your comments
Tuesday, January 05, 2021Pierre Andurand's oil hedge funds stormed back in 2020 to post their biggest-ever gains as the global pandemic roiled energy markets.

Exxon Signals 4th Consecutive Loss Share your comments
Thursday, December 31, 2020Exxon Mobil Corp, which is struggling to maintain a $15 billion-a-year dividend program, indicated it incurred a fourth straight quarterly loss.

India Asked to Pay $1.2B to Cairn Share your comments
Wednesday, December 23, 2020India has been ordered to return over $1.2 billion to Cairn Energy Plc after Prime Minister Narendra Modi's administration lost arbitration proceedings in a tax dispute.

ADNOC Launches 2nd Trading Arm Share your comments
Sunday, December 13, 2020The Abu Dhabi National Oil Company has officially launched its second trading arm, ADNOC Global Trading.


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Company Operations

Exxon Activist Investor Nominates Directors Share your comments
Wednesday, January 27, 2021Exxon Mobil Corp. is heading for a proxy showdown.

Will Q4 Earnings Show Worst Is Over for Majors? Share your comments
Wednesday, January 27, 2021The Western world's largest oil explorers are sailing into earnings season on the tailwind of strong commodity prices.

Permian Operator Relocates Headquarters Share your comments
Wednesday, January 27, 2021Ring Energy has relocated its corporate headquarters from Midland, Texas, to the Houston area.

DNV GL Combines Energy Segments Share your comments
Wednesday, January 27, 2021DNV GL has announced that it will combine its current Oil & Gas and Power & Renewables businesses into one new business area called Energy Systems.

CGG Pledges Carbon Neutrality by 2050 Share your comments
Wednesday, January 27, 2021CGG has pledged to become carbon neutral by 2050 in scopes one and two emissions of the greenhouse gas protocol.

Zennor Achieves Carbon Neutrality Share your comments
Tuesday, January 26, 2021Zennor Petroleum has launched a net zero carbon strategy and has become one of the first North Sea exploration and production companies to achieve carbon neutrality in scope 1 and 2 CO2 emissions.

What Will Biden's Paris Decision Mean for US Oil and Gas? Share your comments
Monday, January 25, 2021The US officially re-joins the UN's Paris Agreement on Feb. 19.


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