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What Could Omicron Cost Global Oil Market?

Industry Headlines

API Testifies in EPA Methane Hearing Share your comments
Sunday, December 05, 2021The EPA held a virtual public hearing from November 30 to December 2.

Top Headlines: Aramco Awards Deals Worth $10B and More Share your comments
Saturday, December 04, 2021Check out some of Rigzone's top stories this week.

Omicron Extended Pressure on Oil this Week Share your comments
Friday, December 03, 2021Oil slid for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets and OPEC+ continues to hike supply.

Hundreds Of UK Offshore Workers Set To Strike Next Week Share your comments
Friday, December 03, 2021After an improved offer from their employers was rejected, some 300 oil and gas workers in the UK North Sea will be going on strike next week.

Bears Out in Full Force This Week Share your comments
Friday, December 03, 2021Rigzone's regular market watchers look at the emergence of a bear market, the Omicron Covid variant, OPEC+'s recent decision and more.

What Could Omicron Cost Global Oil Market? Share your comments
Friday, December 03, 2021What could the new Covid variant mean for the global oil market?

Samsung Sells Former Ocean Rig Drillship. Eyes Sale Of Three More. Share your comments
Friday, December 03, 2021Samsung Heavy Industries has sold a former Ocean Rig drillship to an undisclosed European company for $245 million.

Shell Pulls Out of Cambo Share your comments
Friday, December 03, 2021Siccar Point is now in discussions with its contractors, supply chain and wider stakeholders to review options for the development.

Oil Prices Finish Higher as OPEC+ Yield Leeway for Modifications Share your comments
Thursday, December 02, 2021Traders had widely expected OPEC+ to defer the 400,000 barrel a day supply increase with concern growing that the omicron coronavirus variant will hurt demand.


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Exploration

Maersk Rig To Drill High Pressure Well For OMV Share your comments
Friday, December 03, 2021Maersk Drilling has secured a one-well contract with Austrian oil company OMV for one of its jack-up drilling rigs.

Turkey Vows to Stop Exxon Venture Drilling Off Cyprus Share your comments
Friday, December 03, 2021Turkey threatened to block any unauthorized search for gas and oil in its economic exclusive zone.

Odfjell Rig To Stay With Equinor For One Additional Well Share your comments
Thursday, December 02, 2021Lundin Energy has exercised its option for the drilling of one additional well offshore Norway using the Deepsea Stavanger rig.

TotalEnergies Spuds Venus Well Offshore Namibia Share your comments
Thursday, December 02, 2021TotalEnergies has spudded the ultra-deepwater Venus-1X exploration well offshore Namibia.

Stena Rig Off To Drill Appraisal Well For Chariot In Morocco Share your comments
Wednesday, December 01, 2021The Stena Don rig has started its mobilization operations to Morocco where it will drill a gas appraisal well on the Lixus offshore license for Chariot.

Petrogas Re-Hires Maersk Rig For Well Drilling Off UK Share your comments
Wednesday, December 01, 2021Maersk Drilling and Petrogas have agreed to exercise an option to employ the Maersk Resilient rig on an appraisal well at the Birgitta field in the UK North Sea.


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Production

OPEC+ Sticks to Planned Supply Hike Share your comments
Thursday, December 02, 2021The group agreed to add 400,000 barrels a day of crude to global markets in January.

Shale Drillers to Lift USA Spending 19 Percent Share your comments
Thursday, December 02, 2021Expenditures will rise to $83.4 billion in 2022, the highest since the Covid-19 pandemic emerged.

OPEC+ Meets to Debate Output Boost Share your comments
Wednesday, December 01, 2021Ministers have been tight lipped about their intentions.

Shale Output Discipline Begins to Pay Off Share your comments
Wednesday, December 01, 2021Publicly listed oil producers have drastically changed their business model since Covid-19.

BP Loads Out 1,000th Crude Oil Tanker From Black Sea Terminal Share your comments
Tuesday, November 30, 2021The BP-operated Western Route Export Pipeline has loaded out the 1,000th tanker at the Supsa terminal on the Black Sea.

CNOOC Starts Up Production From Buzzard Phase II Share your comments
Monday, November 29, 2021CNOOC Limited has begun production from the Buzzard Phase II development, offshore the UK sector of the North Sea.


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Finance and Investing

Oil Traders Stampede to Exit Share your comments
Friday, December 03, 2021Oil traders and investors are shutting down their books at a rapid pace.

Chevron Sets 2022 Spending Budget At $15B Share your comments
Thursday, December 02, 2021Chevron has announced a 2022 organic capital and exploratory spending program of $15 billion, up more than 20 percent from 2021 expected levels.

CNOOC Deregisters With SEC Share your comments
Wednesday, December 01, 2021CNOOC Limited (TSX: CNU) announced Tuesday that it intended to deregister with the United States Securities and Exchange Commission.

Exxon To Spend $15B On GHG Reduction Projects By 2027 Share your comments
Wednesday, December 01, 2021Exxon will increase spending to $15 billion on GHG emission-reduction projects over the next six years.

Gazprom Reports Record 3Q Profit Share your comments
Tuesday, November 30, 2021Net income rose to 581.8 billion rubles ($7.8 billion) compared with a net loss a year ago.

Equinor Exits Ireland Following $434M Corrib Sale Share your comments
Tuesday, November 30, 2021Equinor has stopped having a business presence in Ireland following a decision to sell its non-operated equity position in the Corrib offshore gas project to Vermillion Energy.


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Company Operations

Exxon Plans Below Inflation USA Pay Raises Share your comments
Friday, December 03, 2021Exxon's salary raises come after a difficult two-year period for the company and its employees.

Ex-BP Rep Becomes Chesapeake EVP and CFO Share your comments
Friday, December 03, 2021For the last six years, Singh has served on the executive leadership team of BPX Energy, the United States onshore subsidiary of BP.

Cenovus in $500MM+ Deal Share your comments
Thursday, December 02, 2021The agreements allow Cenovus to further focus its portfolio, accelerate deleveraging and support increasing shareholder returns.

Ex-ExxonMobil Leader Appointed Lundin Energy Norway MD Share your comments
Thursday, December 02, 2021Kristin Faerovik will retire from her position on December 31.

ConocoPhillips Completes $9.5B Shell Deal Share your comments
Thursday, December 02, 2021The assets include around 225,000 net acres and producing properties located entirely in Texas.

Ex-FIFA Ref Gets Aberdeen Uni ET Director Role Share your comments
Thursday, December 02, 2021Underhill used to be a professional football referee on the FIFA circuit.

Petrobras Sees More Oil Field Sales Share your comments
Wednesday, December 01, 2021Brazil's state-controlled oil company plans to continue selling off its least profitable oil fields.

TotalEnergies Launches Texas Biomethane Unit Share your comments
Wednesday, December 01, 2021The biomethane will be used as an alternative fuel for mobility.


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