Oil & Gas News

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Analysts React to OPEC+ Meeting

Industry Headlines

Light Crude Advances 7.5% for the Week Share your comments
Friday, March 05, 2021Oil rallied to the highest in nearly two years in New York.

Oil Soars as Saudi Gamble Buoys Market Bulls Share your comments
Friday, March 05, 2021Oil moved above $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump.

Offshore Project Commitments Set for Record Boost Share your comments
Friday, March 05, 2021According to a new Rystad Energy report, offshore project commitments are expected to not only recover going forward but their number is also set to reach a new record in the five-year period towards 2025.

Analysts React to OPEC+ Meeting Share your comments
Friday, March 05, 2021Rigzone speaks to oil and gas analysts at Wood Mackenzie, Rystad Energy and EY.

WTI Closes at Highest Level Since April 2019 Share your comments
Thursday, March 04, 2021Oil surged to the highest in nearly two years after the OPEC+ alliance surprised traders.

Energy Transition Will Drive More Copper Mining Share your comments
Thursday, March 04, 2021Copper is a vital part of green infrastructure.

Houthis Claim Strike on Aramco Oil Depot Share your comments
Thursday, March 04, 2021Yemen's Houthi rebels said they launched missile and drone strikes against a Saudi Arabian oil facility and a military base.


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Exploration

Saudis Bet Against Return of USA Shale Glory Days Share your comments
Friday, March 05, 2021Saudi Arabia just made a high-stakes wager against "drill, baby, drill."

Shearwater Wins Offshore Australia 3D Survey Share your comments
Friday, March 05, 2021The marine geophysical firm will use the Geo Coral 3D streamer vessel. PHOTO SOURCE: Shearwater GeoServices

Noble Rig to Drill Offshore Australia Wells Share your comments
Thursday, March 04, 2021The Noble Tom Prosser will drill two Santos-operated exploration wells in the Bedout Basin.

Drilling Uptick Bolsters Steel CEO Confidence Share your comments
Wednesday, March 03, 2021One steelmaker says pipe inventories are dropping and energy companies are placing more orders as rig counts perk up.

Odfjell Finalizes Contract for Deepsea Stavanger Share your comments
Wednesday, March 03, 2021Odfjell Drilling has contracted the Deepwater Stavanger to Lundin Energy Norway.

Petrobras Awards Contract for Buzios FPSO Share your comments
Tuesday, March 02, 2021The FPSO will be the largest oil-producing unit offshore Brazil, according to SBM Offshore.

Tethys Hits Hydrocarbons Onshore Oman Share your comments
Tuesday, March 02, 2021Tethys Oil AB has announced that exploration well Thameen-1, which is located on Block 49 onshore the Sultanate of Oman, has encountered hydrocarbon shows in its primary target, the Hasirah Sandstone.


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Production

Oil Sands Give OPEC a Boost Share your comments
Friday, March 05, 2021Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil prices surge.

OPEC+ Surprise Triggers Oil Price Surge Share your comments
Thursday, March 04, 2021The oil market had been expecting additional supply.

OPEC+ Could Add 1.3MM Bpd and Keep Market Balanced Share your comments
Wednesday, March 03, 2021Rystad Energy's latest analysis indicates that OPEC+ could raise production by 1.3 million barrels per day in April and keep the market balanced.

India Calls on OPEC+ to Produce More Crude Share your comments
Tuesday, March 02, 2021India is one of the biggest buyers of the producer group's crude.

Survey Shows Extra Saudi Oil Output Cuts Share your comments
Tuesday, March 02, 2021OPEC's biggest producer kept oil exports broadly steady, though, according to tanker-tracking data.

Private Shale Firms Present Supply Wild Card Share your comments
Monday, March 01, 2021The battered and bruised US shale industry is finding a resurgence in one of the most unlikely places.


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Finance and Investing

CVX Invests in Geothermal Development Co Share your comments
Tuesday, March 02, 2021Chevron Corporation (NYSE: CVX) has announced an investment in Baseload Capital AB.

Oil Benchmark Revamp Sees Opaque Swaps Trading Surge Share your comments
Thursday, February 25, 2021A planned overhaul of how the world's most important benchmark crude price is calculated has caused a surge in trading of swaps used to hedge North Sea oil prices.

Big Oil Posts Record Loss in 2020 Share your comments
Tuesday, February 23, 2021The five integrated supermajors – ExxonMobil (NYSE: XOM), BP (NYSE: BP), Shell (NYSE: RDS.A), Chevron (NYSE: CVX), and Total (NYSE: TOT) – posted a combined record loss of $76 billion in 2020.

Eni Reports Surprise Quarterly Profit Share your comments
Friday, February 19, 2021Eni SpA posted a surprise fourth-quarter profit as crude prices began to recover and the contribution of low-carbon businesses helped offset the impact of the coronavirus pandemic.

Chesapeake Energy Emerges from Chapter 11 Share your comments
Thursday, February 11, 2021Chesapeake Energy Corporation (NASDAQ: CHK) has announced that it has successfully concluded its restructuring process and emerged from Chapter 11.

Total Beats Earnings Estimates Share your comments
Tuesday, February 09, 2021Total SE bucked the trend of a disappointing fourth quarter for Big Oil, reporting earnings that exceeded expectations and pledging more cash for cleaner energy.


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Company Operations

Oilfield Services Stocks Show Resiliency Share your comments
Friday, March 05, 2021Here is a recap oil and gas market hits and misses for the week ending March 5, 2021.

Valaris Clears Bankruptcy Hurdle Share your comments
Thursday, March 04, 2021The U.S. Bankruptcy Court for the Southern District of Texas has approved Valaris' Chapter 11 prearranged reorganization plan.

ERCOT Board Fires CEO Share your comments
Thursday, March 04, 2021Magness has defended the grid operator's decision to call for the largest forced power outage in U.S. history.

ExxonMobil Seeks Minimum 30% Returns on New Projects Share your comments
Wednesday, March 03, 2021ExxonMobil outlined a target to achieve returns of least 30% on new projects after reducing capital spending plans.

Aramco Donates $1MM to Texas After Storm Uri Share your comments
Wednesday, March 03, 2021Aramco Americas has made three donations worth a total of $1 million to help Houston and Port Arthur with critical public health needs following Winter Storm Uri.

BP Appoints New UK Head and Europe SVP Share your comments
Wednesday, March 03, 2021BP (NYSE: BP) announced Tuesday that Peter Mather, the company's UK head of country and senior vice president for Europe, will ‎leave the business at the end of the year.

Exxon Cutting Hundreds of Workers in Singapore Share your comments
Wednesday, March 03, 2021ExxonMobil (NYSE: XOM) has announced that it will reduce staffing levels at its Singapore affiliate as part of its ongoing effort to improve and sustain long-term competitiveness.


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