U.S. coal plants delay closures in hurdle for clean energy transition11 August 2022 | Source: ReutersPost Type: ONLINE NEWSTravel brochures in Sheboygan, Wisconsin, tout the town’s beaches on Lake Michigan as the Malibu of the Midwest. But pages of glossy photos leave out a feature of the landscape: a coal-fired power plant on the shore that will remain open until mid 2025 instead of closing this year as planned.
Velesto completes offline capability upgrade for two rigs11 August 2022 | Source: Press ReaderPost Type: ONLINE NEWSVelesto Energy Bhd has completed the upgrading works for its Naga 5 and Naga 6 rigs to make them the first in the country with offline capabilities.
Oil settles lower as halted Russian pipeline flows appear temporary, demand fears rise10 August 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices settled slightly lower on Tuesday after a see-saw session as worries that a slowing economy could cut demand vied with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine.
BP weeks away from picking concept for next phase of major African project10 August 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSSupermajor is targeting final investment decision in 2023 and first production as early as 2026 at Greater Tortue Ahmeyim.
U.S. oil refiners, pipeline companies expect strong demand for rest of 202210 August 2022 | Source: ReutersPost Type: ONLINE NEWSU.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers.
Oil retreats on chance of Iran supply boost09 August 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices dipped in early trade on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.
India's July fuel demand rises 6.1% year-on-year09 August 2022 | Source: ReutersPost Type: ONLINE NEWSIndia's fuel demand in July rose 6.1% year-on-year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday.
Oil rises nearly 2% on strong economic data but trade choppy09 August 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices rose nearly 2% on Monday in volatile trading, bouncing off multi-month lows touched last week, as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.
Macquarie targets North Sea as green energy hub08 August 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSMacquarie Group Ltd is betting the North Sea – engine of the United Kingdom’s once-booming oil and gas industry – can be transformed into the green energy hub of Europe.
Shell awards Aker Solutions deal to build Jackdaw platform03 August 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSNorway's Aker Solutions has been awarded an engineering, procurement, construction and installation (EPCI) contract from Shell for the delivery of a not permanently attended installation for the UK supermajor's Jackdaw gas field in the central North Sea.
U.S. emergency crude stockpile falls to lowest in 37 years02 August 2022 | Source: ReutersPost Type: ONLINE NEWSThe U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.
Oil sinks about 4% after weak factory data sparks demand concerns02 August 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.
OPEC secretary general says Russia's membership in OPEC+ is vital for success of agreement01 August 2022 | Source: ReutersPost Type: ONLINE NEWSOPEC's new secretary general said that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais.
Oil prices edge up on low inventories, high gasoline demand in U.S.28 July 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices edged up on Thursday, extending gains from the previous session, buoyed by lower crude inventories and higher gasoline demand in the United States. Brent crude futures for September rose 40 cents, or 0.4%, to $107.02 a barrel by 0010 GMT, after gaining $2.22 on Wednesday.
China’s first shallow-water production system could unlock huge hydrocarbon potential28 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSCNOOC able to develop up to 700 million tonnes of proven oil and gas reserves trapped at Bohai Bay. The launch of China’s first shallow-water subsea production system (SPS) will potentially unlock millions of barrels of undeveloped oil reserves off northern China’s Bohai Bay.
Big Oil set for record profit as world reels from high fuel cost27 July 2022 | Source: The Edge MarketPost Type: ONLINE NEWSBig Oil is poised for a record-breaking US$50 billion profit in the second quarter, but the industry’s stellar performance could contain the seeds of its own decline.
Sabah wants more young people in oil and gas industry, says CM25 July 2022 | Source: The Edge MarketPost Type: ONLINE NEWSThe Sabah government wants more young people in the oil and gas industry in line with efforts to develop the industry in the state, said Chief Minister Datuk Seri Hajiji Noor.
Local petrochem sector growth tipped to outpace rise in GDP22 July 2022 | Source: PressreaderPost Type: ONLINE NEWSThe Malaysian petrochemical industry on average will grow more than 5% to 6% yearly, and will be above Malaysia’s forecast gross domestic product (GDP) growth of 5.3% and 6.3% in 2022 said Malaysian Petrochemicals Association (MPA) president Akbar Md Thayoob yesterday.
Largest O&G conference in South-East Asia22 July 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSSustainability, growth and future aspirations of the oil and gas (O&G) industry will be the dominant themes at the largest O&G and petrochemicals conference in South-East Asia to be held in September.
Govt in midst of testing targeted petrol subsidy mechanism — Tengku Zafrul22 July 2022 | Source: The Edge MarketPost Type: ONLINE NEWSThe Government is still testing the targeted subsidy mechanism for petrol to ensure the system to be implemented is suitable and easy to use in both urban and rural areas.
TotalEnergies Definitely Leaves Myanmar, Junta Profits21 July 2022 | Source: RIGZONEPost Type: ONLINE NEWSMyanmar’s junta will obtain an increased stake in the country’s largest oil and gas field as TotalEnergies decided to ‘definitely’ withdraw from the country on July 20, 2022.
EU tells members to cut gas usage amid new Putin warning21 July 2022 | Source: ReutersPost Type: ONLINE NEWSThe European Union told member states on Wednesday to cut gas usage by 15% until March as an emergency step after President Vladimir Putin warned that Russian supplies sent via the biggest pipeline to Europe could be reduced further and might even stop.
Seismic warning: South Africa ‘can kiss goodbye to energy security’ if marine surveys banned21 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSTop executive at Petroleum Agency lays out the case for oil and gas exploration in country with polarised views. A top official at South Africa’s upstream regulator has warned that if anti-fossil fuel campaign groups succeed in their aim of stopping all offshore seismic surveys, then the country “can kiss goodbye” to any of the benefits of oil and gas developments.
US oil and gas M&A activity dropped in second quarter, but opportunities remain15 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSThe combination of Russia’s invasion of Ukraine and high commodity prices contributed to a decline in US oil and gas merger and acquisition activity in the second quarter, according to Enverus Intelligence Research.
EXCLUSIVE Saudi Arabia doubles Q2 Russian fuel oil imports for power generation15 July 2022 | Source: ReutersPost Type: ONLINE NEWSSaudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.
Oil settles lower ahead of potential large U.S. rate hike15 July 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices settled lower on Thursday, but pared nearly all losses after falling more than $4 earlier in the session as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand.
U.S. oil imports down, exports up last week: EIA14 July 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSU.S. crude oil imports decreased but exports increased during the week ending July 8, the U.S. Energy Information Administration (EIA) said in a report released on Wednesday.
Germany in Talks With Shell for LNG to Replace Russian Fuel14 July 2022 | Source: BloombergPost Type: ONLINE NEWSGermany is in negotiations with some of the world’s top liquefied natural gas suppliers, including energy giant Shell Plc, to replace Russian fuel with alternative supplies. The government, which aims to begin importing LNG this winter, is currently in talks with several companies for long-term supply contracts, said people with knowledge of the matter.
It's confirmed: Samsung Engineering wins Malaysia EPCC prize from Shell14 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSMajority of the workscope to be performed after final investment decision. Global engineering, procurement, construction and project management company Samsung Engineering has confirmed the award of a $680 million engineering, procurement, construction and commissioning (EPCC) contract for the onshore gas plant for Shell’s Rosmari-Marjoram project in Malaysia.
Petrobras launches tender for Buzios subsea riser titanium solution13 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSBrazilian state-controlled oil company Petrobras has launched a tender to contract a pioneering titanium subsea solution for a quartet of floating production, storage and offloading vessels in the giant Buzios pre-salt field.
U.S. tightens sanctions on Iran, targets Chinese, Emirati firms over oil07 July 2022 | Source: ReutersPost Type: ONLINE NEWSThe United States on Wednesday imposed sanctions on a network of Chinese, Emirati and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal.
‘Overweight’ call kept on oil and gas sector07 July 2022 | Source: PressreaderPost Type: ONLINE NEWSHong Leong Investment Bank (HLIB Research) believes the elevated oil price environment will persist in the second half of this year as oil demand and supply will increase over the next few months.
Oil from U.S. reserves sent overseas as gasoline prices stay high06 July 2022 | Source: ReutersPost Type: ONLINE NEWSMore than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs.
Shell joins Qatar's LNG expansion mega-project06 July 2022 | Source: ReutersPost Type: ONLINE NEWSQatarEnergy on Tuesday signed a deal with Shell (SHEL.L) for the Gulf state's North Field East expansion, the first phase of the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies , Exxon , ConocoPhillips (COP.N) and Eni (ENI.MI).
Oil prices plummet on global recession fears06 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSEuropean and US crude oil futures prices fell sharply on Tuesday, which market analysts suggested was long overdue because of spreading concerns over the health of global economy.
Norwegian oil and gas workers end strike as government intervenes06 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSNorway's government on Tuesday intervened to end a strike in the nation's energy sector that had reduced oil and gas output, a union leader and the labour ministry said.
Norwegian oil and gas workers start strike, cutting output05 July 2022 | Source: ReutersPost Type: ONLINE NEWSNorwegian offshore workers on Tuesday began a strike that will reduce oil and gas output, the union leading the industrial action told Reuters.The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes amid high oil and gas prices, with supplies of natural gas to Europe especially tight after Russian export cutbacks.
India imposes $8.3 billion windfall tax on oil producers05 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSNew tax imposed ‘by way of special additional excise duty’ and follows sharp rise in international oil prices.India has imposed a windfall tax of 23,250 rupees ($294.3) per tonne of domestic crude production, as the government moves to curb the country’s widening deficit amid sustained high oil prices.
Ping hits the fairway: FPSO identified for UK oil project04 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSUK operator Ping Petroleum has taken delivery of a floating production. storage and offloading vessel to be deployed on its Avalon development in the UK North Sea.
Biden administration offshore drilling plan delayed01 July 2022 | Source: ReutersPost Type: ONLINE NEWSThe Biden administration on Thursday delayed the rollout of a proposed five-year offshore oil and gas development plan that had been promised by the end of the month, according to sources.
OPEC+ sticks with planned oil production hike in August01 July 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSDecision takes place as US President Joe Biden intends to visit Saudi Arabia in July.
Biden administration oil, gas auctions kick off with thin industry response30 June 2022 | Source: ReutersPost Type: ONLINE NEWSThe Biden administration's first sale of oil and gas drilling rights on federal land garnered thin industry interest on Wednesday while environmental groups filed two separate lawsuits seeking to invalidate the results.
Uzbekistan cheers its largest ever oil find30 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSUzbekistan is celebrating what is claimed to be country’s largest ever crude discovery after oil producer Sanoat Energetika Guruhi (SEG) reported a major new unconventional oil find in the Zarafshan depression, between the cities of Samarkand and Navoy.
Oil settles higher as major producers flag capacity limits29 June 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices settled higher for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil.
Oil prices rise as supply concerns dominate28 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSOil prices climbed on Monday, bolstered by continued concerns over tight supplies.
G7 leaders debate fossil fuel investments amid energy crisis27 June 2022 | Source: ReutersPost Type: ONLINE NEWSSome of the leaders of the Group of Seven (G7) rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments, two sources told Reuters on Sunday, as European states scramble to diversify supplies.
Sarawak premier says committed to stable, conducive business environment for sustainable growth in oil and gas industry24 June 2022 | Source: MalaymailPost Type: ONLINE NEWSSarawak Premier Tan Sri Abang Johari Openg today said the state government is committed to maintaining a stable and conducive business and investment environment for sustainable growth of the upstream and downstream activities of the state’s oil and gas industry.
Germany triggers gas alarm stage, accuses Russia of 'economic attack'24 June 2022 | Source: ReutersPost Type: ONLINE NEWSGermany triggered the "alarm stage" of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe's largest economy.
Oil prices slump as investors fear Fed rate hikes will hurt demand24 June 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices dropped by nearly $2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes wouldslow economic growth.
World’s most watched oil data won’t be released this week24 June 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSThe most closely watched oil data in the world -- the US government’s Weekly Petroleum Status Report -- won’t be released as planned this week because of system issues stemming from a power problem.
Daya Singa continues to roar in O&G industry23 June 2022 | Source: The Borneo Post OnlinePost Type: ONLINE NEWSIN 1986, a Singapore-based company had to close its operations in Miri, Sarawak following a global oil price collapse.The company supplied marine, lifesaving, safety, and Chubb fire-fighting equipment
EU signals shift to coal, accuses Russia of 'rogue moves' on gas23 June 2022 | Source: ReutersPost Type: ONLINE NEWSThe European Union will temporarily shift back to coal to cope with dwindling Russian gas flows without derailing longer term climate goals, an EU official said on Wednesday as a tight gas market and soaring prices set off a race for alternative fuels.
China, India may be buying more Russia oil than known, US says23 June 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSChina and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said.
Handal bags five contracts from new and existing clients22 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSHandal Energy Bhd (Handal), a leading integrated services provider to the oil and gas (O&G) industry, has secured four new purchase orders (PO) and one contract extension via its wholly-owned subsidiary, Handal Cranes Sdn Bhd and 51 per cent-owned subsidiary, Borneo Seaoffshore Engineering Sdn Bhd (BSOE).
Oil prices slide as Biden pushes for U.S. fuel cost cuts22 June 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country's peak summer demand.
U.S. oil refining capacity down in 2021 for second year -EIA22 June 2022 | Source: ReutersPost Type: ONLINE NEWSCapacity for U.S. oil refiners fell in 2021 for the second year in a row, the most recent government data showed on Tuesday, as plant shutdowns kept whittling away on their ability to produce gasoline and diesel.
Pengerang Energy Complex to receive US$2.4b funding by year end, says ChemOne21 June 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSChemOne Group has announced that the Pengerang Energy Complex (PEC) project is on track to receive export guarantee facilities of around US$2.4 billion (about RM10.56 billion) by the end of the year.
Europe may shift back to coal as Russia turns down gas flows21 June 2022 | Source: ReutersPost Type: ONLINE NEWSEurope's biggest Russian gas buyers raced to find alternative fuel supplies on Monday and could burn more coal to cope with reduced gas flows from Russia that threaten an energy crisis in winter if stores are not refilled.
Saudi Kuwait oil refinery expansion 21 June 2022 | Source: The Edge MarketPost Type: ONLINE NEWSThe Middle East could help ease a global diesel-supply crunch as it drives an expansion in refining capacity in the coming year.
Germany announces steps to boost gas storage as Russia cuts supply20 June 2022 | Source: ReutersPost Type: ONLINE NEWSGermany on Sunday announced its latest steps to boost gas storage levels to prepare for the next winter season, when it fears Russia, which has cut deliveries in recent days, could reduce or even completely halt supplies.
Sapura Energy wins projects worth RM2.7bil17 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSSapura Energy Bhd’s drilling and engineering and construction business segments, through its wholly owned subsidiaries and joint-venture, have secured six major contracts in the Asia-Pacific and Atlantic region with a combined value of RM2.7bil.
The Golden Opportunity For LNG.17 June 2022 | Source: ForbesPost Type: ONLINE NEWSGlobal gas and LNG markets have been significantly disrupted by the war in Ukraine. A glorious opportunity has been presented to suppliers with LNG available who can fill the void left by Russia’s diminishing role and capitalise on high prices.
Reform needed to support Vietnam oil and gas industry: experts16 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSExperts have raised strong support for a comprehensive reform for the draft revised Petroleum Law that will help further develop the country’s oil and gas industry.
U.S. to sell up to 45 mln bbls oil from reserve as part of historic release15 June 2022 | Source: ReutersPost Type: ONLINE NEWSThe U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced,largest-ever release from the stockpile.
Pemain O&G jangka aliran kerja meningkat sejajar kenaikan capex PETRONAS13 June 2022 | Source: ASTRO AwaniPost Type: ONLINE NEWSPemain industri minyak dan gas (O&G) domestik menjangkakan aliran kerja yang lebih tinggi pada suku akan datang susulan langkah PETRONAS meningkatkan perbelanjaan modal (capex) sebanyak RM60 bilion tahun ini, demikian menurut AmInvestment Bank Research.
Oil prices face big volatility as spare capacity dries up09 June 2022 | Source: ReutersPost Type: ONLINE NEWSAfter more than a year of pressure from the United States and other top oil consuming countries, OPEC+ finally agreed to accelerate oil supply increases last week to tame runaway fuel prices and slow inflation.
Ukraine seeks to replenish natural gas storage through higher imports09 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSSteep reduction in Russian flows across the country prompts a new call for Nord Stream sanctions. Ukraine’s state-owned Naftogaz Ukrainy is investigating ways of importing an estimated 6 billion cubic metres of gas before the end of October to boost reserves in underground storage ahead high consumption over winter.
Sarawak to set up lab to research algae for biofuel production, says Premier08 June 2022 | Source: Borneo Post OnlinePost Type: ONLINE NEWSThe Sarawak government is planning to set up a test lab to carry out research on algae cultivation for biofuels production, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
Fuel, cooking oil targeted subsidies in the works08 June 2022 | Source: The STAR OnlinePost Type: PRINTED NEWSMalaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs.
Dayang wins oil field contract08 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSDayang Enterprise Holdings Bhd has bagged a contract to provide maintenance, construction and modification of PM8E Seligi oil fields located 240km offshore Peninsular Malaysia.
Oil settles up 1% on tight supply, U.S. crude at 13-week high08 June 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices gained about 1% on Tuesday, with U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic.
Thailand oilfields change hands in cash transaction08 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSMalaysia's Dialog Group has come to an agreement with a Canadian energy company for the all-cash purchase of a majority interest in a producing oil complex onshore Thailand. Canadian seller and Malaysian buyer come to agreement on L53/48 concession.
Canada increases oil, natural gas output amid market uncertainty08 June 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSCanada increased its crude oil and natural gas production in March to meet domestic and global demand amid market uncertainty caused by the conflict in Ukraine and sanctions imposed on Russia, Statistics Canada announced Tuesday.
Tiered pricing can cut petrol subsidies07 June 2022 | Source: PressreaderPost Type: ONLINE NEWSAS oil prices remain stubbornly high and the costs of the prolonged subsidies on petrol prices in Malaysia start to bite, there are many calls for universal petrol subsidies, enjoyed by rich and poor alike, to be replaced by so-called, “targeted subsidies”.
Oil settles shy of $120 a barrel on OPEC+ deal, Saudi pricing07 June 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply.
Fast track: New field development mooted offshore Thailand07 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSValeura Energy considering Mopu to exploit Rossukon oil discovery.
Shell to work with Japanese customers on decarbonising LNG value chain07 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSShell, Tokyo Gas, and Osaka Gas sign two MOUs to explore decarbonisation opportunities.
Brazil greenlights study of Petrobras privatization, analysts remain skeptical03 June 2022 | Source: ReutersPost Type: ONLINE NEWSBrazil President Jair Bolsonaro's government said it aims to include state oil company Petrobras in its privatization program on Thursday, despite analysts calling it a long-shot for the far-right leader seeking reelection.
Algeria oil flows for PTTEP and Sonatrach03 June 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSThailand’s national upstream company PTTEP and Algerian state-owned counterpart Sonatrach have achieved first oil at the Hassi Bir Rekaiz project onshore Algeria.
Ukraine war, pandemic set to speed Europe's green energy transition, report finds02 June 2022 | Source: ReutersPost Type: ONLINE NEWSMost European Union countries have boosted their renewable plans since 2020, putting them on course to cut fossil fuel use this decade as the energy and COVID-19 crises have spurred, not derailed their green transition, researchers said on Thursday.
OPEC mulls excluding Russia from oil-production deal 01 June 2022 | Source: ReutersPost Type: ONLINE NEWSSome OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more, the Wall Street Journal reported on Tuesday, citing OPEC delegates.
India's imports of cheap Russian crude surge since Ukraine invasion31 May 2022 | Source: Read IT QuikPost Type: ONLINE NEWSIndia has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine on Feb. 24, according to Refinitiv Eikon data, more than trebling the value of total imports from Russia, including other products, compared with the same period of 2021.
Oil Prices Rally Despite Strong Dollar30 May 2022 | Source: Oil PricePost Type: ONLINE NEWSThese are rocky times for most investments. The S&P 500 and Nasdaq have each fallen for seven consecutive weeks while the Dow Jones Industrial Average has fared even worse, dropping for eight weeks straight, the longest losing streak for the index since the Great Depression, in 1932.
Aussie giant gas probe under way30 May 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSAustralian independent Western Gas has spudded one of the nation’s most keenly anticipated offshore wildcats of 2022.
KKB Engineering eyes RM203mil jobs30 May 2022 | Source: The STAR OnlinePost Type: ONLINE NEWSKKB Engineering Bhd’s oil and gas subsidiary OceanMight Sdn Bhd has bid for fabrication jobs for offshore structures worth about RM123mil.
‘Underperform’ stance maintained on Velesto27 May 2022 | Source: PressreaderPost Type: ONLINE NEWSVelesto Energy Bhd is expected to face challenges because of the poor local demand for jack-up rigs, said Kenanga Investment Bank Bhd (Kenanga Research).
ExxonMobil shareholders vote in favour of financial transparency26 May 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSShareholders at US supermajor ExxonMobil voted 52% in favour of the board of directors seeking an audited report assessing climate scenarios that were laid out by the International Energy Agency (IEA) on the company’s business.
Oil edges higher on tight supply, rising U.S. refining activity26 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.
Peru sues Repsol for $4.5 billion following oil spill25 May 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSRepsol says events were beyond its control and argues it owes compensation of about $150 million after a major remediation effort in Houston.
Oil steadies after choppy trade, U.S. says export ban not ruled out25 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices steadied on Tuesday after choppy trade as tight supply worries offset concerns over a possible recession and China's COVID-19 curbs.
Saudi foreign minister does not expect immediate global oil shortage25 May 2022 | Source: ReutersPost Type: ONLINE NEWSSaudi Arabia does not expect an immediate shortage of oil and only a certain shortage of oil products, the country's foreign minister Prince Faisal bin Farhan Al Saud said on Tuesday when asked why Riyadh has rebuffed U.S. calls to raise production.
Assemblyman calls for oil and gas landing centre in Balingian24 May 2022 | Source: PressreaderPost Type: PRINTED NEWSThe Sarawak government should develop an oil and gas (O&G) landing centre in Mateding, Balingian, about 574km north of here.
Indonesia has no plan to reduce palm oil in biodiesel mix -minister24 May 2022 | Source: ReutersPost Type: ONLINE NEWSIndonesia has no plans to reduce the percentage of palm oil in biodiesel below its current level of 30% in order to ensure the country's energy supply, its minister for economic affairs, Airlangga Hartarto, told Reuters on Monday.
Oil settles nearly flat; recession worry vies with higher demand outlook24 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices were little changed on Monday, settling just slightly higher as worries over a possible recession vied with an outlook for higher fuel demand with the upcoming U.S. summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown.
Iran to revive gas pipeline project to Oman, IRNA reports23 May 2022 | Source: ReutersPost Type: ONLINE NEWSIran's oil minister has agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman, the Iranian state news agency IRNA reported on Saturday.
Oil rebounds from two days of losses in volatile trade20 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices rebounded from two days of losses in a volatile session on Thursday, bolstered by weakness in the dollar and expectations that China could ease some lockdown restrictions that could boost demand.
Oil falls 2.5% as U.S. refiners ramp up output, equities retreat19 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.
Sabah Oil and Gas Conference and Exhibition June 9-1019 May 2022 | Source: The Borneo PostPost Type: ONLINE NEWSThe 9th Sabah Oil and Gas Conference and Exhibition (SOGCE) will be held at the Sabah International Convention Centre (SICC) from June 9 to 10.
Brazil's Eletrobras' privatization offer could happen by June18 May 2022 | Source: ReutersPost Type: ONLINE NEWSBrazil state-run power company Eletrobras could be privatized as soon as June although the deadline to carry the share offering on the basis of its first-quarter financial results is in mid-August, the company's Chief Executive Rodrigo Limp said on Tuesday.
EU has not yet found agreement on oil embargo against Russia, Borrell says17 May 2022 | Source: ReutersPost Type: ONLINE NEWSThe European Union has not yet found agreement on a sixth package of sanctions against Russia, its top diplomat Josep Borrell said after a meeting of the bloc's foreign ministers in Brussels on Monday.
EU readies 195 billion euro plan to quit Russian fossil fuels13 May 2022 | Source: ReutersPost Type: ONLINE NEWSThe European Commission plans to unveil a 195 billion euro plan to stop importing Russian fossil fuels by 2027, combining a faster rollout of renewable energy and energy savings with a switch to alternative gas supplies, draft documents show.
Europe's gas supply crisis grows after Russia imposes sanctions13 May 2022 | Source: ReutersPost Type: ONLINE NEWSPressure on Europe to secure alternative gas supplies increased on Thursday as Moscow imposed sanctions on European subsidiaries of state-owned Gazprom a day after Ukraine stopped a major gas transit route.
Colombia to prioritize cutting carbon emissions in oil and gas contracts. 12 May 2022 | Source: ReutersPost Type: ONLINE NEWSColombia will prioritize signing contracts for oil and gas blocks with companies making greater strides to cut carbon emissions, a government official said on Wednesday, adding the country needs to assign an average of 10 blocks a year to maintain fuel self-sufficiency.
Oil up more than 5%, as Russia-EU energy quarrel intensifies12 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices rose more than 5% on Wednesday after flows of Russian gas to Europe fell and Russia sanctioned some European gas companies, adding to uncertainty in world energy markets.
First ship-to-ship crude oil transfer off Labuan waters11 May 2022 | Source: The Borneo Post OnlinePost Type: ONLINE NEWSThe first ship-to-ship crude oil transfer operation by STS Victoria in Labuan waters yesterday.
Venture Global strikes LNG supply deal with Exxon's Asia-Pacific unit11 May 2022 | Source: ReutersPost Type: ONLINE NEWSVenture Global LNG said on Tuesday it would supply two million tonnes of liquefied natural gas (LNG) a year to Exxon Mobil Corp (XOM.N), a sign of its rapid rise in the ranks of LNG suppliers and the strong global demand for U.S. LNG.
Ukraine to halt key Russian gas transit to Europe, blames Moscow.11 May 2022 | Source: ReutersPost Type: ONLINE NEWSUkraine said on Tuesday it would suspend the flow of gas through a transit point which it said delivers almost a third of the fuel piped from Russia to Europe through Ukraine, blaming Moscow for the move and saying it would move the flows elsewhere.
O&G Firms Poised For Long Share Price Rally?10 May 2022 | Source: PressreaderPost Type: ONLINE NEWSTHE share prices of public-listed upstream and downstream oil and gas (O&G) companies are rallying on the back of steady global oil price, which may stay above US$100 per barrel until year end.
Oil tumbles about 6% as China COVID lockdowns weigh. 10 May 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices sank about 6% on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.
Saudi Arabia lowers Arab Light oil price to Asia, Europe in June09 May 2022 | Source: ReutersPost Type: ONLINE NEWSSaudi Arabia's lowered the price of its Arab Light crude grade to Asia and Europe for the month of June, according to a pricing document released by oil producer Saudi Aramco on Sunday.
Russian shells hit Lysychansk oil refinery, damage production areas, Luhansk governor says09 May 2022 | Source: ReutersPost Type: ONLINE NEWSRussian shells struck the oil refinery at Lysychansk in eastern Ukraine on Sunday, damaging production facilities, the governor of Luhansk region said.
Japan to ban Russian oil imports 'in principle,' prime minister says09 May 2022 | Source: ReutersPost Type: ONLINE NEWSJapan will ban Russian crude oil imports "in principle," as part of a Group of Seven (G7) campaign to counter Russia's invasion of Ukraine, Prime Minister Fumio Kishida said after an online meeting of G7 leaders on Sunday.
Pioneer Natural CEO Sheffield says oil growth forecasts too high06 May 2022 | Source: ReutersPost Type: ONLINE NEWSU.S. forecasts anticipating oil production rising 800,000 to 1 million barrels per day this year are "too aggressive," shale giant Pioneer Natural Resources' CEO Scott Sheffield said on Thursday, suggesting oil prices could rise further.
Petrobras to invest $16 billion, install three FPSOs in Campos basin revitalization05 May 2022 | Source: Oil and Gas JournalPost Type: ONLINE NEWSPetrobras will invest $16 billion to renovate the Campos basin, offshore Brazil, with plans to install three new FPSOs and interconnect more than 100 oil rigs in the area over the next 5 years.
U.S. shale profits keep surging with sky-high oil prices05 May 2022 | Source: ReutersPost Type: ONLINE NEWSTop U.S. shale producers on Wednesday reported blockbuster first-quarter profits and most poured cash into higher dividends and share buybacks as oil prices churned along at the highest levels in years.
Germany, Japan tap hydrogen to reduce Russia dependence29 April 2022 | Source: Nikkei AsiaPost Type: ONLINE NEWSScholz and Kishida agree to launch intergovernmental consultations next year. From cooperating on hydrogen as an alternative power source to gas and coal, to launching intergovernmental consultations, "Germany and Japan will strengthen their partnership at every level," German Chancellor Olaf Scholz said during a visit to Tokyo.
Exxon downsizes staff as it prepares to exit Russia's Sakhalin-129 April 2022 | Source: Nikkei AsiaPost Type: ONLINE NEWSOil giant starts cutting production as it declares force majeure. Exxon Mobil is downsizing operational staff at Sakhalin-1, an oil production project in Russia's Far East, and is preparing to exit the business, sources from the Japanese government and Exxon told Nikkei.
Asia oil refiners rake in record profits on tight global supplies29 April 2022 | Source: ReutersPost Type: ONLINE NEWSAsian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall.
Oil prices edge up as worldwide supply concerns remain at the fore28 April 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.
Washington Approves More U.S. LNG Exports For Europe28 April 2022 | Source: Oil PricePost Type: ONLINE NEWSIn response to Russia’s move to cut off gas to Poland and Bulgaria, the Biden administration has authorized more LNG shipments from two U.S. plants currently in the development phase
Malaysia's PETRONAS sees higher demand as focus turns to energy security28 April 2022 | Source: ReutersPost Type: ONLINE NEWSMalaysian state energy firm PETRONAS is seeing growing demand for gas as the world lifts COVID-19 restrictions and prioritises energy security due to Russia’s invasion of Ukraine, its chief of upstream operations told Reuters on Wednesday.
Oil and gas will be around a lot longer than some think, despite climate change goals: RBC27 April 2022 | Source: Yahoo! FinancePost Type: ONLINE NEWSGlobal ambitions to tackle climate change are being confronted by rising concerns about energy security, according to a new report by RBC, which is why oil and natural gas are going to be used for quite a while.
The Oil And Gas Industry Is Booming Despite Net-Zero Ambitions. 27 April 2022 | Source: OilPrice.comPost Type: ONLINE NEWSBoth the European Union and the United States are firmly on the path to a net-zero economy. This much has been made clear by officials from both sides of the Atlantic despite the EU’s hunt for more gas and the Biden administration’s calls for more oil production.
Russia investigates large oil depot fire in region near Ukraine26 April 2022 | Source: ReutersPost Type: ONLINE NEWSRussia said on Monday it would investigate the cause of a large fire that erupted in the early hours of the morning at an oil storage facility in the city of Bryansk 154 km (96 miles) northeast of the border with Ukraine.
Oil slumps 4% as Shanghai lockdowns stoke demand fears26 April 2022 | Source: ReutersPost Type: ONLINE NEWSOil slumped about 4% on Monday to its lowest in two weeks on growing worries about the global energy demand outlook due to prolonged COVID-19 lockdowns in Shanghai and potential increases in U.S. interest rates.
U.S. awards contracts on round one of historic oil sale from strategic reserve22 April 2022 | Source: ReutersPost Type: ONLINE NEWShe U.S. Department of Energy said on Thursday it has awarded contracts for 30 million barrels of crude oil in the initial round of the largest sale ever from the Strategic Petroleum Reserve (SPR) in response to price hikes caused by Russia's invasion of Ukraine.
Germany Stopping All Russian Oil Imports By End Of 2022, Foreign Minister Says21 April 2022 | Source: ForbesPost Type: ONLINE NEWSGermany will stop importing Russian oil and will gradually halt natural gas imports, German Foreign Minister Annalena Baerbock said Wednesday, the strongest promise yet from Germany to cut itself off from the Russian energy it strongly relies on and has been reluctant to ban.
Canada climate goals set high hurdle for Suncor oil sands mine extension20 April 2022 | Source: ReutersPost Type: ONLINE NEWSCanada is favouring oil projects with lower carbon emissions per barrel to help meet its climate targets, a strategy that may block Suncor Energy's plan to expand bitumen mining to feed its key oil sands operations.
Libya halts operations at El Feel oilfield, Zueitina port due to protests18 April 2022 | Source: ReutersPost Type: ONLINE NEWSLibya halted oil production from its El Feel oilfield on Sunday and two sources at Zueitina oil port said exports there had been suspended after protesters calling for Tripoli-based Prime Minister Abdulhamid al-Dbeibah to resign took over the sites.
Enel to accelerate growth in Brazil's renewable energy15 April 2022 | Source: ReutersPost Type: ONLINE NEWSEnel is planning to ramp up its growth in renewable power in Brazil in the coming years with new investments in onshore solar and wind generation plants, the company's Chief Executive Officer Francesco Starace said on Thursday.
EU Set To Discuss Joint Gas Buying In Bid To Cut Russian Reliance15 April 2022 | Source: Oil PricePost Type: ARTICLEThe leaders of the European Union member states are expected to discuss at their summit at the end of May the idea of jointly buying natural gas to avoid competing with each other for non-Russian supply as the EU seeks to cut its dependence on Moscow, Bloomberg reported on Thursday, citing sources with knowledge of the plans.
Eni boosts production in Egypt with new oil and gas discoveries15 April 2022 | Source: Hellenic Shipping News WorldwidePost Type: ONLINE NEWSItalian energy group Eni ENI.MI announced late on Wednesday new oil and gas discoveries in Egypt’s Meleiha concessions, which would add around 8,500 daily barrels of oil equivalent to production.
PETRONAS peroleh hidrokarbon pertama dari Telaga Bukit Tua Fasa 2B Indonesia15 April 2022 | Source: ASTRO AwaniPost Type: ONLINE NEWSSubsidiari PETRONAS, PC Ketapang II Ltd (PCK2L) telah memperoleh hidrokarbon pertamanya daripada penggerudian telaga BTJTB-T2 Fasa 2B Bukit Tua yang terletak di Blok Ketapang, luar pesisir Jawa Timur, Indonesia.
Brazil's Petrobras receives $1.12 billion in Atapu compensation from Shell14 April 2022 | Source: ReutersPost Type: ONLINE NEWSBrazil's Petrobras (PETR4.SA) said on Wednesday it received 5.26 billion reais ($1.12 billion) from Shell (SHEL.L) regarding the compensation on the latter's 25% stake in the Atapu oil block.
U.S. oil and gas deals jump fourfold in Q1, cools after Ukraine crisis - report14 April 2022 | Source: ReutersPost Type: ONLINE NEWSDealmaking in the U.S. oil and gas industry surged fourfold in value in the first quarter, even as Russia's invasion of Ukraine poured cold water on M&A activity in March, according to consultancy Enverus.
OPEC cuts 2022 world oil demand forecast due to Ukraine war. 13 April 2022 | Source: ReutersPost Type: ONLINE NEWSOPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China.
OPEC cuts 2022 oil demand growth projection by almost 500,000bpd13 April 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSOPEC has cut its oil demand growth estimate for 2022 by nearly 500,000 barrels per day (bpd) due to lower global economic growth projections against the backdrop of the Russian war in Ukraine and the return of Covid lockdowns in China.
Oil dives 4%, below $100 on China lockdowns, reserves release plan.12 April 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices fell about 4% on Monday, with Brent crude tumbling below $100 a barrel on worries that the COVID-19 pandemic will cut demand in China and as International Energy Agency (IEA) countries plan to release record volumes of oil from strategic stocks.
OPEC tells EU it's not possible to replace potential Russian oil supply loss. 12 April 2022 | Source: ReutersPost Type: ONLINE NEWSOPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more.
The EU's Coal Ban Could Create A Domino Effect In Global Energy Prices11 April 2022 | Source: Oil PricePost Type: ARTICLEEurope’s planned ban on imports of Russian coal is set to further tighten an already tight global coal market and create a domino effect on the prices of coal, natural gas, and electricity not only in Europe but also in other regional markets.
Oil prices edge lower in early trading11 April 2022 | Source: ReutersPost Type: ONLINE NEWSOil prices slipped in early Asian trading, following the second straight weekly decline after world consumers announced plans to release crude from strategic stocks and as Chinese lockdowns continued.
Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement07 April 2022 | Source: ReutersPost Type: ONLINE NEWSOil futures fell sharply on Wednesday after large consuming nations said they would release oil from reserves to counter tightening supplyand hawkish minutes from the U.S. central bank that bolstered the dollar.
Big Oil to tell Congress markets, not companies, set fuel prices-testimony06 April 2022 | Source: ReutersPost Type: ONLINE NEWSU.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices.
Australian imposes levy on oil and gas producers06 April 2022 | Source: Upstream OnlinePost Type: ONLINE NEWSThe Australian government has imposed a temporary levy on the oil and gas industry to recover its costs of decommissioning and remediating the Laminaria and Corallina oilfields and associated infrastructure.
PETRONAS denies cancelling Brazil drilling tender05 April 2022 | Source: Upstream OnlinePost Type: ARTICLEMalaysia’s national oil company PETRONAS has denied calling off a tender aimed at chartering a state-of-the-art deep-water drilling rig for Brazil, contradicting an Upstream report from 7 March.
Oil slumps 7% as U.S. plans record crude reserve release01 April 2022 | Source: ReutersPost Type: ONLINE NEWSU.S. oil prices fell 7% to close just above $100 on Thursday as President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply.
Biggest 60 banks in the world pumped US$742 billion into fossil fuel funding in 2021 - report01 April 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSSome 60 of the biggest banks in the world pumped as much as US$742 billion in fossil fuel financing in 2021 alone.
Putin tells Europe: Pay in roubles or we'll cut off your gas01 April 2022 | Source: ReutersPost Type: ONLINE NEWSRussian President Vladimir Putin is demanding foreign buyers pay for Russian gas in roubles from Friday or else have their supplies cut, a move European capitals rejected and which Germany said amounted to "blackmail".
Oil supermajors could generate record cash flow from refining in Q2 2022, says WoodMac01 April 2022 | Source: The Edge MarketsPost Type: ONLINE NEWSOil supermajors could generate more cash flow from refining in Q2 2022 alone than they have had in an average year since 2016, said energy research and consultancy Wood Mackenzie (WoodMac).
U.S. crude stocks fall, but demand also drops as prices rise -EIA 31 March 2022 | Source: ReutersPost Type: ONLINE NEWSU.S. commercial crude stocks and the country's strategic reserves both fell in the most recent week as refiners ramped up output amid global supply tightness, the Energy Information Administration said on Wednesday.
