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How a company got away after committing the worst oil spill in history

How a company got away after committing the worst oil spill in history   Open-source intelligence and interviews tell a story about how oil-giant Chevron, when accused of devastating pollution in the rainforest of Ecuador, managed to make its defence a personal case against a human-rights lawyer. Ben Heubl explains the successful tactics and efforts with open information and shows how i...

Ireland Bans new oil and gas licences

Ireland Bans new oil and gas licences   The Cabinet has approved a ban on licences for new oil and natural gas exploration which will come into effect immediately. The ban will be enacted through legislation to be included in the Climate Action and Low Carbon Amendment Bill to go before the Oireachtas shortly However Minister for the Environment, Climate and Communications Eamon Ryan gave effect to the commitment immediately. His department “no longer accepts new applicati...

An industry ‘operating on borrowed time’: Energy experts on the increasing risks ahead for Big Oil

An industry ‘operating on borrowed time’: Energy experts on the increasing risks ahead for Big Oil   Big Oil endured a brutal 12 months by virtually every measure last year and the global oil and gas industry faces significant challenges and uncertainties as it seeks to recover. In 2020, the coronavirus pandemic coincided with a historic demand shock, falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts. The torre...

Analysis: Myanmar coup could derail billions in oil and gas investment, stall energy projects

Analysis: Myanmar coup could derail billions in oil and gas investment, stall energy projects   The military coup in Myanmar threatens to disrupt energy investment in the country's oil, gas and power sectors as companies assess the risk of operating amid heightened political uncertainty and the potential for renewed international sanctions. A curtailment of energy investment would slow the pace at which Myanmar, one of Asia's poorest nations, is attempting to meet its elect...

ExxonMobil, Chevron Bosses Mulled Combing Operations Amid Volatile Oil Markets

ExxonMobil, Chevron Bosses Mulled Combing Operations Amid Volatile Oil Markets   ExxonMobil and Chevron bosses last year discussed merging the two biggest oil producers in the U.S., Bloomberg News reported on Monday, citing unnamed sources with knowledge of the meeting. According to Bloomberg, ExxonMobil chief executive officer Darren Woods and Chevron CEO Michael Wirth discussed a potential consolidation of the oil companies, a combination that would have huge implications for the...

Will improve safety in Equinor

Will improve safety in Equinor   Equinor experienced several serious incidents throughout the year, but also achieved a reduction in the number of serious incidents and personal injuries in 2020 compared to the previous year. The results support a good trend in safety performance during the last decade, but also demonstrate the need to further improve our safety work. “Fires and other serious incidents in 2020 demonstrate that we are not where we need to be in terms of our sa...

OGV Energy weekly oil and gas update

OGV Energy weekly oil and gas update   Zephyr Energy PLC updated investors on its analysis of the State 16-2 well results which include positive indications of stacked, continuous oil and gas plays. The well, drilled in the Paradox Basin, Utah, USA, penetrated a total of 21 clastic reservoirs within the Paradox formation, and hydrocarbon saturation is indicated across most of them, Zephyr noted. It added that substantial drilling gas shows were observed across five of the reservoir...

Chevron books $665 million loss as revenues sink

Chevron books $665 million loss as revenues sink   U.S. oil major Chevron managed to cut its losses in the fourth quarter of 2020 compared to the same period in 2019 despite a significant decrease in revenues affected by the Covid-19 pandemic. Chevron Corporation on Friday reported a loss of $665 million for the fourth quarter of 2020, compared with a loss of $6.6 billion in the fourth quarter of 2019. Included in the current quarter was a charge of $120 million associated with...

UK's Cairn Energy has option to seize Indian assets

UK's Cairn Energy has option to seize Indian assets   UK upstream firm Cairn Energy has an option to seize India's overseas assets in case Delhi refuses to honour a $1.2bn international arbitration case won by Cairn. The payment was due immediately after the arbitration award was made in December last year, but India's government has refused to acknowledge this nor has appealed against it. Indian prime minister Narendra Modi yesterday encouraged international investo...

Expecting a third capacity increase at Johan Sverdrup

Expecting a third capacity increase at Johan Sverdrup   The Johan Sverdrup field is expected to increase its daily production capacity up to 535,000 barrels of oil by mid-2021. This is around 100,000 barrels more than the original basis at start-up in October 2019. Equinor and its partners tested the plant capacity in November 2020 to verify a possible production rise. Rates up to 535,000 barrels of oil per day were tested. The capacity increase depends on water-injection, which...

Lundin Energy drills dry well in southern Barents Sea

Lundin Energy drills dry well in southern Barents Sea   Lundin Energy AB has announced that its wholly owned subsidiary, Lundin Energy Norway AS (together Lundin Energy), is now completing exploration well 7219/11-1, targeting the Bask prospect in licence PL533B, in the southern Barents Sea, northwest of the Alta discovery. The main objective of the well was to prove hydrocarbons in Paleocene aged sandstones. The targeted formation contained poorly developed reservoir, and although...

These are ten of the most exciting startups within the energy sector

These are ten of the most exciting startups within the energy sector   This year, the Equinor & Techstars Energy Accelerator will be entirely virtual. Ten selected startups will receive support by over one hundred mentors during the program. Ten startups have been selected from hundreds of applicants across 44 countries. Through a 13-week program they will seek to accelerate their development as they tap into a global network of experts and resources from Equinor, KONGSBERG, Ca...

Rating agency S&P warns 13 oil and gas companies they risk downgrades as renewables pick up steam

Rating agency S&P warns 13 oil and gas companies they risk downgrades as renewables pick up steam   Rating agency S&P has warned 13 oil and gas companies, including the some of the world’s biggest, that it may downgrade them within weeks because of increasing competition from renewable energy. On notice of a possible downgrade are Australia’s Woodside Petroleum as well as multinationals Chevron, Exxon Mobil, Imperial Oil, Royal Dutch Shell, Shell Energy North Am...

Exxon is slashing workers and cutting costs after a historic year of loss. Here's everything we know.

Exxon is slashing workers and cutting costs after a historic year of loss. Here's everything we know.   Exxon Mobil, the nation's largest oil company, suffered a historic blow in 2020. For the first time on record, the firm reported a loss three quarters in a row, from January through September. Analysts expect the company to report a loss in the last three months of 2020, as well, according to Bloomberg data. The obvious culprit is the coronavirus, which sapped demand f...

Eni gets new licence in UK North Sea

Eni gets new licence in UK North Sea   Italian oil and gas company Eni has been awarded a new production licence in the UK North Sea, resulting from an application made in the 32nd UK Offshore Licensing Round. The licence, named P2511, covers an area of approximately 340 square kilometres and is located approximately 250 km offshore the UK in the Northern North Sea in a water depth ranging from 100 to 130 m, Eni informed on Tuesday. It is situated near the UK/Norwegian border wh...

ADES Bags Jack-up Rig Deal in Egypt

ADES Bags Jack-up Rig Deal in Egypt   Oil and gas drilling rig contractor ADES has secured a new contract for the Admarine 5 jack-up drilling rig in the Gulf of Suez, Egpyt. "The contract, secured with a top-tier client, covers a firm six-month period with the option to extend for an additional six months, further strengthening ADES's position and revenue visibility in Egypt," ADES said, without saying who the client was. ADES said that the new contract comes with...

Lundin eyes Odfjell rig for one firm well

Lundin eyes Odfjell rig for one firm well   Oil and gas company Lundin Energy and rig owner Odfjell Drilling have signed a letter of intent for the use of Deepsea Stavanger rig in Norway. Odfjell Drilling said on Monday that the letter of intent is subject to finalization of contract and final approvals from involved parties. The contract is set to begin in 3Q 2021 with a duration of one firm well plus eight optional wells. The firm contract scope has an estimated contract va...

Oil field services giants turn the corner in pandemic recovery

Oil field services giants turn the corner in pandemic recovery   Oil-field services giants appear to have turned a corner in the worst oil bust in a generation after two of the largest companies in the sector posted profits for the first time since the coronavirus pandemic crashed crude prices last year. Schlumberger and Baker Hughes, two of the biggest oil-field services companies by market value, turned a profit of $374 million and $653 million respectively in the fourth quarter...

Latest updates from the oil and gas sector

Latest updates from the oil and gas sector   Falcon Oil & Gas Ltd this week highlighted what it described as very encouraging initial gas composition data from the Kyalla 117 well, at the Beetaloo project in Australia’s Northern Territory. Gas samples taken during a 17-hour unassisted flow period confirm a 17-hour unassisted flow period, the company said. The data meets expectations, it added, and also supports the view that Kyalla gas stream will have elevated LPG and co...

EnQuest operator of Bressay project with Equinor deal close

EnQuest operator of Bressay project with Equinor deal close   EnQuest PLC is now operator of Brassay oil field offshore UK following completion of a July 2020 deal with Equinor. Bressay, a heavy oil field in the Northern North Sea, lies in 110 m water depth across UK license blocks P234, P493, P920 and P977 and 12 km Northeast of the EnQuest-operated Kraken heavy oil field. Bressay is one of the largest undeveloped oil fields in the UKCS with an estimated stock-tank oil initially i...
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