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Egypt signs 9 oil & gas exploration deals worth $1bn

Egypt signs 9 oil & gas exploration deals worth $1bn   Egypt signed nine oil and gas exploration deals worth $1 billion with local and international energy companies, the country’s petroleum minister said in a statement. The awards allow the companies to conduct exploration along the eastern and western Mediterranean as well as the Red Sea. Six large oil and gas companies w...

What Is Expected In The Energy Market In 2021?

What Is Expected In The Energy Market In 2021?   As the world progresses in its fight against the pandemic, energy markets will get more support. WTI Crude Oil Coronavirus pandemic put significant pressure on the oil market in 2020 but oil will start the year 2021 in decent shape. The main supportive catalyst for oil right now is the vaccine optimism. Traders believe that mass vaccination in developed countries will soon put the pandemic under control so their economies will...

Ineos completes buyout of BP petrochemical businesses

Ineos completes buyout of BP petrochemical businesses   The company has bought BP’s global Aromatics and Acetyls business arms. Manufacturing giant Ineos has completed a multibillion-pound purchase of petrochemical businesses from BP. The company has bought BP’s global Aromatics and Acetyls arms for five billion dollars (£3.66 billion). Aromatics provides the building blocks for the global polyester industry, key to fibres, films and packaging. Acetyls su...

Oil and gas sector outlook for 2021 more optimistic: Federal Reserve survey

Oil and gas sector outlook for 2021 more optimistic: Federal Reserve survey   Fourth quarter oil and gas sector activity jumped, energy executives said in the survey of the Federal Reserve Bank of Dallas released Dec. 30, while about half of those surveyed said they expect spending to improve in 2021 compared to the current year. Moreover, the quarterly survey of 146 upstream oil and gas producers and oil service providers found that the WTI price the executives would use to plan t...

Norwegian operators take up drilling options for Odfjell rigs

Norwegian operators take up drilling options for Odfjell rigs   Wintershall Dea Norge has exercised options to extend Odfjell Drilling’s platform drilling services contract on the Brage platform in the Norwegian North Sea. The contract, first awarded in December 2016, will now go through December 2024. Another Norwegian client, Equinor, has exercised options for two further wells with the semisubmersible Deepsea Atlantic. Preparations should start after the rig has complet...

When could we see $60 Oil again?

When could we see $60 Oil again?   US benchmark stock indices such as the S&P 500, the Dow Jones, and the Nasdaq 100 closed at new record highs. However, US Crude prices did not share the same level of enthusiasm for the incoming fiscal stimulus. Having rallied hard since early September, gaining as much as 44 percent to hit its highest levels since March, Crude Oil has since plateaued. From a technical perspective, this was a healthy move, given that prices had far extended...

Cambodia starts first crude oil production

Cambodia starts first crude oil production   Cambodia has started crude oil production, Prime Minister Hun Sen said on Tuesday. It marks a long-awaited milestone for one of Southeast Asia’s poorest nations. "The year 2021 is coming and we have received a huge gift for our nation — the first oil production in our territory," he wrote on social media. "This is the significant step for Cambodia to build national capacity and the oil, gas and energy indust...

Santos awarded offshore exploration licence in Australia

Santos awarded offshore exploration licence in Australia   Santos has secured an offshore exploration licence in Northern Carnarvon Basin, offshore Western Australia. The National Offshore Petroleum Titles Administrator (NOPTA) has awarded the Exploration Permit WA-546-P to the Australian oil and gas company. The expiration date for the licence has been set at 20 December 2026. The company had applied for the offshore licence in March this year. Consisting of 14 blocks, the o...

AqualisBraemar completes acquisition of LOC Group

AqualisBraemar completes acquisition of LOC Group   AqualisBraemar has successfully completed the acquisition of 100% of the shares in LOC Group. AqualisBraemar has acquired 100% of the shares in Neptune Midco 1 Limited from the ultimate parent company of the LOC Group, LOC Group Holdings Limited, the shareholders of which include pan-European investment group Bridgepoint and key employees of LOC. The purchase price consideration was a US$20.2 million cash consideration plus 2 mill...

The Top Energy Stories Of 2020

The Top Energy Stories Of 2020   Some years there is an energy story so big that there’s no question it belongs at the top of the list. The Deepwater Horizon oil spill in 2010. The Fukushima Daiichi nuclear disaster in 2011. In 2020, that story was the emergence and subsequent consequences of the Covid-19 pandemic. 1. Covid-19 pandemic wreaks havoc on the energy sector Many of the big energy stories of 2020 are directly attributable to the fallout from the Covid-19 pand...

Saudi Arabia makes four new oil and gas discoveries

Saudi Arabia makes four new oil and gas discoveries   Saudi Arabia, the world's largest exporter of crude, discovered four new oil and gas fields, the kingdom's minister of energy Prince Abdulaziz bin Salman bin Abdulaziz said on Sunday. State oil firm Saudi Aramco discovered 4,452 barrels of unconventional oil and 3.2 million standard cubic feet of gas at Well No. 2 in Al Reesh oil field, north west of Dhahran, according to a statement carried by the Saudi Press Agency....

OGV Energy weekly oil and gas review

OGV Energy weekly oil and gas review   It might have been the week before Christmas, but there was still a steady flow of news from the oil sector, both good and bad. Among the majors, Royal Dutch Shell PLC made a bad start to the week, revealing on Monday that it will write down the value of its oil and gas assets by a further U$3.5bn to US$4.5bn due to the uncertain backdrop. The Anglo-Dutch oil giant took a US$16.8bn write-down earlier this year but said this time the impairm...

After a turbulent year, Canada's energy industry braces for more upheaval in 2021

After a turbulent year, Canada's energy industry braces for more upheaval in 2021   Turbulent, chaotic, overwhelming — it's been the kind of year that tests a person's nerves and their vocabulary. At times, there have been no words. Canada's oil and gas sector didn't escape the tumult, of course, turned on its head by an international oil price war and a pandemic that crushed fuel demand. It was also a year where talk of "energy transition" wa...

Rigs were poised for return. Vaccines were in arms. Then oil rally stumbled.

Rigs were poised for return. Vaccines were in arms. Then oil rally stumbled.   Oil prices failed to rise week over week for the first time since October after a new coronavirus strain prompted governments around the world to impose tough, new lockdowns that could halt the recent hike in demand. West Texas Intermediate, the U.S. benchmark, declined by 1.8 percent this week, settling Thursday in New York at $48.23 a barrel. Markets are closed Friday for Christmas. The decline snapped...

Eni announces new oil discovery in Western Desert of Egypt

Eni announces new oil discovery in Western Desert of Egypt   Italian oil and gas company Eni has discovered new oil in the Meleiha Concession, located in the Western Desert of Egypt. The discovery has been made at the Arcadia 9 well, which was drilled on the Arcadia South structure, located 1.5km south of the main Arcadia field that is already in production. The well has been drilled near the existing production facilities and it has already been tied-in to production, with a st...

Petrobras Makes Oil Find

Petrobras Makes Oil Find   Petrobras announced Tuesday that it has confirmed oil of “excellent quality” at well 9-BUZ-48D-RJS, which is located in the extreme northwest of the Buzios field in the Santos Basin. Situated 116 miles from Rio de Janeiro, the well was drilled at a water depth of 6,069 feet. Tests carried out from a depth of 18,175 feet confirmed the presence of an oil reservoir of “excellent quality”, according to Petrobras, which said the discove...

Zenith Energy top riser after being selected to operate Congo oilfield

Zenith Energy top riser after being selected to operate Congo oilfield   Zenith Energy Ltd was the top riser on Wednesday morning, soaring 89% higher to 0.85p after receiving good news from the Ministry of Hydrocarbons of the Republic of the Congo. The oiler said its subsidiary Zenith Congo has been selected as the successful bidder for a new 25-year licence to operate the Tilapia oilfield. Under the agreement, Zenith Congo will operate Tilapia II in partnership with the Nationa...

UK Oil & Gas wins dispute with climate activist

UK Oil & Gas wins dispute with climate activist   UK Oil & Gas has won a legal challenge brought by a climate activist in the High Court, pushing its share price up sharply on Tuesday. A judge dismissed claims that Surrey county council failed to assess the full environmental impact of the Horse Hill oilfield when giving consent for long-term production at the development. The allegations had been made by Sarah Finch for the Weald Action Group, which campaigns against oi...

Bahamas Petroleum spuds Perseverance #1 well

Bahamas Petroleum spuds Perseverance #1 well   Bahamas Petroleum Co. has announced that drilling of the Perseverance #1 well has commenced. The well was spud on 20 December 2020 and is anticipated to take 45 - 60 days to complete, Perseverance #1 is targeting P50 prospective oil resources of 0.77 billion bbl, with an upside of 1.44 billion bbl. Simon Potter, CEO, commented: "We are very pleased to announce that the drilling of Perseverance #1 has commenced - the well has be...

Norway supreme court verdict opens Arctic to more oil drilling

Norway supreme court verdict opens Arctic to more oil drilling   Norway’s supreme court upheld government plans for Arctic oil exploration on Tuesday, dismissing a lawsuit by campaigners who said they violated people’s right to a healthy environment. While most of Norway’s oil output flows from south of the Arctic, the government believes the greatest untapped potential lies in the Barents Sea off Europe’s northernmost coast. Tuesday’s verdict uphel...
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