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NEWS |
BP chief says Covid has deepened commitment to net-zero emissions
BP’s new chief executive said the impact of the coronavirus pandemic has deepened his commitment to shrinking the oil giant’s carbon footprint to zero.
NEWS |
Premier Oil to seek lower price for BP North Sea fields acquisition
Premier Oil will seek a lower price for its acquisition of two North Sea oil fields from BP due to the decline in prices for the commodity, its chief executive has said.
NEWS |
Petrofac Secures New BP Contracts
Petrofac revealed Tuesday that BP has awarded the company a new four year metering contract and a three year extension to its existing maintenance contract.
NEWS |
US shut-ins double: Company guidance hints 616,000 barrels per day shut during May, 655,000 in June
US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according t (...)
NEWS |
BP to pause Clair South project
Progress on the third phase of the Clair oil field to the west of Shetland has been put on hold due to the coronavirus pandemic.
NEWS |
Global investment slowdown set to hike oil prices and cause undersupply of 5 million bpd in 2025
The Covid-19 pandemic will leave not only short-term, but also long-term scars on the oil market. Even though the world is currently facing what is arguably the largest oil glut ever recorded, the tab (...)
NEWS |
BP’s net profit slides 67% in the first quarter following a historic fall in oil prices
Energy giant BP reported a significant fall in first-quarter net profit on Tuesday, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacit (...)
NEWS |
US oil shut-ins in numbers: Expect at least 300,000 barrels per day shut during May and June
US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers.
NEWS |
Canada’s upstream spending set for 20-year low, while 2Q shut-ins likely to reach at least 1.2 million bpd
In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 b (...)
NEWS |
Global shut-ins surge: Canada, Iraq and Venezuela lead the 2 million bpd wave
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes....
NEWS |
Shell and Aker BP cancel Maersk Drilling’s rig contracts
Danish offshore drilling contractor Maersk Drilling has received notices of early termination for convenience of two drilling rig contracts.
NEWS |
US shale oil output set to drop in 2020 as cuts forecast to reach more than 2 million bpd in last quarter
Due to the combined effect of the Covid-19 pandemic and the low oil prices, US shale operators are reducing spending, production and overall activity in 2020...
NEWS |
Cobertura! Or how Mexico became the unlikely OPEC+ deal winner, really cutting 50,000 bpd at most
The elephants in the digital room had reached a compromise. Russia had agreed, Saudi Arabia too, and with them almost all of the other oil producers of the OPEC+ alliance were ready to seal a deal tha (...)
NEWS |
US crude stock builds break records as refinery runs forecast to fall by 3.8 million bpd in April
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million barrels was sent into storage, Rystad Energy estimates...
NEWS |
A decade after the Deepwater Horizon explosion, offshore drilling is still unsafe
Ten years ago, on April 20, 2010, the BP Deepwater Horizon oil rig exploded, killing 11 crew members and starting the largest ocean oil spill in history....
NEWS |
OPEC and G20 Meeting Outcome Increases Instability in the Oil Market
The outcome of the G20-OPEC+ oil production cut discussion is very disappointing. The agreed-upon 10+ million bpd production cut is based on semantics and not on facts able to hold in the market.
NEWS |
Shut-ins are here! Canada leads global list of those in trouble, set to see above 1.1 million bpd halt
The Covid-19 pandemic has devastated global oil demand while producing countries fail to agree on output cuts, and as onlookers have predicted, it was a matter of time until shut-ins would start.
NEWS |
OPEC+ seems to be agreeing on a deal today to cut output by at least 10 million bpd!
If true, the preliminary production cut of 10 million bpd among OPEC+ members is a good first step, but it would still not be enough given the 20 million bpd+ supply overhang expected for 2Q20....
NEWS |
Rystad Energy’s final comment on today’s OPEC deal:
The proposed 10 million bpd cut by OPEC+ for May and June will keep the world from physically testing the limits of storage capacity and save prices from falling into a deep abyss, but it will still n (...)
NEWS |
BP to delay offshore Mauritania FLNG delivery amid Covid-19 pandemic
A BP subsidiary has issued a force majeure notice regarding a floating LNG vessel servicing the Greater Tortue Ahmeyim project.
NEWS |
Allseas awarded removal contract for Valhall topsides and jackets
Allseas has been awarded a contract by Aker BP for the removal and disposal of multiple topsides and jackets from the Valhall area in the Norwegian North Sea.
NEWS |
OPEC+ set to agree 4.3 mln bpd in output cuts: JP Morgan
OPEC and Russia this week are likely to agree to cut oil output by about 4.3 million barrels per day (bpd), JP Morgan analysts said in a note on Tuesday, a big increase on their recent cuts of 1.7 mil (...)
NEWS |
BP Says Workers in Gulf of Mexico and Alaska Test Positive for Coronavirus
Several workers on a BP Plc oil platform in the U.S. Gulf of Mexico have tested positive for coronavirus, the company said on Wednesday, a day after a worker atBP’s operations in Alaska also tested po (...)
NEWS |
BP won’t fire employees in next three months: CEO
BP will not lay off any of its employees in the next three months as result of coronavirus-related cost cutting, its CEO said on Wednesday, while announcing a 25% capex reduction.
NEWS |
Teekay awarded long-term FPSO contract by BP
Teekay Corporation has entered into a new bareboat charter contract with Foinaven operator Britoil, a subsidiary of BP, for the Petrojarl Foinaven FPSO unit for a period of up to ten years.
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