British multinational oil and gas company BP said the relentless growth of oil demand is over, becoming the first super-major to call the end of an era many thought would last another decade or more. Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on Monday.2 comments
Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.
Major oil companies have approved US$50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday.
British oil giant BP on Tuesday agreed to sell all its Alaskan properties for US$5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.
Brazil’s state-run oil giant Petrobras aims to raise output as much as 10% to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by US$10 billion, according to Chief Financial Officer Rafael Grisolia. The world’s most indebted oil company is on course to reduce debt to US$ 69 billion by the end of this year despite falling short of its US$ 21 billion asset sales target, Grisolia pointed out.
Brazil’s oil regulator ANP has approved the applications of six companies—including Big Oil’s BP, Shell, and Total—to bid in next month’s oil auction of four blocks in the coveted pre-salt layer, ANP announced on Wednesday.
The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.
China National Offshore Oil Corp., the country’s third-largest oil and gas company, declined to comment on reports it is holding talks to buy as much as 9 billion US dollars of BP Plc’s assets in South America.
United States Commerce Secretary Gary Locke on Monday declared a fishery disaster in the Gulf of Mexico because of the economic impact of the Deepwater Horizon oil spill on fisheries in the region.
United States officials have announced a ban on fishing for at least ten days in waters off Louisiana spanning to parts of the Florida panhandle as the oil slick from a leak spreads across the Gulf of Mexico. Rough weather conditions are complicating crews’ efforts to contain the oil slick.