Falkland Islands' based Argos Resources Ltd said on Friday its interim loss widened on foreign exchange movements, but it has enough cash to continue for another year as some costs have been delayed.3 comments
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
Argentina’s new energy secretary Dario Martinez plans to promote oil and natural gas production with a view to increasing exports as part of a strategy to pull the economy out of one of its worst crises on record.
Beset by the second industry downturn in five years, global awards for floating production, storage and offloading (FPSO) vessels will likely number just one in 2020 as exploration and production firms cut budgets and activity, Rystad Energy predicted. However in 2021 should be a recovery year mainly in Brazil and Guyana and probably in the Falkland Islands.
Pirates attacked an Italy-flagged offshore supply vessel in the southern Gulf of Mexico, injuring two crew members, the Mexican Navy said on Tuesday, in the latest outbreak of robbery and piracy to hit oil platforms and infrastructure in the area.
The American Petroleum Institute on Tuesday urged the Trump administration to reject proposals floated by U.S. farmers and ethanol producers to boost ethanol demand, the latest development in the clash over bio-fuel policy.
Oil majors are set to gather in Rio de Janeiro this Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.
Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.
Big Oil is due for a disruption.