Prime Minister Boris Johnson hosted on Monday a roundtable of leaders in the UK’s offshore oil and gas industry today to discuss domestic energy security. This is part of a series of engagements by the Government across the UK’s energy sectors, including with renewable and nuclear companies in the coming days and weeks.
Encouraging news for the Falkland Islands budding hydrocarbons industry. Rockhopper Exploration officially announced on Wednesday that it had reached a new agreement with Navitas Petroleum by which its potential farm-in portion of the Sea Lion project increases significantly, while the current holder of the majority share, Harbour Energy exits the undertaking.
A hydrocarbon development project in the Falkland Islands faces new challenges following the announcement of one of the companies involved that it shall be lifting all South Atlantic operations.
By Irina Slav for Oilprice.com – Oil super-major Shell is leaving the Permian with a divestment worth close to US$10 billion. The company said it will sell its assets in the shale play to ConocoPhillips for a total price of US$9.5 billion.
By Irina Slav for Oilprice.com – China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move Bloomberg called “an unprecedented intervention.”
The Organization of Petroleum Exporting Countries plus a group led by Russia, OPEC+1 ignored requests from United States president Joe Biden and agreed on Wednesday to continue raising oil output in measured steps as originally agreed.
The world's leading oil-producing countries agreed on Sunday to continue with the gradual increase of output, 400,000 barrels per day, beginning August first, to help global economic recovery following the pandemic, according to a release from the group's meeting in Vienna.
Argentina announced it has launched a sanctions process against several foreign oil companies, the UK based Chrysaor Holdings Ltd, Harbor Energy Plc, and Israel's Navitas Petroleum for involvement in hydrocarbons activities, with illegitimate Falkland Islands licenses, in the Argentine continental shelf, more precisely at the Sea Lion project in North Malvinas basin
Brazil's state-run oil giant Petrobras announced on Wednesday it reduced its losses in the third quarter of the year, the company's third negative result in a row due to the global economic meltdown caused by the coronavirus pandemic.
By Amy Myers Jaffe (*) – This year was supposed to bring great things for Guyana. ExxonMobil discovered massive oil deposits off the South American country’s Caribbean coast in 2015, and Guyana sold its first cargo of crude oil this February. As production ramps up, its first stage offshore wells were projected to produce 750,000 barrels a day by 2025, tripling the size of Guyana's economy, from US$ 3,4 billion to US$ 13 Billion.