Tag: oil industry

Monday, July 19th 2021 - 09:11 UTC
OPEC and Russia+10 will increase output, 400,00 bpd, as of August first

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.
Thursday, July 8th 2021 - 09:48 UTC
Three companies (two UK and one Israel) involved in Falklands' oil industry, added to Argentina's sanctions list

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
Thursday, October 29th 2020 - 08:28 UTC
Petrobras cutting losses as Brazilian economy and fuel demand are increasing

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.
Monday, October 5th 2020 - 09:58 UTC
Guyana's big profits dreams crushed by the pandemic and the “resource curse”

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.
Monday, September 28th 2020 - 09:05 UTC
OPEC is sixty, and feels old, exhausted and in need of more partners

OPEC faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels.
Monday, September 28th 2020 - 08:30 UTC
Libya's Hariga port resumes loading export oil after an eight month blockade

An oil tanker is expected to load crude at Libya's Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member's oil production to a trickle.
Saturday, September 19th 2020 - 09:50 UTC
Argos Resources plans to request extension of North Falkland Basin license

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.
Monday, September 14th 2020 - 11:34 UTC
“Relentless growth of oil demand is over”, anticipates BP in a report

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.
Monday, August 31st 2020 - 09:48 UTC
Argentina determined to promote oil and gas production and exports

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.
Friday, July 10th 2020 - 07:48 UTC
Demand for FPSO vessels tumbles but could pick up in 2021 estimates oil industry

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.