Industry News

Oil Hit Sixth Weekly Gain Amid Tight Supply

28 January 2022, 8:47pm
Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022.
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Hunting Makes Inroads Into The UK Geothermal Space

28 January 2022, 7:46pm
Hunting Energy Services has entered the UK geothermal market with the Eden project, setting its sight to further expansion in Europe.
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Chevron Profit Falls Short of Forecasts

28 January 2022, 7:00pm
Analysts had expected bigger things from Chevron.
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Petronas Launches Malaysia Bid Round 2022

28 January 2022, 6:00pm
Petronas has launched its MBR 2022 bid round offering some 21 bboe to over 1,300 potential and existing investors.
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Exploration Co Drills 3 Wells Close to Henry Hub Terminal

28 January 2022, 5:00pm
The three wells will be batch drilled from the same surface pad site.
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Canada Oil Sands Stocks Surge

28 January 2022, 3:33pm
Canada's oil companies are outperforming their energy-producing peers.
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U.S. DOE awards $25M To Wave Power Research Projects

28 January 2022, 3:05pm
The U.S. Department of Energy (DOE) will provide $25M in funding to support increased research and development of wave energy technologies.
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In focus: Cross-sector collaborations replacing fossil fuels with green energy

28 January 2022, 2:53pm
In the face of decarbonisation challenges, presenting a united front seems to be a way around for offshore energy players. During the last week of January, we have witnessed a number of cross-sector... ...
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Chevron books fourth-consecutive quarterly profit

28 January 2022, 2:52pm
U.S. oil and gas major Chevron returned to profit in the fourth quarter of 2021 from a loss in the prior-year period. The post Chevron books fourth-consecutive quarterly profit appeared first on... ...
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UK pipeline decom firm targets more oil & gas clients with new facility

28 January 2022, 1:50pm
Northern Ireland-headquartered pipeline decommissioning specialist Decom Engineering has opened a new facility near Aberdeen […] The post UK pipeline decom firm targets more oil & gas... ...
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Clash between rig and vessel spotlights safety perils arising from ‘commercial pressure’

28 January 2022, 1:37pm
The recent collision in the North Sea highlights hidden safety threats arising from disregarding maritime procedures for the sake of profit. The post Clash between rig and vessel spotlights safety... ...
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Gas Sees Biggest 1-Day Price Increase Since 1990

28 January 2022, 1:16pm
Rigzone's regular market watchers look at a notable gas price increase, new oil price highs, rising geopolitical temperatures and more.
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EIA forecasts OPEC production will grow in 2022 despite recent production outages in Libya

28 January 2022, 1:00pm
In our January Short-Term Energy Outlook (STEO), we forecast that OPEC petroleum production will increase by nearly 2.7 million barrels per day (b/d) in 2022, the largest year-over-year increase in OPEC production since 2004. This increase in our forecast of crude oil production is largely based on our interpretation of the January 2022 OPEC+ meeting, when participants reaffirmed their decision to continue to increase output by 0.4 million b/d each month until all of the production cuts are reversed. We expect that recent production disruptions in Libya will be more than offset by production increases from other OPEC members.
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U.S. judge quashes Gulf of Mexico oil & gas lease sale due to climate impact

28 January 2022, 12:48pm
U.S. judge has invalidated the results of an offshore oil and gas lease sale in the Gulf of Mexico held by the Biden administration in 2021. The post U.S. judge quashes Gulf of Mexico oil & gas... ...
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Schlumberger solution to help optimize Northern Lights performance

28 January 2022, 12:45pm
The Northern Lights joint venture has selected Schlumberger to deliver its DELFI digital platform […] The post Schlumberger solution to help optimize Northern Lights performance appeared first... ...
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A Perfect Storm for Diesel Prices

28 January 2022, 12:31pm
Diesel market prices are soaring all over the world.
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Shell gains approval to use Transocean rig for Ormen Lange drilling

28 January 2022, 12:02pm
Shell has received consent from Norway’s offshore regulator for exploration drilling in the Norwegian Sea with one of Transocean’s rigs. The post Shell gains approval to use Transocean rig for Ormen... ...
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U.S. Judge Scraps GOM Lease Sale Due To Climate Impact

28 January 2022, 11:26am
A federal judge invalidated the results of Gulf Of Mexico oil and gas Lease Sale 257 which offered up more than 80 million acres.
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Petrofac COO Joins OGUK Board

28 January 2022, 10:51am
The appointment comes as OGUK focuses on accelerating the industry's efforts to deliver low carbon energy to the UK.
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India: ONGC taps L&T for pipeline replacement project

28 January 2022, 10:38am
L&T Hydrocarbon Engineering (LTHE) has secured a contract from Oil & Natural Gas Corporation (ONGC) for operations on India's west coast. The post India: ONGC taps L&T for pipeline... ...
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Oil Markets Enjoy Degree of Inflation Immunity

28 January 2022, 9:18am
Benchmarks rose despite the U.S. Federal Reserve's announcement that an interest rate hike will come in March.
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Shell Starts Up 20MW Hydrogen Electrolyzer In China

28 January 2022, 9:14am
Shell has started operations at the 20 MW power-to-hydrogen electrolyzer in Zhangjiakou – one of the largest such facilities in the world.
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James Fisher Launches Decommissioning Firm

28 January 2022, 8:13am
James Fisher has launched a new business line – James Fisher Decommissioning (JF Decom).
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Wood collects funding for autonomous robotics project

28 January 2022, 8:13am
Wood has secured nearly $3 million in funding for an oil and gas robotics project, which is expected to create new job opportunities. The post Wood collects funding for autonomous robotics project... ...
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Oil Down as Equities Fluctuate and US Dollar Soars

27 January 2022, 8:29pm
Oil fell from a fresh seven-year high as equities wavered and the dollar’s strength weighed on the commodity.
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Diesel Market Looks at Risk of Price Spikes

27 January 2022, 7:30pm
The market is vulnerable to price spikes.
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Chevron Stock Hits Record

27 January 2022, 5:29pm
Chevron Corp. surged to a record Thursday morning.
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Two players in design battle for Equinor’s stalled project while EIS gets unfavourable review

27 January 2022, 3:22pm
Equinor has selected two engineering players to carry out conceptual studies for an FPSO vessel while the review of the project's EIS deemed it an unreliable source of information for decision-making... ...
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EU To Fund Northern Lights CCS Project Expansion

27 January 2022, 2:01pm
Northern Lights is set to receive around $4.5 million from the EU under the Connecting Europe Facility funding scheme.
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Schlumberger Sees Payment Delays in Mexico

27 January 2022, 1:25pm
In 2020, Mexico was home to Schlumberger's biggest source of work awaiting payment.
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Proved reserves of U.S. crude oil and lease condensate declined by 19% during 2020

27 January 2022, 1:00pm
Because of lower oil prices in the first year of the COVID-19 pandemic, U.S. operators reported a 19% reduction in proved reserves of crude oil and lease condensate in 2020, according to our Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2020 report. Proved reserves totaled 38.2 billion barrels for the year.
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USA Oil Market Signals More Sizzle Ahead

27 January 2022, 10:54am
The U.S. physical crude market is pricing near its strongest level in more than a year.
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Proved reserves of natural gas fell 4% in the United States during 2020

26 January 2022, 1:00pm
Because of lower natural gas prices in the first year of the COVID-19 pandemic, U.S. operators reported that proved natural gas reserves in 2020 declined by 4% to 473.3 trillion cubic feet (Tcf), according to our Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2020 report.
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Stand-alone natural gas wells driving new growth in Saudi Arabia's natural gas production

25 January 2022, 1:00pm
Saudi Arabia's dry natural gas production reached an average of 11 billion cubic feet per day (Bcf/d) for the first time in 2020, a 30% increase from 2010. Oil production cuts related to the December 2016 OPEC+ agreement have reduced Saudi Arabia's associated natural gas production (natural gas produced as a by-product of oil production). However, the country's total natural gas output steadily has steadily grown over the past two decades because of the development of non-associated, or stand-alone, natural gas fields.
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CO2 emissions allowance prices increased in latest RGGI auction

24 January 2022, 1:00pm
The most recent Regional Greenhouse Gas Initiative (RGGI) quarterly auction (held on December 1, 2021) resulted in a clearing price of $13.00 per allowance, surpassing the previous auction's record price of $9.30 per allowance. Each allowance represents a limited authorization for power plants to emit one short ton of CO2.
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