Industry News

Oil Down as Stimulus Doubts Mount and U.S., China Tensions Escalate

8 August 2020, 1:17am
Oil drops as Trump rolls out additional China sanctions while additional stimulus negotiations yield no deal.
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Oil and Gas Drilling Collapse Deepens in July

7 August 2020, 2:56pm
The number of rigs drilling for oil and gas set a fresh record low in July.
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Turkey Resumes Offshore Exploration

7 August 2020, 1:59pm
Turkey resumed oil and gas exploration in the Mediterranean Sea days after the government said it would delay offshore surveys to seek a diplomatic resolution with Greece.
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Marine seismic industry in numbers after exploration capex slash

7 August 2020, 1:11pm

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Solstad Offshore scores extensions with Total, Equinor in Brazil

7 August 2020, 12:42pm

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COVID-19's impact on commercial jet fuel demand has been significant and uneven

7 August 2020, 12:00pm
Efforts to contain the 2019 novel coronavirus disease (COVID-19) have dramatically changed global commercial passenger flight volumes. These flights averaged a little more than 70,000 flights per day in January and February, fell to an average of less than 25,000 flights per day in April, and then started to increase again in May. Commercial jet fuel consumption showed a similar pattern, falling from an average of 4.3 million barrels per day (b/d) in January and February to 1.0 million b/d in April.
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Pioneering Spirit removes Tyra East and West platforms

7 August 2020, 11:16am

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Bluewater Awards FPSO Contract

7 August 2020, 10:52am
Remazel Engineering has won a contract from Bluewater in conjunction with the Jotun FPSO upgrade.
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Iraq Commits to Deep Oil Cuts

7 August 2020, 10:41am
Iraq made its strongest commitment yet to implement deep cuts in crude production after the country's oil minister and his Saudi counterpart held a phone call Thursday.
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XOM Tears Up Debt Fueled Plan

7 August 2020, 10:31am
Here are some of Rigzone's top stories during the last week, just in case you missed them...
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TGS Submits $600MM Offer to PGS

7 August 2020, 9:50am
TGS-NOPEC Geophysical Company has submitted a conditional offer for the purchase of the multi-client data library of PGS.
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Chevron can make Israel’s Leviathan a global gas supplier

7 August 2020, 8:37am

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Oil Set for Weekly Gain

7 August 2020, 8:25am
Oil in New York is poised for the biggest weekly advance since early July after U.S. stockpiles plunged further.
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Profit Warnings Soar for UK Oil Cos

7 August 2020, 8:09am
UK listed oil and gas companies issued more profit warnings in the second quarter of this year than the whole of 2019.
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IHS Markit Raises Oil Price Forecast

7 August 2020, 7:50am
IHS Markit has raised its 2020 average Brent price outlook by $7+ per barrel.
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ExxonMobil hires Noble Corp. drillship for Guyana drilling

7 August 2020, 7:37am

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New CEO for Axxis Geo Solutions

7 August 2020, 7:33am

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TGS submits offer to buy PGS multi-client data library

7 August 2020, 7:27am

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Deep Panuke offshore platform de-installed

7 August 2020, 6:13am

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Oil Drops as Demand Concerns Offset Tightening Supply

6 August 2020, 9:53pm
Signs of tightening supply couldn't overcome the uncertainty surrounding economic recovery in the U.S.
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Oil Oscillates Between Gains and Losses

6 August 2020, 4:07pm
Oil oscillated between gains and losses as an uncertain economic outlook overshadowed signals of a tighter crude market with Iraq pledging to make extra output cuts this month.
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OGA: Offshore energy industry can aid UK in reaching net-zero

6 August 2020, 1:50pm

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Assessing BP's New Goals

6 August 2020, 1:43pm
BP has gone further than any oil company but there are areas of concern.
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Petrobras reaches record Buzios output in July

6 August 2020, 12:45pm

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Gasoline and diesel refining margins that diverged in March have moved closer together

6 August 2020, 12:00pm
U.S. gasoline and diesel crack spreads diverged sharply in March and April as a result of the mitigation efforts aimed at slowing the spread of the 2019 novel coronavirus disease (COVID-19), but they have moved closer since May. Crack spreads are the difference between the price of crude oil and the wholesale price of a refined petroleum product, and they are used by industry to estimate refining margins.
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Exxon Says 20 Percent of Reserves Threatened

6 August 2020, 9:10am
Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books.
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CGG Sells Multi-Physics Business

6 August 2020, 8:50am
CGG has entered into a sale and purchase agreement with Xcalibur Group for the sale of its multi-physics business.
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OGUK and SDS Support Redundant Workers

6 August 2020, 7:50am
Industry body Oil & Gas UK has partnered with Skills Development Scotland to signpost support for oil and gas workers impacted by redundancy.
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NOPSEMA OKs Shell Crux Proposal

6 August 2020, 7:08am
NOPSEMA has accepted an Offshore Project Proposal from Shell Australia to develop the Crux gas field in the Browse Basin.
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Oil Up with US Stockpiles Shrinking

6 August 2020, 7:01am
Oil extended gains after closing near a five-month high in New York on Wednesday.
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What Do Oil Groups Think of Biden Energy Plan?

6 August 2020, 6:48am
2020 president hopeful Joe Biden unveiled his clean energy plan in July.
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Court Ruling Buys Time for Dakota Access

5 August 2020, 8:26pm
The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown.
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More than 100 coal-fired plants have been replaced or converted to natural gas since 2011

5 August 2020, 12:00pm
According to data from the U.S. Energy Information Administration (EIA), 121 U.S. coal-fired power plants were repurposed to burn other types of fuels between 2011 and 2019, 103 of which were converted to or replaced by natural gas-fired plants. At the end of 2010, 316.8 gigawatts (GW) of coal-fired capacity existed in the United States, but by the end of 2019, 49.2 GW of that amount was retired, 14.3 GW had the boiler converted to burn natural gas, and 15.3 GW was replaced with natural gas combined cycle. The decision for plants to switch from coal to natural gas was driven by stricter emission standards, low natural gas prices, and more efficient new natural gas turbine technology.
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U.S. crude oil production in May has a record monthly decrease

4 August 2020, 12:00pm
Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day (b/d), the largest monthly decrease since at least January 1980, according to the U.S. Energy Information Administration's (EIA) Monthly Crude Oil and Natural Gas Production Report. This decrease surpassed the previous record drop in September 2008 when Hurricanes Gustav and Ike caused production to fall by 1.03 million b/d. May marks the sixth consecutive monthly decrease in crude oil production and is the third month since the March 2020 declaration of a national emergency concerning the coronavirus disease (COVID-19) outbreak.
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Illinois is a top energy consumer and producer in the Midwest

3 August 2020, 1:00pm
According to the U.S. Energy Information Administration's (EIA) State Energy Data System (SEDS), Illinois had the highest energy consumption in the Midwest and was the third-highest energy producer of any state in the region. In 2018, customers in Illinois consumed 4.0 quadrillion British thermal units (Btu) of energy, and 2.6 quadrillion Btu was produced in the state. Total energy production and consumption in Illinois each accounted for nearly 17% of the Midwest's total.
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