Colombia’s state-held oil firm Ecopetrol, which has a strategic alliance with Occidental Petroleum to develop acreage in the Permian, plans to have drilled as many as 100 wells in the most prolific U.S. shale basin by the end of 2021, Ecopetrol’s CEO Felipe Bayon told a conference on Monday. “By the end of next year, […]
Oil prices rose on Tuesday afternoon, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets. After a sobering OPEC report on Monday, the IEA published its updated demand forecast for 2020, revising its previous outlook downward by 200,000 bpd to 91.7 bpd, […]
IBM wants to dig more deeply into oil and gas. In partnership with oilfield services giant Schlumberger (SLB), IBM will create a digital platform where oil and gas companies can access real-time data and software give them a competitive advantage. The platform will layer Schlumberger’s suite of apps, called DELFI, onto IBM technology to provide […]
The US oil industry probably passed the low point in the current cycle in July and August, with drilling rates set to start increasing from September or October and production turning up from March or April 2021. Since hitting a low in late April, when the coronavirus epidemic was raging and lockdowns were most stringent, […]
Once on the margin of the margins, calls for the nationalization of US fossil fuel interests are growing. Before the COVID-19 pandemic, the basic argument was this: nationalization could expedite the phasing out of fossil fuels in order to reach climate targets while ensuring a “just transition” for workers in coal, oil, and gas. Nationalization […]
Following last week’s price rally, oil prices move higher on Monday morning, on bullish demand figures coming from China. Additionally, U.S. dollar weakness contributed to last week’s price rally. Traders are also expecting deeper OPEC+ cuts of 1.15 million bbl/d in August and September. As a result, Brent crude traded above $46 which was mainly […]
Oil and gas companies active in the Gulf of Mexico have shut in almost 58 percent of oil production on Monday as two tropical storms threaten operations. Oil and gas companies active in the Gulf of Mexico have shut in almost 58 percent of oil production and 44.6 percent of gas production as a hurricane […]
With the double negatives of a demand-culling pandemic and wildly declining sentiment trouncing the oil and gas and pushing companies to record lows, with $30 billion in collective debt, trying to pick a winner in this sector is growing more challenging by the day. On the demand front, the IEA has just cut its 2020 […]
A growing number of oil and gas companies are looking to measure and reduce their carbon emissions under increased pressure from shareholders to join the fight against climate change – and the result is that the tech industry is starting to get into the oil and gas game. A growing number of technology companies – […]
Bank of America expects oil prices to recover to $60 a barrel for Brent crude in the first half of next year thanks to shrinking global inventories and prices improving faster than previously expected. “Back in June, we upped our oil price forecasts by $5 per barrel (/bbl) and argued that Brent would average $43/bbl […]