Shell Offshore Inc. announced its commitment to a new offshore project in the Gulf of Mexico. The Dover project, which will be attached to Shell's Appomattox production hub, is expected to begin production by the end of 2024 and produce up to 21,000 barrels of oil equivalent per day at its peak.
Shell Offshore Inc. announced its commitment to a new offshore project in the Gulf of Mexico. The Dover project, which will be attached to Shell's Appomattox production hub, is expected to begin production by the end of 2024 and produce up to 21,000 barrels of oil equivalent per day at its peak.
Crude oil prices suffered a significant drop of more than 5% due to the difficulties of Credit Suisse and the bankruptcy of Silicon Valley Bank, which amplified fears of an international recession.
Crude oil prices suffered a significant drop of more than 5% due to the difficulties of Credit Suisse and the bankruptcy of Silicon Valley Bank, which amplified fears of an international recession.
U.S. commercial crude oil inventories rose for the 10th time in 11 weeks, according to the EIA. This increase was due in part to an initial agency estimate error and a decline in demand for refined products such as diesel and propane.
U.S. commercial crude oil inventories rose for the 10th time in 11 weeks, according to the EIA. This increase was due in part to an initial agency estimate error and a decline in demand for refined products such as diesel and propane.
Despite a rise in Chinese demand, OPEC is lowering its oil production forecast due to the resilience of Russian production in the face of sanctions and weakness in some Western economies.
Despite a rise in Chinese demand, OPEC is lowering its oil production forecast due to the resilience of Russian production in the face of sanctions and weakness in some Western economies.
The German justice rejected the appeal of the Russian oil giant Rosneft against the placing under supervision of its activities in Germany. This decision comes after an energy tug of war between Berlin and Moscow, in a context where Germany has pledged to stop Russian oil imports.
The German justice rejected the appeal of the Russian oil giant Rosneft against the placing under supervision of its activities in Germany. This decision comes after an energy tug of war between Berlin and Moscow, in a context where Germany has pledged to stop Russian oil imports.
The U.S. government has given the green light to the Willow oil project in Alaska, much to the dismay of environmental groups who denounce the devastating effects of the project on wildlife and the climate. To address these concerns, the government is also announcing additional environmental protections in the area.
The U.S. government has given the green light to the Willow oil project in Alaska, much to the dismay of environmental groups who denounce the devastating effects of the project on wildlife and the climate. To address these concerns, the government is also announcing additional environmental protections in the area.
BP's chief executive's pay doubled in 2022 to £10 million. The surge in hydrocarbon prices has boosted the results of the oil major, which has announced significant distributions to shareholders.
BP's chief executive's pay doubled in 2022 to £10 million. The surge in hydrocarbon prices has boosted the results of the oil major, which has announced significant distributions to shareholders.
Joe Biden's decision on the Willow oil project in Alaska is highly anticipated. The economic stakes are enormous, but environmental groups are campaigning to prevent it, pointing to the environmental consequences and the climate commitments of the Biden administration.
Joe Biden's decision on the Willow oil project in Alaska is highly anticipated. The economic stakes are enormous, but environmental groups are campaigning to prevent it, pointing to the environmental consequences and the climate commitments of the Biden administration.
France is on the alert for a 5% increase in its consumption of petroleum products in 2022, jeopardizing its climate objectives. Ufip calls for continued efforts in energy transition to reduce dependence on fossil fuels and to find new energy sources.
France is on the alert for a 5% increase in its consumption of petroleum products in 2022, jeopardizing its climate objectives. Ufip calls for continued efforts in energy transition to reduce dependence on fossil fuels and to find new energy sources.
Pointing to resilient Russian production and demand growth in China as the main factors, Barclays Bank is revising its 2023 oil price forecast downward.
Pointing to resilient Russian production and demand growth in China as the main factors, Barclays Bank is revising its 2023 oil price forecast downward.
Oil prices were little changed as investors remain focused on U.S. employment numbers and Fed comments. The European natural gas market has rebounded slightly due to the cold snap, while the Nord Stream 1 and 2 pipelines are the subject of new revelations about their alleged sabotage.
Oil prices were little changed as investors remain focused on U.S. employment numbers and Fed comments. The European natural gas market has rebounded slightly due to the cold snap, while the Nord Stream 1 and 2 pipelines are the subject of new revelations about their alleged sabotage.
Russia is facing price restrictions on its oil exports imposed by Western countries since the invasion of Ukraine. However, the Kremlin does not recognize this price limitation and refuses to comply with the demands of Western countries.
Russia is facing price restrictions on its oil exports imposed by Western countries since the invasion of Ukraine. However, the Kremlin does not recognize this price limitation and refuses to comply with the demands of Western countries.
U.S. Undersecretary of State for Economic Affairs, Energy and the Environment Jose Fernandez has called for increased oil production, including from Opec, to meet rising demand as global economies recover from the coronavirus pandemic.
U.S. Undersecretary of State for Economic Affairs, Energy and the Environment Jose Fernandez has called for increased oil production, including from Opec, to meet rising demand as global economies recover from the coronavirus pandemic.
The current situation of the oil market in decline is influenced by various factors such as the more tepid than expected Chinese economic recovery, the progress in the Iranian nuclear talks as well as the expectation of Jerome Powell's hearing.
The current situation of the oil market in decline is influenced by various factors such as the more tepid than expected Chinese economic recovery, the progress in the Iranian nuclear talks as well as the expectation of Jerome Powell's hearing.
Guyana has attracted the attention of major oil companies such as Shell, Petrobras and Chevron for its upcoming auction of offshore oil exploration blocks. This region is considered the hottest of the decade in terms of oil potential.
Guyana has attracted the attention of major oil companies such as Shell, Petrobras and Chevron for its upcoming auction of offshore oil exploration blocks. This region is considered the hottest of the decade in terms of oil potential.
Cuban President Miguel Diaz-Canel received the CEO of the Russian state oil company Rosneft, Igor Setchine, in Havana with the aim of strengthening energy cooperation between the two countries.
Cuban President Miguel Diaz-Canel received the CEO of the Russian state oil company Rosneft, Igor Setchine, in Havana with the aim of strengthening energy cooperation between the two countries.
Ecuador announced the gradual resumption of production of its crude oil, its main export product, after reinforcing the infrastructure of one of its pipelines. The state-owned oil company Petroecuador had temporarily suspended part of its exports last week due to a check to be carried out on two of its main pipelines crossing a river next to a bridge that had collapsed. .
Ecuador announced the gradual resumption of production of its crude oil, its main export product, after reinforcing the infrastructure of one of its pipelines. The state-owned oil company Petroecuador had temporarily suspended part of its exports last week due to a check to be carried out on two of its main pipelines crossing a river next to a bridge that had collapsed. .
Brazilian oil company Petrobras has announced a record profit of 188 billion reais in 2022, surpassing the record held by Vale in 2021. The new CEO, Jean Paul Prates, is scheduled to give his first press conference tomorrow.
Brazilian oil company Petrobras has announced a record profit of 188 billion reais in 2022, surpassing the record held by Vale in 2021. The new CEO, Jean Paul Prates, is scheduled to give his first press conference tomorrow.
Figures released by the U.S. Energy Information Agency (EIA) show that commercial crude oil reserves rose by 1.2 million barrels last week, reaching their 10th consecutive week of increases, despite a winter season usually characterized by higher consumption of crude and refined products.
Figures released by the U.S. Energy Information Agency (EIA) show that commercial crude oil reserves rose by 1.2 million barrels last week, reaching their 10th consecutive week of increases, despite a winter season usually characterized by higher consumption of crude and refined products.
CNOOC Limited announced the discovery of the Bozhong 26-6 oil field in the Bohai Sea. This new discovery strengthens the company's position and offers new exploration prospects for subtle buried hills in the region.
CNOOC Limited announced the discovery of the Bozhong 26-6 oil field in the Bohai Sea. This new discovery strengthens the company's position and offers new exploration prospects for subtle buried hills in the region.
Despite the political risks, Chevron announced that its daily oil production in Venezuela had nearly doubled to about 90,000 barrels per day, up from 50,000 barrels produced before the lifting of U.S. sanctions last year.
Despite the political risks, Chevron announced that its daily oil production in Venezuela had nearly doubled to about 90,000 barrels per day, up from 50,000 barrels produced before the lifting of U.S. sanctions last year.
The Organization of the Petroleum Exporting Countries (OPEC) produced 28.97 million barrels per day (bpd) in February, an increase of 150,000 bpd from January. Despite the agreement within the OPEC+ alliance to reduce production to support the market, the resumption of Nigerian production contributed to this increase.
The Organization of the Petroleum Exporting Countries (OPEC) produced 28.97 million barrels per day (bpd) in February, an increase of 150,000 bpd from January. Despite the agreement within the OPEC+ alliance to reduce production to support the market, the resumption of Nigerian production contributed to this increase.
NGOs are calling TotalEnergies to account for its controversial oil pipeline and drilling megaproject, accusing the company of disregarding human rights and environmental protection. Despite the court's rejection, the possibility for the associations involved to appeal is a strong signal.
NGOs are calling TotalEnergies to account for its controversial oil pipeline and drilling megaproject, accusing the company of disregarding human rights and environmental protection. Despite the court's rejection, the possibility for the associations involved to appeal is a strong signal.
Equinor sells its Bahamas oil terminal to Liwathon. This sale allows Equinor to focus on its core areas and Liwathon to take over the future development of the terminal.
Equinor sells its Bahamas oil terminal to Liwathon. This sale allows Equinor to focus on its core areas and Liwathon to take over the future development of the terminal.
