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United Kingdom
BP Cuts Dividend for First Time in a Decade After Record Loss
The dive into the red came after the firm slashed the value of its oil and gas exploration assets in response to price forecasts.
Oil&Gas Drilling
U.S. Offshore Rig Count at 12 for Four Weeks Straight
The U.S. offshore rig count has remained flat for another week, making this the fourth week straight with 12 active units.
United States
Chevron Posts Massive $8.3 Billion Loss
U.S. oil major Chevron hit the red hard as it reported a massive loss of $8.3 billion, or almost $4.5 per diluted share, for the second quarter of 2020.
Energy Technology
German Oil Refinery to Build 30 MW Hydrogen Electrolysis Plant
Germany agreed a national hydrogen strategy to help decarbonise the economy, including providing 9 billion euros to help promote new projects.
Crude Oil
Russia is Raising Crude Oil Output as OPEC+ Cuts Ease
OPEC+ producers from Aug. 1 have agreed to slim their output cuts to 7.7 million barrels per day from 9.7 million bpd.
Nigeria
Nigeria Govt Reiterates Pledge to Unlock Opportunities in Gas Sector
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said Africa, particularly Nigeria, has huge gas resources which can…
Oil Price
ExxonMobil Posts First Consecutive Quarterly Losses Since the Mid-80s
Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades.
Russian Federation
Poland Fines Gazprom $57 million over Nord Stream 2
Poland’s antimonopoly watchdog UOKiK said on Monday it had fined Gazprom 213 million zloty ($57 million) (GAZP.MM) for lack of cooperation in its proceedings w…
Crude Oil
Iran Clears Oil Spill in Northern Gulf Region
Iranian teams have cleaned up an oil slick near field in the northern region of the Gulf that had extended over a six-square-km area.
Market Analysis
European Oil Major Trading Units Provide Buffer in Rough Second Quarter
The trading units of European oil and gas majors have shielded their second-quarter results from the full force of the corona-induced collapse in demand for fue…
Market Analysis
Oil Demand May Never Recover from COVID-19 Crisis, says Shell CEO
Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic.
Oil Field
CNPC in Talks to Buy $1.5-Billion Stake in BP’s Oman Gas Field
Chinese state-held giant China National Petroleum Corporation is in advanced talks to buy a 10-percent stake in a giant natural gas field in Oman from BP in a d…
Oil Pipeline
Trump Allows Existing Keystone Oil Pipeline To Boost Capacity
TC Energy, the right to increase the maximum throughput capacity, while the Keystone XL project continues to face significant legal hurdles to starting construc…
China
Why the Iran-China Oil Alliance is So Important
The steady rise in U.S. strategic competition with the People’s Republic of China over trade and the South China Sea already has so many dimensions that it is …
Qatar
Qatar: Qatar Petroleum Wins ‘New Venturer of the Year Award’
Qatar Petroleum, in honor of its outstanding and growing international exploration presence around the globe, has been awarded the “New Venturer of the Year Aw…
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