RSS Oil & Gas Industry News

  • ExxonMobil, Petrobras sign alliance MOU
    ExxonMobil Corp. and Petroleo Brasileiro SA (Petrobras) have signed a memorandum of understanding envisioning a strategic alliance to identify and evaluate business opportunities.
  • NAFTA’s energy-trade benefits risked by weakened deal, House panel told
    While the North American Free Trade Agreement could be revised to improve energy trade among Canada, Mexico, and the US, scrapping or weakening it would jeopardize progress that already has been made, four witnesses told a US House Energy and Commerce subcommittee on Dec. 13.
  • US permitting improvement council making progress, official says
    A federal council formed to improve environmental application reviews for major projects is making progress, its acting executive director told a Senate Energy and Natural Resources Committee hearing on Dec. 12.  
  • Mathur named CEO of Cairn Oil & Gas
    Sudhir Mathur, formerly acting chief executive officer and chief financial officer of Cairn India, which parent Vedanta Ltd. now calls Cairn Oil & Gas, has become chief executive officer. 
  • MARKET WATCH: North Sea pipeline outage supports crude prices
    Oil prices rose modestly on the New York market Dec. 14, which analysts attributed to a pipeline outage in the North Sea, noting that price gains appear to be capped by recent production forecasts. The time frame for a restart of the Forties Pipeline System remains uncertain. The system was shut for repairs after a […]
  • Barclays: Global recovery of upstream spending remains intact
    Global recovery of upstream spending remains intact, albeit at a measured pace that isn’t likely to materially tighten many global oil field service and equipment markets, according to the 33rd annual Barclays E&P Spending Survey.
  • WoodMac: Upstream companies shift to ‘thrive’ in 2018
    Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive in a low-price environment.
  • World Bank to stop upstream oil and gas financing after 2019
    The World Bank Group (WBG) reported it plans to stop financing upstream oil and gas projects in developing countries to help implement the 2016 Paris climate agreement’s goals. Exceptions will be considered where there is a clear energy access benefit for the poor and the project fits within the countries’ Paris agreement commitments, it said […]
  • MARKET WATCH: Brent, NYMEX crude prices drop
    Oil prices settled lower Dec. 13 on markets in New York and London but held steady on Dec. 14 after the International Energy Agency said US supply is growing faster than expected. IEA’s forecast came after the US Energy Information Administration said US oil production reached 9.78 million b/d for the week ended Dec. 8. 
  • Cenovus budgets for more cost, payroll cuts
    Cenovus Energy Inc. is combining executive jobs and planning a 15% workforce cut in 2018 under a little-changed budget focusing on cost and debt reduction. It plans to invest $1.5-1.7 billion (Can.) in 2018, compared with an expected $1.55-1.65 billion this year.

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