Monthly Archives: March 2020
Worst oil demand contraction ever recorded in the making
With billions of people worldwide under some form of lockdown, oil demand may fall as much as 20 million b/d at some stage this...
EITI to foster greater transparency in implementing states amidst COVID-19
Chair of the Extractive Industries Transparency Initiative (EITI) International Board Helen Clark said as the world reels from the COVID-19 pandemic, the Secretariat recognises...
Shell expects to book up to US$800 million in impairment charges as oil tumbles
Based on changes to its oil price outlook for 2020, Anglo-Dutch oil major Shell said on Tuesday its post-tax impairment charges for the first...
Refineries shuttering operations as COVID-19 hits demand
(S&P Global) Refineries in Europe and Africa have started shuttering operations as the coronavirus pandemic hits demand. South Africa's Engen refinery said late last week...
Oil drops more than 6% to 18-year low as global demand evaporates
(CNBC) U.S. oil dropped to an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare...
State capacity deficits put Venezuela among top 5 countries most vulnerable to COVID-19
South American oil producer Venezuela is listed among the top 5 countries most vulnerable to the COVID-19 pandemic due to major deficiencies in the...
Chinese specialists arrive in Venezuela to combat coronavirus
On Monday morning a HAINAN Airlines flight from Beijing arrived in the Venezuelan capital, Caracas, to deliver aid and transport several medical specialists to help...
Global E&P CAPEX will reach 13-year low as COVID-19, price war persist – Rystad...
Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus...
Guyana can learn from the Venezuelan crisis
Venezuela provides a window to a dystopian future. The country’s neighbour to the east, Guyana, is developing its first offshore oil and gas finds...
Baker Hughes reports US drilling rigs drop by 44
Baker Hughes’ latest Rig Count revealed that as at March 27, 2020 the count of active United States drilling rigs has dropped by 44...