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Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

OilNOW -
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...
News

China: the only respite for crude sellers – S&P Global

OilNOW -
As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged to be the only respite for crude sellers seeking to offload their cargoes, market sources told S&P Global...
News

US oil prices drop to 21-year low as demand dries up

OilNOW -
(BBC) The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3%...
News

Moody’s downgrades Pemex; no new debt without sovereign guarantees

OilNOW -
Rating agency Moody’s has downgraded Mexico’s debt=laden state oil company Pemex to ‘junk’ which will trigger forced bond sales and increase future financing costs. Pemex was downgraded two notches to Ba2 from Baa3, with a negative outlook. As a result,...
News

ConocoPhillips reduces 2020 cash uses by additional $3 Billion

OilNOW -
ConocoPhillips announced on April 16, 2020 that it is taking further actions to respond to the oil market downturn. These actions include capital, operating cost and share repurchase reductions of $3 billion and follow initial actions announced on March...
Opinions

Oil prices, OPEC and non-OPEC oil production: coordination for Guyana

Bobby Gossai, Jr. -
The Organization of the Petroleum Exporting Countries (OPEC) was established in Baghdad in 1960. The founding members were Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. Later on, the following members joined the organization: Qatar, Indonesia, Libya, United Arab Emirates...
Exploration

Transocean drill ship Discoverer India suffers contract termination

OilNOW -
Offshore drilling contractor Transocean is reporting that it has received a contract termination for its drill ship Discoverer India which has been operating in Egypt. This is according to Transocean’s latest Quarterly Fleet Status Report dated April 16, 2020. The...
News

Contracts for two Maersk Drilling rigs terminated

OilNOW -
Maersk Drilling announced on Thursday that it has received notice of early termination for convenience of two of its drilling contracts. “BG International Ltd., a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect....
News

COVID-19 sees Schlumberger’s revenues declining by 9 %

OilNOW -
Oilfield services and well characterization company Schlumberger on Friday announced that for the first quarter of 2020, it saw revenues declining by 9% to $7.5 billion as a result of the impact of COVID-19 on the company’s activities. The company,...
News

Brazil’s Petrobras eyes restart at oil ships hit by coronavirus

OilNOW -
(Reuters) - Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday. Petrobras Exploration and Production...
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ExxonMobil Guyana launches drone surveillance along Gas-to-Energy pipeline route

ExxonMobil Guyana announced the start of drone surveillance along the Gas-to-Energy (GTE) pipeline right-of-way (RoW), which runs from Nouvelle...

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