News

(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%...

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,...

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...

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...

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....

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,...

(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...

(Reuters) - China’s daily crude oil throughput in March sank to a 15-month low with state refiners maintaining deep output cuts as the coronavirus pandemic erodes demand, but there are some signs of recovery as the country begins to...

The International Energy Agency (IEA) says that even if worldwide COVID-19 travel restrictions were eased during the second half of 2020, they expect that global oil demand will fall by 9.3 million barrels per day this year, erasing almost...

Global currencies have depreciated against the US dollar, reeling from the impact of the COVID-19 outbreak and the oil price slump. As most operating expenses in oil and gas production are realized in local currencies, a Rystad Energy analysis...