News

Around 20% of Europe’s mid- and small-sized oilfield service companies, the vast majority of which are British or Norwegian, are set to become insolvent as the effect of the Covid-19 epidemic will hit the continent’s OFS market hard and...

TechnipFMC reported Sunday that it has put its planned separation into two companies on hold. According to a report from Rigzone, TechnipFMC noted the COVID-19 pandemic, plummeting commodity prices and greater equity market volatility have created market conditions that...

Hess Corporation announced Tuesday a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial...

US oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said Monday. “Based on this unprecedented environment, we are evaluating all appropriate steps to...

Extraordinary conditions can lead to startling outcomes. IHS Markit says that is where the oil market now finds itself—in a truly extraordinary situation in what has been a transformative week for the global industry. There has been a dizzying...

Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday,...

The International Court of Justice (ICJ), the principal judicial organ of the United Nations, has indicated that the oral proceedings scheduled to begin on March 23, 2020 concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela) have...

Saudi Arabia kicked off an oil price war with Russia at a time when the world is dealing with the coronavirus outbreak decimating supply chains, inducing panic buying and grounding flights, as reported by Al Jazeera on March 15....

CEO of Hess Corporation John Hess said the fallout from the current oil price war between Russia and Saudi Arabia could lead to a worldwide economic recession and a reduction of US oil production in 2021. Hess was on March...

A team from regional body CARICOM is expected to arrive in Guyana on Sunday to supervise a full recount of votes in coming days. Following the March 2 election, the tabulation of votes by the Guyana Elections Commission (GECOM)...