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Tullow sells stake in Uganda oil fields for $575 million

OilNOW -
Tullow Oil announced on Thursday that Total has agreed to buy its entire stake in their joint onshore oil fields in Uganda for $575 million as part of its target to raise $1 billion this year to tackle its...
News

Tullow Oil appoints Rahul Dhir as CEO

OilNOW -
Tullow Oil plc on Tuesday announced the appointment of Rahul Dhir as Chief Executive Officer and an Executive Director of the Group. Dhir will take up his appointment from July 1, 2020 and Dorothy Thompson, currently Executive Chair of...
News

Forbes: Don’t panic…it is not oil price Armageddon

OilNOW -
For perspective, it is not oil price Armageddon. West Texas Intermediate (WTI) May-dated futures contracts, which expire on Tuesday, require futures buyers to take delivery of the oil that is in Cushing, Oklahoma, the largest crude oil storage hub...
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

Largest supply-demand imbalance in history pushing US storage to its limits

OilNOW -
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million barrels were sent into storage, Norway-based Rystad Energy estimates. It said this new record is forecast to...
News

Oil industry could be wiped out “on the other side of the pandemic” – US Energy Secretary warned

OilNOW -
The United States Energy Secretary Dan Brouillette has noted that if oil producing countries did not agree to cuts in an attempt to rebalance a low price market and to counter the heavy impact of COVID-19, there may not...
Exploration

More than half of 2020 licensing rounds set to be wiped out – Rystad Energy

OilNOW -
More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the COVID-19 pandemic and the ongoing oil price war, a Rystad Energy impact analysis forecasts. New licensed...
Opinions

Understanding the dynamics of the global oil market: OPEC and non-OPEC production

Bobby Gossai, Jr. -
Crude oil is a major component of modern lifestyle. It has played an important role in many world events for over a hundred years. Wars have been fought over crude oil, and energy security is one of the major...
News

Guyana oil production in best position to weather global price storm

OilNOW -
As disruptions in the global oil and gas industry intensify as a result of oil price shocks and the COVID-19 pandemic, companies have been forced to slow down or stop operations altogether. While the co-venturers at Guyana’s Stabroek Block...
News

CNOOC plans to cut 2020 investment by up to 15%

OilNOW -
(Reuters) - China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a...
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Chinese oil and gas giant CNOOC eyes greater role in Trinidad and Tobago’s energy sector

Executives from China National Offshore Oil Corporation (CNOOC) this week met with Trinidad and Tobago’s Ministry of Energy and...

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