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Oil and gas production continues to elude discovered small fields
April 13, 2021

Oil and gas production continues to elude discovered small fields

Five years after the first discovered small field (DSF) auctions for hydrocarbons, project developers continue to face multiple issues. Till now, none of these discoveries have begun production and officials from many new entrants to India’s upstream oil and gas exploration sector point fingers towards delays in clearances and faulty data. “The efforts of the Directorate General of Hydrocarbons are in creative construct, yet achieving the mission of expediting domestic production is being hampered owing to delays in policy decisions.

UK seeks to drill more oil and gas from North Sea
March 25, 2021
Source: BBC News

UK seeks to drill more oil and gas from North Sea

This will include up to £10bn for hydrogen production and £3bn for a technology called carbon capture, usage and storage - where carbon emissions are either turned into other products such as plastics or buried.The government says the deal should cut pollution by up to 60 million tonnes by 2030, while also supporting up to 40,000 jobs across the supply chain.

Deloitte names Amy Chronis leader of its US oil, gas and chemicals sector
March 1, 2021
Source: world oil

Deloitte names Amy Chronis leader of its US oil, gas and chemicals sector

Deloitte announced the appointment of Amy Chronis as a vice chairman of Deloitte LLP and leader of its oil, gas and chemicals (OG&C) sector within the U.S. energy, resources and industrials industry. Chronis will lead the overall strategic direction and market eminence of the OG&C practice, as well as the go-to-market strategies for Deloitte’s key businesses including audit & assurance, consulting, tax and risk & financial advisory services.

Exxon takes Canadian oil sands off its books in historic reserves revision
Feb. 26, 2021
Source: world oil

Exxon takes Canadian oil sands off its books in historic reserves revision

Exxon reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%. In practical terms, the revision clipped Exxon’s future growth prospects until oil prices rise, costs slide or technological advances make it profitable to drill those fields.The reserves accounting doesn’t mean Exxon is closing up shop or walking away from Canada because the company can bring them back onto its ledger as crude prices rise.

Exxon to sell down North Sea assets as focus narrows on key opportunities
Feb. 25, 2021
Source: world oil

Exxon to sell down North Sea assets as focus narrows on key opportunities

ExxonMobil agreed to sell some assets in the North Sea for more than $1 billion as the company focuses on newer and larger sources of oil and gas such as Guyana, Brazil and the U.S. Permian Basin. The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy. NEO is an oil producer backed by Norwegian private equity firm HitecVision AS.

Activist shareholder pushes Exxon towards net-zero emissions goal
Feb. 23, 2021
Source: world oil

Activist shareholder pushes Exxon towards net-zero emissions goal

ExxonMobil has already upped its climate plans, only three months into an activist investor’s campaign to force change inside the company. Engine No.1, is pushing the oil giant to set new goal, net-zero greenhouse gas emissions by 2050. Engine No.1 released a letter reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality.

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats
Feb. 10, 2021
Source: world oil

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats

U.S. oil and gas stocks, by far the worst performers last year, are standing out as best in 2021. Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and prospect of an economic recovery have outweighed risks from Joe Biden administration. Energy Index is up 12% this year compared to 2020’s 37% plunge.

UK oil and gas group names Equinor SVP as board co-chair
Feb. 8, 2021
Source: world oil

UK oil and gas group names Equinor SVP as board co-chair

The leading representative body for UK oil and gas has today announced appointment of a new co-chair to its board, Arne Gürtner, Senior Vice President UK & Ireland Offshore at Equinor, as the sector focuses on industry’s recovery whilst meeting net-zero targets for 2021. Arne leads organisation supporting Equinor’s UK and Ireland upstream activities, which includes Mariner development and Rosebank.

US oil and gas fears end of the line for big pipe projects
Feb. 3, 2021
Source: Financial Times

US oil and gas fears end of the line for big pipe projects

As a string of infrastructure projects hits the buffers, America’s O&G industry is facing up to the uncomfortable new reality. Joe Biden moved quickly last week to cancel the contentious Keystone XL oil pipeline, delivering on a campaign promise to curb emissions by the O&G industry.

Budget 2021-22: Major focus on energy transition, traditional reform areas
Feb. 2, 2021
Source: Energy World

Budget 2021-22: Major focus on energy transition, traditional reform areas

The budget provides for additional fund infusion of Rs 1,000 crore for SECI and Rs 1,500 crore for IREDA and the launch of a National Hydrogen Mission in 2021-22 for generating Hydrogen from green power sources.The Union Budget for 2021-22 has laid a major focus on capturing the emerging energy transition trends.

Oil and Gas sector emerges as largest contributor to profit pool
Jan. 29, 2021
Source: economic Times

Oil and Gas sector emerges as largest contributor to profit pool

The oil and gas sector has emerged as one of the largest contributors to the overall profit , said Motilal Oswal Financial Services in a report. According to there port, the oil and gas sector was the largest contributor to the overall profit pool of about 22%.

Biden’s oil and gas ban immediately challenged in Federal court
Jan. 29, 2021
Source: World oil

Biden’s oil and gas ban immediately challenged in Federal court

The Biden administration’s moratorium of oil and gas leasing on federal public land faced an legal attack from an energy industry group.Western Energy Alliance, which represents 200 oil and natural gas companies, said the administration’s suspension of leases is “unsupported and unnecessary,” and an overreach by U.S. Bureau of Land Management, according to a petition filed Wednesday in federal court.

Libya Seeks Funds From  Oil Firms To Repair Infrastructure
Jan. 22, 2021
Source: World oil

Libya Seeks Funds From Oil Firms To Repair Infrastructure

Libya is seeking funding from foreign oil companies to fix its ailing infrastructure after years of war and neglect, the nation's top energy official said. The state-owned National Oil Corp. was forced to shut down a leaking pipeline on Saturday, which cut the OPEC member's crude production by around 200,000 barrels a day.

US Puts New Oil And Gas Leases, Permits  On Hold For 60 Days
Jan. 22, 2021
Source: S & P Global

US Puts New Oil And Gas Leases, Permits On Hold For 60 Days

The US Interior Department on Jan. 20 put new oil and gas lease sales and permits on federal lands and waters on hold for 60 days, according to an order signed by Acting Secretary Scott de la Vega. So the 60-day moratorium could lead into a much broader ban on new federal oil and gas leases and permits.

Iraq cuts crude oil supplies for Indian refiners
Jan. 22, 2021
Source: Energy World

Iraq cuts crude oil supplies for Indian refiners

Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20 per cent for 2021. The supply cuts to India followed a $2.5 billion oil prepayment deal between SOMO and Chinese state oil trader Zhenhua Oil Corp for 48 million barrels of Basra crude.

What should O&G Expect in Biden’s First Week
Jan. 21, 2021

What should O&G Expect in Biden’s First Week

Incoming US president Joe Biden has drawn up a list of changes he will make on “day one” of his presidency. Biden has pledged significant changes to oil and gas leasing for US operators, but this legislation would need to pass through the US congress.This includes changes to oil and gas policies made by previous president Donald Trump.

Keystone XL shutdown may signal the end of major U.S. oil infrastructure
Jan. 21, 2021
Source: World oil

Keystone XL shutdown may signal the end of major U.S. oil infrastructure

Joe Biden’s move to block the $9 billion Keystone XL project is the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task. Even before Biden’s inauguration, the oil and gas industry was on its back foot when it came to building major new infrastructure.

Exxon's filing signals operating loses
Dec. 31, 2020

Exxon's filing signals operating loses

Exxon Mobil Corp signalled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth-quarter results, but the gains would be overshadowed by an up to $20 billion asset write down. Exxon expects higher prices will sequentially lift its oil and gas operating results by between $200 million and $1 billion.

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