Oil

Chevron re-introduces capital spending budget

Chevron re-introduces capital spending budget

Chevron is set to spend $20 billion next year on oil and gas projects in its first increase in spending in four years, the second largest US producer has announced. Earlier this year, Chevron executives set its high end 2019 capital budget at between $18 billion to $20 billion through […]

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Faroe Petroleum in asset swap deal with Equinor

Faroe Petroleum in asset swap deal with Equinor

British firm Faroe Petroleum, which was subject to a hostile bid by DNO, has agreed a deal that will see it swap oil and gas assets with Norwegian state-owned company, Equinor. The non-cash deal will enhance Faroe’s output and cash flow while securing Equinor’s stakes in fields located in the […]

Exxon looks to sell Azeri stake

Exxon looks to sell Azeri stake

Exxon Mobile is looking to sell its stake in Azerbaijan’s biggest oil field as the US oil and gas giant re-focuses its global operations, according to industry and banking sources. Industry and banking sources told Reuters, the Texas based firm is hoping to raise $6 billion from its 6.8 percent […]

Russian oil dips ahead of OPEC meeting

Russian oil dips ahead of OPEC meeting

Russia’s oil production dipped last month according to new federal data which comes just days ahead of an OPEC summit that is expected to result in another production cut. Data from November shows Russian output had dropped to 11.369 million barrels per day from 11.41 million bpd in October. Prior […]

Qatar exits OPEC

Qatar exits OPEC

In a shock move, Qatar has withdrawn from OPEC – raising questions over the loyalty of the bloc’s remaining members. The Middle Eastern nation’s decision comes as it looks to shake of constraints of the bloc and increase its sales as analysts say member states are becoming increasingly unhappy with […]

Russia accept $60 oil price

Russia accept $60 oil price

Russia has stated it is comfortable with oil prices at around the $60 mark with President Vladimir Putin thanking Saudi Arabia for its cooperation in managing the global oil market. Ahead of next week’s OPEC+ meeting, Putin said Russia was comfortable with oil prices at $60 as it is budgeted […]

Big oil drills North Sea’s last frontier

Big oil drills North Sea’s last frontier

Some of the world’s largest oil companies have invested huge amounts of money into the one of the North Sea’s oldest offshore basins. Projects such as those on BP’s Clair field in West of Shetland have provided a new lease of life to the region that was once expected to […]