Losses on debt in US dollars have turned a record operating result into a devastating deficit for Solstad Offshore during Q2. However, the company leadership expects better prospects for oil, gas and renewable energy later this year.
Rig company Maersk Drilling, which is to merge with Noble Corp., reports progress on its second-quarter top line. Operating result for the first half declines compared to last year.
Oil abandons the progress it made since Russia invaded Ukraine, reaching the lowest level in more than six months earlier this week before regaining some of what was lost.
If the global economy falls into recession, it could lessen demand for oil products such as gasoline and diesel.
Rising oil prices and major profits at energy companies come at an opportune time for suppliers. Analysts expect the otherwise strained offshore carriers to begin ordering more ships in 2023, with Prosafe’s CEO reporting ”optimism in our field.”
The Norwegian oil company says it’s planning to make a larger investment in the British North Sea oil field.
Now signed by the US president and thus fully formalized, the watered-down version of Biden’s climate campaign bill – full of compromises to get conservative Democrats on aboard and thus attracting critique from many observers – nonetheless contains the nation’s most sweeping legislation supporting the green transition to date, thereby on account of sheer size reviving some hope of averting the worst outcome for global climate.
Investors still await Iran’s response to the EU on renewing 2015’s nuclear deal. Oil supply may rise if Iran and the US accept an offer that would remove sanctions against Iranian oil exports.
The Norwegian oil company has purchased 30% interest in two licenses north of the Balder field in the Norwegian North Sea.
An expected rebound of Chinese fuel product exports combined with the prospect of a revived nuclear accord between the US and Iran have the market forecasting more supply.
The oil and gas giant presents a development plan for a record field and plans to invest around USD 100bn in the project.
The natural gas pipeline has been transmitting at roughly 20% capacity in recent weeks, but a gas markets analyst says exports could be doubled this winter.
The federal republic's gas stockpiles must be almost completely filled by winter, with inventories currently 75% full.
The announcement by Saudi Aramco that the state Saudi Arabian oil outfit will increase its output has prices on the decline.
The Norwegian oil company, a license partner alongside Pgnig, has struck oil and gas near the Skarv field in the Norwegian Sea.
The Organization of the Petroleum Exporting Countries eyes surplus on global oil markets and, unlike the International Energy Agency, expects consumption to decrease in the coming period.
Thursday, the IEA raised its forecast for global oil demand, now expecting consumption to reach 2.1 million bpd – 380,000 more than previously.
A total of 48 mining companies in Indonesia have been ordered not to export coal as they have not met their obligation to sell to their home market.
The extension enters force in November, with the option to prolong by another two months still applicable in the contract.
The price on oil decreases Thursday morning following an increase on Wednesday, which came after a larger-than-expected decline in US inflation during July.
The Norwegian oil company has submitted a plan to the nation’s Ministry of Petroleum and Energy concerning two oil project extensions expected to entail 25 million barrels of oil equivalent.
Tor Olav Trøim’s Borr Drilling searches for capital in the US and plans to issue shares on the New York Stock Exchange, a company statement reveals.
Russia says Ukraine has halted the flow in oil pipeline Druzhba as sanctions against the former country have blocked fee payments.
During this last week, Uniper’s Karlshamn power plant in the Scandinavian country has been firing 70,000 liters of oil an hour to offset electricity shortage in southern Sweden. Madness, says opposition.
Just as expected, the German utility is hit hard by supply commitments forcing natural gas purchases on the wholesale market. State bailout keeps the business floating.
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