Business/economics

The US has extended Chevron’s waiver to maintain its assets in sanctioned Venezuela through the end of November 2022 under the same limited terms as the previous extension.

The exit comes after Equinor's presence of more than 30 years with the transfer of its interests in joint ventures to Rosneft and its stake in the Kharyaga PSA to operator Zarubezhneftegaz.

Upon closing, the newly combined oil company will boast 135,000 BOE/D and hold around 15 years’ worth of drilling locations in the Permian Basin.

Tanker transit statistics via the Suez Canal broke historic records in April as Europe sought to import more crude oil and LNG from the Arab Gulf to replace traditional supplies from Russia.

A new report shows that the tight offshore rig market is even tighter than most estimates reflect. This offers relief to battered drilling contractors which are now demanding higher dayrates.

Oil companies would have to pay a premium for the hardware and services needed for rapid expansion. But is that likely?

With global crude prices trading steadily above $100/bbl since March, the world's largest oil company is now the largest company, period.

ExxonMobil has declared force majeure on its Sakhalin-1 operations in the Russian Far East as risk-averse shippers fearing sanctions refuse to transport Sakhalin crude and production starts to fall.

Employment is not a direct function of oil prices, but of upstream and midstream investment and activity. Fluctuations in SPE membership generally lag the activity increase or decrease by 1–2 years. It is expected that the current upcycle of activity will contribute to a rebound in membership, especially among the young professionals.

The combined company will get a new name and a new focus on offshore renewables and other clean energy projects.