Business/economics
Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.
Nearly 90% of investment since 2019 has gone to replacing lost production, with $570 billion in spending projected for 2025.
Months of due diligence and evaluation following proposed $18.7 billion deal results in no deal to purchase Australian operator.
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For an industry once fueled by the law of supply and demand, the new economic reality has brought new rules. -
Pemex and Talos Energy have 120 days to decide how to share a massive offshore field that both companies claim they should operate. Failure to come to terms means the government will decide the matter.
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The drop in energy use caused by the coronavirus pandemic is not enough by itself to meet Paris climate ambitions, says DNV GL.
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The deal follows BP’s divestment of its global petrochemicals business in late June.
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McDermott’s restructuring comes 5 months after it filed for Chapter 11 protection. The company was struggling with debt since its 2018 acquisition of CB&I.
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Most crude exports coming out of the North Sea since March have been destined for Asia, where floating storage levels remain high.
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While oil- and gas-related companies slash budgets and staff and operators pull back from production and exploration, the tax coffers of US local and state governments are shrinking fast and with hard repercussions.
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Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
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Petrobras has taken a 65.3-billion Brazilian real ($11.2-billion) impairment on its exploration and production (E&P) assets, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent.
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In its May 2020 Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecast US-marketed natural gas production to decrease by 5% in 2020. Production is expected to average 94.3 Bcf/D in 2020, down from 99.2 Bcf/D in 2019.
