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Latest Headlines

LLOG scores again with US Gulf deepwater Spruance well
(10/27/2020) LLOG Exploration has achieved a second oil discovery with its Spruance exploration well drilled in the US Gulf of Mexico Ewing Bank Block 877/921...

CGG finalizing Brazil Nebula 3D Phase I
(10/27/2020) CGG's Campos and Santos Basins Nebula 3D Phase I offshore Brazil is nearing completion and acquisition will soon commence on Phase II...

Two die off Sarawak in supply vessel crash into platform
(10/27/2020) Malaysia's Maritime Enforcement Agency has reported that two members of the crew of the Dayang Topaz offshore support vessel were killed...
Wintershall Dea drilling 1st six wells on Norway's North Sea Nova Field
(10/27/2020) Wintershall Dea has begun drilling the first of six wells on its Nova Field in the Norwegian North Sea with the West Mira semisubmersible drilling rig...

Hammerfest LNG to be closed up to t12 months for repairs
(10/27/2020) Equinor has advised that surveys of the damage after the fire at Hammerfest LNG indicate that the plant will be closed for up to 12 months...

Lundin wins NPD permit to drill exploration well off Norway
(10/27/2020) The Lundin Energy Norway unit of Lundin Petroleum has obtained a drilling permit from the Norwegian Petroleum Directorate for exploration well 16/4-12...

ConocoPhillips & Concho Resources combine into $60 billion company
(10/27/2020) ConocoPhillips and Concho Resources have entered into a definitive agreement to combine companies in an all-stock transaction...

US active rotary rig count higher by 5 rigs this week
(10/24/2020) Baker Hughes has reported its count of active drilling rigs operating this week in the US rotary rig fleet has increased by five to a total of 287, which is 543 less than this time last year...

Halliburton turns out 1st intelligent automated fracturing system
(10/23/2020) Halliburton has introduced the industry's first intelligent automated fracture stimulation system, SmartFleet...

ONGC & OIL awarded 11 blocks in India's OALP Bid Round V
(10/23/2020) India's Directorate General of Hydrocarbons has awarded a total of 12 blocks in its OALP Bid Round V, which closed on 30 June...

Trelleborg contracted for RWE's Kaskasi Wind Farm off Germany
(10/24/2020 OGI: London) Trelleborg has been awarded a contract by Subsea 7's renewables unit Seaway 7 to provide 86 integrated cable protection systems for RWE's Kaskasi Wind Farm...

DNV & Aker BP remotely survey offshore cranes
(10/21/2020) DNV GL and Aker BP have performed remote surveys of offshore cranes offshore Norway as demand for distanced inspections accelerates...

PGNiG joins ERU in joint E&P project in Ukraine
(10/21/2020) Polskie Gornictwo Naftowe i Gazownictwo has signed an agreement with Energy Resources of Ukraine for a joint exploration and production project...
CGG delivers global geothermal resource study
(10/21/2020) CGG's Geothermal Science group has delivered a global geothermal resource study that evaluates the scale of the potential for geothermal energy...

TGS returns to geochemical coring project offshore Nigeria
(10/21/2020) TGS Nopec Geophysical has resumed its geochemical coring project in the Gulf of Guinea offshore Nigeria, part of an anomaly targeting program...

Shell contracts Bentley for subsea tie-back projects
(10/21/2020) The Deepwater unit of Royal Dutch Shell has selected Bentley Systems' digital twin approach to streamline several subsea tie-back projects...
Tullow gets Uganda government approval of asset sale to Total
(10/21/2020) The Government of Uganda and the Ugandan Revenue Authority have executed a binding tax agreement on sale of Tullow's Ugandan assets to Total...

Pioneer acquiring Parsley Energy in $4.5 billion all-stock deal
(10/21/2020) Pioneer Natural Resources and Parsley Energy have entered into a definitive agreement under which Pioneer will acquire all of Parsley...

Afro Energy given go-ahead for gas production at South Africa's Amersfoort
(10/21/2020) Kinetiko Energy has reported that its subsidiary Afro Energy has received approval to produce gas for two years from the Amersfoort Project...

Eni & Novatek set to drill 2 exploration wells off Montenegro
(10/21/2020) Ente Nazionale Idrocarburi in partnership with Novatek are gearing up to drill two shallow water exploration wells in the Montenegrian Adriatic Sea...

Philippines lifts ban on South China Sea oil & gas exploration
(10/20/2020) The Philippine Ministry of Energy has declared an end to its moratorium on exploration in the area of the South China Sea also claimed by China...

88 Energy ups stake in Alaska's North Slope Project Icewine
(10/19/2020) 88 Energy has revealed an increase in ownership of approximately 40% of the Project Icewine lease surrounding the recently successful Charlie-1...

ONGC awarded Rajasthan Block in India
(10/19/2020) Oil and Natural Gas Corporation has reported securing the license for the Rajasthan Block production sharing agreement...

TPAO Black Sea discovery increased to 14.3 Tcf
(10/19/2020) Turkish President Tayyip Erdogan has reported that the Tuna-1 gas discovery has now been estimated to contain more than 405 billion cubic meters...

Vattenfall lines up Natural Power for Scotland's South Kyle wind farm
(10/19/2020) Natural Power has been appointed by Vattenfall to undertake services during the construction phase at the 240MW, 50-turbine South Kyle wind farm...

Magnolia LNG wins 5-year extension for export terminal development
(10/16/2020) The Glenfarne Group has obtained a five-year extension permit for its Magnolia LNG export terminal development near Lake Charles, Louisiana...

PGS delivering fast-track Campos Basin seismic data for 17th Round
(10/16/2020) Petroleum GeoServices has advised PSDM is available from its Campos Deepwater GeoStreamer X Survey in the outboard Campos Basin off Brazil...

Oil India shooting 2D seismic in the Andaman Sea
(10/16/2020) Oil India has commenced a 2D seismic acquisition offshore eastern India in the Andaman Sea as part of its new exploration program in the area...

US active rotary rig count higher by 13 rigs this week
(10/16/2020) Baker Hughes has reported its count of active drilling rigs operating this week in the US rotary rig fleet has increased by 13 to 282, which is 569 less than this time last year...

Lukoil launches 2nd phase of Russian Caspian Filanovsky development
(10/16/2020) Lukoil has reported the commencement of the second phase of development of its Caspian Sea Offshore Ice-Resistant Fixed Complex 2...

Lundin spuds Polmak exploration well in Norwegian Barents Sea
(10/16/2020) The Lundin Norway unit of Lundin Petroleum has commenced drilling its wildcat exploration well on the Polmak Prospect in the Alta-Gohta area...

Touchstone scores gas discovery with Chinook-1 onshore Trinidad
(10/16/2020) Touchstone Exploration has completed drilling its Chinook-1 exploration well on the Ortoire Block onshore Trinidad after encountering gas pay...

 For more headlines, select from OGI Departments at top left
Another Perspective

Crude oil prices strengthening through 2021

Another Perspective
by Roger Diwan
Vice President, IHS Markit Financial Services


Oil markets have returned to relatively stable ground with Brent prices within a narrow US$40-$45 per bbl range and could conclusively pass the $50 per bbl mark in the second half of 2021, as detailed in the IHS Markit Energy Advisory Service's Outlook for Global Oil Market Fundamentals & Prices Through 2021...⇒⇒⇒
Latest Editorials
Oil/Gas Prices & Analysis
Monitored benchmark prices drop $1.30+/bbl

(10/26/2020) Traders at the Nymex and ICE started this week's trade in crude oil futures by an average selloff of 3% due primarily to the soaring cases of coronavirus across the United States and Europe in addition to concern about oversupply due to the lack of demand, also due mostly to the pandemic, as well as to a resumption of production by Libya...⇒⇒⇒
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