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Five oil majors (including Exxon Mobil and British Petroleum) reduced the value of their assets by $50 billion in Q2, 2020. They also reduced their production rates as the COVID-19 pandemic caused a downward trend in energy demand. What this means: The cut in asset valuations and reduction in crude oil production by these oil majors […]

For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand. Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period

The world’s consumption of natural gas is set to decline by 4 percent this year, but global demand will return to growth after the pandemic, thanks to low natural gas prices and stricter environmental policies, a new report showed on Thursday. The Global Gas Report 2020 – published by the International Gas Union (IGU), research

The world’s largest oil company, Saudi Aramco reported a 73 drop in profit Q2,2020 profit and still kept its plans to pay $75 billion in annual dividends in a report credited to Bloomberg. Saudi Aramco reported a plunge in profits for Q2,2020 of 24.6 billion riyals compared to 92.6 billion riyals recorded in the same

THE NATIONAL Petroleum Authority (NPA) has procured a total of 3,983 gas cylinders for the residents of the Jomoro Municipality of the Western Region to augment the cylinders they already have in their homes. The initiative was part of the pilot implementation programme of the Cylinder Recirculation Model (CRM) under the theme: “CRM: Securing Our

Chief Executive of the National Petroleum Authority (NPA), Alhassan Tampuli has assured a section of industry players that, their concerns about the existing pilot of the new gas policy will be addressed. He said consumers stands to gain from the overall outcome of the policy. Speaking at a pilot launch in the Jomoro District of

Vitol Group paid a record $2.2 billion to its executives and staff through share buybacks last year, an unusually large payout that comes as the oil trader undergoes a generational transition in leadership. The buyback — Vitol’s main way of rewarding about 350 top employees who own the privately-held company — means the trading house

BP has halved its shareholder dividend and posted a record $6.7bn quarterly loss after the coronavirus pandemic hit global demand for oil. The dividend news is another blow for pension funds and private investors who have seen a string of firms cut or halt payouts. The loss was largely due to BP writing down the

Houston-listed Vaalco Energy, which has been producing oil from Gabon’s Etame Marin field since 2002, will increase its oil production in 2020 by 35% compared to 2019. Gross reserves and resources for the company’s Gabon assets are around 115mn bl; Vaalco’s share, net of royalties, is 31mn bl, while it produces around 18,000 barrels per

French energy giant Total says it is writing off $9.3-billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers. Total now considers oil reserves with high production costs that are to be produced more than 20 years in the future to be “stranded” given its carbon