Category: News & Announcement

As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by about 25% by the end of 2021, or by about 200,000 barrels per day (bpd) compared to current output levels, a Rystad Energy analysis shows. The loss puts the projected nationwide production growth for 2021 at risk of being offset. Operated oil production from the recent Chapter 11 filings is heavily weighted in the Eagle Ford and Bakken regions, at…

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Commodity trading giant Trafigura expects a strong rebound in oil demand next year thanks to mass vaccinations, which will push crude oil prices to $55-60 a barrel, Argus Media reported, citing the company’s chief economist Saad Rahim. “You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The United States is lagging in some parts, but I think we can see some stronger momentum. India had taken a major hit, but the momentum there is also looking strong,” Rahim told Argus.…

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Iranian authorities seem confident they could be able to sell as much as 2.3 million barrels per day (bpd) of oil in the next Iranian year that begins in March 2021, according to Iran’s budget bill. The bill, which has been recently submitted for discussion and approval at the Iranian Parliament, assumes that Iran will get revenues from the sale of 2.3 million bpd of oil in the year starting in March. Iran last exported that much oil in the early spring of 2018, before U.S. President Donald Trump pulled…

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China is looking to attract investments in shale gas developments by easing restrictions on foreign entities and subsidizing costs in a bid to boost its natural gas production while its demand continues to grow. China has shale gas reserves but the geology to extract those resources is challenging, so it is not clear if the incentives will attract major international oil companies, Argus reports. The province of Guizhou has recently offered six exploration blocks for shale gas reserves, but the bids were much lower than those offered in a similar…

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The U.K. government will target an emissions cut of at least 68% by the year 2030, compared to 1990 levels, under plans announced Thursday. The new goal to reduce greenhouse gas emissions comes before a Climate Ambition Summit on Dec. 12 which the U.K. will co-host. In a statement, the U.K.’s Prime Minister Boris Johnson described the new target as “ambitious,” while Business and Energy Secretary Alok Sharma said it reflected “the urgency and scale of the challenge our planet faces.” The target is known as a Nationally Determined Contribution,…

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