Category: News & Announcement

BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at around $40 a barrel from the slump in Q2. The UK-based supermajor, which is in the process of slashing 10,000 jobs, reported an underlying replacement cost profit—its proxy for net profit—of US$86 million for Q3, compared with a loss of US$6.7 billion for the second quarter of 2020 and US$2.3 billion profit for the third quarter of 2019. Analysts had expected…

Read More

Iran has decided to use local firms to develop a large offshore natural gas field, which was discovered by an Indian company and set to be developed by a group of Indian firms, Press Trust of India reported on Monday, citing sources with direct knowledge of the plans. An Indian consortium led by ONGC Videsh discovered the huge Farzad-B gas field back in 2008. Iran and India have since negotiated the terms of the field’s development for years, in fits and starts. Three years ago, the Indian consortium led by…

Read More

U.S. oil and gas producer ConocoPhillips unveiled on Monday a target to reduce emissions from its operations to net zero by 2045-2055 in a first announcement from a major American oil firm setting specific targets to cut its carbon footprint. Unlike European oil majors – who have rushed to pledge various commitments to become net-zero energy companies – U.S. companies, including Exxon and Chevron, hadn’t set any such goals. For this, U.S. supermajors have received backlash from investors in recent months, including from the world’s largest asset manager, BlackRock. ConocoPhillips’…

Read More

As part of its plan to reduce greenhouse gas emissions and become carbon neutral by 2050, the European Union (EU) will consider the creation of a legally-binding framework at the international level for methane emission reduction, including in the energy sector. In its EU strategy to reduce methane emissions published on Wednesday, the European Commission said that the scope of actions for energy-related methane emissions covers the entire oil, natural gas, and coal supply chains, including liquefied natural gas (LNG), gas storage, and biomethane introduced into gas systems. “The Commission…

Read More

The American Petroleum Institute (API) reported on Wednesday a major draw in crude oil inventories of 5.421 million barrels for the week ending October 9. Analysts had predicted an inventory draw of 2.835-million barrels. In the previous week, the API reported a build in crude oil inventories of 951,000 barrels, after analysts had predicted a build of 400,000 barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release, despite industry reports from the IEA and OPEC that suggested oil demand growth could be weaker than anticipated.…

Read More