International

The company hinted that one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then.

This is due to the production cuts by the Organisation of Petroleum Exporting Countries and the gradual easing of lockdowns by many countries. The international oil benchmark rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar.

The acquisition by the Norway-based private equity company included a portfolio of operated and non-operated assets. Involved in the transaction are materials and cash generative portfolio of assets in four producing areas of the UK North Sea.

As the COVID-19 pandemic continues to spread across many major economies of the world, there is uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) and allies’ plan to return supply to the market after the group’s output cuts. Industry watchers say deep production curbs by the cartel and its allies had helped oil rebound…

Chinese data analyzed by Radio Free Asia’s Michael Lelyveld revealed that the country has been buying record volumes of crude oil over the past months in order to bolster its energy security, especially at a time when its relations with the United States are deteriorating.

Total has sold off its 52-year-old refinery, Lindsay located in North Killingholme to another multinational oil company, Prax.

A 56-million-tonnes-per-year LNG industry in British Columbia would generate nearly 100,000 jobs, a new report by the Conference Board of Canada, and funded by the Canadian LNG Alliance reveal.

Ownership rights in two offshore concessions have been transferred to China National Offshore Oil Corporation’s subsidiary by UAE’s Abu Dhabi National Oil Company (ADNOC).

Efforts of the US to boost its economy from the coronavirus pandemic have increased hopes for robust fuel demand.

Chevron Corp expects to restart Train 2 of its Gorgon liquefied natural gas (LNG) plant in Australia in early September after completing repairs, a company spokesman said on Tuesday.