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Oil and Gas
OPEC Plus Members Extend Production Cuts as Global Oil Prices Remain Weak
Saudi Arabia and its OPEC+ allies have announced an extension of their oil production cuts until the end of December, marking a significant shift from their earlier plans to gradually increase output. The decision comes as the coalition…
As tensions in the Middle East ease, oil prices fall 6%
The oil prices fell sharply Monday, after Iran did not announce an immediate response to Israel's attacks on the country.
Brent and US West Texas Intermediate crude futures have both fallen to their lowest levels since the September 11…
Hunting reduces profit forecast as oil prices fall
Hunting has had to reduce its profit forecast for this year due to falling oil and gas prices, and a slowdown on the US Onshore Market.
The FTSE 250 company that provides oil and gas services said it expects its adjusted earnings to be…
Nigeria rejects Shell’s plan to sell a $1.3bn offshore production unit
Shell's $1.3 billion sale of its onshore production unit has been rejected by Nigeria, a blow for the oil giant's plans to leave the troubled shallow-water sector in the Niger Delta.
Gbenga Kmolafe (NUPRC) chief executive told a Nigerian…
Oil prices fall amid China slowdown, easing Middle East concerns
The global oil price has fallen by nearly $3.50 per barrel as concerns over a slowdown of China continue and fears about an attack on Iran's nuclear facilities by Israel have eased. Benjamin Netanyahu, the Israeli Prime Minister, has…
BP abandons its target to reduce oil production
BP plans to abandon an ambitious goal to reduce its oil and natural gas production by the year 2020 as it fights to close a valuation difference with competitors in the energy sector.
Bernard Looney, the CEO of FTSE 100 Oil Company, set…
Bank of England Governor warns of Middle East Oil Shock Risk
Bank of England monitors the Middle East Crisis amid fears that a worsening warbetween Iran & Israel will make it difficult to stabilize oil prices, leaving the global economy susceptible to an energy shock similar to the 1970s. Andrew…
Fear of Israeli attacks on Iran drives up oil prices
Oil prices reached their highest level in over a month, amid fears of retaliatory attacks by Israel on Iranian oil installations. Biden responded, "We are in the process of discussing that," adding "I think it would be a bit... anyway."…
US oil shock: US is ‘unusually susceptible’, says top shale boss
Harold Hamm, a US shale oil magnate, has accused Biden's administration of making the country "unusually susceptible" to an Middle East oil price spike by draining the nation's strategic petroleum reserves, damaging the domestic production…
Oil prices increase after Iran missile attacks on Israel
The oil price rose by 4 percent after Iran launched an attack on Israel, the latest escalation of the conflict in the Middle East. One-month contracts for crude (the international benchmark) increased by $3.10 or 4 percent to $74.95 per…
Exploring New Frontiers: Oil Exploration Updates from Pantheon Resources PLC
Despite a rapidly declining share price, Pantheon Resources PLC appears to be strategically positioned to advance its Alaskan oil and gas projects, with a clear focus on minimizing shareholder dilution and maximizing value. The upcoming…
North Sea Windfall Tax Causing Irreversible Damage to UK Energy Sector
The chief executive of Enquest, a major North Sea oil and gas producer, has issued a stark warning about the detrimental effects of the windfall tax on offshore oil and gas operations. Amjad Bseisu claims that the Energy (Oil and Gas)…
North Sea Oil Project Faces Uncertainty as Neo Energy Slows Investment
The future of a significant £900 million oil and gas project in the North Sea is uncertain as Neo Energy, the lead developer, plans to reduce investment. This decision is influenced by increased windfall taxes and the potential…
Helium One Edges Closer to Commerciality According to Investment Bank
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) is inching closer to achieving 'commerciality' as per an investment bank's assessment, following the company's latest well test results and a strategic acquisition that is expected to accelerate…
Ithaca Energy Profits Plummet Amid Falling Gas Prices and Production
Ithaca Energy, a prominent North Sea energy firm, has reported a significant drop in its interim profit due to reduced production and declining gas prices. The company's production decreased by nearly 30%, and gas prices also fell. Despite…
Treasury Pledges Low Carbon Investment Relief to Appease Oil and Gas Industry
The Treasury has moved to quell a heated dispute with the North Sea oil and gas industry by committing to maintain investment reliefs on low-carbon projects. This decision aims to safeguard jobs and mitigate the impact of the expanded…
SLB and Halliburton See Strong International Demand Amid Earnings Reports
SLB and Halliburton, two of the world’s leading oilfield service providers, reported strong international demand for crude drilling after posting earnings that met or exceeded expectations, supporting their shift into overseas markets.…
Labour faces legal challenges over its plan to ban all new North Sea licenses immediately
The Labor government faces a legal dilemma in its plans to ban new North Sea oil exploration and gas before the latest licensing round for the industry closes.
After sweeping to power with a pledge that it would end the granting of new…