Industry

Oil glut to worsen as INEOS postpones Forties pipeline shutdown

netherlands 1707392 640UK operator INEOS has decided to postpone its scheduled maintenance for the North Sea Forties pipeline system (FPS) in a move that Rystad Energy calculates will add several hundred thousands of extra barrels to the market every day

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BP, Follow This agree to work towards climate resolution

43804714532 6039086090 cOil and gas company BP and shareholder group Follow This have agreed to work together with a view to preparing a shareholder resolution for BP’s Annual General Meeting in 2021

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Services sector feels the pain as budget cuts bite: Wood Mackenzie

oil industry 4663283 640While the long-term impact is still unclear, the oil price crash is bleak news for oilfield service (OFS) companies, according to consultancy group Wood Mackenzie

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Lower oil prices to weaken credit profiles of oil-exporting sovereigns, says Moody’s

freight 863449 640The severity of the credit impact of lower oil prices on oil- and gas-producing sovereigns will vary from country to country, driving divergence in their creditworthiness, credit rating agency Moody’s Investors Service said in a report

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‘COVID-19, oil price war could derail two-thirds of project sanctioning in 2020’

48942854022 841c732ff7 wThe effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans for this year

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