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Total Closes the Sale of Non-Core UK Assets to NEO Energy

Following the regulatory approvals and the agreement of partners, Total closed the sale of UK North Sea non-core assets to NEO Energy. ” As announced on May 20, we have worked closely with HitecVision and its portfolio company NEO Energy to conclude this sale. This sale of assets contributes to the action plan currently being implemented to address the economic crisis by focusing on cash delivery and demonstrates our ability to relentlessly lower the breakeven of our portfolio. ” declared Jean-Pierre Sbraire, Chief Financial Officer of Total. . The detailed ...

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Global Gas Industry Set To Resume Growth Post-Pandemic, Adopt Low-Carbon Technologies For Long-Term Growth

After growing by more than 2% in 2019, global gas use is set to fall by around 4% in 2020, as the Covid-19 pandemic reduces energy consumption across the global economies. However, the resulting low gas prices, as well as clean air and climate policies, will promote further switching to gas from other more polluting energy sources, such as oil and coal. This trend was already underway before the pandemic, thanks to cost-competitive gas in key sectors including power, industry and transport, and major regions including Europe, North America and ...

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Expert Commentary: Update on Global Gas and LNG Prices in 2020: How has it Coped with Recent Market Dynamics?

As the world slowly progresses through 2020 and adapts to what may be a ‘new normal’ for some time to come, countries have started easing lockdown measures as governments try to balance weakening economies and containing the spread of COVID-19. The gas market is also struggling to cope as gas demand has been diminished and prices have reached unprecedented lows. This article serves as an update to our previous expert commentary, published in March 2020, on the dynamics of global gas market and how prices have responded over the period ...

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After nearly 20 years, India’s oil demand seen slipping into the red

Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of the fastest growing oil markets in Asia in recent years, is expected to end 2020 with its oil demand slipping into the red, a trend not seen for nearly two decades, as per government officials and oil analysts. The last ...

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Dubai futures spreads rangebound ahead of OSP releases

Intermonth spreads for benchmark Dubai crude futures were rangebound in mid-morning trade Aug. 6 ahead of the release of fresh monthly official selling prices by Middle Eastern producers. Talk in the market about when Saudi Aramco would release its closely-watched OSPs ranged from later in the day to the weekend due to delays flowing from the recent Eid holiday. The September/October Dubai crude futures spread was pegged at a contango of 34 cents/b at 12 pm Singapore time (0400 GMT) Aug. 6, narrowing 2 cents/b from the Asia close the ...

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Oil prices pull back from five-month highs as rising product stocks weigh

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling U.S. crude inventories. Brent crude fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude was down 48 cents at $41.71, breaking a four-day streak of gains. The two benchmarks had risen to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. A weaker U.S. dollar was also supportive ...

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Crude oil futures stable on US stocks draw; COVID-19 cases

Crude oil futures were rangebound during mid-morning trade in Asia Aug. 6 as the continued spread of COVID-19 worldwide weakened sentiment, overturning some of the gains from the overnight rally which was spurred by the larger-than-expected drawdown in US commercial crude inventories. At 10:44 am Singapore time (0244 GMT), the ICE Brent October crude futures was up 9 cents/b (0.2%) from the Aug. 5 settle at $45.28/b, while the NYMEX September light sweet crude contract was down by 1 cent/b (0.02%) at $42.18/b. “Oil prices rose to their highest since ...

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Noble Corporation plc Reports Second Quarter 2020 Results

Noble Corporation plc (OTC-PINK: NEBLQ, the Company) today reported a net loss attributable to the Company for the three months ended June 30, 2020 (second quarter) of $42 million, or $0.17 per diluted share, on total revenues of $238 million. Results for the second quarter included net after tax favorable items totaling $47 million, or $0.18 per diluted share. These items included a tax benefit totaling $112 million, or $0.44 per diluted share, related to a release of tax reserves upon the completion of certain tax audits, partially offset by ...

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Marathon Oil Reports Second Quarter 2020 Results

Marathon Oil Corporation (NYSE:MRO) today reported a second quarter 2020 net loss of $750 million, or $0.95 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. The adjusted net loss was $477 million, or $0.60 per diluted share. Net operating cash flow was $9 million, or $86 million before changes in working capital. Highlights Second quarter capital expenditures of $137 million on successful and efficient pause in drilling and completion activity; reducing full year ...

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Dubai crude futures contango persists on weak demand fundamentals

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BP to move heavily in acquisitions & divestments to deliver new strategy, says GlobalData

Following yesterday’s announcement of BP’s strategy for transition from an international oil company to an international energy company, Will Scargill, Managing Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on this transition; “BP has set out ambitious targets for the realignment of its business within five and ten year time frames. An overhaul of this scale will require significant movements in the M&A market, if it is to be delivered in the targeted timeframe. “Among its growth plans for low-carbon energy sources, BP’s ...

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Oil prices hit five-month high as U.S. crude stocks fall sharply

Oil prices rose to their highest since early March on Wednesday after a large decline in U.S. crude inventories and supported by a weak dollar, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude was up $1.51, or 3.4%, at $45.94 a barrel by 11:13 a.m. ET (1513 GMT). West Texas Intermediate oil rose $1.52, or 3.7%, to $43.22 a barrel. Both contracts gained over 4% earlier in the session. U.S. crude inventories fell by 7.4 million barrels in the week to July 31 to 518.6 ...

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Mexico should hold no new oil auctions – presidential memo

Mexico should hold no further new oil auctions, though tie-ups with private investors in the extraction or refining of oil are not ruled out provided this does not affect the national interest, a memorandum by the country’s president said. The 8-page memorandum seen by Reuters set out President Andres Manuel Lopez Obrador’s priorities in Mexico’s key oil and energy sectors. Source: Reuters (Reporting by Adriana Barrera; Additional reporting by Dave Graham Writing by Anthony Esposito)

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BP looks to double LNG portfolio by 2030 to 30 million mt/year: CFO

BP plans to double the size of its global LNG portfolio to 30 million mt/year by 2030, CFO Murray Auchincloss said August 4, as part of the company’s new low-carbon strategy. Downstream gas supply remains a key pillar of BP’s new strategy despite a pledge to cut upstream production sharply in the coming years to focus on low-carbon energy supply including renewables, bioenergy and hydrogen. Speaking to analysts, Auchincloss said BP’s current LNG portfolio was around 15 million mt/year, made up of equity and merchant volumes in a roughly 50-50 ...

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Oil prices rise as U.S. crude inventories show large drop

Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases. Brent crude was up by 31 cents, or 0.7%, at $44.74 a barrel by 0713 GMT. The contract rose 0.6% on Tuesday to its highest close since March 6. West Texas Intermediate oil was up by 26 cents, or 0.6%, at $41.96 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July. Crude inventories fell ...

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