Five oil majors reduce value of their assets by $50 billion in Q2
Five oil majors (including Exxon Mobil and British Petroleum) reduced the value of their assets by $50 billion in Q2, 2020. They also reduced their production rates as the COVID-19 pandemic caused a downward trend in energy demand. What this means: The cut in asset valuations and reduction in crude oil production by these oil majors […]
Saudi Arabia turns off America’s oil taps again
For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand. Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period […]
Global natural gas demand set for long-term growth after covid
The world’s consumption of natural gas is set to decline by 4 percent this year, but global demand will return to growth after the pandemic, thanks to low natural gas prices and stricter environmental policies, a new report showed on Thursday. The Global Gas Report 2020 – published by the International Gas Union (IGU), research […]
World’s largest oil company to pay $75 billion annual dividend, despite plunge in profits
The world’s largest oil company, Saudi Aramco reported a 73 drop in profit Q2,2020 profit and still kept its plans to pay $75 billion in annual dividends in a report credited to Bloomberg. Saudi Aramco reported a plunge in profits for Q2,2020 of 24.6 billion riyals compared to 92.6 billion riyals recorded in the same […]
NPA Procures Over 3,000 Gas Cylinders For Jomoro
THE NATIONAL Petroleum Authority (NPA) has procured a total of 3,983 gas cylinders for the residents of the Jomoro Municipality of the Western Region to augment the cylinders they already have in their homes. The initiative was part of the pilot implementation programme of the Cylinder Recirculation Model (CRM) under the theme: “CRM: Securing Our […]
