WorldOil Exxon delays flagship upstream projects to protect its balance sheet As recently as March, the Texas giant had pinned its future to huge capital spending on oil and natural gas at a time when peers were exploring ways to decarbonize. Exxon CEO Darren Woods’ plan was to lean on the company’s impeccable balance sheet to drill for gushers and still cover almost $15 billion in annual dividends. Oil tests $40 as OPEC’s extra barrels loom on the horizon The Organization of Petroleum Exporting Countries and its allies will pump about 1.5 million barrels a day more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output sightly last month. With oil's supermajors in distress, can smaller independents step up and lead a recovery? A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges. OPEC+ plans to pump more crude into a precarious global oil market From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC cartel and its partners, who plan to resume some of the crude output halted during the depths of the pandemic. After brutal slide in state’s upstream sector, Texas Alliance looks toward market bottoming out During second-quarter 2020, COVID-19, as a global economic event, laid waste to energy markets, and due to the resulting economic lockdown and deep contraction in energy demand, “dealt a gut-punch to the Texas oil and gas industry, which continues midway through the year.” That is the assessment of the Texas Alliance of Energy Producers, and it is borne out by the numbers coming from the association’s Texas Petro Index. Trump lets Keystone line ship more oil as expansion plans stall The Trump administration will allow the existing Keystone pipeline to carry more oil-sands crude into the Midwest and U.S. Gulf Coast while the conduit’s decade-old expansion project faces renewed legal hurdles. Siemens Energy to supply 20 compressor trains for a critical gas project in Saudi Arabia Siemens Energy was selected to provide centrifugal compressor systems for Saudi Aramco’s Hawiyah Unayzah Gas Reservoir Storage project. The plant includes a gas injection facility with a capacity of 1,500 MMscfd and a withdrawal facility capable of processing up to 2,000 MMscfd of gas. Oxy considering $4.5 billion sale of African, Middle Eastern assets Occidental Petroleum is in talks about a potential sale of energy assets in Africa and the Middle East to Indonesia’s state-owned PT Pertamina, people with knowledge of the matter said. Oil and Gas Climate Initiative to develop online gas-flaring tracking system The Global Gas Flaring Explorer platform will deliver improved monitoring, visibility and transparency in flaring volume data, and will be publicly available in early 2022. The tracking of flare volumes over time, including identifying which flares are currently active and which ones are inactive, through a standardized methodology will improve the ability to monitor and demonstrate progress towards the elimination of routine flaring. Cenovus leverages tax credits for record oil-sands output The market for production credits formed at the start of last year, when Alberta ordered its largest oil producers to curtail production to alleviate a glut caused by too much oil flowing into too few pipelines.