WorldOil Chevron cuts capital spend plans, prioritizing U.S. oil plays Spending at its $45 billion Tengiz oil project in Kazakhstan, which has gone massively over budget, is expected to decline, while expenditure will rise on shale production in the Permian basin, and on conventional oil in the Gulf of Mexico. Western oil majors’ writedowns pass $70 billion as virus saps demand This year’s writedowns exceed even the downturn of 2014-2016 not only because of the severity of the oil-price collapse but also due to the fact that it was driven by falling demand for petroleum. Progressives want Biden to sidestep Congress with green ‘national emergency’ Invoking a climate emergency could give Biden the authority to circumvent Congress and fund clean energy projects, shut down crude oil exports, suspend offshore drilling and curtail the movement of fossil fuels on pipelines, trains, and ships. Increase in offshore lease bids shows continued importance of the Gulf of Mexico "Continued safe and responsible development of the Gulf of Mexico will continue to benefit every American. Otherwise the energy will be produced elsewhere, serving to diminish our energy, economic and national security,” National Ocean Industries Association president Erik Milito said in a statement. EIA projects $43 oil, flat U.S. production in the first half of 2021 The U.S. Energy Information Administration expects annual global petroleum demand will not recover to pre-pandemic levels (101.5 MMbpd in 2019) through at least 2021. EIA forecasts that global consumption of petroleum will average 92.9 MMbpd in 2020 and 98.8 MMbpd in 2021. Shell to shutter south Louisiana refinery in portfolio-reduction plan With global demand and profits stung by the spread of Covid-19, the shutdown of 53-year-old Convent, which has about 675 employees, is part of Shell’s larger strategy to shrink its portfolio to six facilities from 14 by 2025, Shell said in a statement. Vote to keep Biden’s hands off of U.S. energy policy As the U.S. presidential election cycle nears its final chapter on Tuesday, and Tuesday evening, we at World Oil think it’s appropriate to remind our fellow professionals in the U.S. oil and gas industry what is at stake. World Oil editorial: Biden is a menace to sound energy policy and industry’s future For several months now, we have told you our concerns about a potential Joe Biden presidency, as relates to the oil and gas industry’s future. BP considering deepwater Gulf of Mexico stake sale BP is weighing a sale of its majority stake in the Constellation oilfield in the Gulf of Mexico, according to people familiar with the matter, as it pushes ahead with a divestment program. Executive orders would give Biden options to limit oil and gas production There are several ways Biden could halt fracking on federal lands using executive power. He could ban new oil and gas leases, halt new permits, or seek a specific regulatory ban on fracking, all of which Biden has telegraphed at one point or another on the campaign trail.