Industry Trends ///

Schlumberger to de-list from London Stock Exchange

Schlumberger has announced that the company's board of directors in January 2020 approved the cancellation of the listing of the company’s common stock on the standard segment of the Official List of the London Stock Exchange and the cancellation of admission to trading of such shares on the main market of the LSE.

U.S. to sell 12 MMbbl of oil just as virus hits demand

The U.S. will sell up to 12 MMbbl of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus.

Aramco’s trading CEO sees recovery after ‘big hit’ from China abates

“By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London. “I am confident that the support and measures taken by countries will contain the virus.”

BP’s “net zero” climate plan doesn’t quite add up

New BP CEO Bernard Looney's new climate plan needs an asterisk after "net zero", as the plan appears to fail to account for reduction of Scope 3 emissions.

Saudi energy minister likens impact of coronavirus to a ‘house on fire’

Saudi Arabia gave the clearest signal yet of its concerns about the impact of the coronavirus on oil markets, comparing the situation to a blaze that needs the fire brigade.

Climate protestors target world’s biggest independent oil traders

Scores of climate change protesters from a Swiss branch of the Extinction Rebellion campaign group staged protests against commodity houses in Geneva, occupying the office of Vitol Group, the biggest independent oil trader.

Chevron Technology Ventures invests in modular CO₂ capture system

Carbon Clean Solutions Limited has completed an equity investment of $16 million from three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation.

Global oil demand expected to drop for the first time in a decade

Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said.

New GOP climate plan focuses on innovation, conservation

House Republicans will begin revealing on Wednesday their plan to combat climate change that comports with conservative principles of less regulation and increased domestic energy development.

BP’s new CEO plans for net-zero carbon emissions by 2050

London-based BP became the latest fossil fuel giant to set out an ambitious, yet rather distant, target for curbing emissions of planet-warming gases.

Traders consider oil storage at sea as virus slows demand

Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.

Total profit beats estimates on rising output

Total SA’s fourth-quarter profit beat even the highest estimate as record production offset the impact of slumping natural gas prices and strikes at its French oil refineries.

Energy Capital pauses pipeline deals on widening shale despair

Energy Capital Partners LLC is pausing new pipeline deals, according to people familiar with the matter, as the accelerating downturn in shale prompts investors to seek returns elsewhere.

Shell, Total reject China’s force majeure on LNG shipments

Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets.

Following Repsol’s lead, Equinor includes end use in its climate goals

The move, which Equinor had initially resisted, is another illustration of the tremendous pressure building against the oil industry to act on climate change, including from a growing proportion of major investors.

Stress Engineering Services, Optimum Program form RiGUARD JV

Stress Engineering Services, Inc., (SES) the global leader in consulting engineering services and solutions,has entered into an agreement with Optimum Program Ltd, an internationally recognized provider of inspection services, digital data, knowledge and process solutions, to form the RiGUARD joint venture.

Virus has U.S. exporters facing risk of production cuts

A grim situation for U.S. natural gas exporters has gotten even worse as the coronavirus outbreak sends global prices plunging on concern that China’s demand for the fuel will collapse.

Coronavirus impedes Alberta’s drive to reach oil markets in Asia

The coronavirus is hampering the Canadian oil industry’s efforts to build relations with crude buyers in Asia.

Shell: Customers will drive energy transition

Technology can empower end-users to determine their carbon emissions and influence the pace of climate change, says the oil and gas major.

Citi sees coronavirus impacting oil prices until Q4

Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought.