Oil & Gas

Oil supermajor BP has signed a ten-year offtake agreement with Clean Planet Energy, a UK-based company developing facilities to convert hard-to-recycle waste plastics into circular petrochemical feedstocks and into ultra-low sulphur diesel (ULSD). Under the new agreement, BP will initially receive the output of Clean Planet Energy’s first facility, currently under construction in Teesside in

Buckeye Partners has entered into a definitive agreement to acquire Bear Head Energy, which owns a clean energy development project located in an industrial complex in Point Tupper, Nova Scotia, Canada. The Bear Head Project, previously developed as a liquified natural gas import and export facility, is fully permitted, and the project is unique in

On the last day of April, California hit a milestone - for a brief spell during a sunny Saturday afternoon, renewable sources met 99.87% of electricity demand. Power systems outside the U.S. have reached this target before (Denmark with wind power and South Australia with solar alone last year). But California’s main grid, which serves 80% of

The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. Frederic J. Brown | AFP | Getty Images Diesel prices are surging, contributing to inflationary headwinds due to the fuel’s vital role in the American and global economy. Tankers, trains, trucks and

Here are some of Rigzone’s top stories during the last week, just in case you missed them… Gas Prices Could Rocket in Near Term If Russia implements gas shutoffs to more countries unwilling to pay in Rubles, in addition to Poland and Bulgaria, prices could rocket in the near term, according to Rystad Energy. Read

Oil closed Friday at a six-week high on signs the market is tightening as members of the European Union moved closer toward banning Russian crude. West Texas Intermediate futures posted its first back-to-back weekly gain in two months. The EU intends to ban Russian crude in six months and oil products by the end of

Led by OPEC kingpin Saudi Arabia, the OPEC+ energy alliance swiftly agreed in late March to raise its output targets for May. SOPA Images | LightRocket | Getty Images Oil producer group OPEC+ on Thursday is seen as likely to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and

The kickoff for the realization of Gastrade’s LNG FSRU in Alexandroupolis was formally given in a special ceremony that took place in the Alexandroupolis Port Customs on May 3, 2022. The Prime Minister of Greece Kyriakos Mitsotakis and the Prime Minister of Bulgaria Kiril Petkov co-signed the plaque for the start of the realization of

The European Commission has been prepared sanctions on Russia’s oil as the war in Ukraine drags on. However, Slovakia and Hungary want to be granted some exemptions. Joe Klamar | Afp | Getty Images The European Union is closing in on a new round of sanctions against Moscow that will likely include an embargo on

DeepOcean AS, a unit of the ocean services provider, DeepOcean, has struck a strategic partnership deal with Aker BP for an initial four-year period. The agreement has a duration until the end of 2026, however, the two companies have included options to extend the partnership for another four years. Under the agreement, DeepOcean will be

A liquefied natural gas tanker berth in Japan, on Dec. 17, 2021. Should Japan ever exit the Sakhalin energy projects in Russia and their stakes were acquired by Russia or a third country, this would weaken the effectiveness of Western sanctions and benefit Russia, Japan’s industry minister said on Friday. Kiyoshi Ota | Bloomberg |

Petrobras started producing oil and natural gas through the FPSO Guanabara on April 30, the first definitive production system installed in the Mero field, in the pre-salt layer of the Santos Basin offshore Brazil. The FPSO can process up to 180,000 barrels of oil and over 420 million cubic feet of gas, which represents 6

Energy services provider Penspen has bagged contracts worth over $25 million during the first quarter of 2022, building on strong results in the year prior. Strong demand in the market for Penspen’s energy engineering services and its extensive experience are driving this strong sales performance. Increased investment in energy infrastructure as a result of higher energy

Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages.  Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15% increase from 2021, the company

EU Commission President Ursula von der Leyen said this latest aggressive move by Russia is another reminder that we need to work with reliable partners, and build our energy independence. Thierry Monasse | Getty Images News | Getty Images The European Union is racing to find alternative suppliers of natural gas after Russia’s Gazprom cut

Here are some of Rigzone’s top stories during the last week, just in case you missed them… Be Prepared to Pay More at the Pump from June In a recent edition of Rigzone’s regular hits and misses article, one energy prognosticator warned that end-users should be prepared to pay more at the pump starting June

The Chevron logo is displayed as a tanker truck enters the Chevron Products Company El Segundo Refinery on January 26, 2022 in El Segundo, California. Patrick T. Fallon | AFP | Getty Images Chevron‘s profit more than quadrupled during the first quarter of 2022, as higher oil and gas prices boosted the company’s results. The

Petrobas’ board of directors has approved the $2.2 billion sale of interest in the Albacora Leste concession to Petro Rio Jaguar Petróleo, a subsidiary of Petro Rio S.A. Albacora Leste concession is located predominantly in deep waters in the Campos Basin. Petrobras informed of the signing of the purchase and sale agreement earlier this week

A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. Sergio Moraes | Reuters California’s attorney general on Thursday announced an investigation into the fossil fuel and petrochemical industries for allegedly overstating the role of recycling in curbing global

Searcher Seismic, a multi-client geoscience data and services provider to the oil and gas and mining exploration and production companies, has added significant data to its South Africa 2D and 3D data library. The expansion has been achieved in cooperation with the Petroleum Agency of South Africa (PASA). The Orange Basin has recently astonished the