1.ExxonMobil wrote down as much as $20 billion in the fourth quarter
On November 30th, Exxon Mobil Corp., the largest U.S. oil producer, said it would write down $17 billion to $20 billion in natural gas assets, the biggest impairment in its history, and cut next year’s spending to its lowest level in 15 years. ExxonMobil said it would turn its attention to oil field assets in Guyana, where up to 8bn barrels of oil were found, offshore Brazil and the Permian Basin.
2.OPEC + disagreements remain unchanged, readjusting the next round of meeting time
The OPEC meeting ended at Monday with no agreement among its member states on a cut in oil production next year. At the end of the meeting, Russia, Saudi Arabia and the United Arab Emirates held different opinions on how to deal with the issue in the future. The next round of OPEC + meeting, originally scheduled for today, has been rescheduled to December due to the need for more negotiations.
3.Petrobras will double crude oil exports in 2021-25
In a detailing report its latest five-year business plan, Petrobras said that the average crude oil export volume in 2021-25 will double from 445000 barrels a day in 2015-19 to 891000 barrels / day, reflecting refinery sales, Chinese demand and the development of new markets for its growing subsea oilfield production.
4.2021 Cologne International Hardware Fair cancelled due to pandemic
Affected by the pandemic dynamics and international travel restrictions, Cologne decided to cancel the eisenware Messe – Cologne International Hardware Fair, which is planned to be held on 21-24 February 2021. Cologne hardware exhibition is a global market leader in the field of hardware products, including tools, industrial supply, fastener technology and accessories, home improvement and industry-related innovation.
5.Pemex is prepared to hedge against oil prices in 2021
Pemex, Mexico’s national oil company, is preparing to launch its 2021 oil hedge fund to protect its revenues. It is reported that the company has been waiting for oil prices to pick up before starting to hedge against future production. Since the early 1990s, Mexico has been hedging the risk of oil price decline through crude oil options. Its oil hedging is one of the most active sovereign oil trading platforms in the world.
6.Bahrain are going to explore hydrogen economy
The national oil and gas administration of Bahrain announced that its investment subsidiary, nogaholding, had signed a memorandum of understanding (MOU) with air products, a US company, on developing a hydrogen economy in the Gulf States at last week. The two parties will assess the feasibility of using hydrogen as a fuel in the transport sector and as a means of reducing carbon dioxide emissions.
7.Centrica try to sell LNG assets
Centrica, the UK energy supplier, is seeking to sell its LNG supply contracts and other asset portfolios, and the target value of the deal is unclear. Centrica suffered a legal loss of 135 million pounds (US $169 million) in the first half of the year and sold its North American energy supply, services and trading subsidiary direct energy to NRG energy in July for $3.63 billion in cash.
8.BP increases investment in Middle East oil and promises to transform to renewable energy
Recently,BP said that it will invest more in oil and gas in the Middle East as it transforms to renewable energy and strives to reduce emissions. It is reported that BP is a major oil producer in Iraq, the United Arab Emirates and Oman. It operates Rumaila, the world’s third largest oil field, in Iraq. On the other hand, European oil giants are looking for greener energy to deal with climate change. BP is also selling assets and cutting dividends in response to the oil price collapse triggered by this year’s pandemic. The company’s goal is to reduce hydrocarbon production by 40% by 2030 and will not explore for crude oil in any new country.
Post time: Dec-01-2020