Norway’s top court started to hear arguments regarding the legality of awarding offshore oil licenses in the Arctic, in a landmark case that could stop the industry’s expansion.
oil and gas industry
A Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35% since 2014.
The US is preparing for another hurricane called Delta, the 25th named storm of the 2020 Atlantic hurricane season, which has been intensified to Category 4 status and is expected to achieve sustained winds of 135 knots.
US President Donald Trump, recently inked an order to extend a ban until 2032 on offshore oil drilling in the eastern Gulf of Mexico off Florida, in an effort to earn support in the state ahead of the Nov. 3 election.
The representative body for the UK’s offshore oil and gas sector, OGUK, will reflect on lessons learnt from the coronavirus pandemic as it reveals suspected COVID-19 cases offshore continue to decrease due to “effective industry-wide measures” to protect the sector.
During March and April, oil prices plunged to their lowest in a generation, However, Norwegian energy giant Equinor ASA was pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.
The oilfield service market is not likely to rebound to last year’s activity level until 2023, as a consequence of the COVID-19 downturn, according to Norwegian research firm Rystad Energy. However, suppliers could diversify some oil and gas capabilities and replace up to 40% of 2019’s revenue by servicing the renewable markets.
The UK oil and as industry has recently criticized the government for refusing to provide the means for COVID-19 testing on offshore platforms. This comes in light of the recent death of 227 oil workers at Petroleos Mexicanos, the highest toll of any company worldwide.
Greenpeace UK was fined $100,000 by Scotland’s highest court for interfering with the operations of the Transocean floater Paul B. Loyd Jr. in the UK North Sea in June 2019.
Although daily natural gas deliveries to U.S. facilities that produce LNG for export were a record 9.8 billion cubic feet per day (Bcf/d) in late March 2020, deliveries fell to less than 4.0 Bcf/d in June, EIA reported.
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