Page 118 - எண்ணெய் மற்றும் வாயு பெட்ரோலியம் செய்தி நிகழ்வுகள் கதைகள் கட்டுரைகள் பகுப்பாய்வு வர்ணனை தலைப்புச் செய்திகள் ஸ்டாக்ஸ் நிதி பொருட்கள் வரைபடங்கள் படங்கள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana
by Bloomberg
|Friday, February 12, 2021
Efforts to clear an oil surplus are seen holding the market over until demand comes back in force.
(Bloomberg) Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force.
Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in more than a year. Signs of inventories declining in the U.S. and elsewhere point to the success OPEC+ has had in draining a surplus left in the wake of an historic demand slump due to the pandemic.
Plug and abandonment operations will take place in the offshore Vulcan Basin.
PTT Exploration and Production (PTTEP) (BKK: PTTEP) has awarded Petrofac’s Engineering and Production Services (EPS) business a well project management contract for work in the Vulcan Basin offshore North West Australia, Petrofac (OTCMKTS: POFCY) reported Tuesday.
Petrofac stated the contract calls on it to provide all project manpower for the execution of plug and abandonment operations on two of PTTEP’s remaining Vulcan Basin subsea wells. The firm noted that work will include detailed planning, procurement services including tendering a semi-submersible rig, and managing operations and sub-contracted services.
Chesapeake Energy Corporation (NASDAQ: CHK) has announced that it has successfully concluded its restructuring process and emerged from Chapter 11.
Chesapeake Energy Corporation (NASDAQ: CHK) has announced that it has successfully concluded its restructuring process and emerged from Chapter 11.
The reorganized business, which equitized around $7.8 billion of debt, permanently eliminated over $1 billion in annual cash costs from 2019 levels, has an anticipated cumulative free cash flow of more than $2 billion over the next five years, and is targeting a long-term net debt to EBITDAX ratio of less than one.
The company now has a capital reinvestment strategy of 60 to 70 percent of cash flow and a commitment to achieving net-zero greenhouse gas (GHG) direct emissions by 2035. Chesapeake also has new board of directors, which was said to be nominated by long-term value-focused equity holders. The new board includes chairman Michael Wichterich, Timothy S. Duncan, Benjamin C. Dust
The re-balancing of global oil markets remains 'fragile' amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said.