Coronavirus

Oil and gas companies are expected to award seven floating production, storage and offloading (FPSO) vessels in 2021, versus a likely total of one this year, as offshore project sanctioning recovers from the current downturn, according to Rystad Energy. Tokyo-based Modec Inc. won the only FPSO contract awarded so far this year, to supply a…

Mexico is facing a “triple crisis” on the public health, economic and governance fronts, with worrying implications for the energy sector and few encouraging signs for the near future, according to Tony Payan of Houston’s Rice University. After posting flat growth in 2019, the world’s 14th-largest economy is projected to shrink by at least 10.5%…

Continuing economic sluggishness brought on by Covid-19 mitigation efforts is weighing down demand for natural gas, but there could be a price uptick on the horizon, according to the U.S. Energy Information Administration (EIA). Henry Hub spot prices are expected to average $2.46/MMBtu in 4Q2020, bringing the 2020 average to $1.93/MMBtu, EIA said in its…

Oil and gas producers working in Argentina continued to increase activity in June, adding four rigs during the month, according to information from Baker Hughes Co.   Argentina had a total of six rigs running in June, compared to two in May and zero in April as the country had strict lockdown measures from the coronavirus…

Natural gas futures advanced Thursday after the latest storage build came in below analysts’ average expectations and indicated that intensifying summer heat had started to drive stronger cooling demand and power burns. The August Nymex contract rose 6.3 cents day/day and settled at $1.734 /MMBtu. September rose 6.4 cents to $1.785.  NGI’s Spot Gas National…

The U.S. Energy Information Administration (EIA) reported an injection of 65 Bcf for the week ending June 26, a print that fell below analysts’ average expectations and sent natural gas futures higher. Prior to the EIA report, the August contract was up 2.2 cents at $1.693/MMBtu, and the prompt month advanced further to around $1.718…

California regulators have rejected a request from Southern California Gas Co. (SoCalGas) to postpone well testing at the Aliso Canyon underground storage facility because of the coronavirus lockdown. Since the largest methane leak ever occurred at the 3,200-acre, 86 Bcf capacity facility over a four-month period in 2015-2016, new state regulations require all storage wells…

Covia Corp., which provides proppants for oil and gas well operations across North America, on Tuesday said it had filed for bankruptcy, making it the third U.S. energy company in three days to seek Chapter 11 protection.  The petition to reorganize under Chapter 11 was filed in the U.S. Bankruptcy Court for the Southern District…

Royal Dutch Shell plc expects to impair up to $22 billion in the value of its global natural gas and oil assets for the second quarter, citing the challenges from Covid-19 that have slammed commodity prices and energy demand. The supermajor said it was adapting “to ensure the business remains resilient.” A revised forecast for…