Oil and Gas

88 Energy Ltd (AIM: 88E) is continuing its high reward strategy towards making a multi-billion barrel oil discovery in Alaska. In fact, it’s more emboldened than ever, doubling down on its North Slope ambitions and acquiring 100% of Project Peregrine. Peregrine spans 195,000 acres of prime exploration ground on the Alaskan North Slope and comes […]

Alaska’s North Slope basin has a long history of successful oil discoveries — recent discoveries have included the two largest conventional oil discoveries onshore North America in over 40 years. It is the location of North America’s largest current oil field, Prudhoe Bay, which originally contained over 25 billion barrels of oil. Furthermore, the basin is […]

The chairman of Glencore (LSE: GLEN) and Genel Energy (LSE: GENL) has defended his firm’s current strategy to reduce greenhouse gas emissions following intense criticism from climate activists. Tony Hayward, who rose to international prominence as the CEO of BP during the Deepwater Horizon oil spill, rebuffed criticism that miners such as Glencore are not doing enough […]

Chevron Corp is to cut 10 to 15 per cent of its worldwide workforce as part of restructuring by the second-largest US oil producer. The company previously disclosed a 30 per cent reduction in its 2020 spending and voluntary job cuts amid this year’s plunge in oil prices and lower demand for oil and gas due […]

Exxon Mobil shares (NYSE:XOM) are about to break upwards as price action in the chart reveals. The market has been consolidating since April 2020, following a massive drop of January to March 2020. The market has been moving sideways. ADX period 14 is at the level 20 (low momentum), and DM+ is slightly above DM- […]

Oil prices have reached their highest level since March, after a drawdown of US crude inventories and output cuts by major producers helped ease concerns about excess supply. Brent Crude futures for July delivery were trading up 62 cents, or 1.7 per cent, at $36.37 per barrel at 05:50 BST, rising for a second day. US West […]

Saudi Aramco has reported a 25 per cent fall in first-quarter earnings, due to the oil price collapse and lack of demand stemming from the coronavirus pandemic. The state energy company reported net income of $16.7bn (£13.5bn, €15.4bn) in the first three months of the year, compared to $22.2bn a year earlier, as lockdowns reduced global […]

Saudi government will also suspend its cost of living allowance for state workers Saudi Arabia is to increase its value added tax (VAT) by three times as part of austerity measures to support its economy hit by the coronavirus. The government also said it will suspend its cost of living allowance for state workers as […]

Energy giant loses $610m in Q1 Exxon Mobil (XOM) has reported its first quarterly loss in 32 years, as the plunge in global oil prices continues to haemorhage the energy giant.               The company lost $610m (£488m, €555m) in the first quarter of 2020, largely thanks to the $2.9bn in […]

Brent for July fell 46 cents, or 1.7 per cent, to $26.02 this morning Oil fell to around $26 a barrel as weak demand and excess supply pressured the mark, despite major producers beginning output cuts. The global oil benchmark, Brent crude, has collapsed 60 per cent in 2020 and reached a 21-year low last […]