The Railroad Commission of Texas issued a total of 456 original drilling permits in April 2020 compared to 909 in April 2019. The April 2020 total includes 416 permits to drill new oil or gas wells, two to re-enter plugged well bores and 27 for re-completions of existing well bores.
One of the biggest oil companies in the world, BP, is not ruling out that the oil demand crash amid COVID-19 and perhaps the subsequent lasting change in people's lifestyle may have already brought about peak oil demand.
Saudi Aramco reported on Tuesday a net income of US$16.66 billion for the first quarter of 2020, down from net earnings of US$22.2 billion for Q1 2019, due to the coronavirus pandemic and the oil price crash that Saudi Arabia itself helped to worsen with the oil price war in March.
Premier Oil has started talks with BP to ask for the price of the Andrew and Shearwater North Sea oilfields in its proposed $625 million deal to be reduced due to weak oil prices, CEO Tony Durrant said on Wednesday.
Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential -- just as in the oil market -- to turn gas prices negative.
he world will soon bounce back from this pandemic, but the recovery will be rough and painful. The current low oil price environment will also come to an end, with prices possibly spiking as demand recovers.