OPEC Daily Basket Price: Tuesday, 24 March 2020, Stood at $26.53 a Barrel
Vienna, Austria, 25 March 2020—The price of OPEC basket of thirteen crudes stood at $26.53 a barrel on Tuesday, compared with $24.72 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), …
Equinor launches USD 3 Billion Action Plan to Strengthen Financial Resilience in 2020
Equinor presents updated outlook for 2020 and an around USD 3 billion action plan to strengthen the financial resilience in a market impacted by the COVID-19 and low commodity prices. Equinor can be organic cash flow neutral (1) before capital distribution in 2020 with an average oil price around USD …
In an Oil Market Standoff with Saudi Arabia, Weakened Rouble Helps Russia
In Russia’s battle for oil market share with Saudi Arabia, a sharp fall in the rouble has handed the Russians one advantage – they can now produce cheaper than the Saudis, according to Reuters calculations. The Russian currency has lost nearly a fifth of its value against the U.S. dollar …
OPEC Daily Basket Price: Monday, 23 March 2020, Stood at $24.72 a Barrel
Vienna, Austria, 24 March 2020—The price of OPEC basket of thirteen crudes stood at $24.72 a barrel on Monday, compared with $28.57 the previous Friday, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), …
OPEC Daily Basket Price: Friday, 20 March 2020, Stood at $28.57 a Barrel
Vienna, Austria, 23 March 2020—The price of OPEC basket of thirteen crudes stood at $28.57 a barrel on Friday, compared with $26.73 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), …
SOCAR, Equinor Confirm Discovery of Karabagh Oil Field in Azerbaijan
SOCAR and Norway’s Equinor have confirmed a discovery of Karabagh field located 120 kilometers offshore, east of Baku, in the Azerbaijan sector of the Caspian Sea. Drilling of the first appraisal well at Karabagh oil field was started on December 23, 2019. The well was drilled in water depth of …
Volga Gas: Directorate Changes
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that Stewart Dickson and Andrei Yakovlev have been appointed as independent non-executive directors of the Company with immediate effect. Mr Dickson has significant corporate and commercial experience across …
OPEC Daily Basket Price: Wednesday, 18 March 2020, Stood at $27.31 a Barrel
Vienna, Austria, 19 March 2020—The price of OPEC basket of thirteen crudes stood at $27.31 a barrel on Wednesday, compared with $30.36 the previous day, according to OPEC Secretariat calculations. (View Archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), …
Gazprom Neft Almost Halves Production Costs of Bazhenov Oil
The Bazhenov Technology Centre (a Gazprom Neft subsidiary) has cut the costs of producing oil at the Bazhenov Formation, from RUB30,000 to RUB16,000 per tonne. A viable production cost, of RUB8,500 per tonne, is expected to be reached as soon as 2021. Gazprom Neft’s 2019 year-end results show a 2.5-fold year-on-year increase in oil production at non-traditional reserves. Improvements in the technologies used in developing the Bazhenov …
Caspian Sunrise: Pauses Drilling Ops During Downturn, Medium to Long Term Outlook Remains Positive
The Board of Caspian Sunrise are pleased to update the market with news of its operational activities and action taken in light of the recent sharp decline in the world oil price. MJF Infill wells The Board is pleased to confirm New Well 150, has been completed with perforation expected in the …