Spending is also expected to be largely flat in 2021, landing only marginally higher than 2020 at $386 billion. Before the Covid-19 pandemic, expected total upstream investment would maintain last year’s levels, both in 2020 and 2021.

Crude oil production from the major US onshore regions is forecast to decrease 93,000 b/d month-over-month in June from 7,725 to 7,632 thousand barrels/day, gas production to decrease 693 million cubic feet/day from 81,254 to 80,561 million cubic feet/day .

South African Nuclear Power Programme may comprise a blend of baseload power combining both conventional PWR and SMR technologies to a total of 2500 MW

Aramco had been looking to restructure the deal after SABIC’s market value fell more than 40% due to an oil price slump.

BP actions will lead to non-cash impairment charges and write-offs in the second quarter, estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax.

The government of South Africa has approved the merger of three oil and gas subsidiaries of the state-owned Central Energy Fund (CEF) into a National Oil Company.

“[Fossil] energy loans at the country’s six largest lenders jumped 23% to C$71.6 billion in their fiscal second quarter from the prior period,” Bloomberg reports, citing the banks’ financial disclosures. “Toronto-Dominion Bank had the largest increase at 29%, while Bank of Nova Scotia remained the biggest lender, with $21.6 billion in loans.”

U.S. Rig Count is down 5 rigs from last week to 279, Canada Rig Count is unchanged from last week at 21

BP will begin a process of cutting 10,000 jobs following the end of a three-month redundancy freeze that started in March.

The spread of the Covid-19 pandemic has upended these expectations, and 2020 is now set to see the largest decline in energy investment on record, a reduction of one-fifth – or almost USD 400 billion – in capital spending compared with 2019.

In the first quarter of 2020, LUKOIL booked a loss attributable to shareholders in the amount of RUB 46.0 bln.

The worldwide rig count for May 2020 was 1,176, down 338 from the 1,514 counted in April 2020

U.S. Rig Count is down 17 rigs from last week to 284, Canada Rig Count is up 1 rig from last week to 21

Oil companies, including Norway’s state-controlled Equinor, have said they intend to reduce both operating and capital spending in order to preserve cash during the downturn.

Companies operating in Brazil pumped 3.738 million b/d of oil equivalent in April