Exxon to Lay Off 300 Workers in Singapore
said on Wednesday.About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a statement.The Singapore layoffs come weeks after Exxon announced its plan to close its 72-year-old Altona refinery in Australia and convert it to an import terminal. The top U.S. oil producer, once America's most valuable company, posted a historic annual loss for 2020 after the coronavirus pandemic slashed energy demand.Exxon's announcement also follows European major Royal Dutch Shell's decision in November to cut 500 staff and halve its crude processing capacity in Singapore
Coronavirus, Consolidation Taking Toll On Energy Jobs
staff.Global fuel demand slumped by more than a third in the spring. While consumption has recovered somewhat, it remains lower than a year ago with major economies resuming lockdowns to contain the pandemic.The downturn has been particularly harsh in the United States, the world's largest crude oil producer. The nation has recorded the most deaths from coronavirus, and the damage from the pandemic has sent unemployment to about 8%.U.S. Energy Secretary Dan Brouillette said it is unlikely to return to the peak, near 13 million barrels per day, reached in 2019, largely through the use of fracking technology
Rosneft Re-appoints Sechin as CEO
is central to its economy.Sechin rose from being Putin's aide in 1990s to becoming one of Russia's most influential players after he started overseeing Rosneft in 2000s.After becoming Rosneft CEO in 2012, he began a buying spree, often criticized, but which made Rosneft the world's biggest oil producer among publicly-traded companies - until late last year when Saudi Aramco's public share offering handed it the top spot.Saudi Arabia's and Russia's rivalry led to a battle for market share in March that flooded a market already oversupplied with oil because of the drop in demand related
Hundreds of Norway Oil Workers Go On Strike
it was temporarily closing production at its Knarr field, which has a daily output of 23,900 barrels of mostly oil, but also natural gas liquids and natural gas.Shutting the field, whose owners are Idemitsu, Wintershall and DEA, could take up to 36 hours, it said.Norway is Western Europe's biggest oil producer. The disruption added to a rise in global oil supply outages and helped push Brent crude up 1.2 percent to $79.03 per barrel.The output of Norway's biggest oil producer Equinor , formerly known as Statoil, was not affected so far, the company said, even though it was shutting drilling operations
Oil Producer Norway Starts Wage Talks to Avert Widespread Strikes
Norwegian employers and labour unions embarked on four weeks' of wage talks on Monday to stave off widespread strikes that risk impacting output in western Europe's biggest crude producer. Unlike most years, in which wages are set on an industry-by-industry basis to reduce complexity, the 2018 round rolls a majority of private sector firms into a single negotiation in a bid to resolve a stand-off over pension reform. "We've understood that there is no real will among employers to compromise from the outset," labour union negotiator Asle Reime, who will represent oil workers
Oil Rises on Expected U.S. Inventory Decline
; * Saudi expected to lift Asian crude export prices - traders (Adds details on OPEC compliance meeting, updates prices) By Karolin Schaps LONDON, Jan 4 (Reuters) - Oil prices ticked higher on Wednesday on expectations that U.S. crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures were up 10 cents at $55.57 a barrel by 1110 GMT. The contract reached an 18-month high in the previous session, but a strong dollar has shaved off most of those gains. U.S. West
Ghana Climbing Oil Producer Ranks
Ghana could become the fourth biggest oil producer in sub-Saharan Africa by 2020 once two new offshore fields come on stream, to push total output above 240,000 barrels per day (bpd), pan-African bank Ecobank said on Wednesday. The West African country produces around 103,000 bpd ranking it ninth, far behind leaders Nigeria and Angola, which produce an average of 1.867 million bpd and 1.754 million bpd respectively, said the Ecobank research report. Ghana's Tweneboa-Enyenra-Ntomme (TEN) field came on stream in August and is expected to increase output to a peak of around 80,000 bpd. T
Shell to Lay Off Staff, Contractors in Norway
Oil producer Royal Dutch Shell will lay off 120 of its 900 workers in Norway and reduce its contractor force by 140 from 350, as low oil prices force it to cut costs, it said on Thursday. Shell said 100 of the staff cuts would be at its headquarters in Stavanger on Norway's west coast while 20 jobs would be eliminated at its operations department in Kristiansand. Oil firms in Norway are expected to cut investments by around 15 percent this year, the industry's lobby group predicted earlier. Spending could fall further in 2016 as energy firms hold back future developments after crude
Talisman Energy to Cut up to 15% of Head Office Jobs
other Canadian producers who slashed budgets as crude prices tumbled. Benchmark U.S. crude prices hit a six-year low of $42.05 a barrel on Wednesday and have more than halved since last June. Repsol is awaiting regulatory approval, expected mid-year, to buy Canada's No.5 independent oil producer for $8.3 billion. The Spanish producer will also assume Talisman's $4.7 billion long-term debt. (Reporting by Nia Williams; Editing by Bernadette Baum
Statoil’s President & CEO Helge Lund Resigns
has appointed Eldar Sætre as acting president and CEO of Statoil with immediate effect. According to a Reuters report, Statoil's long-serving chief executive will take on the top role at smaller rival BG, where he has been promised a big pay rise if he can turn round the flagging British gas and oil producer. "I would like to thank Helge Lund for his great efforts during his ten years tenure at Statoil. Under his leadership Statoil has become a stronger company. We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental
Continental Resources Names New President after Bott's Quick Exit
Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position. Stark, 59, had worked at Continental since 1998, most recently as head of exploration. The promotion instantly makes Stark the top contender to replace founder and Chief Executive Harold Hamm. Bott stepped down as president last week, a move that surprised many on Wall Street, and even some inside the company. Continental is set to hold an analyst day on Thursday in Oklahoma City. (Reporting by
Continental Resources President Quits, Leaves Leadership Gap
Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, said on Thursday that Rick Bott, its president and chief operating officer, had resigned. Bott, 54, was widely considered the likely successor to Continental Chief Executive Officer Harold Hamm, 68. His departure leaves a talent gap at the top of the company, which is in the midst of an ambitious attempt to double its 2012 production levels by 2017. Continental said Bott's duties will be divided between remaining executives. It was not immediately clear why Bott resigned or if he had secured
Oil Sector is Colombia's Biggest Economic Concern
says. Economic analysts have voiced caution over Colombia's heavy dependence on oil exports, which account for about 40 percent of export revenue. Current output also makes it a struggle for the country to raise its own oil reserves beyond a fairly tight seven years. Shares in state-owned oil producer Ecopetrol, which produces about two thirds of the country's crude, have fallen about 12 percent over the past year. The next largest producer is Canada's Pacific Rubiales. President Juan Manuel Santos, who was re-elected on Sunday, recognized during his campaign the need to streamline the government
Suncor Appoints Husky Energy's Cowan as CFO
Suncor Energy Inc , Canada's largest integrated oil and gas producer, said on Monday it has appointed Alister Cowan as its chief financial officer, ending a seven-month search. Cowan has had the same role at Husky Energy Inc, the country's No. 3 integrated oil producer, since 2008. He takes over as CFO at Suncor on July 21. "With almost 30 years' experience leading the finance function for a number of companies in the energy and utilities sectors, Alister has the breadth and depth of experience required to build on Suncor's strong financial position," Suncor Chief Executive Officer
"Soil Shift" Shuts Down Statoil Snorre B Platform
Statoil shut oil production at its Snorre B platform in the North Sea and evacuated a quarter of the personnel there after detecting a soil shift under a drilling template and then oil leak, the company said on Monday. The Snorre field in the northern part of the North Sea is Norway's fourth-biggest oil producer with output averaging 88,000 barrels of oil per day in 2013, data from Norwegian Petroleum Directorate (NPD) showed. The field has two production platforms but Statoil declined to provide a breakdown between Snorre B and Snorre A, which is operating normally. Production at Snorre B was first
