U.S. Energy Secretary Jennifer Granholm has urged the oil and gas companies to increase their oil and gas production to stabilise the market.
The European Commission has proposed an outline of a plan, which is supposed to make Europe independent from Russian fossil fuels.
U.S. President Joe Biden has banned the imports of Russian oil, LNG, and coal while the UK government has decided to phase out Russian oil imports
Shell has apologised for buying a cargo of Russian crude oil, a decision which was made with the security of supplies in mind.
Scotland’s oil and gas services firm Plexus Holdings has decided to suspend activities with its Russian licensee Gusar until further notice as a result of the ongoing situation in Ukraine. Plexus has a license agreement with Gusar under which the Russian company is able to supply the Russian and CIS
IOG is finishing the final works required for the start-up of its Saturn Banks Project – Phase 1 to bring it online next week.
Austria’s oil and gas company OMV is also reevaluating its engagement in Russia following the attack on Ukraine.
The OGA is encouraged by the record low level of flaring in the North Sea, as it has fallen to the lowest one ever tracked on the UKCS.
War in Ukraine could result in as much as 1 million bpd of oil demand being removed from the global market, research by Rystad Energy shows.
North Star has inked contracts totalling over $133 million, marking its most sizeable ERRV order book in recent years.
Several container shipping majors have temporarily suspended bookings to and from Russia amid the Russian military attack on Ukraine.
Following the footsteps of the European giants, U.S. major ExxonMobil is also looking to exit its position from a project in Russia.
Shell has joined BP and Equinor in a decision to exit Russia-related businesses following Russia’s attack on Ukraine.
BP has decided to exit its shareholding in Russia’s Rosneft while Equinor has moved to exit its JVs in Russia.
