As of June, Nigeria had lost 500,000 to 600,000 barrels per day of oil production, vaporizing about $30 million of daily revenues for the country. The Nigerian government had already seen its oil revenues cut in half by the collapse of oil prices, but the loss of a substantial portion of its production has pushed the country into a state of crisis.
The oil majors are living off of yesterday’s discoveries, and choosing to pay shareholders at the expense of future growth.
The Governor of Alaska has proposed changes to how the state collects revenue, a recognition that the state’s best oil days are likely in the past.
Chevron, Shell, ConocoPhillips, and ExxonMobil are all announcing limits on megaproject spending to focus on shale oil and gas production.
Developing oil and gas in Brazil means dealing with the country's beleaguered state oil company, Petrobras. In spite of this impediment, Royal Dutch Shell is doubling down on Brazil.
Despite oil prices falling to levels not seen in more than a decade and Arctic drilling efforts halted by major companies such as Royal Dutch Shell, Houston-based Hilcorp’s latest proposal to build a gravel island for oil extraction off the shores of Alaska is still moving forward.
Much has changed since the 1973 embargo brought the U.S. economy to its knees. But our dependence on oil as a single transportation fuel remains the same.
After years of regulatory battles, environmental advocacy protests, and more than $7 billion of investment, Royal Dutch Shell is abandoning its costly efforts to extract oil from Alaska’s Arctic waters. But is Arctic oil truly sidelined for good?
Oil prices and the stock market have a complex relationship, which has grown far closer in the years following the financial crisis.