Exxon faces multi-billion-dollar writedown as fossil fuel prices struggle

Exxon disclosed it will write down the value of North and South American natural gas fields by $17 billion to $20 billion as cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales strain the balance sheet. More »

OPEC+ considers delaying oil production hike until April

Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. More »

CGG wins three-year contract extension for Oman Dedicated Processing Center

PDO operates a concession in Oman that covers almost one third of the country’s land surface area. This makes the DPC a critical proving ground for deploying new technology and workflows that can meet the highly variable imaging requirements of PDO’s exploration and production activities. More »

Turkey pauses Mediterranean oil search on further EU sanctions threat

The gesture is part of a broader series of moves meant to improve the atmospherics before EU leaders sit down on Dec. 10 to discuss a response to Turkish maritime activities in waters also claimed by bloc members Cyprus and Greece. More »

U.S. sanctions China’s CNOOC on drilling in disputed South China Sea

CNOOC’s operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines. More »

ADNOC considering purchase of key UAE offshore oilfield services firm

Abu Dhabi National Oil Co. is a potential contender to buy a local offshore oil-services firm that counts the state-owned crude producer among its major clients, according to people familiar with the matter. More »