NorthAmOil - North America Oil & Gas
Suncor’s CEO, Mark Little, has warned that the energy transition could prove as disruptive to oil demand as COVID-19 but has suggested that Canada’s oil sands industry could play a leading role in driving low-carbon growth.
Occidental Petroleum has slashed its dividend by 91% to just $0.01 per share on May 29 in a bid to preserve cash as it struggles with the impact of the oil price crash.
Qatar Petroleum and ExxonMobil have requested permission from US regulators to increase the capacity of their Golden Pass LNG terminal, which is currently under construction on the Texas Gulf Coast.
Despite the relative stability of crude prices in recent days, more news of activity cutbacks, earnings losses and demand weakness continues to come in, and all eyes are turning to the forthcoming OPEC+ meeting.
A deal struck by Australia-based LNG Ltd (LNGL) to sell its proposed Magnolia LNG project on the US Gulf Coast fell through less than two weeks after being announced, but LNGL has sold the project to a different buyer instead.
Some LNG developers in the US and Canada say they are still targeting final investment decisions soon, but this seems to be increasingly in doubt.