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Petroleum Argus









Getting fir for 40 
The majors have reset their business for a world of $50/bl oil...



Majors get to grips with $50/bl oil 
The majors followed strong first-quarter financial results with a resilient performance in April-June, highlighting the progress that they have made in adapting their businesses to prolonged oil price downturn...

US blinks over constituent assembly election 
Washington is placing Venezuelan president Nicolas Maduro on the US sanctions list, following a constituent assembly election viewed as a step towards establishing a military dictatorship in the country...

US majors double down on Permian
ExxonMobil and Chevron are stepping up their shale oil drilling activity in Texas’ Permian basin, marking a divergence in strategy from the US upstream independents that they have lagged in the region...

BP on track for free cash flow turnaround
BP is lagging the other majors in balancing its sources and uses of cash, as payments related to the 2010 Macondo oil spill in the US Gulf and Mexico weigh...

US Congress asserts foreign policy role
US president Donald Trump has signed legislation that expands the scope of sanctions on Iran, Russia and North Korea, but only after describing it as it flawed and unconstitutional...

Jakarta courts US firms to shore up output 
Indonesia is trying to rebuild bridges with its key upstream investors, because of mounting concerns over falling oil and natural gas production...

Oil tax reform faces hurdles 
Brazilian president Michel Temer has survived a lower house vote that could have prematurely ended his truncated presidency...

Beijing takes control in disputes 
Oil and natural gas drilling has re-emerged at the centre of fresh disputes in the contested South China Sea, as the balance of power shifts towards Beijing...

Referendums threaten crude output 
Colombia’s beleaguered crude production is at further risk, as a result of a growing number of municipal and provincial referendums on upstream activity, industry association ACP says...

Compliance concerns grow 
Opec compliance with agreed production cuts dropped to its lowest in July, ahead of a meeting to discuss waning adherence by some members...

Abuja pushes oil reforms 
Nigeria’s Senate has advanced a number of pieces of planned legislation that would reform the country’s oil and natural gas sector...



  • Brazil’s sub-salt output overtakes post-salt
  • Pemex turns a profit
  • Kuwait eyes heavy oil production
  • Petrobras to sell shallow-water interests
  • Petronas prepares to exit Vietnam venture
  • Rosneft’s Yuganskneftegaz hits 30-year high
  • North American oil groups defend Nafta
  • Eni expects Kashagan to plateau this year
  • Iran and Iraq tighten energy ties
  • Russian ministry names tax-break fields


Rising production tempers price gains 
Oil prices found support from lower US inventories, although rising global production capped gains...