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News

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ExxonMobil Announces Breakthrough In Renewable Energy

Jun 19, 2017 at 16:36 | Zainab Calcuttawala

Synthetic Genomics and ExxonMobil’s partnership bore fruit on Monday, said a press release that announced the development of a modified algae strain that could push algae-based energy closer to being…

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Ten of 15 Blocks Tendered In Mexico’s Latest Offshore Licensing Round

Jun 19, 2017 at 16:22 | Zainab Calcuttawala

The Mexican energy regulator released the results of its latest oil and gas licensing round in the Gulf of Mexico on Monday, with nine of the fourteen available blocks successfully…

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Rice Energy Purchase Makes EQT Biggest U.S. Natural Gas Producer

Jun 19, 2017 at 16:13 | Zainab Calcuttawala

Pittsburg-based EQT Corp confirmed the purchase of Rice Energy for a $6.7 billion sum on Monday – a union that would create the largest natural gas producer in the United…

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U.S. Supreme Court Backs Chevron In $9B Ecuador Pollution Case

Jun 19, 2017 at 16:05 | Tsvetana Paraskova

The U.S. Supreme Court on Monday denied to hear an appeal by an American lawyer to try to collect US$8.65 billion in pollution damages from Chevron, handing a victory…

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Libya Oil Output Hits 885,000 Bpd

Jun 19, 2017 at 14:13 | Irina Slav

Libya is producing 885,000 barrels of crude oil daily after last week it reached an agreement with German Wintershall that will see the latter restart production at fields…

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Analyst: Expect $30 Oil In 2018 Unless OPEC Deepens Cuts

Jun 19, 2017 at 12:49 | Tsvetana Paraskova

Oil prices could plunge to US$30 a barrel in 2018 and maintain that low price for some two years, if OPEC fails to make steeper output cuts, Fereidun Fesharaki, chairman…

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Rosneft Strikes First Oil In Eastern Arctic

Jun 19, 2017 at 11:52 | Irina Slav

Russia’s Rosneft announced its first crude oil finds in the Eastern Arctic, in the Laptev Sea. The company did not detail any reserve estimates for the well—its first offshore well…

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China Issues Second Batch Of Oil Import Quotas For 2017

Jun 19, 2017 at 10:45 | Tsvetana Paraskova

China has allowed a second batch of crude oil import quotas for independent refiners and some state-held companies for 2017, setting full-year quotas at a total of 91.73 million tons,…

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Shale-Related Seismic Activity Rises In Texas, Report

Jun 19, 2017 at 09:16 | Irina Slav

Oklahoma is the state that springs to mind whenever earthquakes and oil are mentioned in the same sentence, but a fresh report from the Academy of Medicine, Engineering and Science…

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Floating Storage For Oil Reaches 2017 High As Traders Employ Aging VLCCs

Jun 16, 2017 at 17:02 | Zainab Calcuttawala

Outdated supertankers are becoming the storage units of choice for commodity traders looking to take maximum advantage of the new oil price crater, according to a new report by…

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