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News

South Korea To Boost US Oil Imports In 2020

South Korea To Boost US Oil Imports In 2020

Jan 16, 2020 at 10:16 | Tsvetana Paraskova

As South Korea is looking to reduce its over-reliance on crude oil imports from the Middle East, it has increased its oil imports from the United States in recent years,…

Canadian Crude Prices Sink On Cold Snap

Canadian Crude Prices Sink On Cold Snap

Jan 15, 2020 at 17:28 | Julianne Geiger

The price of Western Canadian Select oil is falling thanks to a brutal cold snap in Western Canada, where temperatures less than 20 below are literally freezing Canada’s oil,…

Uganda Sees $5 Billion Costs For Two Oilfield Developments   

Uganda Sees $5 Billion Costs For Two Oilfield Developments   

Jan 15, 2020 at 17:17 | Tsvetana Paraskova

As Uganda’s government is looking to resolve a tax dispute with oil majors over oilfields, it sees the development costs for the two fields to reach at least US$5 billion,…

Saudi Arabia Says It Slashed December Oil Production By 300,000 Bpd

Saudi Arabia Says It Slashed December Oil Production By 300,000 Bpd

Jan 15, 2020 at 16:50 | Tsvetana Paraskova

OPEC’s largest producer and de facto leader, Saudi Arabia, told the cartel that its December crude oil production dropped by nearly 300,000 bpd from November to 9.594 million bpd, a…

Tullow Oil Sees $1.5B Write-Off As It Cuts Oil Price Outlook

Tullow Oil Sees $1.5B Write-Off As It Cuts Oil Price Outlook

Jan 15, 2020 at 15:44 | Tsvetana Paraskova

Tullow Oil expects to book US$1.5 billion write-offs for 2019, due to slashing its oil price assumption by US$10 a barrel and to reducing reserves expectations for African assets, the…

Washington Might Compromise On Fuel Economy Standards Rollback

Washington Might Compromise On Fuel Economy Standards Rollback

Jan 15, 2020 at 11:59 | Irina Slav

The Trump administration, which vowed to roll back Obama-era fuel economy standards to make cars more affordable might stop short of freezing these at 2020 levels, AP’s Tom Krisher

Texas Collects Record Amount Of Taxes From Oil & Gas

Texas Collects Record Amount Of Taxes From Oil & Gas

Jan 15, 2020 at 10:03 | Tsvetana Paraskova

Amid record oil and gas production, the oil and natural gas industry in Texas paid a total of US$16.3 billion in local taxes and state royalties in fiscal year 2019—the…

Encana Shareholders Approve Move To U.S., Name Change

Encana Shareholders Approve Move To U.S., Name Change

Jan 15, 2020 at 09:01 | Irina Slav

As many as 90 percent of Encana shareholders voted in favor of the company’s proposed renaming and move to the United States as the company seeks to improve its access…

Oil Prices Head Lower Following Inventory Builds

Oil Prices Head Lower Following Inventory Builds

Jan 14, 2020 at 15:52 | Julianne Geiger

The American Petroleum Institute (API) has estimated surprise crude oil inventory build of 1.1 million barrels for the week ending January 10, compared to analyst expectations of a 474,000-barrel…

Norway Awards 69 Oil Blocks To 28 Firms To Explore Mature Areas

Norway Awards 69 Oil Blocks To 28 Firms To Explore Mature Areas

Jan 14, 2020 at 15:27 | Tsvetana Paraskova

Norway awarded on Tuesday 69 new production licenses to 28 companies to explore in areas next to mature developed production areas, securing further exploration on the Norwegian Continental Shelf,…

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