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News

Iraqi Kurdistan To Defer Payments To Oil Firms As Prices Crash

Iraqi Kurdistan To Defer Payments To Oil Firms As Prices Crash

Apr 17, 2020 at 15:46 | Tsvetana Paraskova

The semi-autonomous region of Kurdistan in Iraq will defer payments to oil companies operating in the region for the oil sales they had made between November 2019 and February 2020,…

China And Malaysia Clash In Highly Disputed South China Sea

China And Malaysia Clash In Highly Disputed South China Sea

Apr 17, 2020 at 12:57 | Tsvetana Paraskova

Tensions are rising in the disputed South China Sea, where a Chinese survey vessel has been tagging an exploration ship which Malaysia’s state oil firm Petronas is operating in the…

Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities

Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities

Apr 17, 2020 at 10:25 | Irina Slav

Mexico’s Pemex is looking for joint venture opportunities, the country’s energy regulator said. That’s despite the president’s decision to suspend all new bidding rounds and review all contracts with foreign…

Shell Pushes Forward With $6.4 Billion Gas Project Despite COVID-Crisis

Shell Pushes Forward With $6.4 Billion Gas Project Despite COVID-Crisis

Apr 17, 2020 at 09:26 | Irina Slav

Shell has announced the final investment decision on the $6.4-billion Surat Gas Project in Queensland, Australia, the company said in a press release. The project will produce some 90 billion cu…

Over 500,000 Clean Energy Jobs Could Be Lost By The End Of June

Over 500,000 Clean Energy Jobs Could Be Lost By The End Of June

Apr 17, 2020 at 08:01 | Michael Kern

The world is grappling with one of the most - if not the most - devasting crises of a generation. It's forced people into their homes, cratered the markets and…

Rystad Lowers Production Outlook For Shale By 2.15 Million Bpd

Rystad Lowers Production Outlook For Shale By 2.15 Million Bpd

Apr 16, 2020 at 17:08 | Julianne Geiger

Rystad Energy had been projecting an increase in US shale production of 650,000 bpd by the end of this year, but recent developments have caused it to take a more…

Can A Trillion New Trees Really Combat Climate Change?

Can A Trillion New Trees Really Combat Climate Change?

Apr 16, 2020 at 15:19 | Robert Rapier

Last month I discussed the announcement by Jeff Bezos, founder, president and CEO of Amazon — that he would commit $10 billion toward fighting climate…

Qatar Starts Expansion Drilling At World’s Largest Gas Field

Qatar Starts Expansion Drilling At World’s Largest Gas Field

Apr 16, 2020 at 13:58 | Tsvetana Paraskova

Qatar Petroleum has started the development drilling campaign of the North Field East Project to expand the production capacity of the world’s biggest natural gas deposit that the tiny nation…

Shell Looks To Become Net Zero Energy Company By 2050

Shell Looks To Become Net Zero Energy Company By 2050

Apr 16, 2020 at 12:53 | Tsvetana Paraskova

Oil supermajor Shell announced on Thursday its ambition to become a net-zero emissions energy business by 2050 at the latest, joining other majors such as BP and Eni in unveiling plans…

Russia’s Oil Revenues Tank Despite Historic OPEC Deal

Russia’s Oil Revenues Tank Despite Historic OPEC Deal

Apr 16, 2020 at 11:59 | Tsvetana Paraskova

Due to the oil price crash and the nature of Russia’s tax system, the budget of the Russian Federation is set to suffer from low oil revenues despite Sunday’s OPEC+…

Power Demand In U.S. Falls To Nearly Two Decade Low

Power Demand In U.S. Falls To Nearly Two Decade Low

Apr 16, 2020 at 11:35 | Julianne Geiger

As stay-at-home orders keep businesses shuttered across much of the United States, electricity demand has fallen to a near 17-year low, according to analysts at the Edison Electric Institute (EEI)…

Brazil Cuts Oil Production On 62 Offshore Platforms

Brazil Cuts Oil Production On 62 Offshore Platforms

Apr 16, 2020 at 10:10 | Irina Slav

Petrobras has started shutting down production at 62 offshore platforms in the shallow waters off its coast, Reuters reported, adding that the cuts will amount to 23,000 bpd. Petrobras said…

Demand For OPEC Oil Falls To 30-Year Low

Demand For OPEC Oil Falls To 30-Year Low

Apr 16, 2020 at 09:52 | Tsvetana Paraskova

The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter.   Global…

Keystone XL Pipeline Permit Canceled Because Of Fish

Keystone XL Pipeline Permit Canceled Because Of Fish

Apr 16, 2020 at 09:36 | Irina Slav

A Montana judge canceled a vital permit for the controversial Keystone XL oil pipeline with the argument that the U.S. Army Corps of Engineers failed to consider the effects of…

Pirates Board Crude Tanker Near World’s Most Critical Oil Passage

Pirates Board Crude Tanker Near World’s Most Critical Oil Passage

Apr 15, 2020 at 16:43 | RFE/RL staff

Unidentified armed men have boarded a Hong Kong-flagged oil tanker off the coast of Iran near the strategic Strait of Hormuz, a British monitoring organization and a private intelligence firm…

Enterprise Pipeline Offers Oil Route To Cushing Storage As Glut Grows

Enterprise Pipeline Offers Oil Route To Cushing Storage As Glut Grows

Apr 15, 2020 at 14:35 | Tsvetana Paraskova

Enterprise Products Partners is opening the northbound capacity of its Seaway pipeline, offering U.S. oil producers struggling to place their oil near the Gulf Coast to ship their barrels to the…

Portugal’s Energy Giant EDP Hit By Ransomware Attack

Portugal’s Energy Giant EDP Hit By Ransomware Attack

Apr 15, 2020 at 14:25 | Tsvetana Paraskova

Portugal’s energy giant Energias de Portugal (EDP) fell victim to a ransomware attack this week, with hackers threatening to leak more than 10 terabytes of sensitive company information unless the firm…

Mexico’s State Oil Firm Fails To Pay Hundreds Of Workers

Mexico’s State Oil Firm Fails To Pay Hundreds Of Workers

Apr 15, 2020 at 13:02 | Tsvetana Paraskova

While Mexico’s leftist President Andrés Manuel López Obrador wants to make state oil firm Pemex the pillar of a turnaround in the country’s declining oil production, hundreds of Pemex workers…

Western Canadian Select Falls Below $5

Western Canadian Select Falls Below $5

Apr 15, 2020 at 11:31 | Michael Kern

Canadian oil is struggling. And I mean really, really having a tough time. Alberta's benchmark, Western Canadian Select, is now cheaper than a…

Chinese Oil Giant Helps Kuwait Turn Refinery Project Into Hospital

Chinese Oil Giant Helps Kuwait Turn Refinery Project Into Hospital

Apr 15, 2020 at 10:46 | Tsvetana Paraskova

China Petroleum & Chemical Corporation, or Sinopec, is helping Kuwait to remodel a camp at a refinery into a hospital to treat the rising number of coronavirus patients in one…

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