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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,…

Wind, Solar To Dominate New U.S. Power Capacity This Year

Wind, Solar To Dominate New U.S. Power Capacity This Year

Jan 14, 2020 at 13:07 | Tsvetana Paraskova

Wind and solar power will dominate the electricity generation additions across the United States in 2020, accounting for an overwhelming 76 percent of all new capacity set to begin commercial…

Shale Pioneer Mark Papa: Expect M&A Wave In Shale

Shale Pioneer Mark Papa: Expect M&A Wave In Shale

Jan 14, 2020 at 12:19 | Tsvetana Paraskova

Slowing U.S. crude oil production growth will likely lead to a new wave of consolidation across the U.S. shale patch, where the big players will acquire the ‘smaller guys’, shale…

UAE’s ADNOC Signs Crude Oil Storage Deal With Japan

UAE’s ADNOC Signs Crude Oil Storage Deal With Japan

Jan 14, 2020 at 11:30 | Tsvetana Paraskova

The Abu Dhabi National Oil Company (ADNOC) has signed a strategic agreement to store crude oil at storage facilities in Japan, Abu Dhabi’s state-held oil firm, which pumps nearly…

Saudi Aramco Chairman: Oil Industry Should Think In Decades

Saudi Aramco Chairman: Oil Industry Should Think In Decades

Jan 14, 2020 at 10:23 | Tsvetana Paraskova

Energy transitions “take decades, even centuries” to complete, the chairman of the world’s largest oil company, Saudi Aramco, said at a conference on Monday, adding that the industry should…

UK Oil Producer Sees Shares Tumble 70% On Loan Fraud

UK Oil Producer Sees Shares Tumble 70% On Loan Fraud

Jan 14, 2020 at 10:20 | Irina Slav

London-listed oil producer Lekoil has suspended trade in its shares amid a budding scandal involving a loan from a company claiming to act on behalf of the Qatar sovereign investment…

Ontario Government Warns Residents of Nuclear Incident—Accidentally

Ontario Government Warns Residents of Nuclear Incident—Accidentally

Jan 14, 2020 at 09:40 | Irina Slav

The Canadian government sent out an incident alert for a nuclear plant near Toronto on Sunday, urging residents in the vicinity of the Pickering nuclear power plant to ask the…

World’s Largest Fund Manager Sees Huge Opportunity In Climate Change

World’s Largest Fund Manager Sees Huge Opportunity In Climate Change

Jan 14, 2020 at 09:38 | Tsvetana Paraskova

The world’s biggest fund manager, BlackRock, said on Tuesday it is making sustainability and transparency the center of its investment strategy as it expects investment…

Venezuela’s PDVSA Uses Foreign Partners To Sell Its Crude

Venezuela’s PDVSA Uses Foreign Partners To Sell Its Crude

Jan 13, 2020 at 16:54 | Tsvetana Paraskova

Venezuela’s state-owned oil firm PDVSA is moving to market its crude oil overseas by enlisting its joint venture partners, including U.S. supermajor Chevron, to sell cargoes to buyers in Asia…

Norway Suffers Setback In Quest For Arctic Oil Discoveries

Norway Suffers Setback In Quest For Arctic Oil Discoveries

Jan 13, 2020 at 16:27 | Tsvetana Paraskova

One of the most active companies on the Norwegian Continental Shelf, Lundin Petroleum, said on Monday that it had revised downwards its resource estimate for a recent discovery in…

UK’s Second Largest City Takes Radical Measure To Curb Pollution

UK’s Second Largest City Takes Radical Measure To Curb Pollution

Jan 13, 2020 at 15:52 | Tsvetana Paraskova

The second-largest city in the UK, Birmingham, unveiled on Monday a plan to reduce air pollution and carbon emissions by limiting access of private cars to the city center.…

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