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News

BP Admits It Underestimated Renewable Growth

BP Admits It Underestimated Renewable Growth

Apr 26, 2018 at 09:28 | Irina Slav

BP made a mistake in its 2018 World Energy Outlook by underestimating the speed of renewables adoption, notably solar capacity. In an interview with Euractiv, BP’s chief economist, Spencer…

Hess Posts Lower-Than-Expected Q1 Loss

Hess Posts Lower-Than-Expected Q1 Loss

Apr 25, 2018 at 17:57 | Tsvetana Paraskova

Hess Corp (NYSE:HES) reported on Wednesday a smaller-than-forecast loss for the first quarter of 2018 as higher oil prices and lower operating costs helped it to offset a decline…

Italian Design Studio Is Crowdfunding Floating Solar-Powered City

Italian Design Studio Is Crowdfunding Floating Solar-Powered City

Apr 25, 2018 at 17:46 | Tsvetana Paraskova

An Italian design studio, Lazzarini Design, has launched a crowdfunding campaign to kickstart the construction of a floating city consisting of solar-powered pyramids. Solar panels and water turbines will…

Iran Claims Its Oil Exports To India Are Not Dropping

Iran Claims Its Oil Exports To India Are Not Dropping

Apr 25, 2018 at 16:38 | Tsvetana Paraskova

Iran says that its crude oil exports to India have hit 700,000 bpd this month, with sales volume “unprecedented”, Iranian media report, quoting a statement by the Iranian oil ministry.…

PDVSA Bond Holders Prepare For Interest Payment

PDVSA Bond Holders Prepare For Interest Payment

Apr 25, 2018 at 16:11 | Irina Slav

A group of investors holding part of a secured US$2.5-billion bond issued by Venezuela’s PDVSA and maturing in 2020 are organizing ahead of an interest payment due to be made…

UK Needs A Fracked Well A Day To Reduce Gas Imports

UK Needs A Fracked Well A Day To Reduce Gas Imports

Apr 25, 2018 at 13:27 | Irina Slav

The UK will need to have one well per day fracked in the period between 2021 and 2035 if it wants to reduce its natural gas imports by 50 percent,…

Asia’s Biggest Refiner To Continue Cutting Saudi Crude Oil Imports

Asia’s Biggest Refiner To Continue Cutting Saudi Crude Oil Imports

Apr 25, 2018 at 11:26 | Tsvetana Paraskova

Having slashed Saudi crude imports for May by 40 percent, China’s Sinopec—the largest oil refiner in Asia—will continue to cut imports of the flagship Saudi crude grade in June and…

Government Pressure Could Cancel CEFC-Rosneft Deal

Government Pressure Could Cancel CEFC-Rosneft Deal

Apr 25, 2018 at 09:38 | Irina Slav

Beijing’s investigation into energy giant CEFC has significantly affected the acquisition deal for an almost 15-percent interest in Russia’s Rosneft, but the talks between the companies have not been cancelled,…

Surprise Build In Crude Oil Stocks Rattles Market

Surprise Build In Crude Oil Stocks Rattles Market

Apr 24, 2018 at 15:45 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise build of 1.099 million barrels of United States crude oil inventories for the week ending April 20, contrary to analyst expectations that…

Taiwan Giant To Build $9.4B Chemical Complex In Louisiana

Taiwan Giant To Build $9.4B Chemical Complex In Louisiana

Apr 24, 2018 at 13:54 | Tsvetana Paraskova

Taiwan-based petrochemical giant Formosa Petrochemical Corp has selected St. James Parish in Louisiana for a US$9.4 billion chemical manufacturing complex, the office of Louisiana Gov. John Bel Edwards announced.…

Saudi Aramco Aims To Nearly Double Its Oil Trading By 2020

Saudi Aramco Aims To Nearly Double Its Oil Trading By 2020

Apr 24, 2018 at 13:48 | Tsvetana Paraskova

Aramco Trading, the trading arm of Saudi Arabia’s oil giant Saudi Aramco, will be looking to trade up to 6 million bpd of crude and refined products by 2020, up…

Electric Buses Are Eroding Oil Demand

Electric Buses Are Eroding Oil Demand

Apr 24, 2018 at 13:40 | Tsvetana Paraskova

The world’s biggest oil importer—China—is home to 99 percent of all electric buses globally, and as Chinese cities are adding e-buses at a break-neck pace, zero-emission city transportation is expected…

Can China’s EV Industry Survive Without Subsidies?

Can China’s EV Industry Survive Without Subsidies?

Apr 24, 2018 at 10:39 | Irina Slav

A Chinese electric vehicle maker, BYD, is attracting a lot of positive sentiment from analysts covering the company, according to a Bloomberg poll among 27 analysts. A total 18…

Sudan Extends Invitation To Russian Oil Explorers

Sudan Extends Invitation To Russian Oil Explorers

Apr 24, 2018 at 10:13 | Irina Slav

Sudan has invited Russian companies to take part in the development of its oil industry, Sputnik reports, quoting the adviser to Sudan’s energy minister. Abdel Zahir Mohammed said that…

Rystad Upbeat About Oilfield Service Providers

Rystad Upbeat About Oilfield Service Providers

Apr 24, 2018 at 09:35 | Irina Slav

Rystad Energy expects a strong performance from the oilfield service sector based on the first-quarter reports of the top three players in this field, which featured an average increase…

Two Chevron Employees Could Face Treason Charges

Two Chevron Employees Could Face Treason Charges

Apr 23, 2018 at 16:35 | Julianne Geiger

Two Chevron Corp. workers arrested in Venezuela last week could face treason charges, according to sources quoted by Reuters on Monday. The draft charges that used the word treason, seen…

CenterPoint Energy To Buy Indiana-Based Vectren For $6B

CenterPoint Energy To Buy Indiana-Based Vectren For $6B

Apr 23, 2018 at 16:28 | Tsvetana Paraskova

Houston-based CenterPoint Energy and Indiana-based Vectren said on Monday that they had agreed to merge in a US$6-billion transaction to become a leading U.S. energy delivery, infrastructure, and…

U.S. Oil Looks To Conquer European Market

U.S. Oil Looks To Conquer European Market

Apr 23, 2018 at 15:14 | Tsvetana Paraskova

U.S. crude oil and condensate exports to Europe are expected to hit an all-time high of around 550,000 bpd in April, according to shipping programs, and traders expect the record…

Kuwait Plans Massive Oil Tanker Expansion

Kuwait Plans Massive Oil Tanker Expansion

Apr 23, 2018 at 12:08 | Irina Slav

Despite the ongoing oil production cuts across OPEC, Kuwait has announced plans to expand its oil and oil product tanker fleet twofold over the next 20 years to 60 vessels,…

Halliburton Returns To Q1 Profit On Strong North America Business

Halliburton Returns To Q1 Profit On Strong North America Business

Apr 23, 2018 at 10:28 | Tsvetana Paraskova

On Monday, Halliburton (NYSE:HAL) reported a net income for the first quarter, compared to a net loss for the same period last year, as the oilfield service group’s revenue…

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