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News

BP On Schedule To Drill First Deepwater Mexican Well By 2020

BP On Schedule To Drill First Deepwater Mexican Well By 2020

Mar 21, 2018 at 12:47 | Irina Slav

BP will begin drilling for oil in a Mexican deepwater offshore block in two years, after its drilling plan was approved by Mexico’s oil and gas regulator, the National…

U.S. Bases On Syrian Oilfields Receive New Equipment

U.S. Bases On Syrian Oilfields Receive New Equipment

Mar 21, 2018 at 10:27 | Zainab Calcuttawala

A new U.S. military base has been built at the al-Omar oilfield in southeastern Deir Ezzor in Syria to support combat against the Syrian military, according to a new

BofA In On $6 Billion Financing Deal for Petrobras Subsidiary Bid

BofA In On $6 Billion Financing Deal for Petrobras Subsidiary Bid

Mar 21, 2018 at 09:09 | Zainab Calcuttawala

The Macquarie Group Ltd. is financing a bid on Petrobras assets using financial assistance from Bank of America and Banco Bradesco, according to a new report by Bloomberg. The…

Oil Prices Rise After API Reports Surprise Crude Draw

Oil Prices Rise After API Reports Surprise Crude Draw

Mar 20, 2018 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise draw of 2.739 million barrels of United States crude oil inventories for the week ending March 16, according to the API data.…

Tesla Tumbles With News Of Model 3 Production Woes

Tesla Tumbles With News Of Model 3 Production Woes

Mar 20, 2018 at 14:46 | Safehaven.com

Forgiveness is a precious gift from investors—for as long as it lasts, but with Tesla shares down almost 7 percent over the past week and Goldman Sachs reiterating a…

U.S. Holds Utah Oil Lease Sale Despite Protests

U.S. Holds Utah Oil Lease Sale Despite Protests

Mar 20, 2018 at 14:20 | Tsvetana Paraskova

The U.S. Department of the Interior is auctioning on Tuesday, March 20, a total of 43 parcels in southeast Utah for oil and gas development, despite protests from environmentalists…

Chinese ‘Teapot’ Oil Refiners Prepare For Ethanol Blending

Chinese ‘Teapot’ Oil Refiners Prepare For Ethanol Blending

Mar 20, 2018 at 14:09 | Tsvetana Paraskova

Several Chinese independent oil refiners, commonly known as ‘teapots’, are getting ready to start buying ethanol and blend it with their fuel to meet China’s regulation that says by 2020,…

CEFC Drops European Expansion, CEO Steps Down

CEFC Drops European Expansion, CEO Steps Down

Mar 20, 2018 at 11:15 | Irina Slav

CEFC China Energy Co. has announced that it is abandoning its plans to acquire 50 percent in Czech-Slovak holding J&T Finance Group. This is the latest from an energy company…

Aramco Seeks Majority Stake In Massive Indian Refinery

Aramco Seeks Majority Stake In Massive Indian Refinery

Mar 20, 2018 at 09:10 | Irina Slav

Saudi Aramco is negotiating the acquisition of a majority stake in a massive oil refining complex set to be built in the western Indian state of Maharashtra, India’s Economic Times…

Uber Halts Autonomous Car Testing After Fatal Accident

Uber Halts Autonomous Car Testing After Fatal Accident

Mar 19, 2018 at 17:21 | Zainab Calcuttawala

An Uber self-driving SUV killed a woman crossing the street in Arizona, causing the pseudo-taxi companies to suspend its ambitious autonomous vehicle program, a new Reuters report says. The…

Saudi Arabia Boosts Diesel And Gasoline Exports

Saudi Arabia Boosts Diesel And Gasoline Exports

Mar 19, 2018 at 16:58 | Zainab Calcuttawala

Saudi Arabian diesel and gasoline exports reached record heights in January as the world’s largest oil exporter continues its compliance to the Organization of Petroleum Exporting Countries’ (OPEC) output cut…

Iraq To Expand Oil Production Capacity Via Manmade Island

Iraq To Expand Oil Production Capacity Via Manmade Island

Mar 19, 2018 at 16:54 | Zainab Calcuttawala

Iraq’s latest attempt to expand oil production capacity has the oil ministry considering a plan to inject seawater into underwater crude deposits from a manmade island, according to a new…

Iran Plans To Award $6 Billion Oil Contracts To Local Firms

Iran Plans To Award $6 Billion Oil Contracts To Local Firms

Mar 19, 2018 at 14:37 | Tsvetana Paraskova

Iran will be looking to sign US$6 billion worth of oil contracts with local drilling and production companies in the next Iranian calendar year that starts on March 21, 2018,…

Rosneft Doubles Q4 Profit After Settling Sistema Dispute

Rosneft Doubles Q4 Profit After Settling Sistema Dispute

Mar 19, 2018 at 14:21 | Tsvetana Paraskova

Russia’s oil giant Rosneft reported on Monday a fourth-quarter net profit, meeting analyst expectations and coming in at more than double the third quarter profit after it settled a…

Eni To Reduce Its Oil Production In Libya

Eni To Reduce Its Oil Production In Libya

Mar 19, 2018 at 11:55 | Tsvetana Paraskova

Eni will reduce its oil production in Libya to 200,000 bpd in 2021 from the current 320,000 bpd, Claudio Descalzi, chief executive of the Italian oil major, said at…

Total Inks Two 40-Year Oil Concessions In UAE

Total Inks Two 40-Year Oil Concessions In UAE

Mar 19, 2018 at 11:43 | Irina Slav

French Total has signed two 40-year concessions worth a combined US$1.45-billion with the Abu Dhabi National Oil Company, or Adnoc. The concessions are for 20 percent in the Umm…

Oil Majors Look To Gain Clarity On Sanctions Against Russia

Oil Majors Look To Gain Clarity On Sanctions Against Russia

Mar 16, 2018 at 15:13 | Zainab Calcuttawala

The Italian oil major Eni will discuss sanctions against Russia with authorities in the European Union and the United States to gain clarity on the economic rivalry forming between President…

Nigerian Petroleum Reforms To Be Signed Into Law

Nigerian Petroleum Reforms To Be Signed Into Law

Mar 16, 2018 at 15:06 | Zainab Calcuttawala

Nigeria’s long-awaited Petroleum Industry Governance Bill (PIGB) will be signed into law by President Muhammadu Buhari towards the end of March, legislators hope, according to Reuters. The OPEC nation…

Chicago Gasoline Highest-Flying Commodity Benchmark In Trump Era

Chicago Gasoline Highest-Flying Commodity Benchmark In Trump Era

Mar 16, 2018 at 11:29 | Tsvetana Paraskova

Between U.S. President Donald Trump’s inauguration on January 20, 2017, and end-February 2018, eight out of 11 commodity benchmark prices tracked by S&P Global Platts increased, with Chicago CBOB Gasoline…

European Gas Glut Forces Traders To Store Fuel On Tankers

European Gas Glut Forces Traders To Store Fuel On Tankers

Mar 16, 2018 at 11:25 | Tsvetana Paraskova

Traders have booked in recent weeks at least three tankers to store summer-grade gasoline off the coasts of the Netherlands as supplies in northwest Europe have steadily increased this year,…

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