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News

BP: Technology Could Lower Oil Production Costs By 30 Percent

BP: Technology Could Lower Oil Production Costs By 30 Percent

Mar 15, 2018 at 12:41 | Tsvetana Paraskova

Better technology could reduce the average production costs of all oil and gas resource classes by around 30 percent per barrel of oil equivalent by 2050, oil and gas supermajor…

Iraq Looks For Investors To Build 70,000 Bpd Refinery

Iraq Looks For Investors To Build 70,000 Bpd Refinery

Mar 15, 2018 at 12:27 | Tsvetana Paraskova

Iraq is inviting companies to bid to build a 70,000-bpd oil refinery near the town of Haditha in the Anbar governorate, the oil ministry said on Thursday. Investors willing…

Statoil To Rebrand Itself As Equinor

Statoil To Rebrand Itself As Equinor

Mar 15, 2018 at 12:18 | Tsvetana Paraskova

Norway’s oil major Statoil is removing ‘oil’ from its name and is proposing to rebrand as Equinor as part of its strategy to become a broad energy company actively…

Libya Boosts Oil Exports To Europe And The U.S.

Libya Boosts Oil Exports To Europe And The U.S.

Mar 15, 2018 at 10:46 | Tsvetana Paraskova

Libya has managed to sustain its oil production at around 1 million bpd over the past couple of months and is boosting its oil exports to Europe and the…

Shell May Become First LNG Exporter To Hong Kong

Shell May Become First LNG Exporter To Hong Kong

Mar 15, 2018 at 09:28 | Irina Slav

Shell is close to inking a long-term LNG supply deal with Hong Kong utility CLP Power, which would make the supermajor the first long-term exporter of the fuel to Hong…

Iran Strikes Second Oilfield Development Deal Since Nuclear Pact

Iran Strikes Second Oilfield Development Deal Since Nuclear Pact

Mar 14, 2018 at 15:58 | Zainab Calcuttawala

A consortium of Russian and Iranian companies signed an agreement with Tehran to develop two oilfields located on the country’s border with Iraq, according to emerging reports—Iran’s second deal…

U.S. Will Not Interfere With Cyprus’ Exploration Agenda

U.S. Will Not Interfere With Cyprus’ Exploration Agenda

Mar 14, 2018 at 15:55 | Zainab Calcuttawala

The United States will not interfere with Cyprus’ ability to look for oil and gas resources offshore, according to a statement on Wednesday by Kathleen Doherty, the U.S. ambassador…

Moody’s Lifts Oil Price Forecast On Robust Demand Growth

Moody’s Lifts Oil Price Forecast On Robust Demand Growth

Mar 14, 2018 at 15:11 | Tsvetana Paraskova

Moody’s Investors Service raised on Tuesday its price band for crude oil in the medium term to $45-$65 per barrel from $40-$60 a barrel, as continued OPEC cuts and…

Saudis To Keep April Oil Exports Below 7 Million Bpd

Saudis To Keep April Oil Exports Below 7 Million Bpd

Mar 14, 2018 at 12:52 | Tsvetana Paraskova

Saudi Arabia will keep its crude exports below 7 million bpd in April as it stays committed to draw down excess global inventories and boost oil prices, according to…

OPEC Admits Rival Oil Supply Will Outpace Global Demand Growth

OPEC Admits Rival Oil Supply Will Outpace Global Demand Growth

Mar 14, 2018 at 12:48 | Tsvetana Paraskova

As it had done in several consecutive monthly reports, OPEC lifted again on Wednesday its estimates for non-OPEC oil supply growth this year, but this time the cartel’s estimates that…

Gazprom To Cut Overseas Jobs, Move Traders Back To Russia

Gazprom To Cut Overseas Jobs, Move Traders Back To Russia

Mar 14, 2018 at 11:12 | Tsvetana Paraskova

Russian gas giant Gazprom plans to cut hundreds of jobs at its trading and export divisions abroad and move trader jobs to St. Petersburg, Reuters reported on Wednesday, citing…

Australian Senate Grills Exxon On Tax Avoidance

Australian Senate Grills Exxon On Tax Avoidance

Mar 14, 2018 at 09:30 | Irina Slav

An Australian Senate commission looking into tax avoidance practices among large international companies operating in the country questioned Exxon about not paying any taxes since 2013, despite turning in a…

Oil Prices Steady After API Reports Smaller Than Expected Build

Oil Prices Steady After API Reports Smaller Than Expected Build

Mar 13, 2018 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) reported a moderate build of 1.156 million barrels of United States crude oil inventories for the week ending March 9, according to the API data.…

Baltimore City Council Wants To Ban New Crude Oil Terminals

Baltimore City Council Wants To Ban New Crude Oil Terminals

Mar 13, 2018 at 14:28 | Tsvetana Paraskova

The Baltimore City Council approved on Monday a bill to ban new or expanded crude oil terminals throughout Baltimore City, and if the mayor signs the bill into law,…

Nigeria Finally Moves To Cut Sulfur In Fuels, A Year After Deadline

Nigeria Finally Moves To Cut Sulfur In Fuels, A Year After Deadline

Mar 13, 2018 at 14:19 | Tsvetana Paraskova

West Africa’s biggest fuel consumer Nigeria will start reducing the sulfur levels allowed in fuel imports in July 2018, a year after a July 2017 deadline it had initially…

Kazakhstan Offers Shell Up To 20% In State Oil Firm

Kazakhstan Offers Shell Up To 20% In State Oil Firm

Mar 13, 2018 at 13:22 | Tsvetana Paraskova

Kazakhstan’s sovereign wealth fund has offered to Shell up to a 20 percent stake in KazMunayGas (KMG) in a bid raise the value of the state oil company ahead of…

India’s Oil Imports From Venezuela Plunge To Lowest Since 2012

India’s Oil Imports From Venezuela Plunge To Lowest Since 2012

Mar 13, 2018 at 12:53 | Tsvetana Paraskova

As crisis-stricken Venezuela is struggling with a steep decline in its oil production, India’s average oil imports from the Latin American OPEC member have slumped over the last few months…

Aramco May List At Home Only

Aramco May List At Home Only

Mar 13, 2018 at 10:53 | Irina Slav

Saudi Arabia’s energy giant Aramco may resort to only a local listing, unnamed sources close to developments around the company told Reuters. The information comes on the heels of…

UAE, Qatar Warily Extend Joint Oilfield Concession

UAE, Qatar Warily Extend Joint Oilfield Concession

Mar 13, 2018 at 09:57 | Irina Slav

The United Arab Emirates and Qatar have extended a concession for an offshore oilfield that the two share—but warily, since the UAE is part of a regional blockade against Qatar,…

EIA: U.S. Shale Oil Output To Jump 131,000 Bpd In April

EIA: U.S. Shale Oil Output To Jump 131,000 Bpd In April

Mar 12, 2018 at 18:11 | Zainab Calcuttawala

Shale output at seven major U.S. oil and gas plays will climb by 131,000 barrels per day next month to hit a 6.954 million bpd according to a new report…

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