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News

Iraq Begins To Rebuild Largest Refinery

Iraq Begins To Rebuild Largest Refinery

Dec 15, 2017 at 16:45 | Zainab Calcuttawala

Iraq began to rebuild its largest oil refinery this week, jumpstarting an effort to reconstruct the country after a three-year war with the terroristic Islamic State, an announcement from the…

Canadian Producers Struggle To Find Transport Oil Cargo

Canadian Producers Struggle To Find Transport Oil Cargo

Dec 15, 2017 at 16:39 | Zainab Calcuttawala

Oil producers in Canada are having trouble finding rail space for their commodity due to a pipeline shutdown that caused a backup in Alberta tank farms. “It’s hard for the…

Venezuela’s PDVSA Makes $539M Interest Payments On Bonds

Venezuela’s PDVSA Makes $539M Interest Payments On Bonds

Dec 15, 2017 at 14:39 | Tsvetana Paraskova

Venezuela’s cash-strapped state oil firm PDVSA said that it had initiated bank transfers on Thursday to pay US$539 million in interest on four separate bonds, just hours before…

China's CNPC Considers Taking Over South Pars Gas Field

China's CNPC Considers Taking Over South Pars Gas Field

Dec 15, 2017 at 13:52 | Tsvetana Paraskova

China National Petroleum Corporation (CNPC) is mulling the taking over of the majority stake in an Iranian gas project from Total if the French company walks out of Iran to…

BP To Invest $200 Million In Solar

BP To Invest $200 Million In Solar

Dec 15, 2017 at 11:37 | Irina Slav

BP today announced the acquisition of a 43-percent interest in solar power company Lighthouse for US$200 million, following in the footsteps of peers Shell and Total, which have been…

Tesla Opens New Showroom In NYC

Tesla Opens New Showroom In NYC

Dec 15, 2017 at 11:35 | Tsvetana Paraskova

Tesla is opening on Friday a brand-new showroom in New York where it will sell cars, batteries, and solar panels all under one roof, and the new store opening…

Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin

Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin

Dec 15, 2017 at 10:06 | Irina Slav

Petrobras chief executive Pedro Parente said at an event yesterday that the company was preparing to announce a partnership for the development of the prolific Campos Basin that would extend…

Venezuela Sells Oil Refinery Stake To Cuba

Venezuela Sells Oil Refinery Stake To Cuba

Dec 15, 2017 at 08:29 | Irina Slav

Venezuela has sold its stake in the Cienfuegos refinery to its partner in the joint venture, Cuba. Venezuela’s state oil company PDVSA held 49 percent in the refinery, and according…

Tesla Is “Headed For A Brick Wall”

Tesla Is “Headed For A Brick Wall”

Dec 14, 2017 at 17:54 | Zainab Calcuttawala

Short sellers, beware. Famed short trader Jim Chanos believes that Tesla shares are “headed for a brick wall” in the near future, according to a new report by Bloomberg.…

Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures

Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures

Dec 14, 2017 at 17:49 | Zainab Calcuttawala

An Oslo-based pension fund will divest investments made in oil sands and coal extraction ventures, according to a new report by Pensions&Investments. The $70.8 billion investment fund announced the…

IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”

IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”

Dec 14, 2017 at 15:46 | Tsvetana Paraskova

While OPEC producers have decided to roll over the production cuts to the end of 2018, non-OPEC supply will increase more than previously expected, and total supply growth could exceed…

Goldman Bullish On Oil Markets

Goldman Bullish On Oil Markets

Dec 14, 2017 at 15:36 | Zainab Calcuttawala

Goldman Sachs predicts a banner year for Big Oil in 2018 thanks to a boost in available cash to fund expensive oil exploration projects and pay out dividends to investors,…

OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond

OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond

Dec 14, 2017 at 15:30 | Tsvetana Paraskova

OPEC oil producer Nigeria will issue next week the first sovereign green bond in Africa, and will use the proceeds to finance renewable energy micro utilities and forestation programs, Nigeria’s…

Nigeria To Spend $1B Of Oil Money Fighting Boko Haram

Nigeria To Spend $1B Of Oil Money Fighting Boko Haram

Dec 14, 2017 at 12:55 | Tsvetana Paraskova

The governors of Nigeria’s 36 states approved on Thursday the release of $1 billion from the country’s Excess Crude Account to fight the Boko Haram Islamist terrorists in northeastern…

Syria Aims To Begin Offshore Gas Exploration In 2019

Syria Aims To Begin Offshore Gas Exploration In 2019

Dec 14, 2017 at 11:39 | Tsvetana Paraskova

Syria plans to start gas exploration in its offshore areas in early 2019, and has signed contracts for five offshore blocks with “friendly countries”, local media quoted Syrian Oil and…

Australian Watchdog Blocks BP Fuel Station Acquisition

Australian Watchdog Blocks BP Fuel Station Acquisition

Dec 14, 2017 at 09:26 | Irina Slav

The Australian Competition and Consumer Commission blocked BP’s US$1.4-billion (A$1.8 billion) acquisition of Woolworths’ fuel station network after months of negotiations. According to the competition regulator, the deal would be…

Colombia Boosts Oil & Gas Investment

Colombia Boosts Oil & Gas Investment

Dec 13, 2017 at 13:50 | Zainab Calcuttawala

Colombian oil companies plan between $4.5 billion and $4.9 billion in investments in 2018, increasing their budgets from this year, but still missing the mark on how much capital is…

Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners

Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners

Dec 13, 2017 at 13:35 | Zainab Calcuttawala

Landowners with property affected by the TransCanada Keystone XL pipeline are environmentalists’ newest allies in the fight against the facility’s construction, according to a new Reuters report. The Bold…

Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar

Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar

Dec 13, 2017 at 13:09 | Zainab Calcuttawala

The value of Venezuelan oil company PDVSA’s debt bonds stood at 19.25 cents on the dollar, according to the results of the first stage of an auction to land…

Aramco On The Hunt For IPO Global Coordinators

Aramco On The Hunt For IPO Global Coordinators

Dec 13, 2017 at 12:58 | Tsvetana Paraskova

Saudi Aramco is seeking by the end of 2017 proposals from banks willing to be global coordinators and bookrunners of the highly anticipated initial public offering (IPO) of Saudi Arabia’s…

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