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News

Kenya Set To Give Local Communities Greater Share Of Oil Revenues

Kenya Set To Give Local Communities Greater Share Of Oil Revenues

Nov 10, 2017 at 11:14 | Tsvetana Paraskova

Kenya plans to allocate 30 percent of future oil revenues to the community where the crude oil has been discovered, backtracking on a previous proposal to cap revenues at…

Rosneft, China To Deepen Strategic Cooperation

Rosneft, China To Deepen Strategic Cooperation

Nov 10, 2017 at 09:22 | Tsvetana Paraskova

Russia’s state-controlled oil giant Rosneft and Chinese energy company CEFC—which has agreed to buy 14 percent in Rosneft—are deepening their strategic cooperation by signing an agreement to study the possible…

New York Listing Unlikely For Aramco IPO

New York Listing Unlikely For Aramco IPO

Nov 10, 2017 at 09:22 | Irina Slav

Aramco is highly unlikely to list on the New York Stock Exchange, Mark Mobius, executive chairman of Templeton Emerging Markets Group, told CNBC. The reason: risk of litigation. Interestingly,…

China To Invest $83B In U.S. Shale

China To Invest $83B In U.S. Shale

Nov 09, 2017 at 15:39 | Zainab Calcuttawala

West Virginia’s shale gas business is getting an $83 billion investment from the world’s largest power company, China Energy, according to a new report by The Washington Times. “Expanding…

Aramco To Spend $100 Billion In Capital Expenditures Next Year

Aramco To Spend $100 Billion In Capital Expenditures Next Year

Nov 09, 2017 at 15:39 | Zainab Calcuttawala

Capital spending at Saudi Arabia’s state-owned oil company should pass $100 billion over the coming financial year, according to a top official at Aramco. The announcement comes less than…

Saudis To Cut Oil Exports By 120,000 BPD In December

Saudis To Cut Oil Exports By 120,000 BPD In December

Nov 09, 2017 at 13:28 | Zainab Calcuttawala

Saudi Arabia will reduce oil exports to oil regions as a further measure to end the global oil supply glut to boost barrel prices worldwide, according to a new report…

Brazil Announces New Round Of Pre-Salt Oil Block Auctions

Brazil Announces New Round Of Pre-Salt Oil Block Auctions

Nov 09, 2017 at 13:23 | Tsvetana Paraskova

Brazilian energy policy council CNPE approved on Thursday the fourth round of auctions for the coveted pre-salt oil blocks and set the date of the auction for June 7,…

Big Oil Back To Boosting Shareholder Returns

Big Oil Back To Boosting Shareholder Returns

Nov 09, 2017 at 13:23 | Tsvetana Paraskova

Thanks to huge cost cuts across the board and recent oil price improvement, Big Oil exited the survival mode in which it had languished for three years, and the pressure…

PDVSA Months Behind On Payments To India’s Biggest Oil Producer

PDVSA Months Behind On Payments To India’s Biggest Oil Producer

Nov 09, 2017 at 13:22 | Tsvetana Paraskova

While bondholders of PDVSA debt are waiting to receive the latest bond payment from Venezuela’s cash-strapped state oil firm, the company is six months behind in payments to the…

UK To Provide $2B Loan Guarantee To Saudi Aramco

UK To Provide $2B Loan Guarantee To Saudi Aramco

Nov 09, 2017 at 12:00 | Tsvetana Paraskova

The UK Treasury is finalizing a $2-billion loan guarantee for Saudi Aramco just as Britain is trying to lure the Saudi oil giant to pick London for the international venue…

Energy Majors Team Up To Create New UK Utility Giant

Energy Majors Team Up To Create New UK Utility Giant

Nov 09, 2017 at 10:42 | Irina Slav

UK utility ESS is in a rush to merge its household electricity supply business with German peer Innogy and exit the household power market ahead of a government move…

Conoco Boasts $40 Per Barrel Breakeven

Conoco Boasts $40 Per Barrel Breakeven

Nov 09, 2017 at 09:33 | Irina Slav

It may sound a bit strange amid rising oil prices that one of the largest oil companies in the world is boasting it can break even at below US$40 a…

U.S. Weekly Oil Output Hits All-Time High

U.S. Weekly Oil Output Hits All-Time High

Nov 08, 2017 at 15:49 | Zainab Calcuttawala

Government data indicates American output hit an all-time high last week, signaling the resilience of North American drilling as oil prices begin another recovery. The U.S. produced 9.62 million barrels of…

Citi: Don’t Expect OPEC To Extend Production Cuts

Citi: Don’t Expect OPEC To Extend Production Cuts

Nov 08, 2017 at 15:49 | Zainab Calcuttawala

Citigroup predicts that companies planning to profit off of an OPEC deal extension next month are setting themselves up to be disappointed. So far, most hedge funds bet that…

Senators Call For Investigation Of Enbridge Pipeline

Senators Call For Investigation Of Enbridge Pipeline

Nov 08, 2017 at 15:44 | Tsvetana Paraskova

U.S. Senators Debbie Stabenow and Gary Peters of Michigan are raising serious concerns about the conditions of Enbridge’s Line 5 Pipeline running through the Straits of Mackinac and are

ConocoPhillips Extends Share Buybacks Through 2020

ConocoPhillips Extends Share Buybacks Through 2020

Nov 08, 2017 at 11:58 | Tsvetana Paraskova

ConocoPhillips (NYSE:COP) plans to extend share buybacks for another year to boost capital spending to $5.5 billion annually through 2020, based on a flat real WTI price of…

Tajikistan, Uzbekistan Strengthen Energy Relations

Tajikistan, Uzbekistan Strengthen Energy Relations

Nov 08, 2017 at 11:30 | Eurasianet

A source at a state-run natural gas company in Tajikistan has told media that they are finalizing negotiations to resume the import of gas from Uzbekistan after a five-year hiatus.…

China Relaxes Rules For Teapot Refiners

China Relaxes Rules For Teapot Refiners

Nov 08, 2017 at 11:25 | Tsvetana Paraskova

In a rather unexpected move, China raised the crude oil import quotas for “non state trade”—basically for independent refiners—by 55 percent for 2018 compared to 2017, signaling that it could…

Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

Nov 08, 2017 at 10:16 | Tsvetana Paraskova

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half…

Bakken Oil Production Rises As Oil Prices Jump

Bakken Oil Production Rises As Oil Prices Jump

Nov 08, 2017 at 09:30 | Irina Slav

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of…

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