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News

Peru Oil Pipeline Resumes Operation

Peru Oil Pipeline Resumes Operation

Sep 27, 2017 at 09:14 | Irina Slav

Petroperu announced the restart of a crude oil pipeline that has been shut for a year for urgent repairs after a series of leaks. The 687-mile piece of infrastructure,…

Oil Prices Inch Higher After Surprise Crude Draw

Oil Prices Inch Higher After Surprise Crude Draw

Sep 26, 2017 at 15:54 | Julianne Geiger

The American Petroleum Institute (API) reported a draw of 761,000 barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 3.422 million barrels…

Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay

Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay

Sep 26, 2017 at 15:03 | Zainab Calcuttawala

Kuwait is green-lighting the development of non-associated gas fields after seven years of delays, according to a new report by S&P Global Platts, in a move that would more…

Minnesota Begins Public Hearings On Enbridge Line 3 Project

Minnesota Begins Public Hearings On Enbridge Line 3 Project

Sep 26, 2017 at 13:50 | Tsvetana Paraskova

The Minnesota Public Utilities Commission is starting to hold on Tuesday public hearings on the certificate of need and route permit applications for Enbridge’s Line 3 project, in what…

China Looks To Create National Natural Gas Pipeline Firm

China Looks To Create National Natural Gas Pipeline Firm

Sep 26, 2017 at 13:35 | Tsvetana Paraskova

China is dusting off a plan to create a natural gas pipeline company and is working with state oil giants on the project, Reuters reported on Tuesday, citing three…

Total Not In A Rush To Sell Canadian Oil Sands Assets

Total Not In A Rush To Sell Canadian Oil Sands Assets

Sep 26, 2017 at 13:03 | MINING.com

French oil giant Total SA chief executive said on Monday the company was not in a rush to join the foreign exodus from Canada’s oil sands sector. During a call with analysts,…

DOE Seeks To Boost Usage Of Carbon Capture Tech

DOE Seeks To Boost Usage Of Carbon Capture Tech

Sep 26, 2017 at 12:57 | Irina Slav

Secretary of Energy Rick Perry has approached the National Petroleum Council to help find effective applications of carbon capture technology in oil and gas production, Reuters reports, citing a…

Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests

Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests

Sep 26, 2017 at 12:01 | Irina Slav

The months-long protests against the construction of a section of the Dakota Access crude oil pipeline will cost the state of North Dakota around US$39 million, after the state’s Emergency…

WTI At 7-Month High On Supply Optimism, Kurdistan Referendum

WTI At 7-Month High On Supply Optimism, Kurdistan Referendum

Sep 26, 2017 at 09:27 | Irina Slav

West Texas Intermediate hit US$52.22 a barrel yesterday at the close of trade, up by 3 percent as favorable factors combined to push up international benchmarks. Brent crude settled…

Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil

Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil

Sep 25, 2017 at 15:48 | Zainab Calcuttawala

The lucrative Permian Basin still holds between 60 and 70 billion barrels of unharvested oil, IHS Markit Ltd said this week. The recoverable resources in the basin shared by…

Petrobras Creditors Agree To $6.22 Billion Debt Swap

Petrobras Creditors Agree To $6.22 Billion Debt Swap

Sep 25, 2017 at 15:44 | Zainab Calcuttawala

Petrobras creditors have agreed to swap $6.22 billion in Petroleo Brasiliero bonds that are due between 2019 and 2021 for long-term securities, allowing Brazil’s state-owned oil company to lower…

Cracks Emerge In OPEC-Russia Oil Output Cut Pact

Cracks Emerge In OPEC-Russia Oil Output Cut Pact

Sep 25, 2017 at 15:39 | Tsvetana Paraskova

While OPEC and Russia are leading the production cut deal, Russia’s estimates for $40 oil doesn’t bode well for the future of the output pact that the cartel and a…

Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

Sep 25, 2017 at 14:03 | Irina Slav

OPEC should approach Libya and Nigeria, the two exempted OPEC members who were allowed to continue raising their crude oil output despite the November 2016 deal, Iran’s Oil Minister Bijan…

Chevron To Invest $4B In Permian Production

Chevron To Invest $4B In Permian Production

Sep 25, 2017 at 12:26 | Tsvetana Paraskova

Chevron will invest some US$4 billion in 2018 to increase its crude oil output in the Permian, a senior Chevron manager said at a conference on Monday, in a…

U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS

U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS

Sep 25, 2017 at 10:59 | Tsvetana Paraskova

U.S.-backed Syrian forces have seized a Conoco gas plant from Islamic State in the oil-rich Deir Ezzor area, depriving the militants from an important revenue source. Kurdish-led Syrian Democratic…

Iraq Says Shell May Not Quit Majnoon Oilfield

Iraq Says Shell May Not Quit Majnoon Oilfield

Sep 25, 2017 at 09:06 | Irina Slav

Negotiations between Baghdad and Shell regarding the company’s possible exit from the Majnoon oilfield are still continuing, Iraqi Oil Minister Jabbar al-Luiebi said on Sunday. The official added that…

Nigerian Oil Output Below 1.8 Million BPD Quota

Nigerian Oil Output Below 1.8 Million BPD Quota

Sep 22, 2017 at 17:38 | Zainab Calcuttawala

Nigerian oil production remains below 1.8 million barrels per day, in compliance with a quota set on the African nation by OPEC earlier this year in response to its…

Colorado Landfills Contain Radioactive Substances From Oil Sector

Colorado Landfills Contain Radioactive Substances From Oil Sector

Sep 22, 2017 at 17:34 | Zainab Calcuttawala

Landfills in Colorado have begun to fill their space with low-level radioactive substances from oil and gas activities, state health officials have said, according to the local news site…

Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

Sep 22, 2017 at 16:57 | Tsvetana Paraskova

Phillips 66 Partners (NYSE:PSXP), the master limited partnership of Phillips 66, said on Friday that it would buy assets from Phillips 66 (NYSE:PSX) in a deal valued…

Japan Court Slams Tepco With Fukushima Damages Bill

Japan Court Slams Tepco With Fukushima Damages Bill

Sep 22, 2017 at 14:38 | Irina Slav

The Chiba District Court in Japan has ordered Tokyo Electric Power Company Holdings, or Tepco, to pay damages to a group of Fukushima prefecture residents who were forced to…

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