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News

Nigerian Company Lines Up To Continue Refining Revitalization

Nigerian Company Lines Up To Continue Refining Revitalization

Aug 04, 2017 at 16:02 | Zainab Calcuttawala

Nigerian company Forte Oil announced on Friday that it was in talks with one of the country’s major refineries to enhance the African nation’s low post-production processing capabilities, according…

Another Big Indian Refiner Keen To Buy U.S. Crude

Another Big Indian Refiner Keen To Buy U.S. Crude

Aug 04, 2017 at 15:48 | Tsvetana Paraskova

India’s Hindustan Petroleum Corporation Limited (HPCL), plans to buy U.S. crude oil in coming months for its 166,000-bpd refinery in southern India, according to company executives, which would add yet…

Rising U.S. Shale Prompts Banks To Cut Oil Price Forecasts, Again

Rising U.S. Shale Prompts Banks To Cut Oil Price Forecasts, Again

Aug 04, 2017 at 15:25 | Tsvetana Paraskova

Some investment banks doubt that the recent stockpile drops will continue after the summer season ends, as growing U.S. output could reverse the inventory trend later this year, according to…

Saudi Aramco In Talks To Buy $2B Stake In PetroChina Refinery

Saudi Aramco In Talks To Buy $2B Stake In PetroChina Refinery

Aug 04, 2017 at 11:52 | Tsvetana Paraskova

Saudi Aramco is negotiating a deal to buy a stake of more than 30 percent in a 260,000-bpd refinery in China owned by state firm PetroChina, in a transaction valued…

Rosneft’s H1 Profit Falls 12.5%

Rosneft’s H1 Profit Falls 12.5%

Aug 04, 2017 at 11:38 | Irina Slav

Rosneft reported a net profit attributable to shareholders of US$1.4 billion for the first half of 2017, down by 12.5 percent from the result for January-June 2016 because of…

China-Myanmar Warming Continues With Energy Export Talks

China-Myanmar Warming Continues With Energy Export Talks

Aug 04, 2017 at 09:18 | Irina Slav

China may soon start selling electricity to neighbor Myanmar in the latest sign that bilateral relations are thawing. China/Myanmar relations have been tense since 2011, when the Myanmar government…

Hyperloop Travel Reaches Milestone In Nevada Desert Trial Test

Hyperloop Travel Reaches Milestone In Nevada Desert Trial Test

Aug 03, 2017 at 17:40 | Zainab Calcuttawala

Pod-based hyper-speed travel reached a new milestone this week after the completion of the first full-scale test of Elon Musk’s envisioned Hyperloop in the desert of Nevada. The 500-meter…

KRG Refuses Plan To Ship Kirkuk Oil To Iran

KRG Refuses Plan To Ship Kirkuk Oil To Iran

Aug 03, 2017 at 15:36 | Zainab Calcuttawala

The Kurdistan Regional Government (KRG) is refusing to ship oil to Iran because Baghdad refused to consult the semiautonomous regime regarding the export program, according to a new report by…

Europe’s Big Oil To Tackle Huge Debt Problem

Europe’s Big Oil To Tackle Huge Debt Problem

Aug 03, 2017 at 13:39 | Tsvetana Paraskova

Europe’s three biggest integrated oil and gas companies—Shell, Total, and BP—have recently reported second-quarter and first-half figures that suggest they had passed the bottom of the cycle in terms of…

NNPC Announces New Deals With Four Oil Majors

NNPC Announces New Deals With Four Oil Majors

Aug 03, 2017 at 13:29 | Irina Slav

The Nigerian National Petroleum Corporation has inked new investment deals with four oil companies including Chevron, Shell, Total, and Eni for the development of untapped fields both onshore and…

U.S. Set To Deliver Coal To Ukraine For The First Time

U.S. Set To Deliver Coal To Ukraine For The First Time

Aug 03, 2017 at 11:19 | RFE/RL staff

The United States is set to begin delivering coal to Ukraine for the first time in a deal Washington framed as a move toward reducing Kyiv's reliance on Russian energy.…

Rio Tinto’s First-Half Profit Soars 93%, Investors Getting $3B Back

Rio Tinto’s First-Half Profit Soars 93%, Investors Getting $3B Back

Aug 03, 2017 at 11:10 | MINING.com

Rio Tinto, the world’s second largest miner, gave its shareholders an early Christmas present Wednesday as it declared its biggest interim dividend in the company’s 144-year history, thanks to climbing commodity…

Iran To Boost Oil Exports To China Further In August

Iran To Boost Oil Exports To China Further In August

Aug 03, 2017 at 10:41 | Irina Slav

Iran’s crude oil exports to China could hit an 11-month high this month, according to sources who spoke to Reuters. But overall, Iran’s total oil and condensate exports for…

Indonesia Asks Chevron, Conoco to Consider Extending Oil Licenses

Indonesia Asks Chevron, Conoco to Consider Extending Oil Licenses

Aug 03, 2017 at 09:25 | Irina Slav

The Indonesian government has approached Chevron and Conoco with an offer to consider extending their licenses, which expire in a few years, as part of efforts to boost domestic…

Oil And Gas Added $1.3 Trillion To The U.S. Economy In 2015

Oil And Gas Added $1.3 Trillion To The U.S. Economy In 2015

Aug 02, 2017 at 16:44 | Zainab Calcuttawala

Oil and gas ventures in the United States supported 10.3 million jobs and added $1.3 trillion to the national economy in 2015, the year after the oil price crash, according…

Western Firms Find Loophole In Russia Sanctions

Western Firms Find Loophole In Russia Sanctions

Aug 02, 2017 at 15:23 | Zainab Calcuttawala

American sanctions against Russia’s energy industry aim to limit the latter’s ability to develop shale reserves, which inadvertently makes them less effective political tools, according to the results of…

Bharat Petroleum Orders First Taste Of WTI

Bharat Petroleum Orders First Taste Of WTI

Aug 02, 2017 at 14:53 | Zainab Calcuttawala

India’s state-owned Bharat Petroleum (BPCL) has made its first purchase of West Texas Intermediate (WTI) crude oil via a tender, according to a new report by Reuters. The shipment…

Southern Co.’s Billion Dollar Nuclear Conundrum

Southern Co.’s Billion Dollar Nuclear Conundrum

Aug 02, 2017 at 14:48 | Zainab Calcuttawala

Southern Co. would benefit financially from completing delayed nuclear reactor projects instead of abandoning the $7.4 billion plans, according to a new report by Bloomberg. CEO Tom Fanning said…

Special Rules Won’t Fly For Aramco IPO

Special Rules Won’t Fly For Aramco IPO

Aug 02, 2017 at 13:11 | Irina Slav

The UK Institute of Directors has criticized the Financial Conduct Authority’s proposal to amend listing rules that would accommodate Saudi Arabia’s oil giant Aramco, which is planning to list 5 percent…

Syncrude Restart Pressures Local Grade Oil Prices

Syncrude Restart Pressures Local Grade Oil Prices

Aug 02, 2017 at 11:23 | Irina Slav

Suncor’s announcement that its Syncrude oil sands processing facility will return to normal operation this week pressured the prices of Western Canadian Select and Bakken grades, Platts reports.

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