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Breaking News:

Asian Oil Imports Dropped in April

News

Russia Seeking Bids For Colossal Green Energy Auction

Russia Seeking Bids For Colossal Green Energy Auction

May 29, 2017 at 17:19 | Zainab Calcuttawala

Russia issued government tenders on Monday for contracts to build 1.9 gigawatts of renewable energy capacity by utilizing foreign direct investment to create thousands of jobs for the country’s citizens,…

Canada’s Husky Energy Greenlights $1.6 Billion Offshore Project

Canada’s Husky Energy Greenlights $1.6 Billion Offshore Project

May 29, 2017 at 17:16 | Zainab Calcuttawala

Husky Energy greenlighted the offshore West White Rose project on Monday, despite concerns that its high costs would lead to undesirable financial results in current bearish markets, according to…

Court Injunction Forces Statoil To Stop Arctic Drilling

Court Injunction Forces Statoil To Stop Arctic Drilling

May 29, 2017 at 17:02 | Zainab Calcuttawala

A small Norwegian firm has forced Statoil to stop drilling in the Barents Sea of the Arctic by filing a suit against the oil major over a technology dispute, according…

Greece Opens Onshore Oil, Gas Blocs For Exploration

Greece Opens Onshore Oil, Gas Blocs For Exploration

May 29, 2017 at 13:51 | Tsvetana Paraskova

Greece will start opening new onshore oil and gas blocks for exploration in 2018, the head of the Hellenic Hydrocarbons Resources Management (HHRM), Yannis Bassias, told Reuters in an

Gazprom’s European Influence Is Fading As Poland Sees First U.S. LNG Imports

Gazprom’s European Influence Is Fading As Poland Sees First U.S. LNG Imports

May 29, 2017 at 13:15 | Tsvetana Paraskova

European imports of U.S. LNG could significantly cut into Gazprom’s dominance on the European gas market, Poland’s minister in charge of strategic energy infrastructure Piotr Naimski said on Monday, just…

Iran Launches Tender For Azadegan Oil Field Development

Iran Launches Tender For Azadegan Oil Field Development

May 29, 2017 at 12:56 | Tsvetana Paraskova

Iran has launched the tender for the development of the Azadegan oil field in the country’s southwest, and has already invited international oil companies to participate, the Islamic Republic News…

Iran Discovers New Oil Field

Iran Discovers New Oil Field

May 29, 2017 at 12:26 | Irina Slav

Seismological surveys of parts of the Central Kavir desert in Iran have revealed a new oil deposit, local media reported, citing an unnamed source. The source did not reveal any…

Gazprom Closer To Settling Antitrust Problem With EC

Gazprom Closer To Settling Antitrust Problem With EC

May 29, 2017 at 10:56 | Irina Slav

Gazprom’s chief executive Alexander Medvedev is meeting today with EU antitrust commissioner Margrethe Vestager, to discuss a settlement after a probe into the gas giant’s dominant position as supplier of…

South Korean Oil Imports Rise 5% In Q1

South Korean Oil Imports Rise 5% In Q1

May 29, 2017 at 09:36 | Irina Slav

Crude oil imports to South Korea went up by 4.9 percent on the year in the first quarter of 2017, to 278.18 million barrels. The main driver behind the…

Shell Starts Production At New FPSO In Pre-Salt Brazilian Field

Shell Starts Production At New FPSO In Pre-Salt Brazilian Field

May 26, 2017 at 16:57 | Zainab Calcuttawala

Royal Dutch Shell’s Brazilian subsidiary BG E&P Brasil and partners began production in a deepwater field in the Santos Basin on Friday, according to a new report by World…

1.2 Million BPD Capline Pipeline Could Be Retired By 2021

1.2 Million BPD Capline Pipeline Could Be Retired By 2021

May 26, 2017 at 16:53 | Zainab Calcuttawala

New pipelines with similar routes may drive Plains All American LP’s Capline pipeline, from Louisiana-to-Illinois, obsolete, according to a new report by Reuters. The 1.2-million-barrel-per-day pipeline, was once the…

Saudi Arabia To Trim Oil Exports To U.S. To Force Inventories Lower

Saudi Arabia To Trim Oil Exports To U.S. To Force Inventories Lower

May 26, 2017 at 16:47 | Zainab Calcuttawala

Riyadh plans to purposely reduce exports to the United States to force a reduction in the latter’s sizeable inventories, which are preventing a greater rise in global oil prices,…

China Teapot Refiners Overflow, Slow Crude Oil Imports

China Teapot Refiners Overflow, Slow Crude Oil Imports

May 26, 2017 at 13:29 | Tsvetana Paraskova

Chinese independent refiners, the so-called ‘teapots’, are expected to import less crude at least until August, as high inventories, changing import quota policies, and stricter tax scrutiny are squeezing their…

Analysts Say Oil Industry Needs $45 Oil Price To Break Even

Analysts Say Oil Industry Needs $45 Oil Price To Break Even

May 26, 2017 at 12:46 | Tsvetana Paraskova

Technological advances and deflationary pressure from the downturn have resulted in an 8-percent drop in global average unit production cost to US$30 per barrel of oil equivalent in 2016, which…

Iran Sees $50B Oil Deals Enter Operational Phases In 2018

Iran Sees $50B Oil Deals Enter Operational Phases In 2018

May 26, 2017 at 11:48 | Tsvetana Paraskova

Iran expects around US$50 billion worth of oil contracts to launch their operational phases next year, according to Fardad Daliri, director of investment at the Industrial Development and Renovation Organization…

Kinder Morgan Ready To Start $5.48 Billion Trans Mountain Oil Pipeline Extension

Kinder Morgan Ready To Start $5.48 Billion Trans Mountain Oil Pipeline Extension

May 26, 2017 at 09:37 | Irina Slav

Kinder Morgan is ready to go ahead with its expansion project for the Trans Mountain crude oil pipeline, the company said in a press release. To fund the project,…

Are Nuclear Industry Lobbyists Putting The Public At Risk?

Are Nuclear Industry Lobbyists Putting The Public At Risk?

May 25, 2017 at 17:28 | Zainab Calcuttawala

A new article in Science magazine suggests that the nuclear industry’s lobbying activities in Washington have resulted in the disapproval of a measure that would have protected Americans’ from the…

Iran Could Consider Russian Deal For Farzad-B Block

Iran Could Consider Russian Deal For Farzad-B Block

May 25, 2017 at 17:14 | Zainab Calcuttawala

If India backs out of the Farzad-B natural gas block deal, Russian companies could be stepping in to fill the vacuum, according to remarks by Iranian Oil Minister Bijan…

Italian Bank To Syndicate $5.8B Loan For Rosneft Deal

Italian Bank To Syndicate $5.8B Loan For Rosneft Deal

May 25, 2017 at 17:08 | Tsvetana Paraskova

Intesa Sanpaolo, Italy’s largest bank by market capitalization, has started the process to syndicate the US$5.8 billion (5.2 billion euro) loan it had extended to Glencore and the Qatar Investment…

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

May 25, 2017 at 14:52 | Zainab Calcuttawala

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during…

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