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News

President Duterte: China Threatened War If We Drill For Oil In South China Sea

President Duterte: China Threatened War If We Drill For Oil In South China Sea

May 19, 2017 at 14:13 | Tsvetana Paraskova

China’s President Xi Jinping had warned Philippine President Rodrigo Duterte that the Chinese would go to war if the Philippines were to drill for oil in a disputed area in…

Indonesia’s Oil and Gas Block Offerings Fail To Excite Investors

Indonesia’s Oil and Gas Block Offerings Fail To Excite Investors

May 19, 2017 at 14:07 | Tsvetana Paraskova

Indonesia offered on Friday 10 conventional and 5 unconventional oil and gas blocks under new, more flexible terms for production sharing deals, but it is still failing to attract much…

Iraq Starts Paying Off $1 Billion Power Debt To Iran

Iraq Starts Paying Off $1 Billion Power Debt To Iran

May 19, 2017 at 14:00 | Irina Slav

Iraq has made a US$300-million payment to Iran under a power export agreement, according to Azeri news media Trend, quoting Iran’s Deputy Energy Minister Houshang Falahatian. Another US$800 million remain…

Texas Oil Output Growth Strong As Energy Recovery Continues

Texas Oil Output Growth Strong As Energy Recovery Continues

May 19, 2017 at 12:55 | Tsvetana Paraskova

The oil and gas industry of Texas continued to recover in April, with strong oil production growth last month, the Federal Reserve Bank of Dallas said in its Energy…

Colombia’s Oil Reserves Shrink

Colombia’s Oil Reserves Shrink

May 19, 2017 at 11:33 | Irina Slav

Colombia’s crude oil reserves declined by 16.8 percent last year, according to the country’s natural resources ministry, but things are changing this year and more new wells had been…

Despite High Profile Spills, Oil Pipelines Are Still Safer Than Other Options

Despite High Profile Spills, Oil Pipelines Are Still Safer Than Other Options

May 19, 2017 at 11:12 | Haley Zaremba

Last month, on April 4, the highly controversial Dakota Access Pipeline had its first leak before it was even fully operational. The small leak spilled about 84 gallons of…

WTI Oil Price Just Surged Past $50 For The First Time In 3 Weeks

WTI Oil Price Just Surged Past $50 For The First Time In 3 Weeks

May 19, 2017 at 10:05 | Tsvetana Paraskova

WTI Crude price for front-month delivery jumped above US$50 per barrel on Friday morning for the first time in more than three weeks after reports suggested earlier in the day…

Rosneft Begins Planning for Post-OPEC-Cut Oil Markets

Rosneft Begins Planning for Post-OPEC-Cut Oil Markets

May 18, 2017 at 17:59 | Zainab Calcuttawala

Rosneft has begun strategic planning for post-OPEC cut oil markets, according to the state-owned oil giant’s CEO Igor Sechin. Russia joined in on the Organization of Petroleum Exporting Countries’…

Alberta’s Conservative Parties Band Together Behind Oil Industry

Alberta’s Conservative Parties Band Together Behind Oil Industry

May 18, 2017 at 17:34 | Zainab Calcuttawala

Two political parties in oil-rich Alberta – the Progressive Conservative Party and the Wildrose Party - have tentatively agreed to merge, according to a new report by Reuters. The…

Indonesia And UAE Talk $5 Billion Energy Partnership

Indonesia And UAE Talk $5 Billion Energy Partnership

May 18, 2017 at 15:57 | Zainab Calcuttawala

Talks between Indonesia and the United Arab Emirates could bring the launch of a $5 billion energy project, according to news from a recent meeting between Indonesian President Joko…

Aiming To Lift Production, Kazakhs May Not Play Along With OPEC Cuts

Aiming To Lift Production, Kazakhs May Not Play Along With OPEC Cuts

May 18, 2017 at 15:51 | Tsvetana Paraskova

While many oil producers part of the OPEC/non-OPEC agreement to curb production have already stated their support to the deal extension for another nine months, Kazakhstan is going into next…

Putin, Maduro Discuss Oil Markets As Support For Output Cut Extension Grows

Putin, Maduro Discuss Oil Markets As Support For Output Cut Extension Grows

May 18, 2017 at 12:54 | Tsvetana Paraskova

Russian President Vladimir Putin and Venezuela’s President Nicolas Maduro discussed the global oil markets situation in a telephone call at Venezuela’s initiative, the Kremlin said on Thursday, as support…

Petrobras May Pay First Dividend In 3 Years

Petrobras May Pay First Dividend In 3 Years

May 18, 2017 at 10:45 | Irina Slav

Brazil’s state energy major Petrobras last distributed a dividend in April 2014. This year could mark the return of the payouts as the company eyes to end 2017…

Algeria Headed For Unrest As Oil Subsidies Set To End

Algeria Headed For Unrest As Oil Subsidies Set To End

May 18, 2017 at 09:41 | Irina Slav

Algeria is planning to reduce oil subsidies further as a way of cutting public spending amid consistently low oil prices, the North African country’s Finance Minister Haji Baba Ammi

Oman To Sell $2 billion In Islamic Bonds To Close Oil Crisis Budget Deficit

Oman To Sell $2 billion In Islamic Bonds To Close Oil Crisis Budget Deficit

May 17, 2017 at 17:11 | Zainab Calcuttawala

Low oil revenues are prompting the government of Oman to sell $2 billion in Islamic bonds to raise funds for the national budget, according to a new report by Bloomberg.…

Venezuela Faces Gasoline Shortages As Protests Drag On

Venezuela Faces Gasoline Shortages As Protests Drag On

May 17, 2017 at 17:05 | Zainab Calcuttawala

Some parts of Venezuela faced gasoline shortages on Wednesday as old refineries shuttered due to technical issues and protests that blocked scheduled deliveries, according to a new report by Reuters.…

Eni, Rosneft Boost Oil Exploration, Refining Cooperation

Eni, Rosneft Boost Oil Exploration, Refining Cooperation

May 17, 2017 at 16:30 | Tsvetana Paraskova

Italy’s oil major Eni SpA and Russia’s oil giant Rosneft signed on Wednesday an agreement to cooperate in oil and gas exploration and production, as well as in oil refining,…

Investors Demand Details On Shell’s Emission-Driven Bonus Pay

Investors Demand Details On Shell’s Emission-Driven Bonus Pay

May 17, 2017 at 13:24 | Tsvetana Paraskova

In March this year, Shell said that it is proposing a Directors’ Remuneration Policy, subject to shareholder approval at the 2017 Annual General Meeting (AGM) on May 23, 2017. The…

Israel’s Delek Drilling, Avner Oil Merge To Create US$4.4B Firm

Israel’s Delek Drilling, Avner Oil Merge To Create US$4.4B Firm

May 17, 2017 at 12:16 | Tsvetana Paraskova

Israeli companies Delek Drilling and Avner Oil Exploration have fulfilled all conditions necessary to merge the two firms that are part of conglomerate Delek Group into a new entity that…

Indo-Iranian Dispute On Farzad-B Inches Closer To Resolution

Indo-Iranian Dispute On Farzad-B Inches Closer To Resolution

May 17, 2017 at 10:57 | Zainab Calcuttawala

In a step forward for Indo-Iranian relations, senior level officials from both countries convened in Tehran to discuss the resolution to a dispute regarding the oil and gas sectors.…

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