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News

Iran Launches New Development Phase For South Pars

Iran Launches New Development Phase For South Pars

Apr 17, 2017 at 10:20 | Irina Slav

Iran’s President Hassan Rouhani announced the start of phases 17-21 at its giant offshore South Pars gas field—a development stage worth $20 billion. Rouhani told media that gas output from…

Saudi Arabia, Iraq, And Kuwait Holding Out For $60 Barrel

Saudi Arabia, Iraq, And Kuwait Holding Out For $60 Barrel

Apr 17, 2017 at 09:42 | Zainab Calcuttawala

OPEC officials told The Wall Street Journal last week that the bloc’s biggest members are hoping for a $60 barrel from their oil supply rebalancing efforts that are currently…

Alaska’s Reserves Ripe for Extraction Despite Low Barrel Prices

Alaska’s Reserves Ripe for Extraction Despite Low Barrel Prices

Apr 14, 2017 at 16:24 | Zainab Calcuttawala

Proven reserves in Alaska’s North Slope could be tapped despite low barrel prices, increasing the United States’ footprint in international energy markets, according to a new report by MarketWatch.…

Russia Cuts Oil Shipments To Belarus In Q2 2017

Russia Cuts Oil Shipments To Belarus In Q2 2017

Apr 14, 2017 at 16:24 | Zainab Calcuttawala

Russia will lower oil shipments to Belarus from 6 million tons to 5 million tons in the second quarter of 2017, according to a new Reuters report. Sources close…

Rents In Oil Producing Areas Are On The Decline

Rents In Oil Producing Areas Are On The Decline

Apr 14, 2017 at 16:24 | Zainab Calcuttawala

Declining rents in the United States’ oil producing regions could be a key factor in bringing down national averages 10 years after the housing bubble burst. The housing bust that…

North Sea Oil Output Set For Decline

North Sea Oil Output Set For Decline

Apr 14, 2017 at 13:07 | Irina Slav

North Sea crude oil and condensate production will decline by 40,000 bpd next year as fewer new projects come online, according to research from ESAI Energy. Before that, however,…

Dakota Access To Start Carrying Crude Oil Across State Lines In May

Dakota Access To Start Carrying Crude Oil Across State Lines In May

Apr 14, 2017 at 09:34 | Irina Slav

Energy Transfer Partners’ $3.8-billion Dakota Access pipeline will begin carrying crude oil from the Bakken play to Illinois on May 14, the company said in a regulatory filing. The pipeline…

North Dakota Oil Output Hits 1 Million Bpd

North Dakota Oil Output Hits 1 Million Bpd

Apr 14, 2017 at 09:26 | Irina Slav

Crude oil production in North Dakota exceeded 1 million barrels daily in February for the first time in three months, but the increase is temporary as thaw season will prompt…

Nigeria On Track To Expand Oil Output Further

Nigeria On Track To Expand Oil Output Further

Apr 14, 2017 at 09:20 | Irina Slav

As OPEC discusses a six-month extension of the oil production cut agreement that it struck in November, Nigeria plans to continue ramping up its own output. The country, which…

Musk Shocks Tesla Stock After “Tesla Semi” Announcement On Twitter

Musk Shocks Tesla Stock After “Tesla Semi” Announcement On Twitter

Apr 13, 2017 at 17:38 | Zainab Calcuttawala

Tesla CEO Elon Musk’s announcement of an upcoming electric truck caused the company’s shares to jump by three percent on Thursday, according to a new report by Reuters. "Tesla…

SEC Filings Show Tillerson Made $27.4 Million In 2016

SEC Filings Show Tillerson Made $27.4 Million In 2016

Apr 13, 2017 at 17:37 | Zainab Calcuttawala

Regulatory filings show that ExxonMobil CEO turned U.S. Secretary of State Rex Tillerson made $27.4 million last year, according to a new report by Reuters. He, along with several other…

Gasoline Prices Significantly Higher This Summer

Gasoline Prices Significantly Higher This Summer

Apr 13, 2017 at 17:32 | Zainab Calcuttawala

Gasoline prices will hover around $2.46 per gallon this summer, 23 cents higher than last summer, according to a report by the Energy Information Administration (EIA) published today. Still,…

China Just Became The World’s Top Oil Importer

China Just Became The World’s Top Oil Importer

Apr 13, 2017 at 16:33 | Irina Slav

With a daily import rate of 9.17 million barrels of crude last month, China broke its own previous record and overtook the U.S. as the largest importer of the commodity…

Chevron Ponders Sale Of $2.5 Billion Stake In Athabasca Oil Sands Project

Chevron Ponders Sale Of $2.5 Billion Stake In Athabasca Oil Sands Project

Apr 13, 2017 at 12:39 | Zainab Calcuttawala

Chevron is pondering the sale of its 20 percent stake in the Athabasca Oil Sands venture in Canada for $2.5 billion, according to anonymous sources cited by Reuters in a…

Conoco Sells Assets For $3 Billion

Conoco Sells Assets For $3 Billion

Apr 13, 2017 at 12:18 | Irina Slav

ConocoPhillips has closed a deal to sell its assets in the San Juan Basin in the Southwestern U.S. to Hilcorp Energy Company for US$3 billion, bring its total divestment proceeds…

Nigerian Army Destroys 13 Illegal Refineries

Nigerian Army Destroys 13 Illegal Refineries

Apr 13, 2017 at 10:07 | Irina Slav

The Nigerian army said it had destroyed 13 illegal refineries in the Niger Delta – a small portion of the hundreds of such facilities that process crude oil stolen from…

Wafa Field Reopens In Libya After Local Elders Negotiate Deal With Armed Group

Wafa Field Reopens In Libya After Local Elders Negotiate Deal With Armed Group

Apr 12, 2017 at 17:01 | Zainab Calcuttawala

The Wafa oilfield in the western side of Libya has reopened oil and gas pipelines to its nearby port after local elders negotiated an agreement with an armed group that…

BP CEO’s Salary Package Remains Europe’s Highest After 40% Cut

BP CEO’s Salary Package Remains Europe’s Highest After 40% Cut

Apr 12, 2017 at 16:56 | Zainab Calcuttawala

Even with a forty percent salary cut for CEO Bob Dudley last year, the British Petroleum head remains the highest paid amongst European oil bosses, according to a new report by…

Least Populated County In The U.S. Could Be The Next Hotspot For Shale

Least Populated County In The U.S. Could Be The Next Hotspot For Shale

Apr 12, 2017 at 16:49 | Zainab Calcuttawala

An underexplored well in Loving County is the next hot shale spot in the Permian Basin, according to a new report by The Motley Fool. Successful drills in neighboring…

Egypt To Ink 1 Million Barrel/Month Oil Supply Deal With Iraq

Egypt To Ink 1 Million Barrel/Month Oil Supply Deal With Iraq

Apr 12, 2017 at 16:42 | Zainab Calcuttawala

The Egyptian cabinet has agreed to purchase one million barrels of oil from Iraq monthly, according to a statement by the North African nation’s Oil Minister Tareq el-Molla on Tuesday.…

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