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News

Qatar Diversifies Into IT, Plans Silicon Valley Office

Qatar Diversifies Into IT, Plans Silicon Valley Office

Mar 27, 2017 at 12:22 | Irina Slav

Qatar’s sovereign wealth fund will open an office in Silicon Valley by the end of the year as part of a move to move the country’s economy away from…

Libyan NOC Sounds Alarm For Illegal Sales

Libyan NOC Sounds Alarm For Illegal Sales

Mar 27, 2017 at 11:20 | Irina Slav

Libya’s National Oil Corporation warned in a statement yesterday that it had detected attempts for illegal sales of crude oil from “a group of individuals.” NOC is the only…

What A Westinghouse Bankruptcy Could Mean For U.S. Utilities

What A Westinghouse Bankruptcy Could Mean For U.S. Utilities

Mar 24, 2017 at 18:27 | Leonard Hyman & William Tilles

International news services now report that Japan’s Toshiba Corporation (9502.T) is preparing to make a chapter 11 bankruptcy filing for its Westinghouse Electric subsidiary as soon as this Monday, March…

Russia Plans 2017-2019 Budget Based On $40 Barrel

Russia Plans 2017-2019 Budget Based On $40 Barrel

Mar 24, 2017 at 18:05 | Zainab Calcuttawala

Russia is budgeting its federal spending to expectations that oil prices will hover around $40 a barrel for the next several years, according to a new report by Bloomberg.…

December Crude Spill In North Dakota Thrice As Big As Originally Estimated

December Crude Spill In North Dakota Thrice As Big As Originally Estimated

Mar 24, 2017 at 17:59 | Zainab Calcuttawala

The crude oil spill that occurred in western North Dakota in December is now estimated to be three times larger than originally estimated, according to True Companies, the owner…

Statoil Strikes Oil In Wildcat Well In North Sea

Statoil Strikes Oil In Wildcat Well In North Sea

Mar 24, 2017 at 17:49 | Tsvetana Paraskova

Norway’s Statoil has found oil and gas drilling a wildcat well next to producing oil fields in the northern part of the North Sea, the Norwegian Petroleum Directorate (NPD)

Myanmar-China Oil Pipeline Start-up Delayed

Myanmar-China Oil Pipeline Start-up Delayed

Mar 24, 2017 at 17:24 | Tsvetana Paraskova

Despite recent talks of imminent start-up, the launch of an oil pipeline that would allow China to import crude oil from overseas via Myanmar has been postponed again, awaiting final…

Argentine Firm Plans $2.3B Investment In Vaca Muerta Shale

Argentine Firm Plans $2.3B Investment In Vaca Muerta Shale

Mar 24, 2017 at 12:56 | Irina Slav

Argentine exploration and production firm Tecpetrol has plans to invest $2.3 billion on gas exploration in the massive Vaca Muerta shale formation. As part of the plan, Tecpetrol, which…

Canadian Province Reviews Oil Pipeline Standards After Spill

Canadian Province Reviews Oil Pipeline Standards After Spill

Mar 24, 2017 at 11:17 | Irina Slav

Saskatchewan will review the engineering standards and other rules for crude oil pipelines following a more than 200,000-liter crude oil spill from a Husky Energy-operated pipeline last summer.…

Nigeria Accelerates Visa Procedure for Business Execs

Nigeria Accelerates Visa Procedure for Business Execs

Mar 24, 2017 at 10:48 | Irina Slav

In a bid to attract more foreign investment, Nigeria’s government has introduced a new, faster visa application procedure that will allow executives traveling there on business to collect their…

Pioneer Natural Resources To Sell $266 Million Acreage Package

Pioneer Natural Resources To Sell $266 Million Acreage Package

Mar 23, 2017 at 18:37 | Zainab Calcuttawala

Pioneer Natural Resources signed a contract to sell a $266 million acreage package in Martin Country, Texas, to an undisclosed buyer, according to a new article by World Oil.

Algeria To Ramp Up Production By 14 Percent In Four Years

Algeria To Ramp Up Production By 14 Percent In Four Years

Mar 23, 2017 at 18:29 | Zainab Calcuttawala

Algeria’s state oil company released plans to ramp up production by 14 percent by in four years while making massive investment in the nation’s struggling energy sector, according to a…

U.S. State Department To Approve Final Keystone XL Permit Friday

U.S. State Department To Approve Final Keystone XL Permit Friday

Mar 23, 2017 at 16:28 | Zainab Calcuttawala

The United States Department of State is set to approve on Friday the last permit necessary for TransCanada to construct the Keystone XL pipeline, according to sources who spoke to…

Goldman Analyst: Arctic Oil Too Expensive To Pursue

Goldman Analyst: Arctic Oil Too Expensive To Pursue

Mar 23, 2017 at 15:35 | Tsvetana Paraskova

Much cheaper, shorter-cycle and easier to pump U.S. shale has made Arctic oil exploration economically unjustifiable at the current oil prices, according to Goldman Sachs commodities equity expert Michele Della…

Oil Product Stocks Drawdown To Prop Up Product Tanker Demand

Oil Product Stocks Drawdown To Prop Up Product Tanker Demand

Mar 23, 2017 at 15:29 | Tsvetana Paraskova

The global oil product inventories have to be drawn down in order to see demand for product tankers pick up, according to Henry Curra, global head of research at Braemar…

Saudis Stress Supply In OPEC Cut Deal

Saudis Stress Supply In OPEC Cut Deal

Mar 23, 2017 at 15:24 | Tsvetana Paraskova

Amid confusing discrepant production, export figures. and baselines for OPEC’s cut deal, the cartel’s de facto leader and biggest producer and exporter Saudi Arabia is signaling that the important metric…

UK Annuls Registrations Of Fraudulent Clones Of Russian Oil Firms

UK Annuls Registrations Of Fraudulent Clones Of Russian Oil Firms

Mar 23, 2017 at 13:18 | Tsvetana Paraskova

Five Russian oil companies have won appeals and lawsuits in the UK to have their fraudulent and unconnected ‘doppelgangers’ that were registered last year removed from the UK Companies…

Statoil Aims For Top Dog In Deepwater Drilling

Statoil Aims For Top Dog In Deepwater Drilling

Mar 23, 2017 at 11:53 | Irina Slav

Statoil has won 13 exploration licenses in the Gulf of Mexico, saying this marks a reset of its campaign in the area. The Norwegian company first entered the Gulf…

Ottawa Loans Alberta $22.5M To Clean Up Orphan Wells

Ottawa Loans Alberta $22.5M To Clean Up Orphan Wells

Mar 23, 2017 at 10:51 | Irina Slav

The central Canadian government has allocated US$22.5 million (C$30 million) in financial aid for the province of Alberta in its new budget, in a bid to stimulate its economy,…

ICE To Start Offering First-Ever U.S. LNG Futures Contracts

ICE To Start Offering First-Ever U.S. LNG Futures Contracts

Mar 22, 2017 at 18:02 | Tsvetana Paraskova

As the U.S. has been increasingly growing its LNG exports in recent months, Intercontinental Exchange (ICE) said on Wednesday that it would start trading the first-ever U.S. LNG futures…

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