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News

Nigeria State Owned Oil Company Refocuses On Power Generation

Nigeria State Owned Oil Company Refocuses On Power Generation

Mar 29, 2017 at 17:34 | Damir Kaletovic

With only one in four Nigerian households having even sporadic electricity, the Nigerian state oil company has announced plans to shift focus from strictly oil and gas to power…

BP Aims For $3B Additional Cash Flow From Downstream Business

BP Aims For $3B Additional Cash Flow From Downstream Business

Mar 29, 2017 at 17:04 | Tsvetana Paraskova

Despite the fact that it plans to raise its oil production, BP will not be investing in new refineries, but will seek to revamp existing plants and grow its retail…

Egypt To Pay Off Half Of $3.5B Dues To Oil Firms In Coming Weeks

Egypt To Pay Off Half Of $3.5B Dues To Oil Firms In Coming Weeks

Mar 29, 2017 at 13:59 | Tsvetana Paraskova

In the next few weeks, Egypt expects to cut by around half the $3.5 billion in arrears it owes to international oil and gas companies operating in the country, Egyptian…

UAE Slashes 200,000 Bpd From Daily Output In March

UAE Slashes 200,000 Bpd From Daily Output In March

Mar 29, 2017 at 13:02 | Irina Slav

The United Arab Emirates cut daily crude oil production by nearly 200,000 barrels this month, in keeping with the country’s obligations under the OPEC market rebalancing agreement. The size of…

Venezuela’s Main Crude Oil Port Hit By Spill

Venezuela’s Main Crude Oil Port Hit By Spill

Mar 29, 2017 at 11:05 | Tsvetana Paraskova

Venezuela’s main oil terminal, Jose, suffered disruptions in operations on Tuesday after a break in a pipeline had led to a crude spill, Reuters reports, citing sources familiar with…

Brazil Expects First Revenues From Oil PSA In September

Brazil Expects First Revenues From Oil PSA In September

Mar 29, 2017 at 10:41 | Irina Slav

Brazil is expecting the first revenues from oil sales under the new production-sharing agreements it has with foreign oil companies to start flowing into the state coffers this September, according…

Oil Prices Inch Higher After API Reports Moderate Crude Build, Gasoline Draw

Oil Prices Inch Higher After API Reports Moderate Crude Build, Gasoline Draw

Mar 28, 2017 at 16:16 | Julianne Geiger

The American Petroleum Institute (API) reported a build of 1.91 million barrels in United States crude oil inventories, compared to fairly accurate expert predictions that domestic supplies would see a…

Rystad Energy: Saudi Tax Cut Raises Aramco Value By $1 Trillion

Rystad Energy: Saudi Tax Cut Raises Aramco Value By $1 Trillion

Mar 28, 2017 at 15:27 | Tsvetana Paraskova

Until yesterday, analysts were largely estimating the value of Saudi Aramco well below the Saudi claim that it is worth $2 trillion, but the Kingdom’s recent tax rate cut is…

Trump Signs Executive Orders Slashing Obama’s Clean Power Plan

Trump Signs Executive Orders Slashing Obama’s Clean Power Plan

Mar 28, 2017 at 15:18 | Zainab Calcuttawala

A series of executive orders signed by President Donald Trump on Tuesday reversed climate regulations enacted by former President Barack Obama. Prominent environmental groups have vowed to sue the…

Armed Groups Suspend Production At Two Libyan Fields

Armed Groups Suspend Production At Two Libyan Fields

Mar 28, 2017 at 12:42 | Irina Slav

Unnamed armed factions have blocked production at the Sharara and Wafa fields in western Libya, cutting the country’s total output by 252,000 bpd, Reuters reported today, citing a source…

Petrofac Wins $1.3B Deal With Kuwait Oil Company

Petrofac Wins $1.3B Deal With Kuwait Oil Company

Mar 28, 2017 at 11:59 | Tsvetana Paraskova

London-listed oil services provider Petrofac said on Tuesday that it had won a contract with Kuwait Oil Company for a $1.3-billion gathering center project in southeast Kuwait. Kuwait Oil…

EU’s Highest Court Upholds Sanctions Against Russia’s Rosneft

EU’s Highest Court Upholds Sanctions Against Russia’s Rosneft

Mar 28, 2017 at 11:22 | Tsvetana Paraskova

The European Court of Justice, Europe’s top court, on Tuesday ruled that sanctions imposed by the UK and the EU on Russia’s oil giant Rosneft are valid, in a…

Libya’s NOC Rejects Government Decree Seeking Control over Oil

Libya’s NOC Rejects Government Decree Seeking Control over Oil

Mar 28, 2017 at 10:31 | Irina Slav

Libya’s National Oil Corporation has lashed out against the Government of National Accord, which issued a decree effectively giving it more control over the country’s oil wealth this weekend .…

Former Ukrainian Prime Minister Faces Russian Arrest Warrant

Former Ukrainian Prime Minister Faces Russian Arrest Warrant

Mar 27, 2017 at 18:56 | Zainab Calcuttawala

As the Russia versus Ukraine gas war continues, former Ukrainian Prime Minister Arseniy Yatsenyuk now faces a Russian arrest warrant in addition to the international arrest warrant that has been…

Taiwan Purchases High Sulfur Crude Oil From Kurdish Sources

Taiwan Purchases High Sulfur Crude Oil From Kurdish Sources

Mar 27, 2017 at 18:39 | Zainab Calcuttawala

Taiwan has begun purchasing high sulfur crude oil from Kurdistan to replace grades out of production due to the Organization of Petroleum Exporting Countries’ (OPEC) recent output cuts, according to…

Brazil Invites Turkish Investment As New Rounds Open In 2017 And 2018

Brazil Invites Turkish Investment As New Rounds Open In 2017 And 2018

Mar 27, 2017 at 18:32 | Zainab Calcuttawala

Brazil has invited Turkish oil and gas companies to invest in the South American country’s energy sector revitalization process in 2017 and 2018, according to new reporting from Anadolu…

Saudi Arabia Slashes Tax Rate For Aramco Preparing For IPO

Saudi Arabia Slashes Tax Rate For Aramco Preparing For IPO

Mar 27, 2017 at 18:25 | Tsvetana Paraskova

Saudi Arabia is cutting the tax rate on Aramco to 50 percent from 85 percent in a bid to attract international investors for next year’s planned IPO of its oil…

Saudis Invited China’s Sinopec To Invest In Aramco IPO

Saudis Invited China’s Sinopec To Invest In Aramco IPO

Mar 27, 2017 at 16:38 | Tsvetana Paraskova

Saudi Aramco has invited China’s Sinopec to take part in the upcoming initial public offering (IPO) of the Saudi oil company planned for next year, the Chinese firm’s chairman Wang…

Statoil To Invest $2.34B In Norwegian Offshore Projects

Statoil To Invest $2.34B In Norwegian Offshore Projects

Mar 27, 2017 at 14:32 | Tsvetana Paraskova

Norway’s Statoil plans to invest the equivalent of $2.34 billion on extending the lifetime of a field in the Norwegian Sea and starting production in a new field nearby, the…

Rosneft, Gazprom Boost Combined Offshore Investment To $1.4B

Rosneft, Gazprom Boost Combined Offshore Investment To $1.4B

Mar 27, 2017 at 13:37 | Tsvetana Paraskova

Russia’s top oil producer Rosneft and gas giant Gazprom plan to invest a combined $1.42 billion (80.8 billion rubles) in offshore exploration in 2017, Russia’s Minister of Natural Resources and…

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