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News

India Has A Plan To Create A New Oil Major

India Has A Plan To Create A New Oil Major

Feb 27, 2017 at 11:34 | Tsvetana Paraskova

India’s state-run Oil and Natural Gas Corporation (ONGC) will take majority control of Hindustan Petroleum Corp (HPCL) as part of the government’s plan to merge some state-held companies to create…

Four Bombs Blast Oil Pipeline In Iraq

Four Bombs Blast Oil Pipeline In Iraq

Feb 27, 2017 at 09:52 | Irina Slav

Four bombs detonated at an oil pipeline in Kirkuk, northern Iraq, killing one and injuring three members of the Kurdish security forces. At the time of the blasts, the…

In The Market For An Oil Tanker? You Can Buy It On The Chinese Ebay

In The Market For An Oil Tanker? You Can Buy It On The Chinese Ebay

Feb 24, 2017 at 16:23 | Zainab Calcuttawala

Online marketplaces are just for buying and selling the everyday consumer goods anymore—think bigger: The Chinese government has just auctioned off a nearly US$12-million oil tanker on Taobao, its version…

Alphabet Sues Uber For Patent Infringement Of Key Self-Driving Car Technology

Alphabet Sues Uber For Patent Infringement Of Key Self-Driving Car Technology

Feb 24, 2017 at 16:10 | Zainab Calcuttawala

This week, Google’s holding company Alphabet sued Uber for “theft of confidential and proprietary sensor technology,” according to a new report by Reuters. The lawsuit, filed by Alphabet’s Waymo against…

Dakota Access Pipeline Ahead of Schedule

Dakota Access Pipeline Ahead of Schedule

Feb 24, 2017 at 15:55 | Zainab Calcuttawala

The Dakota Access Pipeline could begin operations as early as next month as construction runs ahead of schedule and newly inaugurated President Donald Trump facilitates the removal of administrative…

Gabon Enlists Military To Retake Oil Facilities Shut Down By Protestors

Gabon Enlists Military To Retake Oil Facilities Shut Down By Protestors

Feb 24, 2017 at 15:36 | Zainab Calcuttawala

The Gabonese government sent the military to recapture oilfield control centers from protestors on Friday in an effort to resume partial production as an industry-wide workers’ strike carries on.…

UK’s 2016 Oil Production Rises For Second Consecutive Year

UK’s 2016 Oil Production Rises For Second Consecutive Year

Feb 24, 2017 at 12:31 | Tsvetana Paraskova

The UK production of crude oil and natural gas liquids increased by 4.8 percent on the year in 2016, the second annual rise in a row, the UK Department for…

Saudis, Angola Overtake Russia In January Exports To China

Saudis, Angola Overtake Russia In January Exports To China

Feb 24, 2017 at 10:53 | Tsvetana Paraskova

Saudi Arabia is not ceding ground in its important markets in Asia amid the OPEC cuts, and has regained its position as top oil supplier to China in January, overtaking…

The Drawdown Begins: Traders Sell Oil Stored In Tankers Off Asia

The Drawdown Begins: Traders Sell Oil Stored In Tankers Off Asia

Feb 24, 2017 at 10:08 | Tsvetana Paraskova

Oil traders have already sold more than 10 million barrels of crude stored in tankers off the coasts of Asia in what could be seen as the start of the…

Nigeria Cuts Oil Producing Cost To $27 Per Barrel

Nigeria Cuts Oil Producing Cost To $27 Per Barrel

Feb 24, 2017 at 09:40 | Tsvetana Paraskova

Nigeria has reduced the unit technical cost (UTC) for producing oil to US$27 per barrel as of end-2016 from US$70 per barrel in 2014, Maikanti Baru, Group Managing Director of…

Norwegian Oil Majors Revise 2017 Oil And Gas Investment Forecast Upwards

Norwegian Oil Majors Revise 2017 Oil And Gas Investment Forecast Upwards

Feb 23, 2017 at 17:02 | Zainab Calcuttawala

Optimistic about the near-term future of the oil industry, Norwegian oil companies have upped their investment plans for 2017 over the past three months, according to a survey conducted…

Russia Heralds In End Of Syrian Civil War In Favor Of Moscow

Russia Heralds In End Of Syrian Civil War In Favor Of Moscow

Feb 23, 2017 at 16:43 | Zainab Calcuttawala

Russian Defense Minister, Sergei Shoigu, celebrated the lasting reign of Syrian President, Bashar Al Assad, during a speech to parliament on Wednesday, according to INTERFAX. “The collapse of the…

Kazakh Ups Oil Output Forecast for 2017

Kazakh Ups Oil Output Forecast for 2017

Feb 23, 2017 at 15:13 | Zainab Calcuttawala

Kazakhstan’s oil output forecast for 2017 jumped up to 81 million tons on Thursday after the Economy Ministry revised its yearly forecast based on 2016 outcomes. The ministry’s earlier…

Giant Leviathan Gas Field Gets $3.75B Development Investment

Giant Leviathan Gas Field Gets $3.75B Development Investment

Feb 23, 2017 at 13:54 | Tsvetana Paraskova

The partners in the giant Leviathan natural gas field offshore Israel ratified on Thursday the final investment decision for the first phase of development which entails gross capital investment of…

Kurdistan Stops Shaikan Crude Exports Via Ceyhan Pipeline

Kurdistan Stops Shaikan Crude Exports Via Ceyhan Pipeline

Feb 23, 2017 at 11:30 | Tsvetana Paraskova

The Kurdistan Regional Government (KRG) is temporarily halting exports of heavy crude from the Shaikan field via the Kirkuk-Ceyhan export pipeline, the operator of the Shaikan field, Gulf Keystone Petroleum,…

India’s ONGC Plans $1.1B Investment To Ramp Up Oil, Gas Output

India’s ONGC Plans $1.1B Investment To Ramp Up Oil, Gas Output

Feb 23, 2017 at 10:36 | Tsvetana Paraskova

India’s top oil and gas explorer, state-run Oil and Natural Gas Corporation (ONGC), approved on Thursday investments of US$1.1 billion (73.27 billion rupees) to develop five oil and gas…

Exxon Slashes Proved Oil Reserves By 3.3 Billion Barrels

Exxon Slashes Proved Oil Reserves By 3.3 Billion Barrels

Feb 23, 2017 at 09:05 | Irina Slav

The world’s largest public oil company, ExxonMobil, has slashed its proved reserves of crude oil by 3.3 billion barrels. The figure represents 19 percent of the total reserves, which…

API Reports Draw In U.S. Crude Inventories After 6-Week Build Streak

API Reports Draw In U.S. Crude Inventories After 6-Week Build Streak

Feb 22, 2017 at 16:35 | Zainab Calcuttawala

This week, the American Petroleum Institute (API) reported a surprise draw of 884,000 in United States crude inventories against expert predictions that domestic supplies would see a 3.3 million-barrel…

Zhenhua Oil In Early Accord To Buy Chevron’s $2B Gas Assets In Bangladesh

Zhenhua Oil In Early Accord To Buy Chevron’s $2B Gas Assets In Bangladesh

Feb 22, 2017 at 15:52 | Tsvetana Paraskova

Chinese state-held company Zhenhua Oil has signed a preliminary agreement to buy Chevron’s natural gas fields in Bangladesh estimated to be worth around US$2 billion, Reuters reported on Wednesday,…

Rosneft’s Profit Drops 49%, Gazprom Neft Boosts Income 82.5%

Rosneft’s Profit Drops 49%, Gazprom Neft Boosts Income 82.5%

Feb 22, 2017 at 15:15 | Tsvetana Paraskova

Two of Russia’s major oil producers - Rosneft and Gazprom Neft - reported Wednesday their respective 2016 financials which showed that the oil giant’s full-year profit tumbled 49 percent, while…

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