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News

South Korea Oil Imports Reflect Price Wars In Middle East

South Korea Oil Imports Reflect Price Wars In Middle East

Nov 29, 2016 at 09:32 | Irina Slav

South Korea imported 270.4 million barrels of crude in the third quarter, up 3.9 percent on the year, as it took the opportunity of lower prices from Middle Eastern…

Emergency Evacuation Ordered For North Dakota Protesters

Emergency Evacuation Ordered For North Dakota Protesters

Nov 29, 2016 at 09:29 | Irina Slav

The governor of North Dakota has ordered an “emergency evacuation” of the several hundred protesters at the Dakota Access pipeline construction site because of adverse weather conditions. The details of…

Mexico’s Promising Deepwater Auction To Include These Bidders

Mexico’s Promising Deepwater Auction To Include These Bidders

Nov 28, 2016 at 18:01 | Julianne Geiger

The final list for the 17 lucky oil companies that received a pre-qualification to bid in Mexico’s highly sought after deepwater oil auctions has been published, including the usual suspects…

Canadian Oil Patch Panic Is Over—For Now

Canadian Oil Patch Panic Is Over—For Now

Nov 28, 2016 at 17:25 | Charles Kennedy

While a record number of 26 Canadian oil and gas companies have gone bust this year, the worst is over, say analysts, because the weakest among them have already fallen…

Giant Israeli Gas Field Gets $1.75B Green Light

Giant Israeli Gas Field Gets $1.75B Green Light

Nov 28, 2016 at 17:16 | Julianne Geiger

The local partners in the game-changing discovery of Israel’s giant Leviathan natural gas field say they have signed commitment letters with two major banks for up to US$1.75 billion in financing,…

Norwegian Fund Coming To America to Assess DAPL

Norwegian Fund Coming To America to Assess DAPL

Nov 28, 2016 at 16:29 | Tsvetana Paraskova

Norway’s pension fund Kommunal Landspensjonskasse (KLP) has become the latest in a string of indirect investors in the controversial Dakota Access Pipeline (DAPL) project to assess the state of the…

UAE’s Oil Firm To Triple Petrochemical Production By 2025

UAE’s Oil Firm To Triple Petrochemical Production By 2025

Nov 28, 2016 at 13:36 | Tsvetana Paraskova

Abu Dhabi National Oil Company (ADNOC) is planning on nearly tripling its petrochemical production to 11.4 million tons by 2025 from the current 4.5 million metric tons (mt), ADNOC’s…

Statoil Cleared For Exploration Drilling At Giant Sverdrup Field

Statoil Cleared For Exploration Drilling At Giant Sverdrup Field

Nov 28, 2016 at 12:51 | Tsvetana Paraskova

Norway’s Petroleum Safety Authority has given the go-ahead to oil major Statoil (NYSE:STO) to start drilling an exploration well at the giant Johan Sverdrup oil field, where production…

Switzerland Clings To Nuclear Energy Despite Concerns

Switzerland Clings To Nuclear Energy Despite Concerns

Nov 28, 2016 at 11:23 | Tsvetana Paraskova

Swiss voters rejected in a referendum on Sunday a strict timetable to phase out nuclear energy by 2029Swiss voters rejected in a referendum on Sunday a strict timetable to…

Another Pipeline Explodes In The Niger Delta, Suspects Unknown

Another Pipeline Explodes In The Niger Delta, Suspects Unknown

Nov 28, 2016 at 09:46 | Irina Slav

A fresh explosion at a pipeline operated by the Nigerian Petroleum Development Company has confused locals and security forces, with no one certain it was a militant attack. In fact,…

Smog-Sucking Towers In China Begin Creating Jewelry Out of Polluting Particles

Smog-Sucking Towers In China Begin Creating Jewelry Out of Polluting Particles

Nov 25, 2016 at 17:39 | Zainab Calcuttawala

Smog-sucking towers in the Chinese capital city have filtered 10 Beijing National Stadium’s worth of air and have removed billions of harmful PM2.5 particles out of the polluted atmosphere…

Iran Loses Nuclear Device, Sparks GCC Worry

Iran Loses Nuclear Device, Sparks GCC Worry

Nov 25, 2016 at 17:21 | Tsvetana Paraskova

The Gulf Cooperation Council (GCC) is concerned over a missing radioactive device from Iran’s Bushehr nuclear reactor, Saudi-owned Arab newspaper Asharq al-Awsat reported on Thursday. Aside from the security…

China To Receive Second Shipment Of American Natural Gas

China To Receive Second Shipment Of American Natural Gas

Nov 25, 2016 at 17:14 | Zainab Calcuttawala

A port city in China is set to receive the second shipment of shale gas from the United States, according to a new report by Bloomberg. Shipping data collected…

OPEC Cancels Meeting With Non-OPEC Players, Dooming Oil Prices

OPEC Cancels Meeting With Non-OPEC Players, Dooming Oil Prices

Nov 25, 2016 at 16:47 | Zainab Calcuttawala

A power play by Saudi Arabia has resulted in the cancellation of a meeting intended to steer the world’s oil exporters towards a production freeze, causing oil prices to tank…

Big Oil Faces 200 Climate Change Resolutions Next Year

Big Oil Faces 200 Climate Change Resolutions Next Year

Nov 25, 2016 at 15:43 | Irina Slav

Exxon, Anadarko, and their peers, along with big players in other industries, will face as many as 200 resolutions regarding climate change at their 2017 annual shareholder meetings. This…

OPEC Cuts To Hurt Crude Carrier Industry, Lower Shipping Rates

OPEC Cuts To Hurt Crude Carrier Industry, Lower Shipping Rates

Nov 25, 2016 at 09:16 | Tsvetana Paraskova

If OPEC manages to reach a deal to cut oil output, the very large crude carriers (VLCC) would see their earnings drop as the crude oil shipping industry would be…

Power Issues Cause Libyan Output To Plunge By 70,000 Bpd In Days

Power Issues Cause Libyan Output To Plunge By 70,000 Bpd In Days

Nov 24, 2016 at 09:07 | Zainab Calcuttawala

Power issues in key Libyan oilfields caused national oil output to drop by 70,000 barrels per day over the past week, according to Mustafa Sanallah, the chairperson of the…

Low Oil Prices Continue To Widen Algeria’s Trade Deficit

Low Oil Prices Continue To Widen Algeria’s Trade Deficit

Nov 23, 2016 at 16:30 | Tsvetana Paraskova

Algeria’s trade deficit increased to US$15.8 billion in 2016 as of October, from US$13.7 billion as of October 2015, with persisting low oil prices weighing heavily on the country’s…

Exxon Starts Drilling Offshore West Africa

Exxon Starts Drilling Offshore West Africa

Nov 23, 2016 at 16:08 | Tsvetana Paraskova

ExxonMobil Exploration and Production Liberia Limited, an affiliate of ExxonMobil (NYSE:XOM), has started drilling a deepwater exploration well offshore West Africa in a first for an Exxon-operated well offshore…

India’s 5.5 Billion Investment In Iran Will Raise Refinery Capacity

India’s 5.5 Billion Investment In Iran Will Raise Refinery Capacity

Nov 23, 2016 at 15:45 | Zainab Calcuttawala

A $5.5 billion investment by the Indian Oil Corporation (IOC) will raise the capacity of the firm’s smallest refinery co-owned by Iran to 300,000 barrels per day, according to…

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