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News

Obama Blocks Offshore Driling In Arctic, Atlantic Oceans

Obama Blocks Offshore Driling In Arctic, Atlantic Oceans

Dec 20, 2016 at 15:29 | ZeroHedge

In a move that will likely be overturned promptly by the administration of Donald Trump, president Obama on Tuesday formally blocked offshore oil and gas drilling in most of the…

Iraq Could Delay OPEC Production Cuts

Iraq Could Delay OPEC Production Cuts

Dec 20, 2016 at 14:15 | Charles Kennedy

Iraq added more uncertainty to the integrity of the OPEC deal this week, hinting that it would not make cuts to oil production immediately next month as the agreement requires.…

Is Koch Industries Set To Join The Oil Sands Exodus?

Is Koch Industries Set To Join The Oil Sands Exodus?

Dec 19, 2016 at 15:30 | Charles Kennedy

Koch industries Inc. has become the latest in a long line of companies to move away from the Canadian oil sands, stating that it wants to pull out of…

Trump Could Widen Rift With Saudi Arabia

Trump Could Widen Rift With Saudi Arabia

Dec 19, 2016 at 14:14 | Charles Kennedy

The IPO of Saudi Aramco in 2018 is expected to bring in an all-time high in fees for investment banks that help the oil company go public, a major payday…

Can The TAP Pipeline Survive The Italian Referendum Results?

Can The TAP Pipeline Survive The Italian Referendum Results?

Dec 19, 2016 at 14:09 | The Jamestown Foundation

On December 4, a referendum in Italy rejected the sweeping constitutional reforms proposed by the government, ultimately resulting in the resignation of Matteo Renzi from the prime minister’s post. One…

BP Acquires A 10 Percent Stake In UAE Oil Fields

BP Acquires A 10 Percent Stake In UAE Oil Fields

Dec 19, 2016 at 10:41 | Ekaterina Pokrovskaya

BP has acquired 10 percent of the Abu Dhabi Company for Onshore Petroleum Operation’s (ADCO) oil concessions in a $2.2 billion shares swap deal with the Abu-Dhabi emirate. BP will…

Nickel Prices Hit Year Highs After This Major Closure

Nickel Prices Hit Year Highs After This Major Closure

Dec 19, 2016 at 09:30 | Dave Forest

Nickel prices have hit year-highs the last several weeks. Topping $5 per pound for the first time since the third quarter of 2015. And news this past week suggests nickel…

Petrobras Strikes Chinese Deal To Get $5B Funding, Supply Oil

Petrobras Strikes Chinese Deal To Get $5B Funding, Supply Oil

Dec 16, 2016 at 16:27 | Tsvetana Paraskova

Brazil’s state-owned energy giant Petrobras said on Thursday that it had signed the final terms of a US$5-billion financing agreement with a Chinese bank and a deal to supply 100,000…

Russia’s Gas Producer Novatek Signs Deals with Japanese Firms

Russia’s Gas Producer Novatek Signs Deals with Japanese Firms

Dec 16, 2016 at 15:59 | Tsvetana Paraskova

Russia’s No. 2 gas producer Novatek said that it signed on Friday upstream, liquefaction, and LNG supply deals with Japanese trading companies Mitsui & Co, Mitsubishi Corp and Marubeni Corp.…

Nigeria Strikes Oil In Boko Haram-Ravaged Area

Nigeria Strikes Oil In Boko Haram-Ravaged Area

Dec 16, 2016 at 13:21 | Tsvetana Paraskova

Nigeria has discovered crude oil in the northeastern state of Borno - where the Islamist terrorist group Boko Haram had started its insurgency back in 2009. The announcement of the…

Kuwait Confirms Oil Cut From January

Kuwait Confirms Oil Cut From January

Dec 16, 2016 at 12:09 | Irina Slav

Kuwait has confirmed it would cut crude oil output starting January as part of the deal agreed by OPEC and non-OPEC producers earlier this month. The news sent Brent…

Russian Oil Companies Set Up Monitoring Group for Cuts

Russian Oil Companies Set Up Monitoring Group for Cuts

Dec 16, 2016 at 10:19 | Irina Slav

The 12 Russian oil companies that will participate in the non-OPEC/OPEC oil production cut will set up a working group to monitor the implementation of the agreement, Energy Minister Alexander…

Exxon Sweetens Offer For InterOil, Deal To Close In Q1 2017

Exxon Sweetens Offer For InterOil, Deal To Close In Q1 2017

Dec 16, 2016 at 09:21 | Irina Slav

Exxon has increased the additional cash payment offered to InterOil shareholders as part of a US$2.5-billion all-stock takeover proposal that was first announced in July. As a result, the…

Oil Platform Collapses In Caspian Sea, 1 Dead, 9 Missing

Oil Platform Collapses In Caspian Sea, 1 Dead, 9 Missing

Dec 15, 2016 at 16:19 | Julianne Geiger

At least one oil worker is dead, with another nine missing early on Thursday, after an offshore oil rig operated by Azerbaijan’s state-run oil firm SOCAR, company officials have said.…

Exxon Shuts Nigerian Office Over Workers’ Protest Standoff

Exxon Shuts Nigerian Office Over Workers’ Protest Standoff

Dec 15, 2016 at 14:56 | Tsvetana Paraskova

ExxonMobil has shut its Nigerian headquarters after oil workers’ unions barricaded the office to protest the sacking of 150 local staff, Nigerian media reported on Thursday.

Despite Pledges, Libya’s Al-Feel Oilfield Not Operational Yet

Despite Pledges, Libya’s Al-Feel Oilfield Not Operational Yet

Dec 15, 2016 at 14:12 | Tsvetana Paraskova

Continued political turmoil in Libya, with opposing factions fighting over oil infrastructure, is hampering the resumption of production at the Al-Feel oil field, a day after the Petroleum Facilities Guard…

Saudi Aramco Sets Up Drilling JVs With Foreign Firms

Saudi Aramco Sets Up Drilling JVs With Foreign Firms

Dec 15, 2016 at 14:00 | Tsvetana Paraskova

Saudi Aramco said on Wednesday that it had signed joint venture agreements with Nabors Industries (NYSE:NBR) and Rowan Companies (NYSE:RDC) for onshore and offshore drilling, respectively. The…

Traders Store Gasoil In Tankers To Monetize Contango

Traders Store Gasoil In Tankers To Monetize Contango

Dec 15, 2016 at 13:24 | Tsvetana Paraskova

Traders have been chartering long-range vessels to store gasoil in tankers off Singapore for one to three months in order to take advantage of a contango in gasoil, Reuters…

U.S. Government Issues New Permits To Eagle Killing Wind Farms

U.S. Government Issues New Permits To Eagle Killing Wind Farms

Dec 15, 2016 at 11:50 | Julianne Geiger

The U.S. Federal government is set to issue permits to wind farms that could end the lives of thousands of Bald Eagles—the bird that has served as the symbol…

Petrobras Reports 2 Percent Rise In Domestic Output

Petrobras Reports 2 Percent Rise In Domestic Output

Dec 15, 2016 at 10:21 | Irina Slav

Petrobras, the debt-laden state-owned energy major of Brazil, reported a 2-percent increase in domestic oil production for November, to 2.23 million barrels of oil equivalent daily. Total global production…

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