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Despite Oil Slump, Chevron to Invest $37B in Giant Kazakh Oilfield

Despite Oil Slump, Chevron to Invest $37B in Giant Kazakh Oilfield

May 25, 2016 at 18:01 | James Burgess

The giant Kazakh Tengiz oilfield—home to an estimated 9 billion barrels of recoverable oil—is set to get a major boost with plans by Chevron Corp. and partners to invest another…

Russia Inks $1B Offshore Rig Contract with Iran

Russia Inks $1B Offshore Rig Contract with Iran

May 25, 2016 at 17:44 | Zainab Calcuttawala

Iran has awarded a contract worth more than US$1 billion to a Russian shipbuilder for the construction of five offshore drilling rigs to be used in Iran’s section…

Exxon Opens Up Board to Climate Change Activist

Exxon Opens Up Board to Climate Change Activist

May 25, 2016 at 17:36 | Zainab Calcuttawala

A climate change activist could become a member on Exxon Mobil’s board of directors after the company adopted a measure on Wednesday that would allow minority shareholders…

50-75 Percent of Alberta’s New Carbon Tax Will Be Passed onto Consumer

50-75 Percent of Alberta’s New Carbon Tax Will Be Passed onto Consumer

May 25, 2016 at 16:00 | Julianne Geiger

Between 50 percent and 75 percent of Alberta’s new carbon tax will be passed onto the consumer, thanks to new legislation passed on Tuesday, but some of the…

Total Jumps On Renewables Bandwagon, Announces Ambitious Goals

Total Jumps On Renewables Bandwagon, Announces Ambitious Goals

May 25, 2016 at 12:48 | Zainab Calcuttawala

Total announced, in a strategy paper on Tuesday, that it aims to have renewable energy make up 20 percent of its portfolio by 2035. The company said…

UK Shale Stocks Soar 25% On Revival Of Fracking

UK Shale Stocks Soar 25% On Revival Of Fracking

May 25, 2016 at 11:45 | Charles Kennedy

UK shale stocks are up as much as 25 percent on the local government’s approval of the first fracking permit in five years, and analyst predictions that fracking…

Oil Rally Set to Continue as EIA Confirms Inventory Draw

Oil Rally Set to Continue as EIA Confirms Inventory Draw

May 25, 2016 at 11:27 | James Burgess

Official U.S. crude oil inventory data released on Wednesday morning confirms a significant drop in stockpiles, showing a drawdown of 4.2 million barrels from the previous week. “At…

Shale Boom Royalties Come Back to Bite Chesapeake

Shale Boom Royalties Come Back to Bite Chesapeake

May 25, 2016 at 09:23 | Zainab Calcuttawala

Chesapeake Energy Corp. has agreed to pay nearly US$53 million dollars to settle a suit over unpaid royalties in north Texas, according to Oklahoma state media reports.…

Oil Closes in on $50, EIA Data May or May Not Keep it There

Oil Closes in on $50, EIA Data May or May Not Keep it There

May 25, 2016 at 09:15 | Charles Kennedy

Oil hit close to $50 per barrel overnight, riding high on preliminary inventory data that showed an over 5-million-barrel dip in crude stockpiles and reaching a 7-month high.…

API Data Shows 5.1M Barrel Draw, Biggest Since December 2015

API Data Shows 5.1M Barrel Draw, Biggest Since December 2015

May 24, 2016 at 16:56 | James Burgess

U.S. crude oil supplies fell by 5.1 million barrels for the week ending in May 20th, causing the largest inventory draw since December 2015, according to American Petroleum…

Citi Says Oil “Turns a Corner”: Barrel Price at $50 in Q3

Citi Says Oil “Turns a Corner”: Barrel Price at $50 in Q3

May 24, 2016 at 16:32 | Zainab Calcuttawala

The oil market has “turned a corner” and Brent oil barrel prices will increase to $50 in the third quarter of 2016, “if not earlier”, according to…

Iraq Reaches 4.5M Bpd Oil Production, As Cracks Start to Show

Iraq Reaches 4.5M Bpd Oil Production, As Cracks Start to Show

May 24, 2016 at 16:18 | Charles Kennedy

Iraq is now producing around 4.5 million barrels per day, up from April but below its record of 4.78 million bpd in January this year, while power outages…

Egypt to Increase NatGas Production by 30% by 2019

Egypt to Increase NatGas Production by 30% by 2019

May 24, 2016 at 16:10 | Zainab Calcuttawala

Riding high on a series of major discoveries and what appears to be renewed investor interest in Egypt’s energy sector, the Oil Ministry is now targeting a 30-percent…

Refinery Crisis Has French Oil Major Rethinking Investment Strategy

Refinery Crisis Has French Oil Major Rethinking Investment Strategy

May 24, 2016 at 13:07 | Julianne Geiger

French Total SA (NYSE: TOT) says it would reconsider its investment plans in France, according to CEO Patrick Pouyanne. Patrick Pouyanne, speaking outside the annual shareholders meeting…

French Police Strike Back, Liberate Fuel Depot to Shrink Shortages

French Police Strike Back, Liberate Fuel Depot to Shrink Shortages

May 24, 2016 at 09:59 | Charles Kennedy

French police have successfully liberated a critical fuel depot that was under blockade from union protestors in an effort to remedy fuel shortages across the country after…

Libya Ramps Up Oil Production Just as Market Was Rebalancing

Libya Ramps Up Oil Production Just as Market Was Rebalancing

May 24, 2016 at 09:11 | James Burgess

Following a deal to temporarily bandage a power-sharing dispute while Libya works towards installing a government of national accord, the reopening of the eastern Hariga port has allowed…

The Return of Fracking to UK? First Fracking Permit in Five Years

The Return of Fracking to UK? First Fracking Permit in Five Years

May 23, 2016 at 18:00 | Zainab Calcuttawala

In a 7-4 vote, Councilors of the county of North Yorkshire approved industrial tests on Monday in a move that will allow fracking in Britain for the first…

Oil Investor Zukerman Charged with $45M Tax Evasion

Oil Investor Zukerman Charged with $45M Tax Evasion

May 23, 2016 at 17:23 | Charles Kennedy

A federal indictment made public on Monday alleges that Morris Zukerman, founder of the investment firm M.E. Zukerman & Co., evaded US$45 million in taxes owed to the…

Argentina’s New ‘Pro-Business’ President Blocks Anti-Layoff Bill

Argentina’s New ‘Pro-Business’ President Blocks Anti-Layoff Bill

May 23, 2016 at 17:06 | Zainab Calcuttawala

In an act of “fiscal discipline,” Argentine President Mauricio Macri vetoed a bill on Monday that would have delayed layoffs in the public and private sectors, according to…

‘’Iran Will Not Freeze’’ -Plans To Ramp Up Oil Production Through 2016

‘’Iran Will Not Freeze’’ -Plans To Ramp Up Oil Production Through 2016

May 23, 2016 at 16:06 | Zainab Calcuttawala

Iran plans to ramp up oil production over the course of 2016, and there is no chance of the country joining any output freeze, Iranian Deputy Oil Minister Rokneddin Javadi…

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