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News

Austrian OMV Deems Iranian Contracts Unfit for Investment

Austrian OMV Deems Iranian Contracts Unfit for Investment

Aug 03, 2016 at 13:55 | Zainab Calcuttawala

The Austrian Energy Group OMV does not believe Iranian oil contracts are fit for investment, according to statements made by the group’s CEO on Wednesday. In January,…

South Sudan Gets New Oil Minister in Post-Oust Shuffle

South Sudan Gets New Oil Minister in Post-Oust Shuffle

Aug 03, 2016 at 11:41 | Zainab Calcuttawala

Six of South Sudan’s ministries —including its oil ministry—will be under new leadership 10 days after a breakaway faction ousted the former rebel leader, Riek Machar, who had been serving…

Energy Transfer, Sunoco Sell Stake in Bakken Pipeline Project for $2B

Energy Transfer, Sunoco Sell Stake in Bakken Pipeline Project for $2B

Aug 03, 2016 at 09:39 | Tsvetana Paraskova

Energy Transfer Partners (NYSE:ETP) and Sunoco Logistics Partners (NYSE:SXL) said on Tuesday they had agreed to sell 36.75 percent in the Bakken Pipeline Project to…

Devon Posts $1.57B Loss But Beats Expectations

Devon Posts $1.57B Loss But Beats Expectations

Aug 03, 2016 at 08:51 | Tsvetana Paraskova

Devon Energy Corp posted a net loss of US$1.57 billion for the second quarter, lower than the US$2.8-bilion loss for the same period last year, after slashing…

Oil Rebounds After API Data Shows 1.3M Barrel Crude Draw

Oil Rebounds After API Data Shows 1.3M Barrel Crude Draw

Aug 02, 2016 at 17:18 | Charles Kennedy

U.S. crude oil inventory data for the week just released by the American Petroleum Institute (API) shows a 1.3 million-barrel draw in line with consensus forecasts, making…

Bloomberg: July Output for Most of OPEC Drops by 80,000 Barrels a Day

Bloomberg: July Output for Most of OPEC Drops by 80,000 Barrels a Day

Aug 02, 2016 at 16:46 | Erwin Cifuentes

Oil production among thirteen of the fourteen Organization of Petroleum Exporting Countries (OPEC) member states fell by 80,000 barrels per day (bpd), according to a Bloomberg News…

Egypt Considering Public Offering For 8 State-Owned Oil Firms

Egypt Considering Public Offering For 8 State-Owned Oil Firms

Aug 02, 2016 at 14:59 | Erwin Cifuentes

The Egyptian government is purportedly examining listing eight state-owned oil companies on the country’s stock exchange, according to Oil Minister Tarek El Molla on Tuesday. "We sent the…

ISIS Oil Revenues Down By Up To 90 Percent

ISIS Oil Revenues Down By Up To 90 Percent

Aug 02, 2016 at 14:43 | Zainab Calcuttawala

Recent Iraqi military gains over the Islamic State have dried up oil revenues for the terrorist organization by up to 90 percent, according to a report by…

Norway Set To Become Carbon Neutral By 2030 Despite “Paradox”

Norway Set To Become Carbon Neutral By 2030 Despite “Paradox”

Aug 02, 2016 at 14:30 | Zainab Calcuttawala

The Norwegian government announced new plans on Monday to use profits from oil and gas operations to fund clean energy projects. The electric car market will be…

Sinopec Sells Part of Pipeline Business To Boost Clean Energy Investment

Sinopec Sells Part of Pipeline Business To Boost Clean Energy Investment

Aug 02, 2016 at 14:00 | Zainab Calcuttawala

Beijing’s newest move to boost investments in clean energy infrastructure will lead Sinopec Corp. to sell up to half of its premium natural gas pipeline business to investors, according to a…

Khamenei Calls Out U.S. For Failing To Uphold Nuclear Deal

Khamenei Calls Out U.S. For Failing To Uphold Nuclear Deal

Aug 02, 2016 at 13:33 | Lincoln Brown

On Monday, Iran’s supreme leader, Ayatollah Ali Khamenei, said that the United States has failed to honor the pledges it had made with Iran in its nuclear…

No Take-Overs In Sight, Says Tullow Oil

No Take-Overs In Sight, Says Tullow Oil

Aug 02, 2016 at 11:18 | Lincoln Brown

Aidan Heavey, the chief executive of Tullow Oil, says that despite the fact that analysts have eyed Tullow as red meat for a takeover, Tullow will remain…

Is Trump Flip-Flopping On Fracking?

Is Trump Flip-Flopping On Fracking?

Aug 02, 2016 at 10:42 | Tsvetana Paraskova

Donald Trump’s latest remarks that local communities should be able to ban fracking have raised eyebrows in the oil industry, straying from the Republican energy strategy and pitching…

Nigeria Resumes Payments To Ex-Rebels Plotting Against Oil Industry

Nigeria Resumes Payments To Ex-Rebels Plotting Against Oil Industry

Aug 02, 2016 at 08:53 | Erwin Cifuentes

The Nigerian government has opted to resume making payments to the former militants as part of a plan to halt armed attacks against oil industry facilities in the…

Exxon Mobil Drops Two Spots to World's Sixth-Most Valuable Company

Exxon Mobil Drops Two Spots to World's Sixth-Most Valuable Company

Aug 01, 2016 at 17:06 | Erwin Cifuentes

Tech companies Amazon and Facebook both surpassed Exxon Mobil to become the world’s fourth- and fifth-most valuable firm based on market capitalization at the close of trading on…

Kuwait To Increase Fuel Prices By Up To 80 Percent In September

Kuwait To Increase Fuel Prices By Up To 80 Percent In September

Aug 01, 2016 at 16:47 | Zainab Calcuttawala

Kuwaiti energy customers will see an up to 80 percent rise in fuel prices on September first, according to an announcement made by the national cabinet on…

Tesla Merges With Solar City In $2.6B Deal

Tesla Merges With Solar City In $2.6B Deal

Aug 01, 2016 at 15:43 | Zainab Calcuttawala

After over a month of deliberations, Tesla and SolarCity have agreed to combine, creating the “world’s only vertically integrated sustainable energy company,” according to a statement released…

Unknown Militants Attack Shell Pipeline In Niger Delta

Unknown Militants Attack Shell Pipeline In Niger Delta

Aug 01, 2016 at 13:30 | Lincoln Brown

No one has claimed responsibility for an attack on a Shell pipeline in the early morning hours in the Niger Delta region on Sunday. The attack came…

Death Toll in Separatist Clashes in Angola’s Oil Province Cabinda Approaches 30

Death Toll in Separatist Clashes in Angola’s Oil Province Cabinda Approaches 30

Aug 01, 2016 at 12:52 | Zainab Calcuttawala

Two rebels and 17 Angolan soldiers died in clashes that occurred in an oil-producing province between government forces and the separatist Front for the Liberation of the…

Iran Expected To Approve New Oil Contract Models This Week

Iran Expected To Approve New Oil Contract Models This Week

Aug 01, 2016 at 10:40 | Lincoln Brown

It’s expected that Iran will approve a new model for oil contracts on Wednesday that should open the door for foreign investors to help the country reestablish…

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