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News

Iran Delays Sale of New Heavy Oil Grade

Iran Delays Sale of New Heavy Oil Grade

Feb 19, 2016 at 14:43 | Charles Kennedy

Iran is reportedly delaying the sale of its new heavy oil grade by several months as the country works out a marketing plan, news agencies citied…

Soros Dumped Chesapeake, Chevron Follows Buffet On Kinder Morgan

Soros Dumped Chesapeake, Chevron Follows Buffet On Kinder Morgan

Feb 19, 2016 at 14:27 | James Burgess

Soros Fund Management of billionaire philanthropist George Soros has dumped all of its shares in supermajor Chevron, Oklahoma-based Chesapeake Energy and Texas-based NRG Energy. The fund…

Enbridge Says New Pipeline Regulations Mean Costly Delays

Enbridge Says New Pipeline Regulations Mean Costly Delays

Feb 19, 2016 at 13:27 | Charles Kennedy

Enbridge says that new requirements expected to come out of a Minnesota environmental impact statement for work on two major U.S. pipeline projects could lead to…

Tullow To Add 80,000 bpd To Global Production In Ghana

Tullow To Add 80,000 bpd To Global Production In Ghana

Feb 19, 2016 at 12:03 | James Burgess

Irish explorer Tullow Oil says that when it launches production this summer at its Tweneboa, Enyenra and Ntomme (TEN) fields in Ghana, it will add some 80,000 barrels per…

U.S. Launches Airstrikes on ISIS Positions in Libya

U.S. Launches Airstrikes on ISIS Positions in Libya

Feb 19, 2016 at 10:57 | Charles Kennedy

U.S. warplanes have carried out attacks on Islamic State militants, targeting an apparent training camp in Sabratha, some 70 kilometers west of the capital, Tripoli. The air strike wave is…

Oil Prices Spiral Down as OPEC Rhetoric Pales

Oil Prices Spiral Down as OPEC Rhetoric Pales

Feb 19, 2016 at 10:00 | James Burgess

After a week-long flirtation with higher oil prices thanks to vague rhetoric and ambiguous talk from the world’s major producers about an output freeze to January levels, oil was back…

Oil Slump Bypasses Kenya As It Waits To Turn On The Taps

Oil Slump Bypasses Kenya As It Waits To Turn On The Taps

Feb 18, 2016 at 16:33 | Charles Kennedy

Emerging East African oil giant Kenya is sitting on about one billion barrels of reserves that its discoverers say is commercially viable even with oil at a dismal $30 per…

PKK Attacks Turkey-KRG Oil Pipeline

PKK Attacks Turkey-KRG Oil Pipeline

Feb 18, 2016 at 16:21 | James Burgess

Militants have attacked the Kirkuk-Yumurtalik oil pipeline in the southern Turkish province of Sanliurfa, interrupting oil exports from the Kurdistan Regional Government (KRG) in northern Iraq to Turkey. The…

Oil Crisis Prompts Venezuela To Hike Fuel Price, Devalue Currency

Oil Crisis Prompts Venezuela To Hike Fuel Price, Devalue Currency

Feb 18, 2016 at 16:06 | James Burgess

For the first time in 20 years, Venezuela has raised gas prices, and fears persist that the move could lead to dangerous riots. Venezuela’s President Nicolas Maduro on Wednesday raised…

45 Million Acres Of Oil And Gas Leases Under The Hammer Here

45 Million Acres Of Oil And Gas Leases Under The Hammer Here

Feb 18, 2016 at 15:52 | Charles Kennedy

Close to 45 million acres of oil and gas leases in the Gulf of Mexico will go up for sale next month, the Bureau of Ocean Energy Management announced today.…

French Total Lands Exploration Deal With Sri Lanka

French Total Lands Exploration Deal With Sri Lanka

Feb 18, 2016 at 15:39 | James Burgess

French Supermajor Total S.A. (TOTF.PA) signed a deal Thursday with the government of Sri Lanka to explore potential offshore ultra-deep water blocks, according to the Sri Lanka’s Oil Ministry.…

Turkey Blames Syrian Kurds for Ankara Attack

Turkey Blames Syrian Kurds for Ankara Attack

Feb 18, 2016 at 13:49 | Charles Kennedy

Turkish Prime Minister Ahmet Davutoglu today blamed Kurdish militants in Turkey and Syrian Kurdish fighters for the Ankara bombing that left some 28 people dead and 45 others wounded…

Oil Prices Cool Down After EIA Report 2.1 Million Barrel Build

Oil Prices Cool Down After EIA Report 2.1 Million Barrel Build

Feb 18, 2016 at 12:03 | James Burgess

The U.S. Energy Information Administration (EIA) has released its weekly crude oil inventory report, showing an increase of 2.1 million barrels last week, sending oil prices down by over…

Oil Majors Discover More Oil In Prolific Santos Basin

Oil Majors Discover More Oil In Prolific Santos Basin

Feb 18, 2016 at 10:47 | Charles Kennedy

A consortium led by Brazil’s state-run Petrobras has announced a discovery of more oil in the offshore Libra prospect in the pre-salt Santos Basin. Drilling at the 3-BRSA-1305A-RJS…

Marathon Surpasses Production Targets But Faces Steep Loss

Marathon Surpasses Production Targets But Faces Steep Loss

Feb 18, 2016 at 10:14 | James Burgess

Houston-based Marathon Oil Corporation (NYSE: MRO) announced on Wednesday that falling oil prices led to a fourth-quarter net loss of $793 million, bringing their total 2015 adjusted net loss…

EIA Projects Record High Gulf of Mexico Oil Production In 2017

EIA Projects Record High Gulf of Mexico Oil Production In 2017

Feb 18, 2016 at 09:38 | Charles Kennedy

The Energy Information Agency (EIA) projected today that crude oil production in the U.S. Gulf of Mexico should increase to record high levels next year,…

Oil Continues To Rally On U.S. Crude Inventory Draw

Oil Continues To Rally On U.S. Crude Inventory Draw

Feb 18, 2016 at 09:21 | James Burgess

Brent Oil passed the $35 per barrel mark this morning on U.S. inventory news and as speculators appeared to positively interpret yesterday’s news that Iran “supports” the idea of an…

Fears For Refined Products Glut Grow As Diesel Prices Tank

Fears For Refined Products Glut Grow As Diesel Prices Tank

Feb 17, 2016 at 15:56 | Charles Kennedy

For the first time since February 2005, the average U.S. retail price for diesel fuel fell below $2 per gallon, according to the Energy Information Agency’s (EIA) weekly survey. Average…

Buffett Doubles Down On Oil Holdings, Scoops Up Kinder Morgan

Buffett Doubles Down On Oil Holdings, Scoops Up Kinder Morgan

Feb 17, 2016 at 15:32 | James Burgess

American billionaire Warren Buffett, through his Nebraska-based company Berkshire Hathaway Inc. (NYSE: BRK-A), has acquired a $400 million stake in struggling pipeline company, Kinder Morgan (NYSE: KMI). According to a…

Nigeria Reveals Details Of $20 Billion Dollar Oil Swap Corruption

Nigeria Reveals Details Of $20 Billion Dollar Oil Swap Corruption

Feb 17, 2016 at 15:19 | Charles Kennedy

A Nigerian parliamentary committee has announced major anti-corruption findings in relation to a multi-billion-dollar crude oil swaps program with foreign companies. The ad-hoc committee revealed that there were no…

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