Tullow Oil Cuts Output Guidance
Tullow Oil downgraded its 2019 output guidance to 90,000-98,000 barrels of oil per day (bpd) due to problems at its Ghana fields and sees final go-aheads for its Uganda in the second half while its Kenya project timeline was "ambitious"."(Ghana) performance was below expectations due to gas compression constraints on Jubilee during February and a delay in completing the Enyenra-10 production well at the TEN field.
Oil Rises on Market Rebalance, Trade Deal Hopes
Trump open to extending March 1 deadline for China trade talks.Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.Prices were also supported by strong equity markets after signs of progress in trade talks between the United States and China.U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1…
Oil Dips After Record U.S. Shale Forecast
U.S. sanctions on Iran, Venezuela tighten markets, but soaring U.S. shale output offsets some of the disruption.Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year.Brent futures eased by 53 cents to trade at $65.92 a barrel by 1312 GMT, still within sight of Monday's high for the year of $66.83. U.S. futures were at $55.77 a barrel, down 31 cents, having touched a 2019 peak of $56.39 earlier."Brent is trading in a narrow corridor at around $66.5 per barrel…
Tullow Oil Returns to Net Profit
Africa-focused Tullow Oil reported its first annual net profit in five years on Wednesday and said it would resume dividends with a 4.8 cent per share payout as it sets its sights on East African projects and drilling in Guyana.As flagged in November, Tullow will pay out at least $100 million to shareholders from this year, while aiming to shrink its $3.1 billion debt and increase spending to $570 million.The largest chunk of that money will help increase output in Ghana, which sets Tullow on course to raise output to 102,000 barrels of oil equivalent per day (boed) this year from 90…
Barclays Rejects Arctic Drilling
U.K.-based international bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London, arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice…
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent, while WTI was on track to decline 1.9 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Oil Falls After OPEC Delays Output Decision
Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.The Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.An OPEC delegate said the organisation had agreed a tentative deal to cut oil output but had not yet come up with a final figure.Saudi Energy Minister Khalid al-Falih said earlier that OPEC needed Russia to come on board with any cuts.
Offshore Drillers Eye Recovery by 2020
Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting a full turn in the market by 2020.At the depths of a global slide that took oil below $27 a barrel in early 2016, daily rates for leasing the most sophisticated floating drilling rigs had fallen to just $180,000 from $500,000 a day, as producer returns from North Sea, Latin America and Canadian drilling evaporated.Transocean Ltd, a top supplier of drilling vessels…
Conoco Waiting for Venezuela to Pay $2 billion Settlement - CEO
U.S. oil producer ConocoPhillips is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country's state-run PDVSA, Chief Executive Ryan Lance said on Wednesday.Conoco last month suspended legal attachments efforts that had cut Venezuela's oil exports from several Caribbean facilities following a deal that allowed the country 90 days to make an initial $500 million payment."I'll count the money when it shows up in the bank," Lance said on Wednesday at a Barclays energy conference in New York…
Gulf Platforms Shut ahead of Hurricane
U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.International Brent crude futures, by contrast…
Oil Prices Jump as Gulf of Mexico Rigs Evacuated
Oil prices rose sharply on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.U.S. light crude rose $1.60 a barrel from Friday's close to a peak of $71.40, its highest since mid-July, before easing slightly to around $71.15 by 1140 GMT. U.S. markets were closed on Monday for Labor Day.Benchmark Brent crude, which traded on Monday, was up $1.10 at $79.25 a barrel, having earlier reached a high of $79.72, its strongest since May."The bull party is in full swing this morning as oil prices explode to the upside thanks to a weather-related jolt," said PVM analyst Stephen Brennock."The U.S.
Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday, China announced retaliatory tariffs on $60 billion worth of U.S. goods, and warned of further measures…
Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws
U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent. The Swiss-based commodities trader and miner said its subsidiary had received a U.S. Department of Justice subpoena requesting documents and records on compliance with the Foreign Corrupt Practices Act and U.S. money-laundering statutes.
Oil Backs off 2014 Highs ahead of Trump Iran Decision
Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear program, Iranian crude exports might be affected, but analysts said it would also fan the flames of geopolitical tensions in the Middle East, which is home to a third of the world's daily oil supply.Brent crude futures were down 69 cents at $75.48 a barrel by 1143 GMT, while U.S.
Trump Administration Mulls Opening Alaska Refuge to Drilling
The Trump administration this week will begin the environmental review process for oil and gas drilling on a section of the Arctic National Wildlife Refuge, a region in northern Alaska rich in crude but prized by conservationists.In a notice from the U.S. Department of the Interior seen by Reuters, which the agency will post on Friday, it says it will hold meetings in five Alaskan towns where the public can speak about drilling in the refuge. It is the first step in the review process, which will consider proposed seismic testing and exploration…
Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss
Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains, while those exposed to offshore drilling have continued to face headwinds as those higher-cost projects require sustained oil-price gains to turn a profit. U.S.
Seadrill Close to Restructuring Deal with Bondholders
Seadrill's main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said on Thursday. The Norwegian company, which last year filed for bankruptcy protection in a U.S. court, has been working with creditors since last month on a restructuring plan to bring in more than $1 billion in fresh funding, allow it to maintain its fleet of rigs and pay creditors and staff. "The deal hasn't been signed yet, but I'm very hopeful...
Seadrill Nears Comprehensive Restructuring Deal
Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company, controlled by Norwegian-born billionaire John Fredriksen, has been working with creditors on a restructuring plan to bring in more than $1 billion in fresh funding…
Seadrill Postpones Restructuring Hearing
Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans. Seadrill, one of the world's largest offshore drilling rig operators, filed for bankruptcy in September after a steep drop in crude prices caused drastic cutbacks in oil company investment. The company, controlled by Norwegian-born billionaire John Fredriksen, had been working with creditors on a restructuring plan to bring in more than $1 billion in fresh funding, allow it to maintain its fleet of drilling units and pay creditors and staff.