Tuesday, October 22, 2019

Barrel Oil News

EPC Contract Awarded for Mozambique LNG

© Mark Rubes / Adobe Stock

A joint venture between McDermott, Saipem and Chiyoda, has reached full agreement for a contract with Anadarko Petroleum Corporation for the Mozambique Area 1 Liquefied Natural Gas (LNG) Development, McDermott International announced on Wednesday.CCS JV’s project scope includes the onshore engineering, procurement and construction (EPC) for all components of the onshore LNG development…

'We Are the Rightful Owners' of Anadarko -Oxy CEO

Occidental Petroleum Chief Executive Vicki Hollub (Photo: Occidental Petroleum)

Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59, beat out larger rival Chevron Corp…

Total Profits Take a Hit

(Photo: Total)

French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged, and said production growth should exceed 9 percent during the year…

ExxonMobil Plans Big 2020 Capex Boost

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Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company told analysts attending its annual…

Hibiscus Petroleum to Double Production

Malaysian oil and gas exploration and production company Hibiscus Petroleum is aiming to double its oil output in the United Kingdom and Malaysia to 20,000 barrels per day (bpd) by 2021, a senior company executive said on Thursday.It needs an additional $50 million by 2020 to boost production from about 10,000 bpd now, Kenneth Pereira…

Oil Eases, but Iran Sanctions Keep Prices Well Above $80 a Barrel

© Jim / Adobe Stock

Oil prices eased on Wednesday but were still heading for a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.Brent crude futures were last down 49 cents on the day at $81.38 a barrel by 1351 GMT, after having risen to as much as $82.55 on Tuesday, the highest since November 2014.U.S.

Diamond Offshore Posts Smaller-than-expected Loss

© V. Tonic / MarineTraffic.com

Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.The Houston-based company's total operating expenses fell to $321.2 million from $378.5 million, a year earlier.As oil prices stay above $70 a barrel, oil and gas producers are again showing…

Idled St. Croix Refinery to Restart, Produce Fuels by 2020

Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, which was once one of the world's largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm that owns 80 percent of Limetree Bay Terminals LLC, expects the former Hovensa plant to be able to process 200…

Commodities Ride Rollercoaster on $100 Oil Talk

File Image (CREDIT: AdobeStock / © Lucadp)

Oil highest in over 3 yrs on report Saudis want higher prices; nickel sees biggest jump in 6-1/2 years on sanctions worries. Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets.

Oil Retreats After Failing to Hit $70 a Barrel

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Oil prices fell on Thursday as investors booked profits after this week's rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies. Brent crude futures were down 66 cents at $68.81 a barrel by 1410 GMT, having retreated from a session peak of $69.70, close to its highest level since early February. U.S.

PDVSA Escapes Bonaire Restrictions - for now

File Image (CREDIT: AdobeStock / (c) mikesjc)

A regulatory agency has decided not to impose restrictions on Venezuelan state-run oil company PDVSA's operations at its terminal on the Dutch Caribbean island of Bonaire after receiving new repair assurances, the Dutch Human Environment and Transport Inspectorate (ILT) said on Wednesday. The Caribbean island in December said PDVSA could lose its license to operate the oil storage facility…

Statoil's US Operations Have Turned the Corner

Torgrim Reitan, Statoil's head of U.S. operations (Photo: Ole Jørgen Bratland / Statoil)

Statoil's U.S. operations have turned the corner and could deliver up to $5 billion in net cash flow over the 2018-2020 period at an oil price of around $70 a barrel, Torgrim Reitan, Statoil's head of U.S. operations said on Wednesday. "As oil prices increase there is a significant potential for both earnings and cash flow here, and at (WTI) $70 a barrel oil, the U.S.

Offshore Oil Service Firms Dominate Energy Bankruptcies

(File photo: Ocean Rig)

Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts.

Caribbean Oil Terminals Prepare for Hurricane Maria

© Alexandre Rosa / Adobe Stock

Several Caribbean oil storage terminals that temporarily closed ahead of Hurricane Irma earlier this month have started making preparations in case they have to shut again due to Hurricane Maria, which was a rare Category 5 storm on Tuesday. Shippers and traders in the Atlantic basin are struggling amid this year's very active storm season…

Petrobras CEO: Pre-salt Oil Extraction Costs $8 Per Barrel

Oil extraction in Brazil's promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event on Tuesday. Parente also said the state-controlled company's new fuel pricing policy will reduce the chance of prices reaching below international parity.     (Reporting by Jose Roberto Gomes)

OPEC Should Let Price 'Rebalance' Markets

The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S.

OPEC Should Let Oil Prices Rebalance the Market

The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S.

US Shale CEO Sees Saudi Arabia Moving to Lift Oil Prices

Saudi Arabia likely will move to boost oil prices after a recent drop in order to prop its own national finances, the chief executive of U.S. shale oil producer Pioneer Natural Resources Co said on Tuesday. Oil prices have tumbled in recent weeks despite moves by Saudi Arabia and other members of the Organization of the Petroleum…

ConocoPhillips Sheds Canadian Oil & Gas Assets

ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return.

U.S. Shale Back in Business, Buoyed by OPEC, Trump

U.S. shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump's election victory and OPEC's recent signal that it plans to curb production. The downturn produced a leaner, more efficient U.S. shale industry that was forced to develop and quickly adapt…