Thursday, May 23, 2019

Bloomberg News

Anadarko Bidding War Heats Up

Image: Anadarko

American multinational energy corporation Chevron is working on integrating the hydrocarbon exploration company Anadarko Petroleum, even as it faces a higher rival takeover bid for the oil explorer from Occidental Petroleum Corp, said a report in Bloomberg.However, it is becoming increasingly difficult…

Petrobras to Sell Pipeline Unit for $9 Bln

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Brazilian state-run oil company Petroleo Brasileiro SA has agreed to sell its TAG natural gas pipeline unit to a consortium led by France's Engie SA for roughly $9 billion, Bloomberg News reported on Friday, citing a source.The Engie consortium, which also includes Canada's Caisse de Dépôt e Placement du Québec…

Ecopetrol Wins Offshore Colombia Block

Image: Ecopetrol SA

Colombia’s state-run oil company Ecopetrol SA has signed Colombia’s first offshore exploration and production contract under a newly revised contract model.According to a report in Reuters, the deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean is country’s first new oil and gas contract…

Oil Rises Above $57 on China-U.S. Trade Talks, OPEC Cuts

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Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.The Organization of the Petroleum Exporting Countries cut crude output in December…

LNG Shipping Market in Recovery Stage: Flex LNG

Image: Flex LNG

Norwegian-born billionaire John Fredriksen-owned LNG shipper Flex LNG believes that the LNG market is in the early stages of a multi-year recovery.According to a report by Flex LNG, the market for seaborne transportation of LNG has improved significantly during the third quarter with the primary driver…

Ineos to Buy ConocoPhillips North Sea Assets

North Sea. Image: ConocoPhillips

Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S.

Tehran Says Saudi Arabia Unable to Replace Lost Iranian Oil

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Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market."(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. Iran's oil cannot be replaced by Saudi Arabia nor any other country…

Nordstream 2 Important for Europe -German Energy Minister

Thomas Bareiss (Photo: www.thomas-bareiss.de/pressematerial)

The Nordstream 2 pipeline is important to secure energy supplies and Russia is a safe and reliable provider of gas for Germany, Thomas Bareiss, German state secretary for energy, said at a conference in London on Monday.The Nordstream 2 pipeline will allow Russia to bypass Ukraine in transporting gas to Europe.

Shell in Talks to Sell $1.3 Bln of Gulf Coast Assets

(File photo: Anadarko)

Royal Dutch Shell Plc is in talks to sell its assets in a Gulf of Mexico oilfield to Focus Oil to pay for its takeover of BG Group Plc, Bloomberg reported on Thursday, citing people familiar with matter.The deal could value Shell's stake in the Caesar Tonga field at about $1.3 billion, the report said.Shell has a 22.5 percent working interest in Caesar Tonga, with the rest

Oil Slips as Trade War Worries Outweigh Iran Sanctions

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Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S.

Oil Futures Steady on Market's Long-term Bearish Focus

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Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories in at a major hub falling to their lowest in nearly four years.U.S. West Texas Intermediate (WTI) crude futures were at $68.86 per barrel at 1321 GMT…

Oil Prices Dip as Markets Eye Potential Supply Increases

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Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents…

Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws

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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.

ExxonMobil Hires Crude Trader in Singapore

Crude oil trader Michael Huang is expected to join Exxon Mobil Corp in Singapore soon as the U.S. major expands its trading team to sell its oil into China, the world's top importer of the commodity, three industry sources said. Huang was recently a Singapore-based crude trader for Chinese independent refiner Wonfull Petrochemical…

Siemens to Mull Sale of Gas Turbine Business

Siemens AG is considering strategic options including a potential sale of its struggling business that makes large gas turbines for power plants, Bloomberg https://bloom.bg/2LOJJuf reported on Wednesday citing people familiar with the matter.The German engineering company is looking at all possibilities, such as a combination with a rival, the report added.Siemens has seen

Trump Administration Mulls New Plan to Help Ailing Coal, Nuke Plants - Bloomberg

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Trump administration officials are considering requiring grid operators to buy electricity from ailing nuclear and coal-fired power plants to keep them from being shuttered, according to a Bloomberg news report on Friday that cited a draft memo.If adopted, the move would mark an unprecedented intervention in power markets…

UAE's Stanford Marine in Talks to Restructure $325 mln in Debt

Photo: Standford Marine Group

Stanford Marine Group <IPO-SFMG.L>, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said. The Dubai-based oil and gas services firm, which has struggled as a result of a downturn in the hydrocarbons market…

OPEC Switches Focus From Inventories to Investment

File Image (CREDIT: AdobeStock / © MELCAL)

OPEC appears to be reformulating its target in terms of upstream investment rather than oil inventories, according to an analysis of recent statements made by ministers from member countries. “There is no such thing as a target price by Saudi Arabia,” the kingdom’s energy minister, Khalid al-Falih, told reporters on Wednesday (“Saudi Arabia happy with oil market…

Solar Power Eclipsed Fossil Fuels in New 2017 Generating Capacity

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Chinese solar power led a record 157 gigawatts (GW) of new renewable energy capacity added worldwide last year, more than double the amount of new generation capacity from fossil fuels, a U.N.-backed report showed on Thursday. Globally, a record 98 GW of solar power capacity was installed last year with China contributing more than half, or 53 GW, according to U.N.

Saudi Aramco Ready for IPO in Second Half of 2018

Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser, the chief executive officer of the state oil company, said in a Bloomberg television interview on Monday. "We are doing a lot of work to prepare the company for listing," he said. The venue and the timing will depend on the government, Nasser said.