Tuesday, December 11, 2018

Crude Producer News

Angola Battles to Revive Oil Exploration

(Photo: Total)

On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his peers, will…

Total Launches $16 Bln Project Offshore Angola

Total CEO Patrick Pouyanne and Angolan president Joao Lourenco (Photo: Total)

Africa's second largest crude producer Angola and France's Total officially inaugurated a new deep-sea oil field worth $16 billion in the Atlantic approximately 260 kilometers from the capital Luanda.The…

NNPC Says Shell, ExxonMobil Also Looking at Crude Swaps

© Haris Andronos / Adobe Stock

Nigeria's state oil firm NNPC could sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said on Monday.Nigerian National Petroleum Corporation…

Angola Could Partially List Oil Company Sonangol

Angola, Africa's second largest crude producer, could partially list state oil company Sonangol, a spokesman for the ministry of mineral resources and oil said on Thursday.This follows comments by Mineral…

US Oil Boom Delivers Costly Surprise for Traders

© Denise Potrzeba Lett / Adobe Stock

The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market.Trading…

Oil Prices Ease on China Demand Dip and Rising U.S. Output

© beawolf / Adobe Stock

Oil prices fell on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of OPEC's production cuts.Brent crude futures fell 45 cents to $16.87 a barrel by 1333 GMT. U.S.

Oil Eases as Iran Exports Soar, U.S. Inventories Rise

File Image (CREDIT: AdobeStock / © hansenn)

U.S. could reimpose sanctions on Iran this month but surging U.S. supplies, stronger dollar cap market. Brent crude futures eased on Wednesday, surrendering early gains after evidence of further increases in U.S.

Oil Inches Nearer to $70 on Lower U.S. drilling, Iran Worries

File Image (CREDIT: AdobeStock / (c) Jose Gill)

U.S. drillers cut rigs for first time in three weeks; concerns of U.S. sanctions against Iran also support crude. Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United…

Norway Calls in Mediator to Avert Strikes

© donvictori0 / Adobe Stock

Norwegian employers and labor unions failed to reach a deal in initial wage talks on Thursday, union sources told Reuters, leaving it up to a state-appointed mediator to avert widespread strikes that risk…

Oil Producer Norway Starts Wage Talks to Avert Widespread Strikes

© Elmer Laahne / Adobe Stock

Norwegian employers and labour unions embarked on four weeks' of wage talks on Monday to stave off widespread strikes that risk impacting output in western Europe's biggest crude producer. Unlike most years…

Congo Republic Pledges to Reform State Oil Firm as Seeks Bailout

Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country.

Colombia's Ecopetrol Names New CEO, Echeverry Resigns

Colombian state-run oil company Ecopetrol said its current vice-president, Felipe Bayon, will take over as chief executive, replacing Juan Carlos Echeverry. Echeverry, who has headed the company since March 2015…

Colombia Unrest cuts Ecopetrol's Output by 80 pct

Crude production at Colombia's La Cira-Infantas oilfield has fallen more than 80 percent during the last week, state-run oil company Ecopetrol said on Wednesday, due to protests by local residents over hiring practices.

Congo Republic says GDP Growth to Rise in 2017

Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the…

Oil Exports From Southern Iraq Down in January

Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.

Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says

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Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices…

Canadian Oilwell Drilling Forecasted to Jump in 2017

Drilling in Canada's oil and gas fields will pick up in 2017 because of more favourable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The Canadian…

Lyondell's Houston Refinery Draws Bids from Aramco, Valero, Sunco

Photo: Lyondell

At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process.

Encana Slashes 2016 Costs by $50 Mln

Photo: Encana Corp

Encana Corp said on Wednesday it has made $50 million in cost savings in 2016, continuing a trend of Canadian oil and gas producers squeezing spending in response to the prolonged downturn in global crude prices.

Russia Can Export 254-255 Mln Tonnes of Oil in 2016

Russia's oil exports this year could reach 254-255 million tonnes if output comes in at 540 million tonnes, Deputy Energy Minister Alexei Teksler said on Tuesday. Teksler said, however, output may be higher than 540 million tonnes…