Thursday, September 19, 2019

Crude Producer News

Gulf of Mexico Output Lifts Hess Profits

(Photo: Hess Corp)

Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.The company said production from Bakken rose 17 percent to 130…

Gas Production Set to Triple in Iraq

Graph: Rystad Energy

Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies…

Partial Shutdown of Keystone Oil Pipeline

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A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada…

Equatorial Guinea to Offer Ophir's Old Blocks

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Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said…

Anadarko Profit Misses as Costs Rise

(Photo: Anadarko)

Oil and gas producer Anadarko Petroleum Corp on Tuesday reported a fourth-quarter profit that missed analysts' estimates by a wide margin, as it spent more on its projects in West Texas and northeast Colorado.Oil producers…

Hess Production Tops Estimates

The Stampede platform in the Gulf of Mexico (Photo: Hess)

Oil and gas producer Hess Corp's fourth-quarter production beat Wall Street estimates on Wednesday, driven by higher output from the Bakken shale region and the Gulf of Mexico.Total production for the quarter ended Dec.

Russia's 2018 Oil Output Tops Record

(Photo: Lukoil)

Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed on Wednesday.The total surpassed…

Brent Crude Rises but Set for First Yearly Drop Since 2015

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Oil prices rose more than 2 percent on the final day of the year, mirroring gains in stock markets, but were on track for their first annual decline in three years as concerns of a persistent supply glut…

BP Launches $3 Bln Sale of US Onshore Assets

(File photo: BP)

Britain's BP has launched the sale of U.S. oil and gas onshore assets that could raise more than $3 billion to help pay for other fields in the United States it bought in October from BHP, industry and…

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

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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

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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

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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…