Thursday, August 6, 2020

Gross Domestic Product News

Norway Economic Activity Shrank 14% in March

Offshore rigs near Bergen - Image by Mariusltu - AdobeStock

Norway's economic activity excluding the offshore oil and gas industry fell 14% as of the end of March compared with the end of February, preliminary data from Statistics Norway showed on Wednesday in a new snapshot look at how the…

Russian-led Arctic Oil Project to Cost $157 Bln

© Alexander Blinov / Adobe Stock

A ambitious new Arctic oil project led by Russia's top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia's deputy energy minister Pavel Sorokin told reporters.Vostok Oil, a joint project of Rosneft and Independent Petroleum Company (IPC)…

B.C. Backs LNG Bunkering

Vancouver Fraser Port Authority. Image: SEA\LNG

The British Columbia Government has joined Vancouver Fraser Port Authority and FortisBC to establish the first ship-to-ship LNG marine refueling – or bunkering – facility on the west coast of North America.The use of LNG to power…

Anadarko Approves $20 Bln Mozambique LNG Project

(File photo: Anadarko)

U.S. energy firm Anadarko Petroleum Corp gave the go-ahead on Tuesday for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa, according to the government…

As Renewables Soar, BP sees China Hitting Brakes

© adimas / Adobe Stock

Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still…

Oil Up But Set For Weekly Loss on Stock Build, Trade Row

© papa1266 / Adobe Stock

Oil prices rose on Friday on signs of surging demand in China, the world's second-biggest oil consumer, although the market was heading for a second week of losses on rising U.S. inventories and concern that trade wars were curbing…

Rising Oil Prices Boost US Economy

© Sergiy Serdyuk / Adobe Stock

U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy. Since the 1860s, the United…

Conoco Seized PDVSA Products from Isla Refinery

© Darryl Brooks / Adobe Stock

U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands…

South Sudan: U.S. Sanctions Undermine 'search for peace'

U.S. sanctions on 15 South Sudanese oil operators will work against efforts to restore peace and stability in the nation, the government said on Thursday. The sanctions, which were announced on Wednesday, will require companies and…

UN Resolution Targets Libyan Fuel Smugglers

The U.N. Security Council has extended sanctions on illegal oil exports from Libya to cover refined petroleum products as well, in a bid to stem rampant smuggling of subsidised fuel by sea. Imported fuel that is priced lower for…

Norway Oil Firms Raise 2017 CapEx Forecasts

Norway's oil companies have increased their 2017 investment plans in the last three months, signalling a smaller-than-expected contraction for the industry, a survey by the statistics office showed on Thursday. Investments in oil…

Oil Prices Slip as High Stocks Overshadow OPEC Cuts

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.42 per barrel at 1448 GMT, 23 cents below their last close. U.S.

Oil Prices Slip as Inventories Outweigh OPEC Cuts

Crude supplies remain plentiful in major regions; demand growth falters in China, India. Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices.

Russia Could Rebuild Fiscal Reserves with $55 Oil

Russia could start building up its depleted fiscal reserves while keeping the rouble from firming if prices for Urals crude oil average $55 a barrel this year, documents seen by Reuters showed on Thursday. With Urals oil prices between $40 and $55 a barrel…

Ghana oil importers say government owes them $384 mln

Ghana's domestic oil importers said on Friday they may take legal action against the government to recover interest on an outstanding debt of $384 million that presents an early headache for the incoming government. The debt was…

Russian Finance Minister says Rosneft Deal Had No Impact on Rouble

Russia's finance ministry and the central bank managed to minimise the market impact from the privatisation of oil giant Rosneft, which required conversion of foreign currencies into roubles, Finance Minister Anton Siluanov said on Friday.

Argentina: Local Production Subsidies to Continue

Argentina will maintain subsidies to the country's oil producers next year, energy Minister Juan Jose Aranguren told reporters on Tuesday, ending speculation that the ministry was set to remove subsidies paid for by consumers at the gas pump.

Azerbaijan's $35 bln Oil Fund Pledges to Improve Transparency

Azerbaijan's state oil fund SOFAZ is committed to keep improving transparency, its executive director said, in order to meet a key international benchmark that would make the country more attractive to foreign investors. The standard…

Norway's Oil Spend to Fall Again in 2017

Drop mostly due to postponing decommissioning schemes. Investment in Norway's oil and gas sector, a cornerstone of the economy, will drop next year as weak crude prices push energy companies to rein in their budgets, a national statistics agency survey showed on Wednesday.

Brazil Energy Market Share Could Soar with Right Policies

Brazil could double its share of world oil and gas exploration and development investment in the next few years if it makes the right policy decisions, Jorge Camargo, head of the Brazilian oil and gas industry association IBP, told reporters on Monday.