Indian Oil Corp Mulls PDVSA Crude Buys
Crude orders could help Venezuela settle unpaid bills; but doubts remain as to whether PDVSA can supply more crude. Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member's economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies.
Trafigura's Purchases from State Oil Firms Rose in 2016
Trafigura's aggregate direct purchases of crude, refined products and natural gas from national oil companies rose in 2016 to a third of its traded volumes, up from about a quarter in 2015, according to the company's annual responsibility report published on Wednesday. In its 2016 annual financial report, Trafigura said oil purchases had increased significantly from Russian state firm Rosneft and the United States after the country removed a ban on crude exports. It said volumes out of the Middle East also rose.
Britain to Offer North Sea tax Relief
Britain will introduce next year tax changes to oil and gas companies operating in the North Sea, finance minister Philip Hammond said on Wednesday, in an effort to spur new investment. Presenting Britain's budget for next year, Hammond said that starting November 2018, tax history for oil and gas fields in the North Sea will be transferable from seller to buyer. This will allow buyers to benefit from larger tax relief when fields reach the end of their life and require dismantling, known as decommissioning.
Enel's Long-term Gas Supply Deals with Algeria Start Expiring
Italian utility Enel's long-term gas supply import deals with Algeria have started expiring this year and it is in talks to replace them with new contracts not linked to the price of oil, its CEO said on Tuesday. "Our intention is not to cancel them but substitute them with different contracts which are not oil-linked anymore," Chief Executive Francesco Starace said during a strategy presentation. European gas importers have…
Turkey, Iraq Discuss Resuming Kirkuk Oil Exports
A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq's oil ministry said in a statement on Thursday. "A high level Turkish energy delegation met with senior oil officials, including officials from state-run SOMO, to discuss ways to restart Kirkuk oil exports," the statement said. (Reporting by Ahmed Rasheed; editing by Jason Neely)
Total Will Lose Entire Investment if it Pulls Out of South Pars
France's Total will lose all of its investment if it pulls out of a deal with Iran to develop South Pars, the world's largest gas field, the Iranian oil minister said on Tuesday. "If Total, without the enforcement of Security Council sanctions, announces that it has the intention to leave the contract, no capital will be returned to this company and no sum will be transferred to the company," oil minister Bijan Zanganeh was quoted as saying by SHANA, the news site of the Iranian oil ministry.
Anadarko Petroleum Eyes 2018 Sales Rise
Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017. The company expects to spend $4.2 billion to $4.6 billion in 2018…
Venezuela Oil Minister: Oil Market Has Found Balance
Venezuela's oil minister Eulogio Del Pino said Wednesday that the oil market has finally found balance, as inventories are declining. Del Pino was speaking in Santa Cruz, Bolivia, at the Gas Exporting Countries Forum. (Reporting By Marianna Parraga Editing by Chizu Nomiyama)
US to Become Oil and Gas World Leader in Long Term - IEA
The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide". Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)
U.S. Crude Extends Rally to $58
Keystone crude deliveries to U.S. cut by 85 pct through November. Oil extended gains on Wednesday, with U.S. crude hitting $58 a barrel for the first time since July 2015 as a major pipeline cut Canadian crude flows to the United States, where inventories are expected to have fallen further. The Keystone pipeline will cut deliveries by 85 percent or more through the end of November, sources said. A report from the American Petroleum Institute (API) showed a big drop in U.S.
Oil Climbs, But Headed for Weekly Loss
OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.03, 89 cents up on the day.
Oil Steadies Ahead of OPEC Meeting
U.S. output may rise more than rig count suggests - Westwood. Oil prices were only slightly firmer on Tuesday as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts but the prospect of rising U.S. output capped gains. Brent crude oil was up 12 cents at $62.34 a barrel at 1145 GMT. U.S. light crude was at $56.56, up 14 cents. Analysts said Brent was expected to fluctuate in a narrow range…
ADNOC to Raise $2.25 Bln Pre-IPO Loan for Distribution Unit
Abu Dhabi National Oil Company (ADNOC) plans to raise a $2.25 billion loan for its distribution unit prior to selling a stake of up to 20 percent in the unit in an initial public offering (IPO), sources familiar with the matter said. The loan is the latest of a number of fundraisings that state-owned ADNOC, which manages almost all of the proven oil reserves in the United Arab Emirates, is carrying out as part of an overhaul of its capital structure.
Saudis Push for Extension of OPEC Cuts
Riyadh favours nine-month extension, decision on Nov. 30. Top crude exporter Saudi Arabia is lobbying oil ministers to agree next week on a nine-month extension to OPEC-led supply cuts, sources familiar with the matter said, as Riyadh seeks to ensure a price-sapping glut is eradicated. The Organization of the Petroleum Exporting Countries, non-member Russia and nine other producers are cutting oil output by about 1.8 million barrels per day until March 2018, and will discuss extending the deal at a Nov. 30 meeting in Vienna.
Oil Prices Slide after IEA Casts Doubt over Demand Outlook
Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show U.S. crude inventories rising after this week's gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude was at $55.08 per barrel, down 62 cents.
Oil Explorer Finder Seeks $150mln for Australia Drilling
Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the country's northwest coast, a document seen by Reuters showed. The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors. Finder, a joint venture with energy services company Fugro , hopes to start drilling in the third quarter of 2018.
Israel Takes Bids for Offshore Exploration
Israel said on Wednesday it received bids to explore for oil and gas in its economic waters from Greece's Energean and a consortium of Indian firms including ONGC Videsh, Bharat PetroResources , Indian Oil Corp and Oil India. Israel hoped it would draw 2-3 foreign firms to come drill in 24 new offshore blocks in its latest bidding round that opened a year ago. Israel's Energy Ministry said it would spend the coming weeks examining each bidder's offer and work plan before making a final decision.
Algeria Energy Earnings Up 18%
Algeria's energy earnings rose 18 percent in the first ten months of 2017, which helped reduce the trade deficit by 34 percent, official data showed on Monday. The deficit decline pushed up the coverage of imports by exports to 75 percent, from 63 percent in the January-October period of 2016, according to customs figures. Oil and gas exports, which accounted for 94.8 percent of total sales abroad, reached $27.18 billion in the first ten months of this year compared with $23.04 billion in the same period in 2016…
Venezuela Oil Output Hits Near 30-year Low
Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in nearly three decades, global producer group OPEC said on Monday. The Organization of the Petroleum Exporting Countries' latest monthly data showed Venezuela reporting production of 1.955 million bpd in October, versus 2.085 million in September. The figure was even lower based on secondary sources rather than what the government reports, at 1.863 million bpd in October, according to OPEC.
Statoil to Step Up Offshore Norway Exploration
Norway's Statoil will ramp up its search for oil and gas deposits on the Norwegian continental shelf next year, the company said on Friday. Oil companies are stepping up efforts to find more oil and gas offshore after cutting exploration budgets following the oil price drop since 2014, meaning more work for owners of drilling rigs, such as Transocean or Seadrill. Majority-state owned Statoil is emerging from the downturn as one of the most active offshore explorers.