Friday, June 5, 2020

Oil Investment News

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in

Exxon to Load First Crude from Guyana This Weekend

The Liza Phase 1 development project utilizes the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored approximately 120 miles offshore Guyana, with four undersea drill centers supporting 17 wells. (Photo: Hess Corp)

The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters on Friday.Exxon has so far made 15 discoveries of oil reserves in Guyana, turning…

Dominican Republic Kicks Off Licensing Round

© namning / Adobe Stock

The Dominican Republic's first oil licensing round will be a success if it awards more than two of the 14 blocks on offer this year, a government official said at an event disclosing the Caribbean nation's fiscal terms.The licensing round, which began on Wednesday with disclosure of contract terms…

U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil

Graph: Rystad Energy

North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy…

Norway Oil Investment to Rise in 2019

(Photo: Equinor)

Oil and gas investment in Norway is expected to grow for a second year in a row in 2019 but will fall back between 2020 and 2023, an industry lobby group said on Monday.Western Europe's largest oil producer has seen a recovery in oil industry activity thanks to higher crude prices…

Nigerian Opposition Candidate Seeks to Boost Oil Investment

Nigerian opposition candidate Atiku Abubakar will seek to boost investment in the country's oil sector if he becomes president next year, according to a draft copy of his manifesto.He plans to reconsider the introduction of bidding rounds for marginal fields and oil blocks, privatize government-owned refineries and iss

Oil Investment a Tricky Target for OPEC

File Image (CREDIT: AdobeStock / © mikesjc)

It's "mission accomplished" for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization of the Petroleum Exporting Countries, which supplies a third of the world's oil…

Sonatrach Plans Closer Ties with Total on Energy Projects

Algerian state energy firm Sonatrach and Total are planning to work more closely together on offshore, petrochemical, solar energy and shale exploration projects, Sonatrach's CEO said on Wednesday. The CEO's comments signal a new chapter for the companies'…

Saudis: All Options Open on OPEC Pact

File Image (CREDIT: AdobeStock / (c) Leeylutung)

Saudi Energy Minister Khaled al-Falih said on Tuesday that there was flexibility and options were open on an OPEC-led oil output reduction agreement. Falih, who holds the rotating presidency of OPEC, said monitoring was under way on compliance with the deal but he was satisfied and focused on everyone working together.

Norway Oil Companies Lower 2017 Spending Plans

Norway's oil companies have lowered their 2017 investment plans, a Statistics Norway survey showed on Wednesday, raising the chances of a central bank interest rate cut in the coming months. Norway's biggest industry has curbed spending in the wake of a more than 50 percent fall in oil prices over the last two years…

Oil Producers Could Revive Output Freeze

Gulf OPEC members don't oppose resurrecting freeze talks. Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output. Despite the collapse of talks on restraining production among OPEC and non-OPEC members earlier this year…

U.S. Oil Rig Cut Deepens in 7th week of Declines

Rigs Photo Petro China oil

U.S. energy firms deepened their cuts in oil drilling rigs in the seventh week of declines to the lowest levels since March 2010, data showed on Friday, as they continue to cut spending due to the collapse in crude prices. Drillers removed 31 oil rigs in the week ended Feb.

Oil shock Impacting U.S. Economy: Kemp

Slumping oil and gas prices and a downturn in investment are proving to be major headwinds for the economies of the United States and other key important petroleum producers. Economists tend to think of oil and gas as simply an input into the production process for other goods and services…

IEA: Governments Shouldn't Count on Cheap Oil: IEA

Investments to drop for 2nd year in 2016; may see 400,000 bpd U.S. light tight oil output cut in 2016. Countries should not bank on oil prices remaining low when formulating their energy policies, as supplies could tighten from mid-2016 due to a drop in investment and falling U.S.

Norway Oil Investment Forecasts Slashed Further

Oil companies have cut their expectations for investments in Norway in recent months, fresh data showed on Tuesday, and economists said they are likely to continue scaling back ambitions as the price of crude continues to fall. Investments in the continental shelf…

Norway's Oil Investment Outlook Brightens

The slump in investment in Norway's oil and gas sector, a cornerstone of the economy, is seen levelling off from 2016, data from Statistics Norway showed on Friday, although the central bank is still expected to cut interest rates next week. Economists had…

Algeria's Sonatrach appoints new chief executive

Algeria's state energy firm Sonatrach has named Amine Mazouzi as its new chief executive to replace interim head Said Sahnoun, who had been appointed less than a year ago, two industry sources said on Sunday. Mazouzi, a younger-generation manager in Sonatrach's production development department…

Norway: Growth Outlook Cut on Oil Sector Worries

Mainland GDP growth to slow to 1.3 pct in 2015. Norway will dip into its saved-up oil wealth more than expected this year as the energy sector shrinks and growth slows, but plans no major policy adjustment as the economy is seen rebounding next year, the government said.

UK Warns Off BP Suitors Now Shell Unavailable as 'White Knight'

Britain's warning to potential suitors of BP is a sign of the oil major's vulnerability to a takeover bid and that a more politically palatable tie-up with Royal Dutch Shell no longer seems to be an option, banking and industry sources said. Despite championing a laissez-faire policy towards takeover deals…

Statoil Bets on Oil Price Recovery, Investments Continue

Statoil cutting less in capex than any other major; continues to invest in long term projects. Norway's Statoil is cutting investments less than any other oil major this year, positioning for a crude price recovery but taking a risk should the slump be protracted.