Tuesday, January 16, 2018

Statecontrolled Oil News

Shell OKs First UK North Sea Project in Six Years

File Image: a Shell FLNG underway to its next assignment. CREDIT: Shell

Shell approves Penguins expansion; project projected to generate profit even at sub-$40 oil prices. Royal Dutch Shell gave the green light on Monday for an expansion of the Penguins oil and gas field in the UK North Sea…

BP, Shell, Goldman Mull Indian Oil Stockpile Deals

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

BP, Royal Dutch Shell, Goldman Sachs, Trafigura, Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corp. have expressed interest in filling India's strategic oil reserve at Padur in the southern Karnataka state.

OPEC Need Not Rush Oil Pact Changes - UAE

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

OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday. This year's rapid rise in oil prices…

Gulf OPEC Producers to Keep Q1 Oil Output Below Level

Gulf OPEC producers plan to keep their oil output in the first quarter of 2018 below the year-earlier level despite strong demand growth and a decline in global inventories, a senior OPEC source…

Lukoil Calls for Exit From Output Deal if Oil Holds at $70

Russia should start exiting a global deal to cut oil output if crude prices remain at $70 per barrel for more than six months, Lukoil chief executive Vagit Alekperov said on Friday as he unveiled a $2-3 billion share buyback programme.

Reassessing Alaska's Energy Frontier

Permafrost forms a grid-like pattern in the National Petroleum Reserve-Alaska, a 22.8 million acre region managed by the Bureau of Land Management on Alaska's North Slope. USGS has periodically assessed oil and gas resource potential there. (Credit: David Houseknecht, USGS.)

Less than 80 miles from Prudhoe Bay, home to the giant oil fields that feed the Trans-Alaska Pipeline, lies the site of USGS’ latest oil and gas assessment: the National Petroleum Reserve-Alaska and adjacent areas.

Norway Sees Near-Record Oil Output in 2022

File Image: Statoil's Troll C offshore installation (CREDIT: Statoil)

Norwegian oil and gas investments will begin to rise in 2018 after falling for the last four years, helping drive output to near-record highs in the next five years, the Norwegian Petroleum Directorate (NPD) said on Thursday.

Oil Teases $70 but U.S. Output Looms

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

Oil propped up by OPEC/Russia-led production cuts, but rising North American output threatens to undermine cuts. Oil hovered below a three-year high near $70 a barrel on Monday on signs that production…

More Charges Against Shell Singapore Theft Suspects

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

Total number of people arrested in the case rises to 20; thefts are alleged to have been going on for months. A Singapore court on Monday filed additional charges against nine men accused in a…

Noble's Proceeds from Unit Sale to Vitol Disappoint

Struggling commodities trader Noble Group has completed the sale of its U.S.-focused oil business to the world's largest oil trader Vitol, but net proceeds from the deal are lower than a previously announced estimate…

Iraq: 26 Firms Qualified for Oil & Gas Block Bids

The Iraqi oil ministry said on Friday 26 companies have qualified to bid for oil and gas blocks in border areas. Five companies qualified recently to take part in the bidding round, alongside 21 others already selected…

Noble Group to Exit Oil Trading: Sources

Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said…

As US Opens Up Offshore Waters, Eastern GoM Beckons

© xmentoys / Adobe Stock

President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it…

ICE Moving Oil Contracts to U.S. as MiFID II Implement

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

The Intercontinental Exchange (ICE), one of the world's biggest commodity exchanges, is shifting the trading of some oil contracts to the United States, the exchange said in a statement, as customers balk at new European Union rules.

Oil Above $68 on Tighter Markets, Lower Inventories

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

OPEC-led output cuts, dip in U.S. rig count support prices; U.S. crude inventories expected to fall for 8th week. Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015…

Oil Hits Fresh Highs as Analysts Urge Caution

File Image (CREDIT: AdobeStock / (c) Gear STD)

Brent, WTI at highest since start of oil slump; physical Brent above $70 per barrel. But analysts warn of overheating. Crude oil prices hit new multi-year highs on Wednesday as OPEC-led production…

Oil at Multi-Year Highs Despite Emerging Data

File Image (CREDIT: AdobeStock / (c) Gear STD)

Surprise U.S. oil output fall supports crude markets and U.S. crude stocks drop below five-year average. Oil prices hit multi-year highs on Thursday despite warnings that a 13 percent rally since…

Norway's Oil Industry Looks to Boost Staffing

File Image (CREDIT: Global Marine Systems)

Norwegian oil companies and their suppliers will hire more people in the coming years as the industry recovers from a slump and the price of crude rises, Norway's Minister of Petroleum and Energy Terje Soeviknes told Reuters on Tuesday.

Oil Retreats but Set for Fourth Week of Gains

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

China's weak December oil data weighs; Brent, WTI hit highest since Dec 2014 on Thursday. Oil prices fell on Friday after hitting a three-year high over $70 a barrel the previous day, but remained…

BW Offshore Gets Contract Extension for FPSO Polvo

BW Catcher . Photo: BW Offshore

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022.