Sunday, March 25, 2018

Statecontrolled Oil News

Asian Oil, Gas Producers Stepping up Activity after Long Lull

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Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has…

Trafigura Moves Hedging from Europe, Leads U.S. Exports Race

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

Firm moves away from new tighter EU regulations and becomes largest exporter of U.S. crude. Trading giant Trafigura has moved its commodities hedging operations to the United States and Asia and…

Shell to Sell West Qurna 1 Stake to Itochu for $406 Mln

Oil major Royal Dutch Shell on Friday agreed to sell its entire stake in Iraq's West Qurna 1 oilfield to Japan's Itochu Corp for $406 million. The deal comes shortly after the Anglo-Dutch company agreed to exit the Majnoon oilfield…

Record U.S. Oil Offshore Lease Sale to Test Trump Energy Push

File Image (CREDIT: AdobeStock / (c) Mike Mareen)

The U.S. Interior Department will hold the largest lease sale in American history in the offshore Gulf of Mexico on Wednesday, in a major test of the oil industry’s appetite for federal acreage being offered by the Trump administration.

Oil Rises on Saudi Talk of Extending Output Cuts into 2019

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Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil's rise defied a slump in global stock markets…

Rosneft, Eni Fail to Discover Oil at Black Sea Well

Photo: Rosneft

Russia's state oil company Rosneft and Italy's Eni did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told Reuters on Wednesday.

Oil Approaches Six-Week Highs

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Oil neared its highest in six weeks on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory…

Statoil's 2017 Renewables Spending in Line with Plans

Photo: Ole Jørgen Bratland / Statoil

Norway's Statoil said on Friday its 2017 capital spending on new energy solutions, which include renewables, was between $500 million and $750 million, in line with its plans. Statoil began preparations…

Oil Retreats After Failing to Hit $70 a Barrel

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Oil prices fell on Thursday as investors booked profits after this week's rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies. Brent crude futures were…

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…

Petroperu Offers Fuel Oil Cargo for April

Photo: Petroperu

Peruvian state-run oil company Petroperu has launched a tender to sell a 220,000-barrel cargo of fuel oil for delivery April 19-23 at its Talara refinery, according to a document seen by Reuters on Monday.

OPEC Hopes for Oil Market Stability in 2018

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OPEC Secretary-General Mohammad Barkindo said on Monday he hoped a global deal to reduce oil production would help restore stability to global oil markets in the course of the year, he told Azeri TV station Real TV in an interview.

Cenovus Energy: Transportation Bottlenecks Impact Production

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Canada's Cenovus Energy Inc said on Thursday it was running oil sands production below capacity and stockpiling excess oil due to trouble with exporting through maxed-out pipelines to the United States.

Oil Rises on Middle East Worries, Venezuela Woes

file Image: CREDIT Apache corp.

Geopolitics not fundamentals lift prices, but relentless rise in U.S. crude output caps gains. Oil rose on Tuesday to its highest level so far this month, lifted by tension in the Middle East and…

Mexican President Defends Energy Reform from Leftist Attacks

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Mexico's president on Thursday defended his decision to open the energy sector against attacks from the man currently favorite to succeed him, saying a rollback of the measure could cost the country billions of dollars in lost investment.

Chevron sells May-loading Cossack Cargo

Chevron sold its May 4-8 loading Cossack crude oil cargo to oil trader Trafigura at a premium of $1.70 to $1.95 a barrel above dated Brent, trade sources said on Monday. Woodside Petroleum last…

Sharp Contrasts in Markets Impact Van Oord

Photo: Van Oord

The year 2017 was dominated by the difficult market conditions in the dredging and oil & gas sectors, says Pieter van Oord, CEO, Van Oord, the Dutch contracting company that specializes in dredging and land reclamation.

Russia to Decide on Oil Output Hike by Exxon-led Project

Photo: ExxonNeftegaz

A decision on whether to allow the Russian ExxonMobil-led Sakhalin-1 project to raise oil output is expected by the end of April, a spokesman for Russia's Ministry of Natural Resources said on Friday.

Vietnam Scraps South China Sea Oil Drilling Project

Vietnam's state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its "Red Emperor" project off the country's southeastern coast following pressure from China, the BBC reported on Friday.

China Says to Have "Prudent" Oil Exploration with Philippines

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China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart.