Energy

latest news headlines

Saudi Arabia Considers Selling Cheap Aramco Shares To Locals.

Oil giant Saudi Aramco is reportedly considering offering shares to citizens of Saudi Arabia as it prepares for an initial public offering that could be the biggest the world has ever seen. Quoting sources 'familiar with the matter', Bloomberg reported that Aramco has been talking about how to structure the IPO so that ...

- OilPrice.com - US

Thailand's PTT Interested In Petronas Offshore Gas Stake.

Thailand's PTT Pcl is interested in bidding for a stake in the SK316 offshore gas block in Malaysia's state of Sarawak, Chief Executive Thewin Wongwanich says.

- Rigzone.com - US

Oil & Gas M&A Just Broke All Records.

I talked yesterday about prime oil and gas assets coming for sale in Asia. And some new data this week shows it's not just that part of the world where M&A deals are surging. In fact, 2017 has been the best year ever for petro-deals, so far. Numbers reported this week from M&A specialists Dealogic showed that total oil and ...

- OilPrice.com - US

Trellis Energy Predicts Talent Squeeze in Oil, Gas.

An energy software company believes a widening skills gap will lead to a rise in predatory recruitment, making it difficult for smaller operators with limited resources to secure talent.

- Rigzone.com - US

Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting.

Iraq thinks that OPEC should hold a new meeting to discuss the cartel's oil production cuts, given the fact that the current oil prices are still below expected levels, according to Iraqi Prime Minister Haider al-Abadi. The price of oil is still below the level that is needed to replenish the budget deficit of Iraq, Kazakh ...

- OilPrice.com - US

Taking western Mosul from ISIS: Five key questions.

A familiar pattern is emerging as Iraqi forces begin the final phase of their offensive to clear ISIS fighters from western Mosul. They edge towards the city limits, using artillery and airstrikes to soften up the terror group's defenses. ISIS retaliates with suicide bombs, exploits its tunnel networks and activates sleeper ...

- Iraq Oil Report - US

Can The U.S. Dominate LNG Markets?.

American energy exports hit a new high in early 2017, contributing 7 million barrels of crude to markets abroad in the first week of February. Meanwhile, total shipments of LNG from the Sabine Pass terminal in Louisiana in 2016 stood at 183.77 billion cubic feet , or around 2.9 million tons. That means that on average, U.S. ...

- OilPrice.com - US

TurkStream second string construction set to start.

Construction will start soon of the TurkStream natural gas pipeline’s second string from Russia across the Black Sea to Turkey, as PJSC Gazprom reported a construction contract has been signed.

- OGJ - US

Oil To $70? Or Down To $30?.

Will oil prices rise to $70 per barrel this year or fall to $30? Depends on who you ask. Oil price forecasts are always all over the map, but the exceptional disparity between some projections for 2017 is pretty stunning. On the one hand, you have Citibank, which sees oil shooting up to $70 this year as supply ...

- OilPrice.com - US

Border Adjustment Tax Could Produce Oil, Gas Cash Flow Bonanza.

House Republicans' tax reform pitch could be a windfall for US oil and gas producers, but a contentious border adjustment tax element will need bi-partisan support for lawmakers to make a deal.

- Rigzone.com - US

Senex Energy sanctions Western Surat coal seam gas project.

Senex Energy Ltd., Brisbane, has sanctioned a major investment in the proposed Western Surat Gas Project by committing $50 million to a 30-well coal seam gas drilling campaign in southeastern Queensland.

- OGJ - US

Norway Has No Plan To Cut Statoil Stake

The Norwegian government does not plan to cut its stake in Statoil, oil and energy Minister Terje Soeviknes says.

- Rigzone.com - US

Zhenhua Oil In Early Accord To Buy Chevron's $2B Gas Assets In Bangladesh

Chinese state-held company Zhenhua Oil has signed a preliminary agreement to buy Chevron's natural gas fields in Bangladesh estimated to be worth around US$2 billion, Reuters reported on Wednesday, quoting two Chinese oil industry executives. Zhenhua Oil, a small oil and gas exporter, is a unit of China's defense ...

- OilPrice.com - US

Dakota Access Protest Backfires For Standing Rock

The months-long protests against the Dakota Access oil pipeline project has seriously hurt the revenues of a casino operated by the Standing Rock Sioux tribe – the tribe that initiated the protests as a portion of the DAPL will pass through its territory. The casino is facing a shortfall of US$6 million, in part ...

- OilPrice.com - US

The Discounts Are Over: U.S. Shale Is About To Get More Expensive

The U.S. oil rig count has surged for the better part of three quarters, rising by 281 rigs since bottoming out in May 2016, an increase of nearly 90 percent. The rebound in drilling activity promises a swift return of the U.S. shale industry, with output coming back even though oil prices are trading 50 percent lower than ...

- OilPrice.com - US

Chevron's Future Investment In Angola Depends On Revised Tax Terms

Chevron is discussing revised and more attractive tax rules for investment in Angola with the local government and state-run oil company Sonangol—talks that will determine Chevron's future investment in the country—Chevron Vice-president Jay Johnson was quoted as saying on Wednesday. According to Angolan state radio, ...

- OilPrice.com - US

Ideal Employer Survey: Students, Graduates Value Culture over Money

Rigzone's Ideal Employer Survey shows that students/graduates rank a positive work culture over money.

- Rigzone.com - US

Solar Jobs Aren't What They're Cracked Up To Be

Solar advocates point to the number of jobs created by the industry, but a little logic suggests that this is either misdirection or poor analysis. No other industry brags about its labor inefficiency.

- Forbes.com - US

Battery Wars – China Beating Tesla In The Gigafactory Race

Tesla's Gigafactory 1 has been a center of attention for people interested in the growing momentum behind green energy, electric cars, and battery production. Therefore, it is no surprise that this facility was in the news again last month, with Tesla starting to mass produce batteries as it ramps up to its goal of 35GWh of ...

- OilPrice.com - US

Oil Falls On Worries Over Swelling US Stockpiles

Oil prices fall more than 1% on expectations of another surge in US inventories.

- Rigzone.com - US

Malaysia's Petronas, Saudi Aramco May Sign New Deal On Refinery Project

Petroliam Nasional Bhd and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia's Refinery and Petrochemical Integrated Development project.

- Rigzone.com - US

If EPA Chief Pruitt Is Listening To Private Enterprise, He'll Think About Pricing Carbon

The confirmation of Scott Pruitt to lead the EPA raises questions and concerns about whether he'll take any action to address climate change -- and whether Republican-led solutions to price carbon will get an audience on his watch.

- Forbes.com - US

Saudi Aramco Picks Morgan Stanley, JPMorgan For IPO Roles

Saudi Arabia's oil giant Saudi Aramco has picked JPMorgan Chase & Co and Morgan Stanley to help it in the world's largest initial public offering next year, and is also considering UK's HSBC Holdings Plc among banks with access to Chinese investors, Reuters reported on Wednesday, citing a source with direct knowledge of the ...

- OilPrice.com - US

Petrofac Makes 29% Headcount Reduction, Revenue Hits $7.8B

Petrofac makes a headcount reduction of 29% to around 13,500 employees, the oilfield services firm reveals in its final results for 2016.

- Rigzone.com - US

Otakikpo field in Nigeria starts oil flow

Continuous production has begun from Otakikpo Marginal oil field in a coastal swamp about 60 km southeast of Port Hartcourt, Nigeria, reports Lekoil Ltd.

- OGJ - US

Rosneft's Profit Drops 49%, Gazprom Neft Boosts Income 82.5%

Two of Russia's major oil producers - Rosneft and Gazprom Neft - reported Wednesday their respective 2016 financials which showed that the oil giant's full-year profit tumbled 49 percent, while Gazprom's oil division saw its 2016 net income surge 82.5 percent. Rosneft reported a 2016 net income of US$3.13 billion , down ...

- OilPrice.com - US

Record Gasoline Glut Is Causing Problems On The East Coast

The U.S. East Coast traditionally relies on imports from east Canada and Europe to fill in its gasoline demand. However, these days the gasoline glut in the New York area is so big that traders are scheduling exports of gasoline from the New York Harbor to West Africa and Europe. Shippers plan to export at least two million ...

- OilPrice.com - US

Emails Reveal EPA Chief Cozied Up to Industry He Regulates

Newly installed EPA Administrator Scott Pruitt closely coordinated with major oil and gas companies, according to thousands of pages of e-mails released.

- Rigzone.com - US

Oil And The Golden Constant

My model, which is based on the "golden constant," predicts a price for oil of $70/bbl by the end of the year.

- Forbes.com - US

Woodside Flags Growth Options After Tough Year

Woodside Petroleum Ltd says it sees its output rising by about 15% over the next 3 years and flags plans to expand near-term output in Western Australia.

- Rigzone.com - US

Oil Prices Fall As Gasoline Glut Takes Its Toll

Crude prices are selling off today while gasoline holds up relatively better, as refiners playing 'pass the parcel' betwixt the two. As refiners make economic run cuts due to lower profit margins, gasoline inventories are set to drop going forward amid lower supply....while crude inventories are set to continue to swell. ...

- OilPrice.com - US

Oil Police expose potential Basra refinery threat

At a checkpoint outside one of Iraq's largest refineries, canine units catch suspected IS operatives driving a tanker truck.

- Iraq Oil Report - US

Meridian Energy inks deals for proposed North Dakota refinery

Meridian Energy Group Inc., Belfield, ND, entered into memoranda of understanding with local and regional petroleum product distribution firms that have agreed to purchase and distribute as much as 268 million gal/year of refined products from Meridian’s two-phased grassroots 55,000-b/sd high-conversion Davis refinery ...

- OGJ - US

Russia Signs 100,000 bpd Oil Contract With Iran

Russia has agreed to purchase 100,000 barrels of oil a day from Iran in exchange for cash and goods and services, according to a new report by the Iranian Students News Agency. The setup is set to begin within the next 15 days, the ISNA said. The two countries also have a standing contract to build a 1.4 gigawatt thermal ...

- OilPrice.com - US

Anti-Nuke Dogma Trumps Common Sense On Nuclear Energy

A new report from an anti-nuclear group gives some alternative spin to the same old dogma – shut down all nuclear plants and replace them with renewables. Unfortunately, its conclusions are wrong, especially about the cost savings and climate effects.

- Forbes.com - US

Lukoil Finds Oil at Iraq Well

Lukoil reveals that it has hit oil at the Eridu 1 exploration well in southern Iraq's Block 10.

- Rigzone.com - US

Inside Mosul: Feb. 22, 2017

Detailed updates from Islamic State militant-held areas of Ninewa province, gathered via Iraq Oil Report's network of reporters and contacts.

- Iraq Oil Report - US

Deadline Nears For Protesters To leave Camp Near Dakota Pipeline

Protesters opposed to the Dakota Access pipeline braced for a showdown with authorities as some vowed to defy Wednesday's deadline to abandon the camp.

- Rigzone.com - US

Qatar commissions Ras Laffan Refinery 2

Qatar Petroleum subsidiary Qatargas Operating Co. Ltd. has formally commissioned the 146,000-b/d condensate splitter of its Laffan Refinery 2 at the Laffan refining complex in Ras Laffan Industrial City, Doha, Qatar.

- OGJ - US

Tesla Priced For Perfection Into Earnings Tonight

Tesla Into Earnings Tonight

- Forbes.com - US

API Reports Draw In U.S. Crude Inventories After 6-Week Build Streak

This week, the American Petroleum Institute reported a surprise draw of 884,000 in United States crude inventories against expert predictions that domestic supplies would see a 3.3 million-barrel jump. This week's drop marks the end of a long, six-week streak of crude oil inventory builds. Zero Hedge's forecast also ...

- OilPrice.com - US

PSA Grants Aker BP Consent to Connect Oda to Ula Field

Petroleum Safety Authority Norway grants Aker BP consent to connect the Oda field, located in the Norwegian sector of the North Sea, to the Ula field.

- Rigzone.com - US

Total CEO Says OPEC Needs to Prolong Cuts to Eliminate Glut

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut, says Total CEO.

- Rigzone.com - US

Azeri President Appoints Wife As Vice President

Emerging reports indicate that oil-rich Azerbaijan now has a new first vice president: Mehriban Aliyeva, the wife of sitting President Ilham Aliyev. The presidential order that appointed Aliyeva to the position was announced during a routine meeting of the Security Council, according to the nation's official press service. ...

- OilPrice.com - US

British Militant Carried Out Suicide Attack in Iraq, ISIS Says

They called him Abu Zakariya al-Britani — the surname means the Briton' — and they say he blew himself up on Monday in an attack at a village southwest of Mosul, Iraq. The claim, in a communiqué from the Islamic State, immediately revived fears about foreign fighters who have moved to Syria or Iraq to

- Iraq Oil Report - US

Antelope-7 sidetrack in Papua New Guinea fails to intersect reservoir

Total E&P PNG Ltd., operator of petroleum retention license 15 in Papua New Guinea, has reported that the Antelope-7 sidetrack appraisal well has reached 2,383 m measured depth below rotary table without evidence of intersecting the Antelope reservoir.

- OGJ - US

Turkey 'Must' Raise Domestic Energy Production To Above 50% This Year

Turkey must increase its energy production from domestic sources to above 50% this year and above two thirds within a decade, Energy Minister Berat Albayrak says.

- Rigzone.com - US

MARKET WATCH: NYMEX, Brent crude oil prices climbing after US Presidents Day

Oil prices gained on New York and London markets Feb. 21, which analysts attributed to growing optimism that world oil supply will tighten as major producers appeared to have largely complied in January with their promised production cuts.

- OGJ - US

Pruitt Delivers Emails For Oil Industry Links Investigation

The new head of the Environmental Protection Agency, Scott Pruitt, has delivered a number of emails to the Center for Media and Democracy, a watchdog NPO that has been looking into Pruitt's relations with the oil and gas industry during his term as Attorney General of Oklahoma. According to the Washington Times, the CMD has ...

- OilPrice.com - US

OPEC To Seek Energy Dialogue' With U.S. As Shale Output Rises

OPEC Secretary-General Mohammad Barkindo dismissed speculation that the United States' increase in shale oil production was counteracting the effects of the bloc's less-than-two-month-old output reduction strategy, according to comments made at the International Petroleum Week in London. The Nigerian leader of the powerful ...

- OilPrice.com - US