Energy News
Cramer’s Exec Cut: One company that’s not afraid of Amazon
Fri, 24 Feb 2017 23:46:00 +0000
Jim Cramer spoke with top executives about the impact of Amazon, the fate of retail and innovation in U.S. energy production
These oversold energy stocks could be ready to rebound
Fri, 24 Feb 2017 22:23:00 +0000
Using hedge fund analytics tool Kensho, CNBC looked for the most statistically oversold stocks in the energy sector.
This ‘conundrum’ may be signaling a slide in oil prices
Fri, 24 Feb 2017 22:19:00 +0000
The stock market may be signaling something is awry in the oil market.
An Oklahoman’s background in oil is not a scandal
Fri, 24 Feb 2017 21:48:00 +0000

Gasp! While he was attorney-general of Oklahoma, the new administrator of the US Environmental Protection Agency had regular communication with oil and gas companies. Oh no! Scott Pruitt actually tried to help some them.

ORPIC: Sohar refinery expansion due for commissioning
Fri, 24 Feb 2017 21:05:00 +0000

Oman Oil Refineries & Petroleum Industries Co. (ORPIC) has completed all construction and precommissioning works for the multibillion-dollar Sohar Refinery Improvement Project (SRIP), a long-planned, brownfield modernization program to technically enhance the operator’s existing 116,000-b/d refinery about 230 km northwest of Muscat.

Trump orders agencies to establish regulatory reform taskforces
Fri, 24 Feb 2017 21:01:00 +0000

US President Donald J. Trump signed an executive order for each federal agency to establish a regulatory reform taskforce to eliminate red tape. Under the Feb. 24 order, each taskforce will:

Contract let for Uzbekistan gas processing complex
Fri, 24 Feb 2017 20:10:00 +0000

Russia’s privately held PJSC Lukoil and Uzbekistan’s National Holding Co. Uzbekneftegaz, through a contractor, have let a contract to Frames Group BV, Alphen aan den Rijn, the Netherlands, to provide desalting equipment for their jointly owned Kandym gas processing complex now under construction in southwestern Uzbekistan’s province of Bukhara, about 520 km southwest of Tashkent.

Whitehead appointed Marathon Oil EVP, CFO
Fri, 24 Feb 2017 20:03:00 +0000

Dane Whitehead has joined Marathon Oil Corp. as executive vice-president and chief financial officer with an anticipated effective date of Mar. 6.

Oil settles at $53.99, ending the week 1.1% higher as OPEC cuts offset rising US supply
Fri, 24 Feb 2017 19:36:00 +0000
Oil prices fell on concerns over rising U.S. supplies and as traders pull out crude barrels from pricey storage.
BHI: Permian, Eagle Ford drilling continues US rig count rebound
Fri, 24 Feb 2017 18:51:00 +0000

The US drilling rig count increased a mere 3 units during the week ended Feb. 24 following 5 straight weeks of double digit gains, according to Baker Hughes Inc. data.

US oil drillers add rigs for six straight week
Fri, 24 Feb 2017 18:12:00 +0000
CNBC's Jackie DeAngelis reports the weekly rig count numbers.
Homeowners in Australia can 'rent out' solar power and storage under new program
Fri, 24 Feb 2017 18:08:00 +0000
It’s the first initiative of its kind in the world, Curbed reports.
ONRR stays new oil, gas valuation rule in response to litigation
Fri, 24 Feb 2017 17:40:00 +0000

The US Office of Natural Resources Revenue has postponed the Jan. 1 effective date for its new final rule covering oil and gas as well as coal valuation on public and Indian tribal land after several petitioners legally challenged it in US District Court for Wyoming on Dec. 29, 2016, the agency announced.

Gazprom Neft shows annual boost in net profits
Fri, 24 Feb 2017 17:24:00 +0000

PJSC Gazprom Neft earned 200.1 billion rubles in net profits in 2016—a 82.5% increase over 2015. Oil-equivalent production increased 8.2% to 86.2 million tonnes. Factors attributing to this boost in earnings include production increases at Novoportovskoye and Prirazlomnoye fields and the commissioning of the East Messoyakhskoye field in September 2016.

Rosneft reports decline in net income for 2016
Fri, 24 Feb 2017 17:21:00 +0000

Rosneft reported a decline net income in 2016 to 181 billion rubles compared with 355 billion rubles in 2015. Fourth-quarter net income of 52 billion rubles, however, doubled third-quarter net income of 26 billion.

Mobilize federal support for carbon dioxide pipelines, group urges
Fri, 24 Feb 2017 16:55:00 +0000

A multistate working group convened by two western governors urged the Trump administration and the 115th Congress to make carbon dioxide pipelines a priority within a more-ambitious US infrastructure agenda.

Associations form pipeline steel team in response to Trump memo
Fri, 24 Feb 2017 16:51:00 +0000

Four national oil and gas associations have formed a pipeline steel team in response to US President Donald J. Trump’s Jan. 24 Executive Memorandum specifying that US-manufactured materials will be used in all new construction as well as repairs, retrofits, and expansions to the maximum extent possible.

Shell, YPF to develop Vaca Muerta gas pilot project
Fri, 24 Feb 2017 16:46:00 +0000

Royal Dutch Shell PLC and Argentina’s YPF SA have signed preliminary terms and conditions of an agreement to develop a shale gas pilot project in the Vaca Muerta shale of Neuquen province.

LG Chem lets contract for Daesan ethylene expansion
Fri, 24 Feb 2017 16:24:00 +0000

LG Chem Ltd., Seoul, has let a contract to KBR Inc. to provide technology licensing and basic engineering design (LBED) services for a previously announced 3-year program to modernize and expand ethylene capacity at the Daesan petrochemical complex in Chungcheong Province, South Korea.

Dussafu deals firming before output start
Fri, 24 Feb 2017 15:52:00 +0000

BW Energy Gabon Pte. Ltd.’s plan to start oil production from the Dussafu production-sharing contract offshore Gabon next year has advanced with the firming of two deals to acquire interests totaling 91.67%.

MARKET WATCH: NYMEX, Brent crude oil prices climb on lower US crude imports
Fri, 24 Feb 2017 15:47:00 +0000

Light, sweet crude oil prices for April settled well above $54/bbl on Feb. 23 after a weekly inventory showed US oil supplies rose less than analysts had anticipated. Analysts attributed the smaller-than-expected increase to a lower volume of imported crude oil.

U.S. crude oil imports from Saudi Arabia and Iraq recently increased, but may decline soon
Fri, 24 Feb 2017 13:00:00 +0000
U.S. crude oil imports from Saudi Arabia and Iraq, two of the United States’ main sources for imported crude oil, have risen since reaching relatively low points in 2014 and 2015. On a combined basis, crude oil imports from these countries are the highest since late 2012.
These energy stocks may be due for a comeback from the natural gas plunge, if history is any guide
Fri, 24 Feb 2017 10:00:00 +0000
CNBC PRO ran a study to discover some of the natural gas stocks that could be due for a relief rally.
HDT brings an all-electric taxi fleet to Singapore
Fri, 24 Feb 2017 01:05:00 +0000
CNBC's Dan Murphy takes a look at taxi company HDT's entrance into the Singapore market and how it will be offering its drivers fixed salaries.
US turns into 'oil nation' with record exports, 'eating' OPEC market share
Thu, 23 Feb 2017 22:10:00 +0000
The U.S. exported a record amount of oil, topping a million barrels a day for a second week.
Cypriot peace talks founder as Russia expands influence
Thu, 23 Feb 2017 22:06:00 +0000

While talks founder over the reunification of Cyprus, Russia is using energy initiatives to gain influence in the eastern Mediterranean.

Oil stocks are lagging, but analysts see a path to growth for some drillers
Thu, 23 Feb 2017 21:43:00 +0000
Nimble drillers with an established presence in core basins benefit most from the oil price recovery, analysts say.
Jamaican refinery due $1-billion overhaul
Thu, 23 Feb 2017 21:11:00 +0000

The governments of Venezuela and Jamaica have finalized an agreement to undertake the long-planned expansion and modernization of their Petrojam Ltd. joint venture’s 36,000-b/d hydroskimming refinery in Kingston, Jamaica.

Alberta pipeline report draws clarification
Thu, 23 Feb 2017 19:56:00 +0000

New pipeline-incident reporting by the Alberta government has evoked clarification from a company portrayed unfavorably in one of its operator comparisons.

Oil settles at $54.45, up 1.6%, after smaller-than-expected rise in US crude stockpiles
Thu, 23 Feb 2017 19:34:00 +0000
Oil price gains eased after U.S. government data suggested high inventories could undermine OPEC's move to cut output.
US exporting 1.2M of barrels a day: Ion Energy Group
Thu, 23 Feb 2017 19:31:00 +0000
Is the market too bullish£ Kyle Cooper, Ion Energy Group consultants, discusses the next stop for oil.
Chesapeake Energy posts smaller quarterly loss
Thu, 23 Feb 2017 19:11:00 +0000
Shares in U.S. natural gas producer Chesapeake Energy fell on Thursday after posting a smaller fourth-quarter loss than a year earlier.
Quadrant, Carnarvon Petroleum JV plan Dorado wildcat
Thu, 23 Feb 2017 18:36:00 +0000

The Quadrant Energy Ltd.-led partnership with fellow Perth company Carnarvon Petroleum Ltd. has begun planning for the drilling of the Dorado-1 wildcat in the Bedout subbasin offshore Western Australia.

Reimaging project commences for US central Gulf of Mexico
Thu, 23 Feb 2017 18:28:00 +0000

TGS-NOPEC Geophysical Co. ASA and Schlumberger Ltd. are reimaging data covering 1,000 blocks in the central US Gulf of Mexico. Final results for the program are expected in early 2018, ahead of anticipated block turnover in the region. The study will reprocess 3D wide azimuth images covering 23,000 sq km previously acquired by both companies.

CPC official urges Senate to follow House, nullify BLM methane rule
Thu, 23 Feb 2017 18:24:00 +0000

The Colorado Petroleum Council’s executive director called on the US Senate to revoke the US Bureau of Land Management’s methane waste rule under the Congressional Review Act because it potentially would overlap regulations that exist already in many states and create more problems than it would solve. The US House has voted to nullify the rule already, Tracee Bentley noted.

Delek Group adopts FID for Leviathan’s Stage 1A
Thu, 23 Feb 2017 18:20:00 +0000

Delek Group has adopted a final investment decision for development of Stage 1A for the Leviathan natural gas discovery offshore Israel.

Trump: Keystone, Dakota Access pipeline makers must buy US steel
Thu, 23 Feb 2017 18:07:00 +0000
President Donald Trump on Thursday said two hotly contested oil pipelines must be built with U.S. steel.
Woodside considers Pluto LNG expansion
Thu, 23 Feb 2017 17:46:00 +0000

Perth-based Woodside Petroleum Ltd. is considering a plan to expand production at its Pluto LNG plant on the Burrup Peninsula in Western Australia.

EIA: US crude inventories rise in seventh straight week, but barely
Thu, 23 Feb 2017 17:24:00 +0000

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 600,000 bbl during the week ended Feb. 17 from the previous week’s total, according to US Energy Information Administration data.

Performance when GDP is over 3%
Thu, 23 Feb 2017 17:18:00 +0000
CNBC's data partner Kensho looks at which sectors outperform with GDP over 3% in a weak dollar environment.
Tesla tumbles 5% post-earnings but some analysts are still betting on new highs
Thu, 23 Feb 2017 17:14:00 +0000
Tesla shares were down Thursday morning, but least two analysts who follow the stock have raised their price targets.
Hathon joins Cairn as exploration director
Thu, 23 Feb 2017 16:18:00 +0000

Eric Hathon has joined Cairn Energy PLC, Edinburgh, as director of exploration.

Omidele resigns as Erin Energy CEO; Malek assumes interim role
Thu, 23 Feb 2017 16:14:00 +0000

Segun Omidele has resigned as chief executive officer of Erin Energy Corp., and Jean-Michel Malek will assume the role on an interim basis effective Feb. 22.

Gazprom Neft hires semi for Sea of Okhotsk
Thu, 23 Feb 2017 16:03:00 +0000

Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft, leased a semisubmersible rig from Hakuryu 5 Inc. to drill on Ayashsky block on the Sea of Okhotsk continental shelf. Japan Drilling Co. Ltd. owns Haburyu 5.

California drought continues to shrink as flooding becomes the new crisis
Thu, 23 Feb 2017 15:56:00 +0000
After years of extreme drought, Southern California is now completely free of the worst of it.
MARKET WATCH: Front-month NYMEX oil price drops below $54/bbl
Thu, 23 Feb 2017 15:52:00 +0000

Light, sweet oil prices for April delivery dropped back under $54/bbl on Feb. 22 but rallied again in early Feb. 23 trading before release of the oil and product inventory report from the US Energy Information Administration. The US Feb. 20 Presidents Day holiday delayed the report a day later than usual.

California expects surge in hydropower but that could be bad news for these power companies
Thu, 23 Feb 2017 14:50:00 +0000
California expects to see surge in hydropower but that could be negative for some independent power producers.
Aramco IPO could push other Gulf states to list oil assets: economist
Thu, 23 Feb 2017 13:27:00 +0000
Aramco IPO might set a precedent for listing state oil assets.
China's use of methanol in liquid fuels has grown rapidly since 2000
Thu, 23 Feb 2017 13:00:00 +0000
China is the global leader in methanol use and has recently expanded methanol production capacity. Since the early 2000s, China’s methanol consumption in fuel products has risen sharply and is estimated to have been more than 500,000 barrels per day (b/d) in 2016.
Small scale hydropower is changing lives in Nepal
Thu, 23 Feb 2017 10:23:00 +0000
Sustainable Energy analyzes the impact micro hydropower projects are having in Nepal.
Exxon revises down oil and gas reserves by 3.3 billion barrels
Thu, 23 Feb 2017 09:54:00 +0000
U.S. oil major Exxon Mobil Corp made the revision due to low oil prices throughout 2016, a company filing showed.
Singapore carbon tax to hit Shell, ExxonMobil margins: Analyst
Thu, 23 Feb 2017 08:25:00 +0000
Royal Dutch Shell and ExxonMobil could see a 10 to15 percent hit to margins at their Singapore refineries when a new carbon tax takes effect in 2019.
Saudi Arabia doing heavy-lifting in OPEC deal: Pro
Thu, 23 Feb 2017 05:50:00 +0000
Scott Darling of J.P. Morgan talks about compliance among member countries to the OPEC production cut agreement.
Qantas shares rally on results, but CEO says earnings volatility part of airline business
Thu, 23 Feb 2017 04:09:00 +0000
Australian flag carrier Qantas Airways on Thursday announced better-than-expected 1H results, sending share prices rallying.
SolarCity’s ties to foreclosure cases raise questions on vetting policies
Thu, 23 Feb 2017 03:36:00 +0000
SolarCity has reached lease agreements with homeowners before or even after they defaulted on mortgages, the NYT reports.
Cheniere co-founder: The US has nat gas advantages
Thu, 23 Feb 2017 00:37:00 +0000
Jim Cramer spoke with energy icon Charif Souki, who said the U.S. can continue to dominate the natural gas space.
Musk: Tesla may raise more capital to 'reduce risk'
Thu, 23 Feb 2017 00:04:00 +0000
He said Tesla is evaluating its options for raising more cash, but did not give any indication of when that may happen.
Cramer Remix: The best investment may be hidden inside your home
Thu, 23 Feb 2017 00:00:00 +0000
Jim Cramer powered through the Wall Street gibberish and discover why the best investment may be close to home.
Cheniere Energy co-founder dishes out two ways the US has strong advantages in natural gas
Wed, 22 Feb 2017 23:53:00 +0000
Jim Cramer spoke with energy icon Charif Souki, who said the U.S. can continue to dominate the natural gas space.
Tesla posts wider-than-expected loss of 69 cents a share; CFO Wheeler to leave at end of April
Wed, 22 Feb 2017 23:51:00 +0000
Tesla shares rose in after hours trading despite a wider-than-expected loss.
Moody’s: Oversupply to keep LNG prices low beyond 2020
Wed, 22 Feb 2017 20:56:00 +0000

Moody’s expects global LNG prices to remain low beyond 2020 as a wave of fresh supply comes online while demand from the world’s largest importers is weakening. Global oversupply will peak at about 55 million tonnes/year in 2019, according to the rating agency’s report, “Global Liquefied Natural Gas Industry: Market Imbalance Will Continue Beyond 2020, Keeping a Lid On Prices.”

API would back EPA rejection of call to move RFS obligation point
Wed, 22 Feb 2017 18:55:00 +0000

The American Petroleum Institute would support a decision by the US Environmental Protection Agency to not change the obligation point for compliance with the federal Renewable Fuel Standard (RFS) because API believes that making the change would create more problems than it would solve, an API official said on Feb. 22.

TransCanada begins open season for revised Canadian Mainline tolling
Wed, 22 Feb 2017 17:59:00 +0000

TransCanada Corp. has launched an open season for binding commitments on a revised, long-term, fixed-price proposal to flow natural gas along the Canadian Mainline from the Empress receipt point in Alberta to the Dawn hub in southern Ontario.

Key Petroleum buys into Cooper basin in Queensland
Wed, 22 Feb 2017 17:29:00 +0000

Key Petroleum Ltd., Perth, has acquired 100% ownership of three exploration permits in the Cooper and Eromanga basins of southwestern Queensland from Drillsearch Energy Pty. Ltd., a subsidiary of Adelaide-based Beach Energy Ltd.

Chevron secures exploration permit offshore Western Australia
Wed, 22 Feb 2017 17:25:00 +0000

Chevron Corp. has secured an exploration permit in the Exmouth Plateau region of the northern Carnarvon basin close to its Gorgon field offshore Western Australia with a cash bid of $3 million (Aus.).

Boyle, Morgan take elevated consulting roles at DNV GL
Wed, 22 Feb 2017 17:20:00 +0000

DNV GL, a multinational provider of risk management services, has appointed Peter Boyle as Aberdeen operations manager and John Morgan as UK business development leader for risk advisory services. Both will be based in DNV’s Aberdeen office.

Pruitt outlines guiding principles in address to EPA employees
Wed, 22 Feb 2017 16:45:00 +0000

US Environmental Protection Agency Administrator Scott Pruitt told the agency’s employees that he would try to listen to them and use what they have learned to help EPA regulate fairly and predictability, respect the rule of law, and treat states and their agencies more like partners and less like adversaries.

Saudi renewable energy projects advance
Wed, 22 Feb 2017 16:26:00 +0000

The Saudi government has opened bidder qualification in its push for renewable energy in electric power generation.

MARKET WATCH: NYMEX, Brent crude oil rallies pending inventory
Wed, 22 Feb 2017 16:07:00 +0000

Light, sweet oil prices for March settled above $54/bbl on the New York market Feb. 21 and the Brent contract for April settled above $56.60/bbl on the London market. Crude oil prices rallied as trading resumed in New York after the Feb. 20 US Presidents Day holiday.

Lukoil makes oil discovery on Block 10 in southern Iraq
Wed, 22 Feb 2017 15:57:00 +0000

PJSC Lukoil and partner Inpex Corp. reported making an oil discovery with the Eridu 1 well on Block 10 in southern Iraq that tested more than 8,000 b/d from the Mishrif horizon.

Liquefied natural gas exports expected to drive growth in U.S. natural gas trade
Wed, 22 Feb 2017 13:00:00 +0000
The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG).
Meridian Energy inks deals for proposed North Dakota refinery
Tue, 21 Feb 2017 20:35:00 +0000

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 to be built in the heart of southwestern North Dakota’s Bakken shale region, near Belfield, in Billings County, ND.

Antelope-7 sidetrack in Papua New Guinea fails to intersect reservoir
Tue, 21 Feb 2017 17:17:00 +0000

Total E&P PNG Ltd., operator of petroleum retention license 15 (PRL15) in Papua New Guinea, has reported that the Antelope-7 sidetrack appraisal well has reached 2,383 m measured depth below rotary table (MDRT) without evidence of intersecting the Antelope reservoir.

Otakikpo field in Nigeria starts oil flow
Tue, 21 Feb 2017 16:57:00 +0000

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

Qatar commissions Ras Laffan Refinery 2
Tue, 21 Feb 2017 16:21:00 +0000

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

Senex Energy sanctions Western Surat coal seam gas project
Tue, 21 Feb 2017 15:57:00 +0000

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

TurkStream second string construction set to start
Tue, 21 Feb 2017 15:48:00 +0000

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.

MARKET WATCH: NYMEX, Brent crude oil prices climbing after US Presidents Day
Tue, 21 Feb 2017 15:30:00 +0000

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.

U.S. crude oil production increases following higher drilling activity
Tue, 21 Feb 2017 13:00:00 +0000
U.S. crude oil production increased for the second consecutive month in November 2016, the first time this has occurred since early 2015.
Fire hits Torrance refinery in California
Mon, 20 Feb 2017 21:52:00 +0000

South Coast Air Quality Management District and Torrance Refining Co. LLC (TORC), a subsidiary of PBF Energy Inc., Parsippany, NJ, are investigating the cause of a weekend fire at TORC’s 155,000-b/d refinery in Torrance, Calif.

Schmidt to lead Burns & McDonnell’s terminals, pipelines group
Mon, 20 Feb 2017 21:33:00 +0000

Randy Schmidt has been promoted to managing director of Burns & McDonnell’s oil and gas terminals and pipelines group, effective Jan. 1, 2017. He’s succeeding Ted Born, who is retiring.

Mills appointed president, CEO of Samson Resources
Mon, 20 Feb 2017 21:08:00 +0000

Joseph A. Mills has been chosen by Tulsa-based Samson Resources Corp.’s second-lien creditor group as Samson’s president and chief executive officer, effective when the company’s global settlement joint plan of reorganization becomes effective. 

Rosneft updates exploratory programs in Iraq, Brazil
Mon, 20 Feb 2017 19:02:00 +0000

OJSC Rosneft has reported startups of exploratory drilling in Iraq and Brazil.

Kraken heavy oil field FPSO on station
Mon, 20 Feb 2017 18:58:00 +0000

Kraken heavy oil field in the UK North Sea is on schedule for a production start the second quarter following arrival at the field of the floating production, storage, and offloading vessel, reports operator EnQuest PLC.

Lower airline fuel costs reduce U.S. airlines� operating expenses, increase net profits
Fri, 17 Feb 2017 13:00:00 +0000
Lower crude oil prices in recent years have translated to lower fuel costs and overall lower operating expenses for U.S. passenger airlines. According to the U.S. Department of Transportation�s Bureau of Transportation Statistics (BTS), U.S. passenger airlines� collective net profit increased to $25.6 billion in 2015, up from $7.5 billion in 2014.
API: BLM's methane and waste prevention rule hurting consumers and local economies

Colorado Petroleum Council Executive Director Tracee Bentley urged the U.S. Senate to follow the House and support a disapproval resolution on the Bureau of Land Management’s (BLM) Methane and Waste Prevention rule because the flawed rule doesn’t improve upon U.S. successes in methane emissions reductions and could negatively impact American consumers, local revenues and energy security.
Dream of offshore U.S. wind power may be too ugly for Trump

Offshore wind companies have spent years struggling to convince skeptics that the future of U.S. energy should include giant windmills at sea.
Harvest Natural Resources authorizes sale of Gabon interests, company dissolution

Harvest Natural Resources, Inc., has announced that the Company's stockholders have authorized the sale of all Gabon interests to BW Energy Gabon Pte. Ltd, a private Singapore company (BW Energy Gabon).
YPF and Shell agree on pilot project for Bajada de Añelo, Argentina

Shell Argentina Country Chairman Teófilo Lacroze and YPF Chairman Miguel Ángel Gutiérrez have signed preliminary terms and conditions of an agreement to develop a shale gas pilot project in Vaca Muerta, Neuquén. Shell estimates an investment of $300 million, which would take place in two phases.
New oil trades pose menace for OPEC in its prized market

OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market.
Another record week for U.S. oil exports as production surges

Another week, another record for U.S. crude exports.
U.S. crude oil production increases following higher drilling activity (2/15/2017)

U.S. crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015. Increased drilling activity in the Permian in Texas and New Mexico as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM) more than offset declining production from other regions in the fourth quarter of 2016 (Figure 1). In the Permian, increases in the West Texas Intermediate (WTI) crude oil price, up from averaging near $30 per barrel (b) in the first quarter of 2016 to $45/b or higher beginning in the second quarter of 2016, contributed to new drilling. In the GOM, the projects that came online were sanctioned during the 2012-14 period. Current crude oil prices above $50/b, combined with increasing rig counts in other onshore basins, suggest U.S. crude oil production will likely continue to increase. ...
Webtool, DNV GL release umbilical and cable recovery gripping and lifting tool

Webtool has released a gripping and lifting tool for recovering subsea umbilical and cable for offshore oil and gas and decommissioning projects.
Executive director at Soma Oil and Gas resigns, accepts role as Somalia Prime Minister

Soma Oil and Gas has announced the resignation of Hassan Khaire, executive director for Africa, so he can accept the honor of serving his country of origin, Somalia, as its Prime Minister.
BP acquires interest in Kosmos Energy assets offshore Senegal

Kosmos Energy announced today that it has received government approval and completed its previously announced transaction with BP in Senegal.
EIA: LNG exports expected to drive growth in U.S. natural gas trade

The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG).
U.S. heating oil and propane prices higher than same time last year (2/2/2017)

Despite most of the country experiencing, on average, a relatively warm winter so far, higher crude oil prices have contributed to higher heating oil prices and strong export demand for propane has resulted in higher prices for that fuel as well. Last winter, unseasonably warm temperatures and falling crude oil prices combined to keep expenditures for winter heating fuels lower than historical averages. The latest EIA Short-Term Energy Outlook (STEO) projects U.S. average heating oil and propane expenditures to increase 36% and 23%, respectively, compared with last winter, but both are still projected to be lower than average expenditures over the past 10 winters. Heating oil expenditures are expected to be $475 (26%) lower than the average expenditures of the previous 10 winters, and propane $14 (0.7%) lower. ...
Hydrocarbon gas liquids by rail data adds transparency to rapidly changing markets (2/8/2017)

EIA recently added information on rail movements of propane, propylene, normal butane, and isobutane to its monthly petroleum data. These four products make up the majority of hydrocarbon gas liquids (HGL) moved by rail. This data adds transparency to market supply and demand dynamics for regions that are a source or destination for these products. Meanwhile, the growth in HGL-by-rail highlights market changes resulting from increased U.S. HGL production. ...
U.S. crude oil imports from Saudi Arabia and Iraq combined recently approached five-year high, but are expected to decline (2/23/2017)

In November 2016, high production and seasonally low internal demand contributed to record crude oil exports from Iraq and near-record exports from Saudi Arabia (according to the Joint Organizations Data Initiative (JODI), with published data dating to January 2002). In that same month price spreads in the market supported high levels of U.S. crude imports from those countries. However, market developments, including the November 2016 agreement among certain members of the Organization of the Petroleum Exporting Countries (OPEC) to reduce production and the recent widening of the spread between Dubai/Oman crude and U.S.-produced Mars crude, suggest U.S. imports from Saudi Arabia and Iraq are now becoming less attractive to U.S. refiners. ...
OPEC cuts help drive crude prices to 19-month high

Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect.
Feed Fetched by RSS Dog.