Transocean loses another rig contract early
Rig company Transocean said Monday its contract for the Polar Pioneer rig, deployed offshore Alaska, was canceled early by Royal Dutch Shell. The contract was set to expire in July. Continue Reading
Man-made warming blamed for exceptional weather conditions
Two weeks after the Paris agreement on a new international effort to fight climate change, extreme weather across the world illustrates the impact that global warming is having already, in Continue Reading
Oil & Gas in Northwest Europe: 2015 Review
Rigzone looks back at a rough year in oil and gas for the industry’s workers in northwest Europe. Life has been difficult for many of Europe’s oil and gas workers Continue Reading
Ruble Slump Enters Fourth Day on Oil as Hedge Funds Turn Bearish
The Russian ruble extended declines after closing at a record low on Monday as data showed hedge funds turned bearish on the exchange rate for the first time since October. Continue Reading
Putin’s Bailout Bank Needs a Rescue; It’s an $18 Billion Whopper
For years, Vladimir Putin used Vnesheconombank (VEB) to pay for “special projects,” from the Sochi Olympics to covert acquisitions in Ukraine to oligarch bailouts. Now, the state bank needs a Continue Reading
Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down
In Kern County, California, one of the nation’s biggest oil producers, tumbling energy prices have wiped more than $8 billion from its property-tax base, forcing officials to tap into reserves Continue Reading
Man-made warming blamed for exceptional weather conditions
Two weeks after the Paris agreement on a new international effort to fight climate change, extreme weather across the world illustrates the impact that global warming is having already, in Continue Reading
El Niño and record ocean warmth fueling severe weather, experts say
Record warm ocean surface temperatures in tandem with El Niño in the Pacific Ocean are driving severe weather that is leaving a trail of destruction from the U.S. to Australia, Continue Reading
Oil Halts Gains Near 3-Week High as Iran Says Exports `Priority’
Oil in New York halted gains near a three-week high as Iran repeated its goal of boosting exports after sanctions on the country are lifted. Futures were little changed after Continue Reading
Brent, U.S. crude oil prices battle for premium in weakening market conditions
International Brent and U.S. crude oil futures battled for a premium on Monday but both benchmarks fell in a market in which there is no end in sight for oversupply Continue Reading
Survival of fittest for commodities shipping firms in 2016
Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only the strongest expected to weather a deepening crisis caused by tepid Continue Reading
All about China and oil again as shares slip
Shares in Europe and Asia fell on Monday in trade thinned by holidays in a number of financial centres, hit by slumping oil prices and concerns over Chinese growth and Continue Reading
Iraqi Forces Recapture Islamic State-Held Compound in Ramadi
Iraqi forces have recaptured the main government complex in Ramadi held by Islamic State since May, a day after the extremist group’s leader said in a rare audio address that Continue Reading
Bombs in Syria’s Homs kill 32, wound 90: monitoring group
At least 32 people were killed and 90 wounded in two bomb explosions in the Syrian city of Homs on Monday, monitoring group the Syrian Observatory for Human Rights said. Continue Reading
Armed with intel, U.S. strikes curtail IS oil sector
An intensifying campaign of U.S. air strikes on the self-proclaimed Islamic State (IS) has nearly shut down its oil operations in Iraq and has hampered its more lucrative business in Continue Reading
Islamic State ‘gets tougher’ in face of air strikes: audio message
A new message purporting to come from the leader of Islamic State said air strikes by Russia and a U.S.-led coalition had failed to weaken the group. “Be confident that Continue Reading
Angola: How Long Can Angola Hold On With Low Oil Prices?
Oil was the driving force behind Angola’s economic growth. Now it’s the driving force behind its high inflation, depreciating currency and broader economic crisis. After petroleum prices started to fall Continue Reading
November Asian imports of Iran oil drop 16.2 percent on India, Korea cuts
An oil refinery is silhouetted against the setting sun in Kawasaki, near Tokyo October 22, 2012. Asian imports of Iranian oil in November fell by the most in nine months Continue Reading
From Cattle to Coffee, Farmers Weather Worst of El Niño
Two thousand of Troy Setter’s dark-haired cattle have been trekking along centuries-old paths through isolated Australian farmland, chomping on grass and roadside vegetation to fatten up before slaughter. The migration Continue Reading
In Central Asia, Chinese inroads in Russia’s back yard
Slowly but surely, a four-lane highway is beginning to take shape on the sparsely populated Central Asian steppe. Soviet-era cars, trucks and aging long-distance buses weave past modern yellow bulldozers, Continue Reading
Oil drop threatens to push energy groups into liquidation
A growing number of energy companies that have filed or will soon file for bankruptcy court protection are likely to be liquidated, with their prospects diminished by the latest falls Continue Reading
Mutual fund investors burnt by energy in 2015
One of the hottest categories of mutual funds in recent years inflicted the harshest losses on investors in 2015, the result of a toxic combination of sliding oil prices and Continue Reading
Christmastime storms, tornadoes kill at least 43 in U.S
Storms hit the U.S. South, Southwest and Midwest over the Christmas holiday weekend, unleashing floods and tornadoes that killed at least 43 people, flattened buildings and snarled transportation for millions Continue Reading
End of easy money for mini-refiners splitting U.S. shale?
Energy companies and oil trading firms that teamed up to build several mini-refineries that convert a swelling surplus of ultra-light U.S. crude into fuels for export seemed like a pretty Continue Reading
In Canada’s far north, warm weather threatens vital ice road
Wild blueberries and lichen grow on the tundra at the Kennady Diamonds exploration camp in the Northwest Territories in this picture taken September 25, 2015. Each winter, in the far Continue Reading
Shale’s Running Out of Survival Tricks as OPEC Ramps Up Pressure
In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a-barrel crude. To cope with the 50 percent price plunge, they laid off thousands of Continue Reading
Commodity Funds Hemorrhage Cash as Investors Bail at Record Pace
Investors can’t seem to get away from non-energy commodities fast enough. A record $857 million was pulled this year from U.S. exchange-traded funds backed by broad baskets of everything from Continue Reading
Delayed Ignition From Cheap Fuel for U.S. Economy
When it comes to falling oil prices and the U.S. economy, maybe the second time’s a charm. The sharp decline in crude prices in the latter half of 2014, and Continue Reading
Energy Companies Gird for Weaker Prices in 2016
In a sign that U.S. energy producers think oil and gas prices will languish through next year, several are slashing their already slimmed-down budgets even more. ConocoPhillips plans to cut Continue Reading
British Army Is Deployed as Flooding Submerges Northern England
The British Army stepped in on Sunday to help evacuate hundreds of people from waterlogged homes across the country, as swollen rivers and heavy rainfall brought misery to swathes of Continue Reading
Russia says Saudi Arabia destabilized oil market: TASS
Saudi Arabia has destabilized the global oil market by increasing production, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Monday. “Saudi Arabia has this year increased Continue Reading
Ruble Drops to 2015 Low on Year-End Budget Flows as Oil Tumbles
The ruble fell to its weakest level this year as oil resumed declines and investors speculated a traditional pick-up in end-of-year budget spending will hurt the Russian currency by pumping Continue Reading
Euro-Area Bonds Rise as Commodities Slide Dims Inflation Outlook
Euro-area government bonds advanced as falling commodity prices weighed on the outlook for consumer-price growth, boosting demand for fixed-income assets. The decline in commodity prices since May makes it increasingly Continue Reading
Italy smog: Milan and Rome ban cars as pollution rises
Milan is banning cars, motorcycles and scooters for six hours a day over the next three days. In Rome, cars with odd-numbered plates have been banned for nine hours on Continue Reading
Five energy surprises for 2016: The possible and the improbable
Many energy analysts like to make predictions at the end of the year for the coming year. Instead, I’ll point to five possible surprises in energy–surprises because few people expect Continue Reading
Iraqi troops close in on last Islamic State foothold in Ramadi
Iraqi troops have pushed deeper into the heart of the last remaining district held by Islamic State in the city of Ramadi, an army spokesman said on Saturday. Recapturing Ramadi, Continue Reading
Nigeria Set to Reduce Gasoline Prices, Scrap Subsidy Next Month
Nigeria will reduce gasoline costs and scrap a fuel subsidy under a pricing mechanism to come into effect from January, Petroleum Minister of State Emmanuel Kachikwu said. Prices will fall Continue Reading
Energy Companies Gird for Weaker Prices in 2016
In a sign that U.S. energy producers think oil and gas prices will languish through next year, several are slashing their already slimmed-down budgets even more. ConocoPhillips plans to cut Continue Reading
The year in business: A review of 2015
2015 was a very bad year to be in the business of digging things out of the ground, thanks to a dramatic slowdown in growth in China. Commodity prices tumbled, Continue Reading
OPEC’s 2015 World Oil Outlook – Peak Oil Barrel
The OPEC 2015 World Oil Outlook came out a few days ago. They basically produce two outlooks, a medium term outlook to 2020 and a long term outlook to 2040. Continue Reading
Russia warming ‘2.5 times quicker’ than global average: report
Out-of-control fires and deadly floods have hit the country nearly every year this decade Russia is warming more than twice as fast as the average for the rest of the Continue Reading
The Top 10 Energy Stories Of 2015
Introduction As I have done for several years now, I like to close out the year by highlighting the top stories in the energy sector. The 2015 list was challenging, Continue Reading
Oil above $37 as U.S. supply tightens, still near 11-year low
Oil edged further above $38 a barrel on Thursday before retreating as it remained within sight of an 11-year low reached this week, as traders put positions in order ahead Continue Reading
Oil Prices Higher as Trading Slows Ahead of Christmas
Oil prices rose Thursday, as many traders closed out their bearish bets ahead of a shortened trading session before the Christmas holiday. For February delivery, light, sweet crude futures gained Continue Reading
Low Oil Prices Offer Case for Further Digital Oilfield Implementation
The drivers to implement digital oilfield technology remain the same, but low oil prices will pressure companies to continue focusing on greater efficiency, productivity and safety. The oil and gas Continue Reading
U.S.-backed alliance pushes toward Islamic State-held dam in northern Syria
Kurdish fighters walk carrying their weapons towards Tel Abyad of Raqqa governorate after they said they took control of the area June 15, 2015. A U.S.-backed alliance of Syrian Kurds Continue Reading
About 100 people killed by gas plant explosion in Nigeria: journalist
As many as 100 people were killed by an explosion at a gas plant in southeastern Nigeria, a local journalist at the scene said on Friday. “I saw around 100 Continue Reading
Israel approves natural gas exports to Egypt
Dec 24 Israel’s government has given the go ahead to begin exporting natural gas to Egypt, signalling a potential improvement in relations between two countries which have been at loggerheads Continue Reading
Modi Meets Putin in Moscow as India Seeks Russian Arms Deals
Indian Prime Minister Narendra Modi met President Vladimir Putin in Moscow with the goal of securing what would be his nation’s biggest weapons deal with Russia since 2001, strengthening military Continue Reading
Oil Bankruptcies Reach Highest Quarterly Level Since Recession
Bankruptcies among oil and gas companies have reached quarterly levels last seen in the Great Recession, according to the Federal Reserve Bank of Dallas. At least nine U.S. oil and Continue Reading