China’s Sinopec buys first major African refinery in Chevron deal
China’s Sinopec ( 600028.SS ) ( 0386.HK ) said on Wednesday it has agreed to pay almost $1 billion for a 75 percent stake in Chevron Corp’s ( CVX.N ) Continue Reading
Saudis Bet Big On Houston As Drilling Activity Picks Up
A Saudi logistics company has just opened a Houston office to seize the opportunity to ship increased volumes of oilfield and plant construction equipment to the Port of Houston as Continue Reading
Busting A Myth: U.S. Dollar Impact On WTI
How many times have you seen this : “Because the U.S. dollar is the quoted currency in oil, a stronger dollar buys more oil per dollar and causes the price Continue Reading
Tech Miracle In U.S. Shale Is A Media Myth
I am tired of hearing about the unbelievable impact of technology on collapsing U.S. shale production costs. The truth is that these claims are unbelievable. The savings are real but Continue Reading
Statoil ‘resets’ exploration in U.S. Gulf of Mexico
Norway’s Statoil has “reset” its exploration campaign in the U.S. Gulf of Mexico by placing top bids for 13 offshore deepwater oil and gas leases there in the latest auction, Continue Reading
Major oil companies open their wallets in Gulf of Mexico bidding
Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry’s return to the Gulf of Mexico’s deep waters with high bids in a government auction up Continue Reading
Gulf of Mexico waters are freakishly warm, which could mean explosive springtime storms
Sea surface temperature difference from average. (WeatherBell.com) Water temperatures at the surface of the Gulf of Mexico and near South Florida are on fire. They spurred a historically warm winter Continue Reading
Oil’s Bad Timing Pressures Drillers as Banks Review Loans
The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth. This year’s reviews, due to Continue Reading
Enbridge Cuts 1,000 Jobs Following Takeover of Spectra in U.S.
Enbridge Inc. will cut 1,000 positions to reduce overlap after the Canadian pipeline giant completed its purchase of Spectra Energy Corp. in the U.S. last month. “These workforce reductions are Continue Reading
U.S. crude stockpiles at record high as imports surge: EIA
U.S. crude oil stocks rose to a fresh record last week, the Energy Information Administration said on Wednesday, as a surge in imports and rising domestic production more than offset Continue Reading