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
Summary of Weekly Petroleum Data for the Week Ending March 17, 2017
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 17, 2017, 329,000 barrels per day more than the previous week’s average. Refineries operated Continue Reading
Thousands of underground gas bulges, formed by thawing permafrost, set to ‘explode’ in Siberia
Local Siberian media has reported that the very ground that people stand on is moving under their feet in the arctic regions of Siberia. Scientists have discovered 7000 gas filled bubbles according to the Siberian Continue Reading
Big Oil Replaces Rigs With Wind Turbines
Royal Dutch Shell Plc , Statoil ASA and Eni SpA are moving into multi-billion-dollar offshore wind farms in the North Sea and beyond. They’re starting to score victories against leading Continue Reading
Oil prices fall on bloated U.S. crude storage
Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. Prices for front-month Continue Reading
Oil Prices Fall As Markets Lose Faith In OPEC Output Cut Extension
Crude prices are coming under selling pressure once again, as oversupply concerns dwarf OPEC production cut expectations. As equity markets join oil prices in charging lower, hark, here are six Continue Reading
NYMEX April natural gas continues rise, settling 5.2 cents higher
The NYMEX April natural gas contract continued to march higher Tuesday, climbing 5.2 cents to settle at $3.093/MMBtu on a tightening supply-demand balance characterized by strong LNG feedgas deliveries, March Continue Reading
How OPEC Lost The War Against Shale, In One Chart
At the start of March we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing US shale production costs has been: in Continue Reading
An OPEC Deal Extension Isn’t As Simple As It Sounds
It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by Continue Reading
Saudi Arabia’s Oil Supremacy Falters
Saudi Arabia is losing its grip on big oil markets it once dominated amid a deep production cut that has reshaped global petroleum trade routes and benefited rivals like Iran, Continue Reading
Iran’s 14 Billion-Barrel Oil Field Comes Online
Back from the wilds of Asia. Just in time to witness one of the most critical new field start-ups the global oil sector has seen in years. That’s the South Continue Reading
Why Libya Oil Revival Hinges on Fate of Two Ports
Libya’s ability to reclaim its role as a reliable supplier of crude depends on the fate of a pair of oil ports on the war-ravaged country’s coast. Es Sider and Ras Continue Reading
Nigeria orders developers in Niger Delta to resume work within 30 days
Nigeria has given contractors 30 days to resume delayed development projects in the Niger Delta oil region or face prosecution, the presidency said on Tuesday. The government has been trying Continue Reading
Beset by delays, Myanmar-China oil pipeline nears start-up
Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the Continue Reading
Japan’s Top Oil Experts Seek Solutions to Chinese Fuel Flood Problem
Huddled deep within Tokyo’s government district, nearly two dozen of Japan’s top oil experts pore over a problem plaguing its energy industry: how can they stop China from pushing its Continue Reading
A Sign Of Slowing Demand? Chinese Refiners Reach Crude Import Quota
China’s independent refiners known as teapots have used up the amount of imported crude that the government allocated to them in January, which means imports are likely to slow down Continue Reading
Oil’s Bad Timing Pressures Drillers as Banks Review Loans
‘The next month is going to be absolutely critical’: analyst Photographer: Brittany Sowacke/Bloomberg The rally in global oil prices has stalled at the worst possible time for explorers, just as Continue Reading
New projects, shale boom could trigger oil oversupply by 2018-19: Goldman
New production projects and a fresh shale boom could boost oil output by a million barrels per year and result in an oversupply in the next couple of years, according Continue Reading
Big Oil’s Plan to Buy Into the Shale Boom
Exxon, Shell, and Chevron plan to spend $10 billion in the U.S. shale patch this year. A gas flare is seen through the window as Royal Dutch Shell’s Scott W. Continue Reading
U.S. oil production keeping oil prices low
Crude oil futures started the day slightly improved Tuesday after falling for seven of the last 10 sessions. Prices remained below the $50 per barrel mark, an improvement on January Continue Reading
Oil, Gas Job Recovery Much Slower Than Industry Rig Count, Spending Growth
Higher oil prices and a US rig count surge propel industry earnings toward recovery, but hiring is expected to lag behind, according to Moody’s Investors Service. The U.S. rig count Continue Reading
Trump Lays Plans to Reverse Obama’s Climate Change Legacy
President Trump is poised in the coming days to announce his plans to dismantle the centerpiece of President Barack Obama ’s climate change legacy, while also gutting several smaller but Continue Reading
Can Big Oil Survive A CO2 Crackdown?
Over the long run, the oil business is under threat. There are various arguments about why that might happen. Peak supply people argue we are running out of oil. Peak Continue Reading
Trump’s Budget: Valuing Military Over Energy
Last week President Trump unveiled his budget blueprint , which detailed savage cuts to most areas of discretionary spending while boosting defense outlays by a whopping $54 billion. Nearly all Continue Reading
Why Shell’s Oil Sands Sell Off Is Great News For Canadian Oil
There was a time when if a Canadian exploration and production (E&P) company bought out a foreign-controlled competitor, it was not only good for the country but financially beneficial because Continue Reading
BP orders construction for new subsea production system
Schlumberger subsidiary OneSubsea has been contracted to provide a subsea production system for BP’s Mad Dog 2 project in the Gulf of Mexico. The Mad Dog Phase 2 project is Continue Reading
Oil Falls on Growing U.S. Drilling Activity
Oil prices extended losses on Monday to trade near a four-month low after increased drilling activity in the U.S. indicated a strong rise in production was coming. U.S. crude futures Continue Reading
Bullish Crude Bets Cut by Most Ever as Price Falls Below $50
The exodus of oil-price optimists has begun. Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on Continue Reading
OPEC leans toward oil cut extension, but non-members need to be in: sources
OPEC oil producers increasingly favor extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to Continue Reading
OPEC February Production
The new January OPEC Monthly Oil Market Report is out with crude only production numbers for February 2017. All charts are in thousand barrels per day. All data below is Continue Reading
Is A Russian-Iranian Energy Pact In The Making?
In the lead-up to President Rouhani’s visit to Moscow, expected to take place in late March , a plethora of news regarding joint Russo-Iranian energy projects has been circulating on Continue Reading
Libya Ports Poised to Ship Oil as Workers Back After Clashes
Libya’s major oil ports of Es Sider and Ras Lanuf are resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the Continue Reading
Russia enlarges military footprint in Libya
Libyan Field Marshall Khalifa Haftar, a fiery commander in eastern Libya, has declared war against radical Islamists, including the Islamic State and al-Qaida, but is controversial for perceived iron-fist tactics. Continue Reading
Egypt moves from electricity deficit to sufficiency
The opening of three major power plants in March was the latest in Egypt’s efforts to end its electricity shortage crisis. “Huge work is being done in this country to Continue Reading
Iran pulls first oil out of South Pars field
Iran says it pulled its first batch of oil ever out of the South Pars field complex in the Persian Gulf. Photo by Mojtaba Mohseni/Shana March 20 (UPI) — The Continue Reading
Who Gets Control Of Libya’s Oil As The Guns Go Silent?
The Libyan National Oil Corporation expects to soon regain control over the Es Sider and Ras Lanuf oil terminals, which were the point of clashes between the Libyan National Army Continue Reading
Libya Ports Poised to Ship Oil as Workers Back After Clashes
Libya’s major oil ports of Es Sider and Ras Lanuf are resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the Continue Reading
Shrinking GDP, Surging Prices to Keep Nigerian Rates on Hold
Faced with a contracting economy, surging inflation and a rigid exchange rate, Nigeria’s central bank will have little choice but to keep its key interest rate unchanged on Tuesday. The Continue Reading
Misery Seen From Space Too Much for This Venezuela Bonds Fan
There are plenty of reasons why BlueBay Asset Management LLP cut its holding in Venezuelan bonds, from the empty shelves in the supermarkets of Caracas to a nationwide dearth of Continue Reading
How Tesla Just Tripled Its Earnings In China
Earlier this month, Tesla Inc reported that its revenues in China topped $1 billion in 2016, more than triple the revenues it generated there in 2015. The Chinese market was Continue Reading
PDVSA Said to Replace Refining Managers as Shakeup Deepens
Venezuela’s state oil company is replacing high-level managers at refining complexes and other divisions as it deepens a shake-up that began in January, according to people with knowledge of the Continue Reading