UK, Scotland: The North Sea Ain’t Done Yet
UK and Scottish government representatives see a bright future. The North Sea oil and gas industry isn’t done yet, that’s the message UK and Scottish government representatives want to get Continue Reading
Oil dips from highs, but OPEC’s cuts still support market
Oil prices on Friday dipped away from some of their highest levels since 2015, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in Continue Reading
Brent Hits Two-Year High as Shrinking Stockpiles Stoke Oil Bulls
North Sea oil pipe expected to resume shipments next month U.S. crude inventories at lowest level since October 2015 Brent crude closed at its highest in more than two years Continue Reading
Oil little changed despite planned restart of UK North Sea pipe
Oil prices were little changed on Thursday, erasing earlier losses after the operator of Britain’s Forties pipeline in the North Sea said it was expected to restart in early January Continue Reading
Wrapping Up a Year of Oil Price Predictions
Volatility is the name of the game for oil prices, and in this end-of-year wrap-up, Rigzone shows the ups and downs that were present in this year’s predictions. Predicting the Continue Reading
What Happened to Peak Oil?
I was first introduced to the concept of “peak oil” 15 years ago. It was a simple theory: Oil is a finite resource. At some point in time, the world’s Continue Reading
What Will Drive The Next Oil Price Crash?
As we roll into 2018, analysts and investors are more optimistic that the oil market will further tighten next year and support higher oil prices, but rising U.S. shale production Continue Reading
The Top 8 Unknowns In 2018’s Energy Markets
For pundits like me, it’s customary to make a listicle about the year to come – the usual predictions about things like OPEC, energy consumption, commodity prices and electric vehicle Continue Reading
All-time low for discovered resources in 2017: Around 7 billion barrels of oil equivalent was discovered
Rystad Energy concluded this week that 2017 was yet another record low year for discovered conventional volumes globally. Less than seven billion barrels of oil equivalent has been discovered YTD. Continue Reading
Oil Discoveries At Lowest Point Since The 1940s
The global oil industry has discovered less than seven billion barrels of oil equivalent so far this year—a drop-off from the 8 billion boe discovered last year. Last year’s total Continue Reading
OPEC starts working on oil supply cut exit strategy: sources
OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down Continue Reading
KRG forced into dire measures, trimming Peshmerga salaries
Kurdistan’s Cabinet is enforcing new cuts to the salaries of its armed forces as part of the austerity measures to cope with the financial crisis that has recently deepened due Continue Reading
Saudi-U.S. Nuclear Talks To Start In Weeks
Saudi Arabia will initiate talks with the U.S. administration within a few weeks about the participation of U.S. nuclear energy companies in the Kingdom’s first civilian nuclear energy project. That’s Continue Reading
Aramco’s “Acquisition Hit List”
Make no mistake, the sale of a 5 percent position in oil giant Aramco will be a once-in-a-generation opportunity. That’s why, as the market moves toward this historic placement, it Continue Reading
Saudi Arabia should not forfeit ‘sovereign’ right to enrich uranium: senior prince
Saudi Arabia should not forfeit its “sovereign” right to one day enrich uranium under its planned civilian nuclear program, especially as world powers have allowed Iran to do so, a Continue Reading
A lot more oil offshore Sierra Leone than early estimates showed
Situated near emerging oil basins offshore West Africa, a review of resources in Sierra Leone suggested a vast increase in potential, an explorer said. Exploration and production company African Petroleum Continue Reading
Nigeria’s state oil firm more than doubles fuel supply amid run on petrol
Nigeria’s state oil firm said on Thursday it has more than doubled the daily supply of fuel for motorists to 80 million liters, amid a run on petrol that has Continue Reading
CNOOC rents trucks to transport LNG cross-country
China National Offshore Oil Corp. (CNOOC) has rented a convoy of 100 trucks to transport LNG from its main receiving terminals in southern China to alleviate gas shortages in the Continue Reading
Jakarta Is Sinking So Fast, It Could End Up Underwater
Rasdiono and his daughter at the family’s Blessed Bodega in Jakarta. The sea, once far from his doorstep, now looms over the shop. Josh Haner/The New York Times Dredging along Continue Reading
China to Back Fresh UN Sanctions on North Korea Fuel
Petroleum product sales may be cut by 90 percent: proposal Move would come in retaliation for late-November missile test China has signaled it’s ready to back another round of United Continue Reading
Beijing’s Electric-Car Push Could Produce a World-Class Chinese Auto Brand
China has become the world’s largest automotive market, thanks to drivers whose numbers far eclipse those of such former leaders as the U.S. and Germany. But while mainland producers may Continue Reading
Chinese officials point fingers as gasification crisis worsens
When an inspector from a local environmental protection bureau visited a small village in China’s Shandong province in October to check on a gasification project, she said village officials became Continue Reading
Japan’s U.S. LPG imports to hit record in 2017, top the Middle East
Japan’s liquefied petroleum gas (LPG) imports from the United States are expected to double in 2017 to a record and account for around for around half of its total purchases, Continue Reading
Refinery Crude Rates Resemble Summer Runs
Released Wednesday, the Energy Information Administration’s (EIA) Weekly Petroleum Status Report measures refinery crude processing at 17.1 million bbl for the week ending December 15. Rates above 17 million b/d Continue Reading
California Cities Are Suing Oil, Gas And Coal Companies Over Climate Change
The city of Santa Cruz and Santa Cruz County announced Wednesday the filing of separate lawsuits in state court against 29 oil, gas and coal companies seeking damages related to Continue Reading
Suing Big Oil over climate change, Santa Cruz eyes wildfire, storm costs
The city and county of Santa Cruz have joined a growing number of communities suing oil companies over climate change, alleging a plot in which the fossil fuel industry concealed Continue Reading
World’s top wind turbine maker, Vestas, pleased with final U.S. tax law
Denmark’s Vestas, the world’s top wind turbine maker, said on Thursday it was pleased the final U.S. tax bill retained production tax credits for wind energy projects after concerns over Continue Reading
We’re concerned about climate change, U.S. shale company says
In its first-ever report of its kind, U.S. shale company Pioneer Natural Resources said it wanted to become an oil and gas leader, but in a sustainable way. “Climate change Continue Reading
Georgia Officials Approve Funding for Troubled Nuclear Plant
Georgia officials voted Thursday to continue building two half-finished nuclear reactors even though construction is more than $10 billion over budget and five years late. View full article at www.wsj.com
Toyota Could Become Tesla’s Next Big Headache
Toyota Motor Corp. is making a serious commitment to bringing electrified vehicles into its fleet. The move goes against the widely held perception that the Japanese automaker was taking a Continue Reading
Alaska oil and natural gas exploration boom in question
Congressional Democrats and environmentalists are preparing for a legislative and legal fight against oil and natural gas drilling in Alaska’s Arctic National Wildlife Refuge after Congress this week approved drilling Continue Reading
Gulf Coast Express Pipeline gets investment nod amid Permian push
A final investment decision has been made to move forward with a 1.9 Bcf/d pipeline being jointly developed by Kinder Morgan, DCP Midstream and Targa Resources that would allow more Continue Reading
Houston Ship Channel closed to all traffic due to dense fog: dispatcher
A blanket of fog on the Houston Ship Channel drove pilots to suspend all boardings Thursday afternoon. A dispatcher said pilots suspended boarding all vessels at 2:09 pm CST (2009 Continue Reading
Latin America is growing market for US LNG exports, conference told
Despite the Asia-Pacific region’s strong potential demand, Latin America is becoming a steadily growing market for US LNG exports, speakers at a Washington conference indicated. “The trillion dollar question in Continue Reading
US Refiners Running Hard This Winter Give Oil Demand a Boost
Oil demand may jump in the new year as US refiners plan to take fewer units offline than last winter, freeing them up to churn out more fuel. (Bloomberg) — Continue Reading
Oasis Looks To Expand Oil Ambitions Beyond North Dakota’s Bakken
Oasis Petroleum Inc, the last major oil producer operating exclusively in North Dakota’s Bakken shale formation, is heading south to the nation’s largest oilfield, pursuing a pricey expansion as investors Continue Reading
Canada’s Inflation Rises On Higher Gasoline Prices
Driven by higher gasoline prices, Canada’s annual inflation rate jumped to 2.1 percent in November, after a 1.4-percent yearly increase in October, Statistics Canada said on Thursday, announcing figures that Continue Reading
Forties pipeline restart plan sends oil prices back to earth
Production plans and start-ups in Norway, Europe’s largest oil producer, and a restart date for a North Sea pipeline network sent oil prices lower Thursday. “Based on current estimates the Continue Reading
Ineos: Forties pipeline back in service by early January
Flow through the Forties pipeline system from the North Sea, idled since Dec. 11, should be back to normal in early January, the operator said Thursday. Pipeline operator Ineos said Continue Reading
Around $1B in contracts expected offshore Norway
An estimated $1 billion in contracts will be awarded now that a plan for enhancing the 200 million-barrel Snorre field is on the table, Norway’s Statoil said. The Norwegian Petroleum Continue Reading
Euronav to Buy Gener8 to Create Oil-Tanker Giant
Euronav tanker Takata of the French coast last year Euronav NV said Thursday that it is buying rival Gener8 Maritime Inc., an all-share deal worth about $500 million expected to Continue Reading
Germany’s Oil And Gas Use Rises In 2017
Thanks to robust economic growth, Germany’s total primary energy consumption is expected to have increased by 0.8 percent this year, with oil and natural gas share rising and nuclear and Continue Reading
Forties Pipeline System Repairs Scheduled to Complete by Christmas
Repair work on the Forties Pipeline System is scheduled to complete around Christmas based on current estimates. Ineos revealed Thursday that repair work on the Forties Pipeline System (FPS) is Continue Reading
UK solar photovoltaic capacity at end of Nov up 7.7% on year to 12,642 MW
The UK’s installed solar photovoltaic capacity at the end of November was up 7.7%, or 902 MW, year on year to 12,642 MW across 935,120 installations, the Department for Business, Continue Reading
Oil Edges Higher On Large Inventory Draw
The outages at the BP Forties Pipeline System is supporting oil prices. Oil prices edged higher on Wednesday, after U.S. government data showed a larger-than-expected drop in U.S. stockpiles. Light, Continue Reading
Oil Climbs After Surprise Drop in Industry Tally of U.S. Supply
Buyers draining American storage points to tighter market Traders awaiting weekly U.S. government count on Wednesday Crude rose in after-hours trading because an oil-industry assessment was said to show a Continue Reading
A march toward balance gives oil prices a lift
Expectations that crude oil inventories in the United States, the world’s leading economy, continued to drop and sent oil prices higher in Wednesday trading. Traders are watching the level of Continue Reading
Saudi energy minister: Premature to discuss changes in OPEC-led pact
Saudi Arabia’s energy minister said it is premature to discuss any changes to the OPEC-led supply cut pact as market rebalancing is unlikely to happen until the second half of Continue Reading
Oil Prices in 2018: Once Again It’s All About U.S. Shale Output
Brent to average $60, WTI seen at about $55 in 2018: survey Shale growth seen as wild card where analysts’ outlooks differ The direction of oil prices in 2018 will Continue Reading
The Dire Consequences Of An Oil Price Spike
At its core, the swindle is this: The shale industry’s oil production forecasts are vastly overstated. Swindle: Noun – A fraudulent scheme or action. And the swindle is not just Continue Reading