Oil Prices Edge Up Amid Pipeline Outage
A general view of the entrance to the Forties Pipeline System installation in Scotland. U.S. oil prices rose and the global benchmark fell Friday, as prices were supported by a Continue Reading
Oil hovers below two-year highs with focus on U.S. output
Oil prices were mixed on Friday, lingering below two-year highs as the continuing outage of a North Sea pipeline gave support, while climbing U.S. output and weak gasoline demand kept Continue Reading
The Biggest Voices in Oil Disagree About 2018
OPEC data point to rebalancing in 2018; IEA says otherwise Their conflicting views reflect differences on U.S. shale oil The two most critical forecasts of global oil markets offer contrasting Continue Reading
How Global Warming Fueled Five Extreme Weather Events
New research has analyzed 27 extreme weather events from that year for links to climate change. Extreme weather left its mark across the planet in 2016, the hottest year in Continue Reading
IEA Dashes Bullish Sentiment In Oil
Oil prices fell back from their highs earlier this week after the Forties outage, as the IEA dashed hopes of continued bullish momentum when it reported that the global supply Continue Reading
Iraq Begins To Rebuild Largest Refinery
Iraq began to rebuild its largest oil refinery this week, jumpstarting an effort to reconstruct the country after a three-year war with the terroristic Islamic State, an announcement from the Continue Reading
China’s CNPC Considers Taking Over South Pars Gas Field
China National Petroleum Corporation (CNPC) is mulling the taking over of the majority stake in an Iranian gas project from Total if the French company walks out of Iran to Continue Reading
Nigeria: Govt Loses N7.6 Trillion to Faulty Oil Sector Agreements
The Federal Government has lost $21 billion (about N7.6trn) to faulty agreements with international oil companies from 1993 to 2017. Addressing State House reporters after the cabinet meeting yesterday, the Continue Reading
Paralysis at PDVSA: Venezuela’s oil purge cripples company
Decisions at some joint ventures with foreign firms are delayed. A growing number of oil tankers sit idle because no one authorizes payments. Employees struggle to get approval for routine Continue Reading
Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
Venezuela’s cash-strapped state oil firm PDVSA said that it had initiated bank transfers on Thursday to pay US$539 million in interest on four separate bonds, just hours before grace periods Continue Reading
Colombia begins importing bulk LPG as natural gas reserves, output fall
Colombia has begun receiving is first sustained imports of bulk liquid propane gas, with volumes expected to rise significantly in the coming years as the country’s natural gas reserves and Continue Reading
ADB approves $499M loan to establish facility for improved air quality in greater Beijing area; includes hydrogen transport
The Asian Development Bank’s (ADB) Board of Directors approved a €428-million ($499-million) loan to set up a regional emission-reduction and pollution-control facility as part of a multiyear and multisector support Continue Reading
Alaska oil companies settle dispute over Trans-Alaska Pipeline tariff charges
The state of Alaska will receive hundreds of millions of dollars in a settlement with oil companies over the value of North Slope crude oil shipped through the Trans-Alaska Pipeline Continue Reading
U.S. Oil Rig Count Dips, Ending 5 Week Streak
While OPEC is busy shackling its members’ production to its lowest level in six months, US oil and gas drillers have been rolling up their sleeves and diving into the Continue Reading
U.S. Shale Looks Beyond The Sweet Spots
Although the start to 2017 saw wavering optimism from U.S. oil and gas, healthier corporate balance sheets, improved well economics, and capital continuing to flow into the sector, are setting Continue Reading
Canadian Producers Struggle To Find Transport Oil Cargo
“It’s hard for the railroads to change their operating plan really quickly,” Steve Owens, rail analyst at IHS Markit, said in a phone interview with World Oil. “There are equipment Continue Reading
Tesla Opens New Showroom In NYC
Tesla is opening on Friday a brand-new showroom in New York where it will sell cars, batteries, and solar panels all under one roof, and the new store opening incidentally Continue Reading
North Dakota oil output jumped more than 78,000 b/d in October: state
North Dakota oil production averaged nearly 1.19 million b/d in October, up more than 78,000 b/d from September and the highest average output since August 2015, bolstered by the OPEC Continue Reading
It’s Final — Corn Ethanol Is Of No Use
OK, can we please stop pretending biofuel made from corn is helping the planet and the environment? The United Nations Intergovernmental Panel on Climate Change released two of its Working Continue Reading
Fracking drives US oil exports to record high
The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it – crude oil, gasoline, diesel, propane and Continue Reading
Ineos shuts 110,000 bpd crude unit at Grangemouth refinery: source
Ineos has shut the 110,000 barrels-per-day crude distillation unit(CDU) at its Grangemouth oil refinery in Scotland due to a lack of feedstock following an outage on Monday on the Forties Continue Reading
Russia, China Grow Closer As The New Silk Road Unfolds
If you are looking for the latest breakthroughs in trans-Eurasian geo-economics, you should keep an eye on the East – the Russian Far East. One interesting project is the new Continue Reading
Twilight years: is the UK entering its last decade of oil and gas production?
The Edinburgh Geological Society was formed in 1834 with the aim of stimulating public interest in geology. Issue 62 of its magazine, The Edinburgh Geologist , published in October, certainly Continue Reading
Oil prices rise on North Sea pipeline outage, but growing US output looms
Oil prices moved up on Friday, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a Continue Reading
Oil prices up slightly on pipeline outage support
Oil prices rose almost 1 percent on Thursday after a pipeline outage in Britain continued to support prices despite data expecting a global crude surplus in the beginning of next Continue Reading
Key Pipeline Closure Amplifies OPEC’s Efforts
But this time, it’s not the usual suspects of Libya, Nigeria, or Iraq. It’s a shutdown of a major oil pipeline in the North Sea, which is expected to last Continue Reading
The Uncertain Future Of Natural Gas
Its green credentials are not whiter than white, but relative to coal, modern combined cycle gas turbine power plants (CCGT) are highly efficient, emit low levels of pollution and crucially Continue Reading
Is The Oil Glut Set To Return?
For the second month in a row, the IEA has poured cold water onto the oil market, publishing an analysis that suggests 2018 could hold some bearish surprises for crude. Continue Reading
Adapt Or Die: Oil Majors In The New World
The world’s biggest public oil company is facing a challenge: it needs to continue to grow in a world that is drastically different from what it used to be, back Continue Reading
The Most Important Part Of The OPEC Deal
The OPEC meeting in Vienna last month was, despite all the hype, always going to be a dull affair. The extension of the oil supply cuts had been all but Continue Reading
US shale groups step up bond sales to finance drilling
US exploration and production companies have raised more from bond sales in 2017 than in any year since the slump in oil prices began in 2014, shoring up their finances Continue Reading
Syria Aims To Begin Offshore Gas Exploration In 2019
Syria plans to start gas exploration in its offshore areas in early 2019, and has signed contracts for five offshore blocks with “friendly countries”, local media quoted Syrian Oil and Continue Reading
Iraq’s Kirkuk refinery completes capacity expansion
North Refineries Co. (NRC), a subsidiary of Iraq’s Ministry of Oil, has commissioned a 13,000-b/d crude distillation unit (CDU) at its refinery in Kirkuk, lifting overall processing capacity at the site Continue Reading
Venezuelan creditors eyeing Citgo assets face uphill battle
Citgo Petroleum may look like a tempting target for bondholders of its parent company, Venezuelan-owned oil driller PDVSA, but the refinery operator’s complex debt structure could make its assets difficult Continue Reading
Brazilian oil production was already above last year’s average by August
Data through August for Brazil show oil production was already 3 percent above the full-year average from 2016, a country profile revealed. In a country profile, the U.S. Energy Information Continue Reading
Production from offshore pre-salt oil deposits has increased Brazil’s oil production
U.S. Energy Information Administration, International Energy Statistics Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to data through August, Continue Reading
Struggling Venezuela Launches Tender To Buy U.S. Crude
Struggling Venezuelan state oil company PDVSA has launched tenders to purchase a total 4.2 million barrels of U.S. and Russian crude oil, which includes up to 3 million barrels of Continue Reading
Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
Landowners with property affected by the TransCanada Keystone XL pipeline are environmentalists’ newest allies in the fight against the facility’s construction, according to a new Reuters report. The Bold Nebraska Continue Reading
EIA STEO: Global liquids supply to rise 2.1 million b/d in 2018
Production of crude oil from the Organization of Petroleum Exporting Countries averaged 32.5 million b/d in 2017, a 200,000-b/d decrease from 2016 levels, and OPEC oil production will average 32.7 Continue Reading
Drillers Flock to Rockies as Sleepiest Shale Corner Awakens
It’s not exactly the Pike’s Peak gold rush of 160 years but with crude prices on the rise, explorers are returning to the oil-rich rock of Colorado. (Bloomberg) — It’s Continue Reading
U.S. solar power group says it sees headwinds ahead
A U.S. solar power trade group said the Trump administration was standing in the way of growth, but the sector showed resilience in the third quarter. A report from GTM Continue Reading
It’s As If the Craziest Week in European Gas Never Happened
It’s like the craziest week in European gas markets for as long as anyone can remember never happened. U.K. prices are almost back where they ended last week as a Continue Reading
Crack on Forties pipeline stabilized
While declaring force majeure over contracts for the Forties pipeline system in the North Sea, operator Ineos said a crack triggering the shutdown is stable. The operator said Thursday its Continue Reading
Denmark sets milestone for EV charges
The Danish market for electric vehicles set a milestone with more than 1 million charges and 36 million miles since 2014, a utility provider said Thursday. German utility company E.ON Continue Reading
Norway: Period of decline in petroleum investments is over
Lower industry prices, an improved global economic outlook and higher oil prices suggest a period of decline in petroleum investments is over, Norway said. Norway holds the largest crude oil Continue Reading
Putin Pleased As Desperate UK Turns To Russian Natural Gas
We said two days ago that it’s been a tough week for anybody who needs to heat their home or put gasoline in their cars in Britain. The litany of Continue Reading
Subsea Sector Still Supports Around 45,000 Jobs in UK
The subsea sector still supports around 45,000 jobs in the UK, despite the recent downturn in oil and gas, according to Subsea UK’s latest business activity review. The subsea sector Continue Reading
North Sea pipeline operator invokes force majeure
The operator of a damaged North Sea crude pipeline has invoked a clause that exempts it from fulfilling contracts, underlining the scale of the damage that has sent oil and Continue Reading
Russia Wins in Arctic After U.S. Fails to Kill Giant Gas Project
Sanctions created ‘deadlock’ for Yamal LNG, says Total Novatek plans new projects to challenge Qatar for scale Building the $27 billion Yamal liquefied natural gas project meant shipping more than Continue Reading
Oil prices up on lower U.S. crude stocks, but growing output caps gains
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week. Continue Reading