Eco Atlantic upgrades oil and gas resources in Guyana field
An oil and gas field off Guyana’s coast and owned by Tullow, Total and Eco Atlantic has about 3.9 billion barrels of oil equivalent, a third more than announced in Continue Reading
Venezuela’s Power Grid Afflicted by Brain Drain, Corruption
President Nicolás Maduro’s government convened an urgent meeting of 12 technicians in February 2016 at the giant El Guri hydroelectric complex after rolling blackouts had hit Venezuela. Despite the presence Continue Reading
Cuba Faces Oil Crisis As Venezuela Crumbles
When Venezuela’s opposition leader Juan Guaido earlier this week said he had decreed the suspension of all crude oil shipments to Cuba, he explained the move with the massive power Continue Reading
Wastewater – private equity’s new black gold in U.S. shale
Mike Christensen strides among rows of gleaming steel tanks, pointing to pipelines that arrive from miles around to this corner of former farmland near Midland, Texas, the heart of the Continue Reading
Russia’s Novak says sanctions volatility is a pain for energy markets
Russian Energy Minister Alexander Novak attends a session of the Russian Energy Week international forum in Moscow, Russia October 3, 2018. REUTERS/Sergei Karpukhin BAKU (Reuters) – Russian Energy Minister Alexander Continue Reading
Novatek close to deal with Saudi Aramco on Arctic LNG 2 project: CEO
Novatek Chairman of the Management Board Leonid Mikhelson takes part in a signing ceremony on the sidelines of the – Leonid Mikhelson, chief executive of Russian gas giant Novatek, said Continue Reading
Mixed market outlooks have OPEC, allies in wait-and-see mode for JMMC meeting
Oil prices have risen some 25% since the beginning of the year thanks, in large part, to production cuts by OPEC and its allies, no doubt buoying the sentiments of Continue Reading
Venezuela production woes tightens US supply outlook, pushing WTI to new high
Frontline WTI futures settled at a fresh four-month high Thursday as an ongoing crisis in Venezuela exacerbated supply concerns. NYMEX April WTI settled up 35 cents at $58.61/b while ICE May Continue Reading
Oil Prices Shrug As Rig Count Continues To Fall
The the number of active oil and gas rigs in the U.S. fell once again this week according to Baker Hughes, as oil production fell for the first week this Continue Reading
Oil Prices Surge To Multi-Month Highs
Growing instability in Venezuela, and the potential of a slowdown in U.S. shale has pushed oil prices up to multi-month highs this week. Oil prices have surged to their highest Continue Reading
U.S. oil retreats from 2019 high on soaring production
U.S. crude futures briefly hit a 2019 high on Friday but retreated along with benchmark Brent oil as worries about the global economy and robust U.S. production put a brake Continue Reading
IEA Warns Of Looming Oil Market Deficit
Production outages and Iran and Venezuela will tip the global oil market into a shortage during the second quarter, the International Energy Agency said in the new edition of its Continue Reading
IEA: Oil supply cushion insures against Venezuela production loss
Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. In its Oil Market Continue Reading
Oil-producing communities should prepare for transition, forum told
Communities that have depended economically on coal are facing impacts now that communities that similarly rely on oil and gas will face in the future, speakers suggested at a Columbia Continue Reading
IEA Oil Market Report
Global oil demand growth slowed sharply in 4Q18 to 0.95 mb/d due to lower OECD demand, which declined by 0.3 mb/d year-on-year. Large falls were seen in Europe and Asia and there was slower Continue Reading
Kenya: Crisis as U.S.$50 Million Jet Fuel Vanishes Into Thin Air
The scandal of siphoned fuel at Kenya Pipeline Company deepened on Wednesday after it emerged that 51 million litres of jet fuel, worth Sh5 billion, has gone missing from the Continue Reading
Saudi Arabia’s Delicate Baku Balancing Act
OPEC (plus Russia) is meeting in Baku this weekend, and the Saudis are playing a delicate balancing act—not only disappointed in Trump’s less aggressive tactics against Iran, but also disappointed Continue Reading
Venezuela’s electricity crisis could trigger ‘serious disruption’ to the oil market, IEA warns
A nationwide power failure in crisis-stricken Venezuela could trigger “serious disruption” to the oil market, the International Energy Agency (IEA) warned on Friday, but OPEC kingpin Saudi Arabia should have Continue Reading
U.S. envoy says Venezuela oil production dropping steadily
The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below Continue Reading
Sanctions push trans-Atlantic product freight to Venezuela to huge premium
US sanctions on Venezuela are driving freight rates for clean oil products heading across the Atlantic to the country to enormous premiums, according to shipping reports. The Torm Lotte, a Continue Reading
Fires in Venezuela’s El Guri Complex Could Have Sparked Blackout
Fires within Venezuela’s heavily-fortified El Guri hydroelectric complex could have triggered the massive blackout that plunged the nation into darkness last week, according to an analysis of thermal conditions along Continue Reading
Venezuela power outages pose ‘challenge’ to oil market: IEA
Venezuela’s worsening crisis, including power outages crippling its oil sector, present a likely “challenge” to the oil market, the International Energy Agency warned Friday. In its monthly oil market report, Continue Reading
Is shale in late innings as Big Oil comes to bat?
The long-term viability of the U.S. shale boom is uncertain, but the world’s biggest oil companies are making big bets on its success as smaller firms struggle with debt and Continue Reading
LNG producers must avoid over-reliance on Chinese demand growth: executives
Liquefied natural gas (LNG) producers must avoid becoming over-reliant on the strong Chinese demand growth seen in the past two years and should intensify efforts to broaden their marketsThe warnings Continue Reading
U.S. oil rig count falls to lowest since April 2018: Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting Continue Reading
Manufacturing Pullback Flashes Signs of Economic Slowdown
U.S. manufacturing output declined for the second consecutive month in February, a fresh sign that a long-predicted slowdown is hitting the U.S. economy. Output at U.S. factories decreased 0.4% in Continue Reading
Bailout for coal, nuclear unlikely to pass legal muster; attention turns to states
The Department of Energy has not forgotten about the plight of at-risk coal and nuclear plants, but suggested that states should craft their own programs as a workable federal solution Continue Reading
Toyota bumping US investments up to nearly $13B over 5 years; focus on advancing electrification
Toyota announced it will exceed its 2017 pledge to invest $10 billion in the US over five years with a new commitment to reach nearly $13 billion over the same Continue Reading
Exxon Hits the Brakes on $1.9B Project
Exxon Mobil Corp. is delaying a C$2.6 billion ($1.9 billion) oil-sands project in Canada by at least a year as the nation’s energy industry grapples with a shortage of pipeline Continue Reading
US Has Fourth Straight Week of Rig Count Declines
The U.S. dropped one oil rig this week. The U.S. rig count declined, albeit slightly, this week according to weekly data from Baker Hughes, a GE Company. The nation’s oil Continue Reading
U.S. Interior official suggests Trump drilling proposal will include Atlantic: recording
The Trump administration is likely to open up portions of the Atlantic to oil and gas drilling despite opposition from East Coast states, a U.S. Interior Department official suggested in Continue Reading
Is shale in late innings as Big Oil comes to bat?
The long-term viability of the U.S. shale boom is uncertain, but the world’s biggest oil companies are making big bets on its success as smaller firms struggle with debt and Continue Reading
North Dakota’s production averages 1.402 million b/d in January, slightly off all-time high
North Dakota’s production for January averaged 1,402,402 b/d of oil, slightly missing the state’s record high set in December, the North Dakota Industrial Commission’s Department of Mineral Resources said Friday. Continue Reading
Rising river waters threaten to shut Cooper nuclear plant in Nebraska
Workers are preparing to shut Nebraska Public Power District’s 836-MW Cooper nuclear unit in Brownville as soon as early Saturday because of the rising Missouri River, company spokesman Mark Becker Continue Reading
CERAWeek: Coal industry struggles with lack of capital, negative public perception
Access to capital, a lack of capital discipline and negative public perception continue to be a significant restraints for the global coal industry, several industry leaders said during panels Thursday Continue Reading
UK Crude Oil Loadings Continue To Drop
The UK’s crude oil loadings remained below 800,000 bpd for the third month in a row in February, while authorities expect Britain’s crude oil production to decline through at least Continue Reading
Shell Outlines First Short-Term Carbon Emission
Royal Dutch Shell has set its first-ever short-term goals to cut the carbon footprint of its operations and product sales as the oil and gas industry is under intense investor Continue Reading
Crude oil futures stable ahead of OPEC meet
Crude oil futures were fairly stable during mid-morning trade in Asia Friday, as market participants were looking for fresh price cues from the OPEC meeting to be held early next Continue Reading
Oil prices firm as supply deficit emerges amid disruptions
Oil prices were firm on Friday amid production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the Continue Reading
Was 2018 The Peak For Crude Oil Production?
The following OPEC charts were created with data from the OPEC Monthly Oil Market Report . All OPEC charts are through February 2019 and is in thousand barrels per day. Continue Reading
CERAWeek: Despite murmurs of problems, oil reigns in Houston
There were some murmurs spotlighted this week that the oil industry may be on borrowed time, at CERAWeek by IHS Markit, the energy megaconference in Houston. There was more talk of Continue Reading
OPEC February Production Data
The following OPEC charts were created with data from the OPEC Monthly Oil Market Report . All OPEC charts are through February 2019 and is in thousand barrels per day. Continue Reading
Analysis: Dueling US oil sanctions give India unexpected leverage
Reliance agrees to cut Venezuelan oil imports India in talks with US on Iran waiver expiring in May Iran imports hold $6-$7/b discount to US, Venezuela crudes Washington — By Continue Reading
The Khashoggi Killing Is Driving Saudi Oil Diversification
A Saudi human rights commission said on Thursday that it was bringing those accused over the murder of Saudi dissident journalist Jamal Khashoggi to justice. However, the commission also rejected Continue Reading
Russia’s Gazprombank sells its indirect stake in Venezuelan venture: source
Gazprombank, Russia’s third-biggest lender by assets, has sold its indirect stake in the Petrozamora joint venture in Venezuela, a source at the bank said on Thursday. Gazprombank, in a written Continue Reading
Maduro’s muscle: Politically backed motorcycle gangs known as ‘colectivos’ are the enforcers for Venezuela’s authoritarian leader
The neighbors were fed up. For days, they’d had no electricity or running water because of a massive national blackout. So one morning this week, they piled logs and garbage Continue Reading
How Russia sank billions of dollars into Venezuelan quicksand
At the end of 2015, managers at Rosneft, the Russian state-controlled oil firm, sounded the alarm to their bosses about the company’s investments in Venezuela. Rosneft’s local partner, Venezuelan state Continue Reading
Why It’s So Hard to Restart Venezuela’s Power Grid
Crews attempting to deal with black-starting a frail and brittle grid like the one in Venezuela also face major safety considerations, like explosions. Venezuela’s massive, nationwide power outages, which began Continue Reading
Venezuela is still on the road to ‘Mad Max’
Opinion editorial Enlarge Image Venezuelans line up to get drinking water after the water supply was disrupted due to power outages. Power is being restored in some parts of Venezuela, Continue Reading
U.S.-China Trade Deal Driven By Energy Exports
Amid signals that the U.S. and China have made some progress in trade negotiations in recent weeks, China has tentatively resumed buying U.S. commodities – something it had stopped doing Continue Reading