Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending March 29, 2019 U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 29, 2019, Continue Reading
Value of U.S. oil deals plunges 93 percent in first quarter as investors demand higher returns
HOUSTON (Reuters) – The value of U.S. oil and gas mergers and acquisitions fell to a 10-year low in the first quarter, according to data released on Thursday, as investors Continue Reading
US coal production posts year-on-year drop for fifth straight week: EIA
US weekly coal production was estimated to be 10.5 million st for the week ended March 30, down 6.6% from the previous week and down 26.3% from the year-ago week, Continue Reading
Key Buyers Push US Oil Exports to Record Highs
Total weekly U.S. crude and product exports should be consistently outpacing imports starting in 2020. Constantly evolving hydraulic fracturing and horizontal drilling technologies have opened up more U.S. petroleum resources Continue Reading
US M&A Deal Value Hits 10-Year Low in 1Q 2019
The value of U.S. mergers and acquisitions deals plunged to a 10-year low in the first quarter of 2019, Drillinginfo reveals. The value of U.S. mergers and acquisitions (M&A) deals Continue Reading
Jones Energy Files for Chapter 11 Bankruptcy
Austin, TX-based independent energy company has entered a restructuring agreement with plans to officially file for bankruptcy later this month. U.S. independent Jones Energy, Inc. entered into a restructuring support Continue Reading
Renewables ‘Have Won the Race’ against Coal and Are Starting to Beat Natural Gas
The rapidly dropping cost of renewable energy has upended energy economics in recent years, with new solar and wind plants now significantly cheaper than coal power. But new research shows Continue Reading
U.S. test nuclear reactor may run 40 percent over cost: government document
The flagship of the Trump administration’s advanced nuclear power research program could cost about 40 percent more than a government official estimated earlier this year, a U.S. Department of Energy Continue Reading
The World’s Cheapest Natural Gas
Natural gas prices fell into record negative territory in the Permian basin, dragged down by booming oil production and a limited ability to move gas out of the region. Unlike Continue Reading
Russia Seeks New Arctic Oil Frontier
Rosneft, Russia’s state-controlled oil company and the largest oil producer in the country, plans to develop an Arctic cluster of oil fields over the next five years. These plans by Continue Reading
Is This The End Of Colorado’s Shale Boom?
Colorado has hosted a surge in oil and gas production in the last few years, but the industry faces new challenges as the state overhauls its regulatory regime. Much of Continue Reading
Brent edges further away from $70 level on build in U.S. stocks
Oil prices slipped a second day on Thursday, with Brent edging down further from the $70 mark after weekly U.S. oil data showed a surprise build in crude inventories and Continue Reading
U.S. crude stocks build sharply, production hits fresh peak
U.S. crude oil stockpiles soared unexpectedly last week as imports climbed and production edged higher to a new record, the Energy Information Administration said on Wednesday. Refined fuel inventories fell Continue Reading
From molecules to electrons; can Big Oil become Big Power?
European oil companies have started to address what they worry may one day be an existential threat to their business — the end of a century of oil demand growth Continue Reading
While You Weren’t Looking, General Haftar Has Been Taking Over Libya
In Libya since the fall of Muammar al-Qaddafi, years often pass without much change as political deadlock continues and the economy decays. Then a moment of opportunism triggers a chain Continue Reading
Expect An Extension Of Iran Sanction Waivers
With Iran sanctions waivers set to expire in a few weeks, the Trump administration faces a difficult task. Oil prices are once again on the rise, just as they were Continue Reading
Prime ministers refrain from endorsing oil lawsuit
Iraqi Prime Minister Adil Abd al-Mahdi and Kurdistan Regional Government (KRG) Prime Minister Nechirvan Barzani ignored a request to sign key pleadings in a landmark court case – a sign Continue Reading
Nigeria: Shell Paid Nigeria U.S.$6.3 Billion in 2018, Highest in the World
Royal Dutch Shell, Nigeria’s largest foreign investor paid the Nigerian government $6,397,325,844 as oil production entitlement, taxes, royalties and fees arising from the company’s activities involving oil and gas exploration, Continue Reading
Exxon, Repsol and Ecopetrol sign deals for Colombia offshore oil exploration blocks
Exxon Mobil Corp and Colombia’s state-run oil company Ecopetrol SA have each signed joint contracts with Spain’s Repsol SA to explore for oil in offshore blocks in the Caribbean, the Continue Reading
Venezuela Oil Exports Remain Surprisingly Stable In March
Venezuela exported a little over 980,000 bpd on average in March despite a string of severe blackouts, Reuters reported , citing documents from state oil company PDVSA and its own Continue Reading
Climate change: ‘Magic bullet’ carbon solution takes big step
Chalky grains of calcium carbonate are the result of concentrating the CO2 that’s extracted from the air A technology that removes carbon dioxide from the air has received significant backing Continue Reading
Shale Is In A Deep State Of Flux
Oil prices are rising to their highest level in months, with WTI having topped $60 per barrel, but the U.S. shale industry is still showing signs of strain. “This is Continue Reading
The Energy Solution That Could End The Border Wall Debate
Since making his initial promises of a border wall on the campaign trail in 2015, United States President Donald Trump has been pushed to back down on the word “wall”. Continue Reading
Canadian Wildcatters Win Big On Alberta’s Oil Cuts
The last year or so has not been kind to Canadian oil producers. Output has been rising as international prices stabilized at higher levels, but pipeline capacity has not changed, Continue Reading
Energy Secretary Perry: U.S. Might Want To Reduce Strategic Petroleum Reserve
U.S. Congress should debate whether to reduce the emergency crude oil stored in the Strategic Petroleum Reserve (SPR), because America’s oil production boom has diminished its reliance on imports, U.S. Continue Reading
Colorado’s controversial oil and gas regulatory bill awaits governor’s signature
Bill now only requires governor’s signature Industry got some helpful amendments Denver — Colorado’s state Senate on Wednesday approved several amendments made to an oil and gas regulatory overhaul bill Continue Reading
Colorado Drillers Face Harsher Energy Law
Colorado’s legislature passed a sweeping overhaul of the state’s oil and natural gas laws, giving local governments more power to regulate drilling in one of the nation’s top crude-producing regions. Continue Reading
Pipeline Delay Could Cause Canadian Oil Rally to Falter
The stubborn, sharp rise in Canadian heavy crude prices may finally falter later this year when swelling output overwhelms a pipeline system that The stubborn, sharp rise in Canadian heavy Continue Reading
California’s Oil Industry Collapses Despite Shale Boom
The shale revolution that has transformed the U.S. oil and gas industry has completely passed California by. Not that long ago, California was the second most vital U.S. oil producing Continue Reading
Volkswagen Eyes Electric Pivot Amid Growing Criticism
It’s not often that corporate executives make confessions that could jeopardize both its corporate standing and perhaps even their jobs. Yet, last week a top Volkswagen group executive said that Continue Reading
German President Receives Symbolic ‘Last Piece Of Black Coal’
German President Frank-Walter Steinmeier received on Wednesday the symbolic ‘last piece of black coal,’ marking the end of Germany’s two centuries of hard black coal production, while the country struggles Continue Reading
Crude oil futures extend rally on tightening supply outlook
Crude oil futures were higher during mid-morning trade in Asia Wednesday, shrugging off a purported build in US crude stocks, as market bulls continued to hold court amid a tightening Continue Reading
Brent nears $70 as oil prices rise for fourth day
Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected Continue Reading
Oil Rally Slows On Surprise Crude Build
The American Petroleum Institute (API) reported a build in crude oil inventory of 3.0 million barrels for the week ending March 29, coming in over analyst expectations of a 425,000-barrel Continue Reading
Oil Hits 2019 High On Shale Slowdown
The EIA projects that U.S. tight oil production, having taken over from conventional crude as the major source of output for the country, will hit 10 million barrels of daily Continue Reading
Bullish Hedge Funds Send Oil Soaring
Hedge funds and other money managers expanded their bullish bets on oil prices last week amid signs that U.S. shale growth is slowing, the global oil market is further tightening, Continue Reading
IEA’s climate models criticized as too fossil-fuel friendly
The world’s top energy body has come under fire from leading investors and scientists who say that its energy forecasts are not in line with the latest climate science, and Continue Reading
Can Anything Challenge Qatar’s LNG Dominance?
Qatar is solidifying its hold as the top global LNG exporter. The tiny, gas-rich kingdom caught the energy world by surprise in late 2017 when it announced that it would Continue Reading
Qatar Petroleum: Global LNG Demand To Grow 2% A Year
Worldwide demand for liquefied natural gas (LNG) will increase at a rate of 2 percent every year in the next fifteen years, the chief executive of one of the world’s Continue Reading
Basra export outages dent March oil sales
With production already constrained by OPEC cuts, Iraq’s exports dipped even further as three days of bad weather disrupted Basra Gulf tanker loadings. A worker checks the valve gears of Continue Reading
US committed to zeroing out Iranian crude exports: State official
With US sanctions waivers set to expire early next month, a State Department official said Tuesday that the US remained committed to “zeroing out” Iranian crude oil exports, claiming that Continue Reading
Algerian president resigns: official news agency
Algeria exports to Spain, Italy down from earlier in year Oil-indexed gas contracts out of the money Washington — Receive daily email alerts, subscriber notes & personalize your experience. Register Continue Reading
The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed
The Biggest Saudi Oil Field Is Fading Faster Than Anyone Guessed More (Bloomberg) — It was a state secret and the source of a kingdom’s riches. It was so important Continue Reading
Three importers cut Iran oil shipments to zero: U.S. envoy
Three of eight importers granted waivers by Washington to buy oil from Iran have now cut their shipments to zero, a U.S. official said on Tuesday, adding that improved global Continue Reading
Aramco’s Mythical Ghawar Field Could Be Its Weak Spot
Some of the most secretive, highly-anticipated details about the Saudi oil industry have just been released. Saudi Aramco is preparing to launch a major bond issuance to purchase the Saudi Continue Reading
Saudi Arabia’s biggest oil field is fading faster than anyone guessed
An oil field in Saudi Arabia. The Saudis say some of its reserves — about a fifth of the total — have been drilled so systematically over nearly a century Continue Reading
Exclusive: Exxon weighs sale of Nigerian oil and gas fields for up to $3 billion
Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, Continue Reading
Nigeria: NNPC’s U.S.$48 Billion Oil and Gas Projects
At the 2019 International Petroleum Conference held in London, recently, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, was reported to have copiously highlighted major Continue Reading
France’s Total Boosts Angola Oil Production With New Start-Up
French supermajor Total said on Tuesday that it had started up production at the Kaombo Sul oil development, adding 115,000 bpd to bring Total’s overall production capacity to 230,000 bpd, Continue Reading
Africa: South Africa’s ‘Game-Changing’ Oil Find – Three Lessons From Ghana
In early-February, South Africa discovered huge reserves of oil and gas off its shores. President Cyril Ramaphosa, along with many experts, described the find as a “game-changer” and promised legislation Continue Reading