Tullow Oil forecast its net debt would drop to $2.8 billion by the end of the year and slightly raised its full-year free cash flow to $700 million, helped by trimming its capital expenditure.The company had previously said it might reach free cash flow of about $650 million…
Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft CEO Igor Sechin said on Wednesday.Reuters reported last week that…
Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday.Oil and gas giants such as Royal Dutch Shell…
General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has…
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will 'certainly' happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp…
Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers…
Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm…
Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production…
Brazil's right-wing President-elect Jair Bolsonaro said on Wednesday that the chief executive of state-controlled oil company Petroleo Brasileiro SA, Ivan Monteiro, is not expected to stay on during the new administration.Speaking to reporters…
In another significant move towards commercial release of the EnergySail, Eco Marine Power (EMP) announced that it has begun collaboration with ClassNK (Nippon Kaiji Kyokai) to confirm design requirements and issues related to sea trials.According…
Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution…
Brazil's Petroleo Brasileiro SA on Tuesday reported a surge in third-quarter net profit that still lagged forecasts as oil prices rose but spending at the state-owned company jumped.Petrobras made a net profit of 6.644 billion reais ($1.78 billion)…
Oil and gas exploration and production company Kosmos Energy said that it has entered into a strategic alliance with Shell Exploration Company B.V. to jointly explore in Southern West Africa.Initially, the alliance will focus on Namibia, where…
U.S. oil and natural gas producer Occidental Petroleum Corp beat quarterly profit estimates on Monday, benefiting from a surge in production in the Permian Basin and higher prices.The company, which has been investing heavily to boost production in Permian…
Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Sunday, hoping to rebound from a disappointing bidding round a year ago.Israel discovered in 2009 that it had large reserves of natural gas off its Mediterranean coast…
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