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Oil Prices News

 

Record-size US Offshore Oil Lease Sale Draws Modest Bidding

Mar 21, 2018

Oil and gas drillers bid modestly on Gulf of Mexico acreage in the largest lease sale in American history on Wednesday, dealing a setback to the Trump administration's efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31…

China Says to Have "Prudent" Oil Exploration with Philippines

Mar 21, 2018

China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart.Any potential deals…

Oil Approaches Six-Week Highs

Mar 21, 2018

Oil neared its highest in six weeks on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply.Unexpectedly large inventory declines in the United States helped underpin the market…

Exxon Assessing Earthquake Damage to New Guinea NatGas Plant

Mar 21, 2018

LNG export project knocked out by major quake in late Feb. A senior Exxon Mobil Corp executive said on Wednesday the company is still assessing damage to its natural gas processing plant in the mountains of Papua New Guinea, knocked out by a strong earthquake last month…

McDermott to Bid for Asia Offshore Oil, Gas Contracts

Mar 20, 2018

U.S. engineering and construction company McDermott International plans to bid for $5 billion in contracts in the next few months in Asia Pacific as the region's offshore oil and gas sector recovers, company executives said on Tuesday. The…

Glencore Acquires Rio Tinto's Hail Creek Coal Mine

Mar 20, 2018

Glencore consolidating in coal as Rio exits; Rio Tinto shares rise 0.9 pct, Glencore slips. Glencore is buying Rio Tinto's Hail Creek coal mine and the Valeria coal project in Australia for $1.7 billion, tightening the Swiss trading and…

Total Renewables Unit Targets Africa's Power-Starved Mining Sector

Mar 19, 2018

Total's renewable energy unit said on Monday it had opened the world's largest solar-thermal hybrid plant in Burkina Faso, the first of what it hopes will be many projects supplying the African mining industry's growing need for power.Total…

Exxon Mobil buys LNG to Chill Papua New Guinea Project

Mar 19, 2018

ExxonMobil Corp has bought a liquefied natural gas (LNG) cargo to keep its Papua New Guinea plant cold after a powerful earthquake triggered a production halt last month, several trade sources said on Monday. The cool-down cargo could be…

Energy Battle is More Than OPEC vs U.S. Shale

Mar 19, 2018

The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand. While there are solid reasons for industry participants to focus on these dynamics…

Eni Raises Dividend, Production Targets

Mar 16, 2018

Italian oil and gas group Eni raised its dividend on Friday and held out the promise of a share buyback as it ramped up production and cash flow targets. In its 2018-2021 plan, the major said it would pay a dividend this year of 0.83 euros per share compared to 0…

Oil Set for Weekly Drop as Supply Concerns Weigh

Mar 16, 2018

IEA sees 2018 global oil demand increasing by 1.5 mln bpd. Oil prices were set for a weekly drop despite a slight gain in both benchmarks on Friday, on concerns that rising global supply could undermine efforts by OPEC and other producers to tighten the market…

Statoil to Rebrand as Equinor

Mar 15, 2018

Rebranding would cost up to $32.5 mln but firm plans to ramp up renewables investment.  Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil…

Commodities' Dilemma: Strong Demand or Trade War Fears?

Mar 15, 2018

The tug-of-war between fundamentals and sentiment appears to be getting stronger for many commodities as the market tries to reconcile factors such as robust demand numbers from China and increasingly worrying rhetoric and actions from the United States…

Iran and Russia Sign Deal to Develop Two Oilfields

Mar 14, 2018

Iran and Russia signed a deal on Wednesday to develop two oilfields in Iran, according to Iranian state TV.The National Iranian Oil Company signed a deal with Russia’s Zarubezhneft to develop the fields, according to SHANA, the news site of the Iranian oil ministry…

ExxonMobil Expects to Resume Paying Australian Corporate Tax in 2021

Mar 14, 2018

ExxonMobil Corp said on Wednesday it is likely to resume paying corporate tax in Australia only in 2021, after recouping billions of dollars in investments made in the country in the past decade. The oil giant was grilled at an Australian Senate hearing on tax avoidance…

Current News

Keppel O&M Turns Profitable in 2019

Keppel O&M Turns Profitable in 2019

Aramco Sells LNG Cargo to S-Oil

'Power of Siberia' Pipeline Begins Flow to China

'Power of Siberia' Pipeline Begins Flow to China

New Contracts for DOF in Australia

New Contracts for DOF in Australia

Record Production for Santos

Record Production for Santos

Shearwater Clinches 3D Survey Work Offshore India

Shearwater Clinches 3D Survey Work Offshore India

CNPC Finds Reserves From Pre-salt Field at Tarim

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