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360 Articles

AltaGas Announces Positive FID on Ridley Island, Canada’s First Opportunity to Ship its Propane Directly to Asia

AltaGas Announces Positive FID on Ridley Island, Canada’s First Opportunity to Ship its Propane Directly to Asia

Canadian advantage:  Ridley Island’s planned 1.2 MMTPA capacity will allow Western Canada’s producers to sell propane to Asia from B.C. with transit time of 10 days vs. 25 days from U.S. Gulf coast AltaGas Ltd. (ticker: ALA) announced a positive Final Investment Decision (FID) this week on its Ridley Island Propane Export Terminal, having received approval from federal regulators, the company[Read More…]

January 6, 2017 - 4:37 pm 360 Articles, Canada, Closing Bell Story, International
Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts. Already Iraq, the group’s second-largest producer, appears to be facing problems in implementing cuts as the cash-strapped country looks to lower output[Read More…]

Source: CatholicVoices.org

Export Development Canada Provides Financial Support for International Frontier Resources in Mexico

Export Development Canada to provide half of International Frontier Resources’ performance bond for work in Mexico Calgary-based International Frontier Resources (ticker: IFR) announced today that the company has closed on an Account Performance Security Guarantee (APSG) with Export Development Canada (EDC), a credit agency that supports the development of Canada’s export trade abroad. EDC will provided 50% (US$882,050) of a[Read More…]

Source: theiet.org

Iran Qualifies 29 Companies for Oil & Gas Tenders

Iran qualifies international companies from CEPSA to Wintershall to take part in oil and gas tenders Iran has qualified 29 international companies to bid in tenders for oil and natural gas development projects as the company seeks foreign investment to revitalize its industry following the end of international sanctions. The companies approved for tenders include those from Germany, France, Italy,[Read More…]

Mexico Delays Next Phase of Auctions as Fuel Scarcity Increases

Mexico Delays Next Phase of Auctions as Fuel Scarcity Increases

Mexico will announce the winners in the second round of offshore auctions three months later than expected Mexico will delay the announcement of winners for Round 2 of its oil and gas auction in order to allow more companies to take part, and to incorporate modifications suggested by the industry. The delay will push the timeline back on announcing the[Read More…]

December 27, 2016 - 2:46 pm 360 Articles, Closing Bell Story, Downstream, International, Mexico
Coal Demand Shifting to Asia with Big Implications for Markets

Coal Demand Shifting to Asia with Big Implications for Markets

As Europe and America consume less coal, China gains greater influence over coal industry In its medium-term coal market report for 2016, IEA reports that global coal demand growth has stalled after more than a decade of 4% annual growth, with demand in 2016 to be below 2013 levels. Consumption decreased for the first time in 2015 as declines in[Read More…]

December 22, 2016 - 5:22 pm 360 Articles, China, Closing Bell Story, International
OPEC Cuts Will Bring Crude Oil into Balance in 2017: UBS

OPEC Cuts Will Bring Crude Oil into Balance in 2017: UBS

Uncertainties: U.S. Production, OPEC Compliance UBS has revised its global supply and demand balances and forecasts to reflect recent OPEC and non-OPEC output agreements and signs of accelerating investment in the U.S. onshore from the 3Q16 U.S. reporting season. The bank expects modest inventory draws starting in mid-2017 accelerating into 2018 and 2019. The tipping point into under supply is[Read More…]

December 21, 2016 - 2:44 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, International
Source: Novatek

Russia Signs 23 Energy Agreements with Japan

Russia and Japan ink 23 energy-related agreements including offshore and LNG Russia and Japan deepened ties between the neighboring countries over the weekend as Russian President Vladimir Putin visited Japanese Prime Minister Shinzo Abe in Japan. The talks were set in the hopes of restarting a dialogue over four islands that each country has claimed a right to since the[Read More…]

December 19, 2016 - 6:49 pm 360 Articles, China, Closing Bell Story, International, LNG
Source: Bashneft

Non-OPEC Producers agree to Cut the Equivalent of China, India 2017 Demand Growth

Non-OPEC cuts will rely on natural decline curves Oil prices continued to rise Monday on news that non-OPEC producers had come together over the weekend and agreed to cut 558 MBOPD, equal to the anticipated demand growth next year in China and India, according to data from the IEA. Taken together with OPEC’s 1,200 MBOPD cut, announced November 30, the[Read More…]

December 12, 2016 - 5:29 pm 360 Articles, Closing Bell Story, International, OPEC
OPEC Production Sets Record – Oil Prices Fall

OPEC Production Sets Record – Oil Prices Fall

Skepticism remains about OPEC deal as group’s production chalks up another record high Both U.S. and international crude oil benchmarks WTI and Brent were down over $1 per barrel today following a rally in prices brought on by last week’s OPEC production agreement. Oil prices shot over the $50 per barrel mark after OPEC announced it would cut 1.2 MMBOPD[Read More…]

Mexico's deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico

Mexico Successfully Completes its First Deepwater GOM Auction

BHP Billiton wins Trion farmout  Mexico’s deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico—a first for a country that has been determined to successfully draw outside companies to help overhaul its energy sector. Mexico’s National Hydrocarbon’s Commission (CNH) said that[Read More…]

December 6, 2016 - 5:49 pm 360 Articles, Closing Bell Story, E&P, International, Mexico, Offshore
Oklahoma is the Most Attractive Place for Oil and Gas Investment: Fraser

Oklahoma is the Most Attractive Place for Oil and Gas Investment: Fraser

Oklahoma finished No. 1 as the best place where ‘policy does not deter upstream investment’ Canada’s Fraser Institute says that Oklahoma has beaten Texas in something else. According to the Canadian think tank’s annual global survey of petroleum sector executives, Oklahoma is the most attractive jurisdiction around the world for oil and gas investment. “Most U.S. states are bucking the global trend of[Read More…]

You Can Thank Putin for OPEC’s Cut

You Can Thank Putin for OPEC’s Cut

Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian[Read More…]

December 1, 2016 - 5:10 pm 360 Articles, Closing Bell Story, International, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Meeting: Too Close to Call

Iran and Iraq Rivalry Will Decide the Outcome The chance of a credible OPEC agreement this Wednesday is 50-50, or a coin-flip according to a recent report by Societe Generale analyzing OPEC’s complex negotiations since its September 28 Algiers meeting. Optimism for a deal has fallen due to Iran and Iraq’s resistance to curbing their output, Saudi Arabia and the[Read More…]

November 29, 2016 - 12:31 pm 360 Articles, Closing Bell Story, Commodity Pricing, International, OPEC
Markets Approach Record Highs, but Will it Stick?

Markets Approach Record Highs, but Will it Stick?

Oil prices pushing markets higher Oil prices rose to a three-week high Monday as investors continue to bet that OPEC will come to an agreement on production. While international crude oil benchmark Brent and U.S. benchmark WTI are still about 39% and 38% below their value on November 21, 2014 – a week prior to OPEC’s initial decision to defend[Read More…]

November 21, 2016 - 3:11 pm 360 Articles, Closing Bell Story, International, OPEC
OPEC Cut Good, Demand Growth Better

OPEC Cut Good, Demand Growth Better

OPEC Production Cut of 1 MMBOPD Would Raise Oil Prices About $3; Equal Demand Growth Would Add another 4$ As OPEC’s November 30 meeting in Vienna draws closer, the outlook for a production cut agreement is mixed. Sentiment has been positive today with WTI rising 5.2% to above $45 after falling 4% in previous trading sessions. A positive report from[Read More…]

November 15, 2016 - 5:30 pm 360 Articles, Analytics, Closing Bell Story, International, OPEC
Genoil Signs Letter of Intent for $50 Billion of Work in Russia and Chechnya

Genoil Signs Letter of Intent for $50 Billion of Work in Russia and Chechnya

Chinese banks will finance the 3.5 MMBOPD project with heavy oil upgraders Calgary-based Genoil Inc. (ticker: GNOLF), provider of upgrading technology for petroleum processing, has signed a letter of intent (LOI) for $50 billion worth of projects in Russia and Chechnya. The engineering company said it will develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia[Read More…]

November 11, 2016 - 5:32 pm 360 Articles, Canada, China, Closing Bell Story, International
Source: The Society of Petroleum Engineers

PEMEX: We will be Profitable in 2019-2020

“Things are moving, and it is hard, but we are on the right track” – PEMEX CEO Jose Antonio Gonzalez Anaya During a conference call outlining the company’s five-year plan Wednesday, PEMEX CEO Jose Antonio Gonzalez Anaya said the company will meet its financial targets for the year, and that he believes they are on the right track to make[Read More…]

November 9, 2016 - 6:47 pm 360 Articles, Closing Bell Story, International
Norway Offshore Increases Production as Exploration Investment Decreases

Norway Offshore Increases Production as Exploration Investment Decreases

Key European Oil and Gas Provider Doing More with Less Norwegian oil and gas production has increased steadily since 2013 as ongoing cost efficiencies counteract declining exploration and production investments, according to a recent EIA analysis. Production bottomed out early in 2013 and rose 29% to 1,704 BOEPD by September. Norway was the third-largest exporter of natural gas in the[Read More…]

November 9, 2016 - 12:58 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Creole Spirt, Teekay Tanker Suezmax Tanker, Source: Teekay

Egypt Forced to go to the Oil Spot Market as Arab World Tensions Increase

Saudi Aramco indefinitely halts shipments of oil products to Egypt Saudi Arabia’s state-owned oil giant Saudi Aramco has stopped the flow of oil products to Egypt as tensions between the two and the wider Arab world continue to worsen. Egyptian officials confirmed Aramco notified the oil ministry that it would no longer continue shipments of oil products expected under a[Read More…]

November 7, 2016 - 6:15 pm 360 Articles, Closing Bell Story, International, OPEC
Total Expected to be First Western Company to Return to Iran with $6 Billion Deal

Total Expected to be First Western Company to Return to Iran with $6 Billion Deal

French oil major Total expected to sign a deal with Iran and CNPC, priming the pump for $200 billion in post-sanctions IPCs Iran quickly ramped its oil production up following the end of international sanctions on the country, but now that the Islamic Republic’s output is up above 3.5 MMBOPD, it will likely need the help of international companies to[Read More…]

November 7, 2016 - 3:40 pm 360 Articles, Closing Bell Story, E&P, International
Saudi Arabia Threatens to Raise Production to Hurt Iran

Saudi Arabia Threatens to Raise Production to Hurt Iran

Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its[Read More…]

Repsol Ahead of Schedule on 2016-2020 Strategic Plan

Repsol Ahead of Schedule on 2016-2020 Strategic Plan

Net Income Up 93% and Production Up 3% While Capex Stays Under Guidance Spanish energy company Repsol (ticker: REP.MA) reported adjusted net income for the quarter of €307 million, 93% higher year-over-year. CFO Miguel Martinez San Martin cited the company’s improved year-over-year results as demonstrating “our resiliency in the lower part of the commodity cycle.” Production from the Upstream division[Read More…]

Exxon Continues to Focus on the Long-term

Exxon Continues to Focus on the Long-term

Records 3Q production of 3.8 million boe/d, $2.7 billion earnings The world’s largest publicly-traded oil company gave its 3Q 2016 earnings call this morning. Jeff Woodbury, Vice President of Investor Relations, was on the call while CEO Rex Tillerson was not present. The company logged earnings of $2.7 billion, a 38% decline from 3Q 2015, as well as capital and[Read More…]

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half[Read More…]

Is Wind Giant DONG Energy Selling its Oil & Gas Segment, or Not?

Is Wind Giant DONG Energy Selling its Oil & Gas Segment, or Not?

DONG says oil & gas segment is “not considered a long-term strategic commitment” – DONG engages J.P. Morgan to conduct a market assessment Denmark-based wind energy developer DONG Energy (ticker: DENERG) successfully launched Europe’s biggest 2016 IPO in June. Besides its robust offshore wind development business in Europe, bioenergy, thermal power and energy distribution segments, the company runs a healthy oil and gas business.[Read More…]

Offshore Oil Provided 30% of Global Production in 2015

Offshore Oil Provided 30% of Global Production in 2015

Global Offshore Production Continues to Develop According to new data from the EIA, global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013.[Read More…]

October 25, 2016 - 6:56 pm 360 Articles, Closing Bell Story, International, Offshore, OPEC
Petrobras and Total Sign MOU for International Cooperation on Upstream and Downstream Projects

Petrobras and Total Sign MOU for International Cooperation on Upstream and Downstream Projects

Petrobras and Total partnership to focus on upstream, gas and power The heads of Brazil’s state-owned Petrobras (ticker: PBR) and French oil major Total (ticker: TOT) announced today that the two companies signed a memorandum of understanding (MOU) to cooperate with one another on upstream and downstream projects. The first phase of implementation will focus on upstream and on gas[Read More…]

October 24, 2016 - 6:50 pm 360 Articles, Closing Bell Story, E&P, International
We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

But expect rising service costs and stricter return hurdles Paal Kibsgaard, CEO of the world’s largest oilfield service provider Schlumberger (ticker: SLB), gave his assessment of the global oil and oil services markets during the company’s third quarter conference call. “The business environment stabilized as expected in the third quarter, confirming that we have indeed reached the bottom the cycle.[Read More…]

Source: Bashneft

Weak Ruble: Good for Russian Oil Companies, Bad for Russian Government

Record Oil Production and Capital Spending Supported by Favorable FX Rate While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40% from[Read More…]

October 20, 2016 - 6:16 pm 360 Articles, Closing Bell Story, International