From The Wall Street Journal: Oil and gas companies on Tuesday have pledged to invest at least $5 billion in Argentina this year and more than double that annually in coming years after unions agreed to lower labor costs, President Mauricio Macri said. Industry executives hailed the agreement, saying it will cut drilling costs and make Argentina’s oil and gas
From Bloomberg: India’s biggest fuel retailer is seeking to buy oil assets as demand surges in the world’s fastest growing energy market. State-run Indian Oil Corp. wants to buy assets globally to ensure a tenth of its refining capacity is fed by crude that is either from its own oil field or from assets where it has a stake, Chairman
From Bloomberg: Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna. Russia’s oil production has shrunk by around 130,000 barrels a day in the first week of January
From Reuters: It has defeated armies trying to invade Russia in the past, and now the fabled Russian winter has come to Moscow’s rescue again, this time helping it comply with a deal among world oil exporters on cutting output. Russia, which has in the past been accused of dragging its feet in implementing oil production and exports deals, reduced
From BBC: UK taxpayers face a £24bn bill to decommission offshore oil and gas infrastructure, according to independent analysts. Wood Mackenzie said tax relief on scrapping platforms and pipelines would “wipe out” the government’s expected future income from the North Sea. The figure is in line with previous industry estimates but higher than the Treasury’s forecast of £16bn. The Treasury
From CNS News: Jack Gerard, president and CEO of the American Petroleum Institute, said last week that opening up offshore production of oil and natural gas could create more than 800,000 U.S. jobs and provide some $200 billion in revenue to the federal Treasury. In his keynote speech last week in Washington, D.C., Gerard referenced these and other statistics in
Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project. Following this transaction, Total will hold a 54.9% interest, strengthening its position in this competitive project and paving the way for a project sanction in the near future. The overall consideration paid by
Oil in 2017 In WTI near month contracts, oil was trading above $55+ to start off the year, then it fell into a downward slog, dropping 4% to sub-$52 today. It feels like oil prices have been a tale of two continents as 2017 unfurls. On one hand there have been media stories that shed positive light of late as to OPEC
Permian rig count growth a boon to Texas’s overall economy Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points in October to a level of 91.0. September’s index reading was 90.6. October’s index reading is 25%, above the index cyclical
U.S. Product Demand Will Remain Below 200 Levels But Crude Production Will Rebound In its recently released Annual Energy Outlook 2017, the EIA outlines U.S. petroleum demand and production prospects through 2040. To deal with the always tricky business of oil and gas forecasting, EIA takes a scenario analysis approach, examining outcomes under six potential scenarios. These include a Reference
The U.S. rig count hits 665, one rig higher than at this time last year The recovery in oil prices has spurred operators in the United States to add more rigs to the active fleet. This has pushed the total number of rigs higher in the first week of 2017 than the first week of last year, as prices continued
Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers,
