International

U.S. Considering Sanctions on its 3rd Largest Oil Supplier

U.S. Considering Sanctions on its 3rd Largest Oil Supplier

Venezuela is third-largest oil supplier to U.S.

The U.S. is mulling sanctions against Venezuela’s oil industry, according to a Reuters report.

Reuters quotes sources saying that U.S. officials are currently evaluating different types of sanctions, and have not decided on …

Doha City, Qatar 2009

Saudi Arabia Cuts Ties with Qatar

Egypt, UAE, Bahrain, Yemen, Libya, Maldives join in

Several major powers in the Middle East cut diplomatic ties with Qatar today, including fellow OPEC members Saudi Arabia, the UAE and Libya, citing the country’s support of terrorism.

Saudi Arabia, Egypt, …

ExxonMobil Adds 300,000 Offshore Acres

ExxonMobil Adds 300,000 Offshore Acres

EG-11 block lies adjacent to billion-barrel Zafiro field

ExxonMobil (ticker: XOM) announced today that it has signed a production sharing contract with the government of Equatorial Guinea for developing a deepwater block. Exxon’s wholly owned affiliate, Exploration and Production Equatorial …

Job Growth Suggests Japan’s Economy Back in the Groove

From Asia Times/Reuters

Activity in Japan’s services sector expanded at the fastest pace in almost two years in May, a private survey showed on Monday, further evidence that demand in the world’s third-largest economy is picking up.

The Markit/Nikkei Japan …

June 5, 2017 - 8:53 am Closing Bell Story‎, Energy News, International
Source: Rosneft

BP and Rosneft Expand Natural Gas Cooperation

A new MoU between BP and Rosneft will see more Russian natural gas flowing to Europe

BP (ticker: BP) and Russian oil giant Rosneft signed a Memorandum of Understanding (MoU) in St. Petersburg Friday to bring a new stream of …

Aramco Moving Ahead with Massive Shipyard

Aramco Moving Ahead with Massive Shipyard

King Salman Global Maritime Industries Complex will be largest shipyard in Middle East

Saudi Arabia is looking to move beyond petroleum production, as the Kingdom prepares for the inevitable decline of its massive oil fields and the prosperity that has …

Russia Signals More Flexibility as Prices Sputter

Russia Signals More Flexibility as Prices Sputter

Russia’s Novak suggests Russia has more room for deeper cuts

Crude oil prices fell more than 5% Thursday after OPEC extended a production cut deal which had originally help to buoy oil prices above $50 per barrel.

The extension will …

Where does Oil in the U.S. Come From? Import Sources May Surprise You

Where does Oil in the U.S. Come From? Import Sources May Surprise You

U.S. has brought into its refineries crude oil from 80 nations

In the past 30 years the U.S. has imported more than 91 billion barrels of oil, drawing from a large variety of sources.

The EIA began carefully tracking American …

We want Private Companies to Operate Oil & Gas Storage Here: China

We want Private Companies to Operate Oil & Gas Storage Here: China

Chinese authorities announce plans to further reform the country’s oil and gas sector; call for increased imports of low-priced U.S. natural gas

China has said it will allow private companies to invest in the country’s oil and gas storage sector, …

BP’s First 9 Offshore Wells in West Nile Delta Project are Producing, Gas Going to Egypt: BP

BP’s First 9 Offshore Wells in West Nile Delta Project are Producing, Gas Going to Egypt: BP

BP said it started gas production from the first two fields, Taurus and Libra, of the West Nile Delta development in Egypt, eight months ahead of schedule.

 

First gas was exported to Egypt’s national grid on March 24, 2017 …

Saudi to Cut June Oil Supply to Asia as Local Demand Rises

From Reuters

Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said on Tuesday, as the oil giant cuts output as part of global supply pact and trims exports to meet rising …

May 9, 2017 - 9:58 am Closing Bell Story‎, Crude Oil News, International

Libya Adds to OPEC’s Burden as Output at Highest Since 2014

From Bloomberg

Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they …

May 9, 2017 - 8:50 am Closing Bell Story‎, Crude Oil News, International
Another 15 Tcf of Natural Gas Discovered

Another 15 Tcf of Natural Gas Discovered

Kosmos has drilled six successful exploration wells in the area gas destined for LNG exports

Kosmos Energy (ticker: KOS) announced today the discovery of a very large gas field in offshore Senegal, adding to the company’s Senegal/Mauritania assets.

The …

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC could extend cuts to 2018, but in the long run U.S. shale “won’t make a dent”

As oil prices struggle to stay above $50 per barrel, OPEC appears to be ready to extend production cuts through the second half …

Source Red Barricades

ExxonMobil Reports $4 billion in Earnings as Commodities Recover

Big quarter for acquisitions: $9.4 billion in Permian, Mozambique

ExxonMobil (ticker: XOM) announced first quarter earnings today, reporting earnings of $4 billion, or $0.95 per diluted share. This result is significantly better than ExxonMobil’s earnings in Q1 2016 or Q4 …

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier preps for Tecolutla workovers in the near-term and new drilling in Q3

Calgary-based International Frontier Resources (ticker: IFR) announced its fourth quarter and year-end operating results for 2016 Wednesday. In the company’s release, IFR said it anticipates …

Abu Dhabi’s Oil Co. Wants to Sell Canadian Wells

Abu Dhabi’s Oil Co. Wants to Sell Canadian Wells

Sale would provide capital for development

Taqa, Abu Dhabi’s NOC, is looking to sell some of its assets in North America, according to a report by Bloomberg.

Founded in 2005, Taqa is Abu Dhabi’s primary energy holding company.

The company …

GeoPark Reports Colombian Successes

GeoPark Reports Colombian Successes

Production in Colombia increases by 30%

Latin American producer GeoPark released a first quarter operations update on Monday, describing the results of recent development activities.

GeoPark is primarily active in the Llanos basin in Colombia. The company owns about one …

Hurricane Energy Triples Recoverable Resource from Lancaster Field

Hurricane Energy Triples Recoverable Resource from Lancaster Field

Recent drilling successes indicate 591 MMBOE recoverable

Hurricane Energy (ticker: HUR) announced the results of its 2016/17 drilling campaign today, tripling estimated recoverable reserves from the Lancaster field.

The Lancaster field is an oil play in the North Sea, just …

An ONGC Asset Manager at Mori Source: ONGC

India Investing $3 Billion in Iran Gas Field

ONGC Videsh revised its plan to develop Iran’s Farzad-B natural gas block

India’s largest oil and gas explorer is looking to invest into Iran as the country looks for ways to meet its growing demand for oil and natural gas. …

U.S. International Crude Exports Surge in 2016: EIA

U.S. International Crude Exports Surge in 2016: EIA

Exports delivered to more destinations than ever

U.S. crude oil exports grew 12% in 2016, despite a decline in domestic production, according to a note released by the EIA today. In addition, these exports were delivered to more countries than …

After 8 1/2 Years, the Keystone XL Finally Gets the Green Light

After 8 1/2 Years, the Keystone XL Finally Gets the Green Light

Mar. 24, 2017:  TransCanada receives Presidential Permit to move forward with Keystone XL pipeline construction

After enduring more than eight years of permitting hell, topped at the seven-year mark with a flat rejection by President Obama’s State Department, today TransCanada …

Algeria Plans to Grow Oil Production by 14% in Next Four Years

Algeria Plans to Grow Oil Production by 14% in Next Four Years

Growth would reverse declining production

Sonatrach, the national oil company of Algeria, wants to increase crude production by 14% in the next four years, reversing an eight year decline. The company plans to accomplish this by investing over $50 billion …

Source: http://www.gazprom.com/press/gallery/events/649250/

EC Seeks Comments on Competitive NatGas Markets Commitments by Gazprom

Gazprom, the dominant gas supplier in a number of Central and Eastern European countries, needs to enable cross-border gas flows at competitive prices: European Commission

Under Article 9 of the EU’s antitrust Regulation 1/2003, if a company breaks such commitments,

Fighting Disrupts Production in Libya’s Oil Crescent

From Stratfor

For the past 11 days, intense fighting has been raging in Libya’s “Oil Crescent,” home to the country’s most important oil infrastructure. The violence began when the Benghazi Defense Brigades and Petroleum Facilities Guards overran the Libyan National …

March 14, 2017 - 9:50 am Closing Bell Story‎, Energy News, International
EnerCom Exclusive: Tom Petrie Discusses the Effects of Saudi Oil on the U.S. Oil and Natural Gas Sector

EnerCom Exclusive: Tom Petrie Discusses the Effects of Saudi Oil on the U.S. Oil and Natural Gas Sector

The Saudi Aramco IPO, U.S. crude oil exports, U.S. LNG exports

During last week’s EnerCom Dallas oil and gas investment conference, Tom Petrie, chairman and founder of Petrie Partners, gave a luncheon presentation entitled “Scoping 21st Century Energy Geopolitics.”

At …

GeoPark Predicts 20%-25% Production Growth in 2017

GeoPark Predicts 20%-25% Production Growth in 2017

2017 CapEx doubles 2016 levels; Colombian F&D costs less than $1.50

GeoPark (ticker: GPRK) reported fourth quarter results Wednesday, showing a net loss of $20.4 million. Full year results are a loss of $49.1 million. These results are significantly better …

ExxonMobil Takes $2.8 Billion Dive Offshore

ExxonMobil Takes $2.8 Billion Dive Offshore

ExxonMobil acquires a 25% stake in Eni’s Mozambique offshore project

ExxonMobil (ticker: XOM) announced Friday that the company has purchased a 25% indirect interest in the natural gas Area 4 block offshore Mozambique from Eni (ticker: E) for $2.8 billion. …

Pentagon: Islamic State has Largely Lost Access to Iraq’s Oil

From Stars and Stripes

WASHINGTON – The Islamic State group has lost almost all access to Iraqi oil, though the terrorist organization has thousands of fighters protecting its remaining oil-rich territory in Syria, a U.S. defense official said Wednesday.

The …

March 9, 2017 - 1:05 pm Closing Bell Story‎, Energy News, International

Libya’s Waha Oil May Halt Production as Clashes Keep Ports Shut

From Bloomberg

Production from Waha Oil Co., a venture between Libya’s state oil company and foreign partners, may be suspended Wednesday as clashes in the country’s eastern oil region keep the main export terminals out of service.

“Output from Waha …

March 8, 2017 - 4:10 pm Closing Bell Story‎, Crude Oil News, International