International

Bechtel Produces LNG from GLNG Train 2

GLADSTONE, Australia – May 25, 2016

Curtis Island projects continue smooth transition towards operations with five out of six trains now producing LNG

Bechtel has announced that GLNG Project Train 2, the fifth of six production trains on Curtis Island, …

May 26, 2016 - 1:56 pm Closing Bell Story‎, Energy News, International, LNG
U.K. Approves Western Europe’s First Fracing Permit in Five Years

U.K. Approves Western Europe’s First Fracing Permit in Five Years

The North Yorkshire County Council approved a fracing permit for an existing well

Privately held Third Energy received the first approval to use hydraulic fracturing in Western Europe since 2011 this week. The North Yorkshire County Council voted 7-4 allow …

U.S. Remains World’s Top Hydrocarbon Producer in 2015

U.S. Remains World’s Top Hydrocarbon Producer in 2015

Total U.S. hydrocarbon production continued to grow even as prices remained low

The United States remained the largest hydrocarbon producer in the world for the third consecutive year in 2015. Despite low crude oil prices, and a 60% drop in …

Russian Crude to China Outpaces Saudi Arabia for Second Time

Russian Crude to China Outpaces Saudi Arabia for Second Time

Imports of Russian crude to China are up 52.4% from last year

For the second time this year, Russia supplied more crude oil to China than Saudi Arabia. Crude imports from Russia increased 53.4% year-over-year in April to reach 1.17 …

Energy Upside: Kinder Morgan’s Trans Mountain Pipeline Expansion Wins Energy Board Nod

Energy Upside: Kinder Morgan’s Trans Mountain Pipeline Expansion Wins Energy Board Nod

Project Wins National Energy Board’s Approval Recommendation, Government’s Final Decision Set for December

Canada’s National Energy Board (NEB) has concluded that Kinder Morgan’s (ticker: KMI) Trans Mountain Expansion Project is in the public interest and recommended the Federal Governor in …

Chinese Production Declining As Domestic Demand Ramps Up

Chinese Production Declining As Domestic Demand Ramps Up

Chinese production continues to fall due to aging assets as demand grows

Demand for crude oil at Chinese refineries continues to grow as the country’s aging oil properties slow production. Chinese production fell the most month-over-month since November 2011 in …

Petro River Oil Announces Spudding of the Woodburn Forest-1 Test Well in Larne Basin, Northern Ireland

Petro River Oil Announces Spudding of the Woodburn Forest-1 Test Well in Larne Basin, Northern Ireland

Petro River UK Limited, the UK subsidiary of Petro River Oil Corp. (OTCBB: PTRC), announced that drilling operations on the Woodburn Forest-1 Well in Larne Basin, Northern Ireland, are underway.

In a press release today the company said that the …

How Easy is it to Do Business in Your Country?

How Easy is it to Do Business in Your Country?

World Bank Ranks State of Health of World’s Economies 

The World Bank Group published one of its flagship annual reports this week: “Doing Business 2016: Measuring Regulatory Quality and Efficiency.” The report ranks and compares business regulation in …

Maersk Mulls Acquisitions with $12 Billion Cash Purse after Surprising Profit

From Marine Link

Fragmented sector chasing alliances to cut costs; Maersk has plenty of cash for deals – CEO.

A.P. Moller-Maersk returned to profit at its main container shipping business in the first quarter, putting the cash rich company in …

CNPC Profits Drop 52% in 2015

CNPC Profits Drop 52% in 2015

CNPC reports profit of $12.7 billion for full-year 2015

China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported its full-year 2015 profit, showing a 52% decline year-over-year. The company reported $12.7 billion in total profit for the …

Source: Rosneft

China May Buy 19.5% Stake in Rosneft

Sale of major Rosneft stake to CNPC signals strengthening ties between China and Russia

China National Petroleum Corp. Deputy Chief Executive Wang Zhongcai said the company is interested in purchasing a stake in Rosneft, Russia’s state-owned oil company. The sale …

Source: theiet.org

Kerry Says Money from Iranian Sanctions Relief Could End Up with Terrorist Groups

While funds do not appear to be going to terrorist now, Kerry “think[s] some of it will”

Secretary of State John Kerry acknowledged that some of the money Iran received as part of sanctions relief could go to groups considered …

Hatch, Barrasso and Enzi Introduce Senate Bill to Stop Frac Regulation Duplicity

U.S. Senators Propose Legislation Against Terror-Supporting Nations Now that the ‘Energy Straight Jacket’ is Gone

In Return Saudi Arabia Threatens to Sell $750 Billion in U.S. Assets

Saudi Arabia has threatened to sell three quarters of a trillion dollars in U.S. securities assets in response to proposed new legislation that would leave it vulnerable to …

Doha City, Qatar 2009

Oil Prices Climb Back toward $40 after Disagreement in Doha

Freeze agreement falls apart without Iran

Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, …

Demand Cools: IEA Oil Market Report Has Demand Growth Slowing 0.6 MMBOPD

Demand Cools: IEA Oil Market Report Has Demand Growth Slowing 0.6 MMBOPD

Production outside of OPEC has started to show more significant signs of rolling over recently, with U.S. production falling below 9.0 MMBOPD for the first time since 2014. Global oil supplies fell 0.3 MMBOPD in March to 96.1 MMBOPD, …

U.S. Oil Production Dips Under 9 MMBOPD for the First Time Since 2014

U.S. Oil Production Dips Under 9 MMBOPD for the First Time Since 2014

U.S. crude inventory build was big, but oil prices remain above $40 per barrel

Crude oil inventories grew by 6.6 million barrels, far surpassing economist estimates which averaged just 733 thousand barrels for the week ended April 8, 2016. The …

Iran is Undercutting Saudi Oil Prices

Iran is Undercutting Saudi Oil Prices

Iran selling Forozan Blend to Asia at a $2.43 discount

Iran is increasing pressure on fellow OPEC members as its attempts to retake lost market share in major markets like Asia.

The Islamic Republic is now undercutting the price of …

China’s Plan to Stimulate Growth: We’ll Cut Taxes by $76.8 Billion

China’s Plan to Stimulate Growth: We’ll Cut Taxes by $76.8 Billion

Premier Li Keqiang sets out plan for 6.5% annual growth through the end of the decade

Chinese Premier Li Keqiang outlined the country’s economic goal to maintain growth of at least 6.5% through 2020 at the annual Boao Forum for …

2016: The World’s Largest Public Oil & Gas Companies

2016: The World’s Largest Public Oil & Gas Companies

Russian Companies Top the List

Forbes has released its 2016 ranking of the world’s largest public oil and gas companies.

With 2015 in the books, after a year of turmoil in a capital-intensive industry that was slammed by diving …

Schlumberger Clears Final Hurdle in $14.8 Billion Cameron Merger

Schlumberger Clears Final Hurdle in $14.8 Billion Cameron Merger

Schlumberger receives go-ahead from Chinese Ministry of Commerce

The world’s largest oilfield service company, Schlumberger Limited (ticker: SLB) jointly announced with Cameron International Corporation (ticker: CAM) today that the Chinese Ministry of Commerce (MOFCOM) cleared their proposed merger, which …

Job Security Comes at a Price for Chinese Oil and Gas Companies

Job Security Comes at a Price for Chinese Oil and Gas Companies

Maintaining employment strains Chinese oil and gas firms’ shrinking profits

Many international oil and gas companies have responded to the steep drop in prices since November 2014 by cutting expenditures. Companies have achieved better financial metrics by increasing efficiencies in …

Oil in the U.K.: Largest Uptick in Annual Production Since 1998

Oil in the U.K.: Largest Uptick in Annual Production Since 1998

Production in the U.K increased 100 MBOPD in 2015

Petroleum production in the U.K. showed an increase in 2015 – after many years of steady decline. Fields brought online in the second half of 2014, along with some brought on …

China’s Oil Imports Up 20%

China’s Oil Imports Up 20%

Saudi Arabia and Russia vie for market share in China

Monthly oil imports to China in February were 20% higher in 2016 than the year before. The increased level of imports in February were the highest ever on a daily …

Source: Rosneft Komsomolsk Refinery

The Next China: Oil and Gas Companies in India Deepen Ties with Russia

Indian energy consortium increases shares in Russian oil fields

Russia and India strengthened their ties over the weekend with several agreements which will increase Russia’s share in India’s energy markets and give India a greater share in a number of …

Gulf Keystone Petroleum Unsure it can make more than $600 Million in Bondholder Payments

Gulf Keystone Petroleum Unsure it can make more than $600 Million in Bondholder Payments

Political instability in Kurdistan makes future uncertain

In its fourth quarter results, Gulf Keystone Petroleum (ticker: GKP, GulfKeyston.com), which operates in Iraq’s northern Kurdish region, said it may not be able to make payments to bondholders. Political instability …

More Loans from China — BOC Lends Gazprom $2.2 Billion

More Loans from China — BOC Lends Gazprom $2.2 Billion

‘Sitting in Ambush’ for Russian Companies

Bank of China has agreed to loan Russian state-owned gas giant Gazprom (ticker: OGZPY) €2 billion ($2.17 billion). In the company’s press release, Gazprom said the loan was the largest deal in terms …

World’s Most In-Debt Oil Company to Get $10 Billion Lifeline from China

World’s Most In-Debt Oil Company to Get $10 Billion Lifeline from China

Petrobras plans to use loan to help pay down debt

Petrobras (ticker: PBR, Petrobras.com) will receive a $10 billion loan from the China Development Bank to help pay down the company’s debt coming due this year, according to a

OPEC: Too Close to Call - Oil & Gas 360

OPEC Member Sees Group-Wide Freeze and $50 Oil on the Horizon

Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it

A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. …

Source: Iraqenergy.org

Iraq Production Growth Second-Largest in the World in 2015

After U.S.A., oil production in Iraq increased the most, averaging 700 MBOPD last year

Oil production continued to grow last year amid a global glut. Over the course of 2015, the U.S. saw the largest growth in oil production, followed …

OPEC Veteran Likens Oil Glut to Cancer

OPEC Veteran Likens Oil Glut to Cancer

Former Qatari Oil Minister campaigning for 2.5 MMBOPD cut

Qatar’s former oil minister, Abdullah al-Attiyah, said he is concerned about the continued crude oil supply glut. He is talking to OPEC and non-OPEC producers about making cuts before oversupply becomes …