International

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

France’s Nuclear Storm: Many Power Plants Down Due to Quality Concerns

France turning to coal, Germany revving up plants

From Power Magazine

[Note: This article will appear in the forthcoming December 2016 print issue of POWER.]

The discovery of widespread carbon segregation problems in critical nuclear plant components has crippled the …

November 4, 2016 - 11:42 am Closing Bell Story‎, Energy News, International
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 …

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 …

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 …

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 …

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 …

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 …

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.…

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 …

Ukraine Seeks US$2.6 Billion from Russia for Lost Oil Assets

Ukraine Seeks US$2.6 Billion from Russia for Lost Oil Assets

Ukraine’s Naftogaz seeks compensation for assets in Crimea

The fallout between Russia and Ukraine continues as Ukraine’s state-owned oil and gas company Naftogaz files for US$2.6 billion in damages over its lost assets in Crimea. Naftogaz and its subsidiaries filed …

Will Rising Gas Exports and Coal Prices Make Australia an LNG Importer?

Will Rising Gas Exports and Coal Prices Make Australia an LNG Importer?

Gas Demand Growing as Coal Prices and Exports Heat Up

Henry Hub aside, the real hot commodity this summer has been coal, as spot prices for Australian thermal reached $100 per ton (ASD) in September for the first time since …

Creole Spirt, Teekay Tanker Suezmax Tanker, Source: Teekay

Floating Storage Declining, but U.S. Stockpiles Expected to Grow

Non-Iranian floating storage down to an estimated 10 MMBO

Backwardation in the physical oil market is helping to draw down the number of barrels waiting in floating storage, according to a report from CNBC. An estimated 75-80 MMBO of …

Oil Prices Slide on Oversupply, Kuwait Dissolves Parliament

Oil Prices Slide on Oversupply, Kuwait Dissolves Parliament

WTI under $50

Oil prices slipped Monday morning over concerns of global oversupply despite promises from OPEC leader Saudi Arabia that the group would work to limit production at its next meeting in November. Both U.S. and international crude benchmarks …

Oil Prices Hold Steady, Despite 4.9 MMBO Inventory Build

Oil Prices Hold Steady, Despite 4.9 MMBO Inventory Build

Crude oil inventory build offset by refined product draw, supporting prices above $50 per barrel

Both Brent and WTI crude prices are up after falling earlier in the day on expectations of a 3 MMBO crude oil build. The build …

Indian Crude Oil Imports Up 17.7% from Last Year – Hitting Record High

Indian Crude Oil Imports Up 17.7% from Last Year – Hitting Record High

Crude oil imports in India reach 4.47 MMBOPD

Demand for crude oil in India remains a bright spot in the markets as imports continue to grow month-over-month. Imports of crude oil grew to a record high 4.47 MMBOPD in September, …

Saudi Aramco IPO to Include Upstream Business, Not Just Downstream

Saudi Aramco IPO to Include Upstream Business, Not Just Downstream

Information about Saudi Aramco IPO advisors to be released soon

Saudi Aramco plans to sell shares in its entire business, the company’s CEO Amin Nasser said. When the IPO was originally announced, there was speculation that the kingdom might only …

Arch Coal Emerges, but Falling Coal Imports Causing Ripples across the Atlantic

Arch Coal Emerges, but Falling Coal Imports Causing Ripples across the Atlantic

As the No. 2 U.S. coal miner emerges from bankruptcy, a report in Europe warns of trouble ahead for the U.K.

Arch Coal, Inc. (ticker: ARCH) said last week that it has successfully completed its financial restructuring and emerged from …

BP CEO Sees Market Balance

BP CEO Sees Market Balance

Markets are essentially balanced, but it may not become apparent until stocks drain

After two years of low oil prices caused by global oversupply, markets have found balance, according to BP (ticker: BP) CEO Bob Dudley.

“The oil market is …

Source: Kremlin.ru

Brent Shoots to $53.73 after Putin Offers Support for OPEC Production Cap

Vladimir Putin calls for non-OPEC support of the group’s production cap

Oil prices surged Monday as Russian President Vladimir Putin offered support for OPEC’s proposed production cap policy. Russia, the world’s largest energy exporter, is ready to join the group …

Chad Hits ExxonMobil-led Consortium with $75 Billion Fine on $819 Million in Unpaid Royalties

Chad Hits ExxonMobil-led Consortium with $75 Billion Fine on $819 Million in Unpaid Royalties

Court decision would see Exxon pay Chad nearly seven-times the country’s GDP in penalties

A court decision handed down in the African country of Chad ordered international oil major ExxonMobil (ticker: XOM) to pay 44 trillion CFA francs ($75 billion) …

Why Russia’s Opex Fell 30%

Why Russia’s Opex Fell 30%

Running out of time

Oil and gas producers have worked diligently to reduce the cost of their operations following the fall in crude oil prices at the end of 2014. Without $100 oil, E&P companies the world over were forced …

Source: Bashneft

Russia Hopes to Bring in $15.9 Billion with Sale of Rosneft and Bashneft Interest

State-owned Rosneft to acquire stake in Bashneft as Russia attempts to go ahead and “privatize”

In a political U-turn, the Russian government has decided to allow state-owned oil giant Rosneft place a bid on fellow oil company Bashneft.

The Kremlin …