International

Saudi Cuts Prices in Asia (Again) to Defend Market Share

Saudi Cuts Prices in Asia (Again) to Defend Market Share

OPEC’s biggest producer prices oil at record lows to the Asian market, raises rates in the U.S. and Europe

Saudi Aramco announced its prices for March, dropping prices to the Asian markets to their lowest in over a decade in …

February 6, 2015 - 4:15 pm International, Oil and Gas 360 Articles
S&P Downgrades Russian Oil and Gas Companies, China’s Rating Agency Disagrees

S&P Downgrades Russian Oil and Gas Companies, China’s Rating Agency Disagrees

‘The Big Three’ have all downgraded Gazprom, but China’s Dagong ratings agency recently issued the company its highest rating

Standard & Poor’s rating agency today downgraded Russia’s state-owned oil and gas giant Gazprom (ticker: OGZPY) and a number of other …

February 5, 2015 - 2:27 pm International, Oil and Gas 360 Articles
New Discovery Off the Coast of Brazil

New Discovery Off the Coast of Brazil

Chairman of India’s Videocon says new discovery will be one of the lowest cost wells in the world

A consortium that includes a 50:50 joint venture between Bharat Petroleum (ticker: PBCL) and Videocon Industries (ticker: VIDEOIND), and Brazilian oil major …

February 4, 2015 - 5:39 pm International, Offshore, Oil and Gas 360 Articles
Source: Rosneft

CNOOC Begins Production at Offshore Project

15 Wells are Producing 7.6 MBOPD

China National Offshore Oil Corporation (CNOOC) announced today that its Jinzhou 9-3 comprehensive adjustment project has commenced production.

The Jinzhou 9-3 oilfield is located in the North Liaodong Bay in Bohai with a water …

February 3, 2015 - 4:42 pm International, Offshore, Oil and Gas 360 Articles
New Greek Government Reviews Offshore Tenders

New Greek Government Reviews Offshore Tenders

The recent Greek elections have brought a new party to power that is rethinking offshore deals

Greece will review tenders offered on 20 offshore oil and gas blocks in the Ionian Sea and off southern Crete due to be signed …

February 3, 2015 - 4:07 pm International, Offshore, Oil and Gas 360 Articles
Source: Rosneft

Sanctions Prevent Russia From Resuming Drilling in the Arctic in 2015

Sources inside the company have confirmed that Rosneft will not be able to move forward in the Arctic for at least a year due to sanctions.

State-owned energy giant Rosneft (ticker: RNFTF) will not be able to continue drilling in …

Dow Chairman Looks at Oil Prices, NGLs, Ethane Rejection

Dow Chairman Looks at Oil Prices, NGLs, Ethane Rejection

Chem Giant Planning for Growth in 2015

“We believe lower oil prices are a relative positive for Dow and a boost for the global economy.”

“The old view of forecasting five years out almost seems to be out the door.”

Dana Gas Iraq Operations

Shell Inks Deal for $11 Billion Petrochemical Plant in Iraq

Plant will make Iraq largest petrochemical producer in the Middle East

Royal Dutch Shell (ticker: RDSA) signed a deal with Iraq on Wednesday for $11 billion to build a petrochemical plant in the southern oil hub of Basra. Shell has …

January 30, 2015 - 2:06 pm International, Oil and Gas 360 Articles
New $7 Billion Ghana Offshore Project Set to Start Producing in 2017

New $7 Billion Ghana Offshore Project Set to Start Producing in 2017

1.45 Tcf gas, 5MMBO project is 12% of 2015’s Foreign Direct Investment in Africa: Ghana President

The government of Ghana, ENI (ticker: E) and Vitol yesterday signed an agreement to start work on the Offshore Cape Three Points (OCTP) oil …

January 28, 2015 - 1:38 pm International, Offshore, Oil and Gas 360 Articles
Saudi Transitions

Saudi Transitions

King Abdullah’s death means a new king, but not necessarily new policy

Oil prices were up initially on news of the late King Abdullah of Saudi Arabia’s passing with hopes that the new king might change the direction of Saudi …

January 23, 2015 - 5:35 pm International
Source: Tullow Oil

Tullow Oil Announces Discoveries in Kenya

Tullow Oil Plc. (ticker: TLW) announced that a series of appraisal wells have made discoveries in Kenya. The three exploration wells, the Ngamia-5, Ngamia-6 and Amosing-3 appraisal wells all encountered oil, according to the company’s exploration and appraisal update.…

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

Russia Faces More Obstacles than Falling Oil Prices – Part 2

Ни пуха ни пера

Ни пуха ни пера (pronounced: Ni púxa ni perá) is traditionally said to wish someone luck in Russian. Literally, the phrase translates to “no fluff no feathers” and is used the same way people say “break …

January 22, 2015 - 6:24 pm International, Oil and Gas 360 Articles
ECB Announces €60 Billon per Month Stimulus Plan

ECB Announces €60 Billon per Month Stimulus Plan

The European Central Bank plans to buy government bonds in the hope of stimulating economic growth

Inflation in the Eurozone fell below zero in December, raising speculations that the European Union might be headed towards a deflationary period. In order …

January 22, 2015 - 6:10 pm Finance, International, Oil and Gas 360 Articles
China Misses Growth Target for First Time in 15 Years

China Misses Growth Target for First Time in 15 Years

Analyst say numbers out of China indicate that growth is slowing

After posting annual GDP growth of 7.4%, the Chinese economy seems to be continuing its impressive year-on-year growth, but analysts say the rise is slowing. 2014 marks the first …

January 20, 2015 - 5:02 pm International, Oil and Gas 360 Articles
Moody’s Downgrades Russia, Mexico may Follow

Moody’s Downgrades Russia, Mexico may Follow

Russia receives downgrade

Moody’s Investors Service announced last week that it was downgrading the outlook for the government of Russia’s debt rating to Baa2 from Baa1, putting Russia’s rating just one notch above a junk rating. Moody’s also maintains a …

January 19, 2015 - 6:12 pm International, Oil and Gas 360 Articles
Prices Jump as Production Slows – IEA

Prices Jump as Production Slows – IEA

In its monthly Oil Market Report, the IEA reported slowing production and signs of increased demand in the future

Brent crude oil rose more than $2 to reach a high of $50.36 yesterday on news from the International Energy Agency …

January 16, 2015 - 3:43 pm International, Oil and Gas 360 Articles
Russia Faces More Obstacles than Falling Oil Prices

Russia Faces More Obstacles than Falling Oil Prices

Low prices will hurt the Russian economy, but they are far from being Russia’s only problem

The World Bank last month released its growth projections for Russia in 2015 and 2016, offering a glimpse into a potentially bleak future for …

Source: Petronas

Australia and India Look to Increase Cooperation in LNG

A memorandum of understanding signed between Woodside and Adani is set to strengthen ties in the LNG sector

Australian energy major Woodside Petroleum Ltd (ticker: WPL) and India’s infrastructure conglomerate Adani Enterprises Ltd (ticker: ADANIENT) signed a memorandum of understanding …

January 12, 2015 - 5:34 pm International, Oil and Gas 360 Articles
India Oil Stocks Up on News of Reduced Subsidy Burdens

India Oil Stocks Up on News of Reduced Subsidy Burdens

India’s oil and gas index up 3.5% from Wednesday

Several of India’s oil companies’ stocks are up today, recovering from sharp falls earlier in the week. The gains made by the companies led to a rally in the country’s energy …

January 9, 2015 - 4:30 pm International, Oil and Gas 360 Articles
TSX Index Up

TSX Index Up

Canada’s stock market is up on stronger U.S. numbers, oil prices

Canada’s TSX stock market continued its rise today after falling earlier this week thanks to positive U.S. economic data and firmer oil prices. Some oil companies are beginning to …

January 8, 2015 - 6:42 pm Canada, International, Oil and Gas 360 Articles
Oil prices turned firmly lower during midday trading on Tuesday. Crude futures were little changed earlier in the session, depressed by a report of record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. Oil & Gas 360

Oil Prices: Pain from A Thousand Cuts

Effects from the oil price slide are being celebrated by the average American consumer. AAA reports Americans may save as much as $75 billion in fuel costs in 2015, or $550 per household, which amounts to the lowest in more

CNOOC Announces ‘Mid-to-Large’ Offshore Natural Gas Find

CNOOC Announces ‘Mid-to-Large’ Offshore Natural Gas Find

New South Sea discovery tested to produce more than 35 MMcf/d

China National Offshore Oil Corporation (CNOOC; ticker: CEO) announced yesterday a new “mid-to-large sized” natural gas discovery.

The find, Lingshui 25-1, is located in the northeast of Ledong Sag …

UPDATE: Leviathan Field “Monopoly” is Focus of Israel’s Anti-trust Regulator

UPDATE: Leviathan Field “Monopoly” is Focus of Israel’s Anti-trust Regulator

Update:

Jordan wants to wait until anti-trust decision is made before proceeding with Noble deal

Jordan suspended talks to import natural gas from Israel from Noble Energy (ticker: NBL) and will instead sign an agreement with BG Group (ticker: BG) …

January 5, 2015 - 12:19 pm International, Offshore, Oil and Gas 360 Articles
Russia, Iraq Close Out 2014 with 30-Year Record Production

Russia, Iraq Close Out 2014 with 30-Year Record Production

Russia set a post-Soviet production record and Iraq exported the most oil since the 1980s in the month of December, according to a report from Bloomberg.

The information, which was acquired from an email by the Russian Energy Ministry, said …

January 2, 2015 - 6:36 pm International, Oil and Gas 360 Articles
Low Prices Threaten North Sea Drilling

Low Prices Threaten North Sea Drilling

Falling oil prices threaten offshore oil and gas industry’s profitability in Britain’s North Sea

If Brent crude, the North Sea benchmark, remains in the $60 to $70 range, at least 85% of British offshore oil and gas resources in the …

December 30, 2014 - 6:20 pm International, Offshore, Oil and Gas 360 Articles
Source: http://www.gazprom.com/press/gallery/events/649250/

Gazprom Cuts Capital Budget and Investments for 2015

Russian oil and gas major Gazprom announces budget reductions for next year

Russia’s state-owned Gazprom (ticker: OGZPY) announced its investment program and budget for 2015, cutting its capital budget substantially from 2014.

With Russia reporting its first economic contraction today, …

December 30, 2014 - 6:11 pm International, Oil and Gas 360 Articles
Petrobras: Release of External Auditor Reports will be Delayed

Petrobras: Release of External Auditor Reports will be Delayed

Petróleo Brasileiro S.A. (ticker: PBR), or Petrobras, will release its official Q3’14 financial results in January 2015 without the external auditors report from PricewaterhouseCoopers (PwC). The decision, announced on December 29, 2014, adds that PBR is “committed to releasing …

2015 E&P Guidance: Capital Cuts Across the Board

2015 E&P Guidance: Capital Cuts Across the Board

As expected, the majority of North American E&Ps are slashing budgets in anticipation for 2015 – a year in which the Energy Information Administration forecasts West Texas Intermediate prices at $62.75/barrel. A common theme in 2015 guidance is a focus …

China Raises Tax Threshold on Oil and Gas to Help Industry

China Raises Tax Threshold on Oil and Gas to Help Industry

China’s Ministry of Finance today announced that it will be raising the threshold for windfall taxes on oil and gas output starting January 1. The new threshold will be set at $65 a barrel, up $10 from $55 a barrel, …

December 29, 2014 - 4:50 pm International, Oil and Gas 360 Articles
The State of LNG in Australia

The State of LNG in Australia

Some LNG projects in Australia in trouble

Planned Australian liquefied natural gas (LNG) export projects are at risk as sinking energy prices make investments unviable, reports Reuters. A nearly 50% slump in Asian LNG prices this year has pressured …

December 23, 2014 - 4:26 pm International, Oil and Gas 360 Articles