International

Saudi Arabia Reclaims Spot as Top Global Oil Producer

Saudi Arabia Reclaims Spot as Top Global Oil Producer

U.S. output down 460 MBOPD since May, making Saudi Arabia the largest global oil producer for now

As lower oil prices put pressure on U.S. shale expansion, Saudi Arabia has reclaimed the top spot as the world’s largest producer of …

U.S. House Passes Bill Allowing Lawsuits Against Saudi Arabia

U.S. House Passes Bill Allowing Lawsuits Against Saudi Arabia

If signed into law, new legislation would allow families of 9/11 victims to sue Saudi Arabia; but Obama says he will veto the bill when presented

The House on Friday passed legislation that allows families of 9/11 victims to sue …

Two Caspian Sea Projects Could Add 200 MBOPD by Year-End

Two Caspian Sea Projects Could Add 200 MBOPD by Year-End

Even as Russia discusses a production freeze with Saudi Arabia, Caspian Sea projects could add to the glut

Oil prices have improved this week in part thanks to renewed talks amongst Saudi Arabia and Russia to stabilize global oil prices. …

European Central Bank Leaves All Three Rates Unchanged

From Bloomberg

Benchmark rate stays at zero, deposit rate at minus 0.4%

President Mario Draghi to speak at 2:30 p.m. in Frankfurt

The European Central Bank kept its stimulus program unchanged in a sign that policy makers don’t see an …

September 8, 2016 - 3:39 pm Closing Bell Story‎, Energy News, International
U.S. Imports from OPEC decreasing consistently since 2010

OPEC Crude Imports by U.S. Consistently Decrease, while Non-OPEC Imports Increase

Total U.S. Crude Oil Imports Decline 4% from 2010

According to the EIA, U.S. imports of crude oil from OPEC nations have been consistently decreasing since 2013. On the other hand, non-OPEC imports have been consistently increasing, driven primarily by …

September 6, 2016 - 6:29 pm Analytics, Chart of Week, Closing Bell Story‎, International, OPEC
Source: http://www.gazprom.com/press/gallery/events/649250/

Gazprom is the First Russian Company to Frac a Horizontal Well Start to Finish

Gazprom Neft completes nine-stage frac job in the Bazhenov formation, but is the formation economic?

The oil production arm of Russia’s state-run gas giant Gazprom (ticker: OGZPY) announced this week that the company completed a nine-stage horizontal well in the …

BP Deepens Shale Ties with China

BP Deepens Shale Ties with China

BP signs second shale gas production sharing contract with China National Petroleum Corporation

International oil major BP (ticker: BP) said Thursday that the company has signed its second shale gas production sharing contract with China National Petroleum Corp (CNPC). The …

Mixed OPEC Messages Will Generate Volatility

Mixed OPEC Messages Will Generate Volatility

The build up to the late September OPEC meeting in Algiers will undoubtedly be filled with rumors and speculation about the intents of OPEC members and the potential to freeze, increase, or decrease production. News of the meeting and the …

John Hofmeister at EnerCom's The Oil & Gas Conference 21

The Saudis will Chase ‘Market Share’ until Russia, Iran and Saudi Arabia Run out of Money: an Exclusive Interview with John Hofmeister

Hofmeister: The Issue of Low Oil Price has Nothing to Do with Shale

John Hofmeister, the outspoken former president of Shell Oil Company and current chairman of Erin Energy, talked to Oil & Gas 360®’s Angie Austin about the …

Canada Looks to Attract More Chinese Investment by Relaxing Rules

Canada Looks to Attract More Chinese Investment by Relaxing Rules

Canada hopes to attract greater foreign investment with lower political risk and a skilled workforce

Canadian Finance Minister Bill Morneau said that the country is considering relaxing rules on foreign investment in order to attract more capital and spur growth. …

The Complex Portrait of Saudi Arabia

The Complex Portrait of Saudi Arabia

Saudi Arabia feels real danger from Iran

Saudi Arabia and its neighbors in the Persian Gulf play an indisputably important role in global oil and gas markets. Much of the news that comes out about the region fails to capture …

IEA: Essentially No Oversupply in Second Half of the Year

IEA: Essentially No Oversupply in Second Half of the Year

Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in

The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report.…

Source: Rosneft

Russia Delays $10 Billion Rosneft Privatization

Russia may not be able to sell its stake in Rosneft in 2016

As low oil prices continue to put pressure on the Russian budget, the government in Moscow continues to look for ways to make up budget shortfalls, including …

EnerCom Conference Presenter Focus: International Frontier Resources

EnerCom Conference Presenter Focus: International Frontier Resources

International Frontier Resources explores Mexico’s untapped potential

Mexico’s oil and gas potential has been overshadowed in recent years by the tremendous success in the United States and Canada—the rest of North America. But Calgary-based International Frontier Resources (ticker: IFR) plans …

Source: theiet.org

Iran’s Cabinet Approves Amended IPCs, Here’s what Companies Can Expect

Approved version of IPCs has more than 150 minor and major changes from the draft

Following the end of international sanctions against Iran in July of 2015, the Islamic Republic has ramped production up from existing fields faster than many …

EnerCom Announces Speakers and Agenda for The Oil & Gas Conference® 21 in Denver on August 14-18, 2016

EnerCom Announces Speakers and Agenda for The Oil & Gas Conference® 21 in Denver on August 14-18, 2016

Oil & Gas Companies, Economists, Geopolitical Experts, Energy Investors Gather in Denver

EnerCom’s The Oil & Gas Conference® 21 will feature presentations from C-level executives at publicly traded and private oil and natural gas companies, as well as experts and …

Petrobras to Reduce Role in Brazil’s Natural Gas Industry

From Reuters

State-controlled oil company Petrobras said on Tuesday it plans to scale back its role in Brazil’s natural gas industry by selling or sharing control of pipelines and opening its liquefied natural gas (LNG) terminals to third parties.

The …

July 26, 2016 - 10:08 am Closing Bell Story‎, Energy News, International

Japanese Govt. will Lend Iraq $2.1 Billion to Develop Basra Refinery

Loan Terms: 40 Years at 2%

From Iraqi News

(IraqiNews.com) Basra – Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will …

July 25, 2016 - 10:28 am Closing Bell Story‎, Downstream, Finance, International
Source: Royal Dutch Shell

ExxonMobil Makes First Corporate Acquisition Bid since 2013

Oil major ExxonMobil looks to acquire natural gas producer InterOil Corp. for $2.5 billion

ExxonMobil (ticker: XOM) has made a $2.5 billion all-stock offer for InterOil Corp. (ticker: IOC), a U.S.-listed company with natural gas assets in Papua New Guinea.…

A Year Later, Iran Adds 800 MBOPD, but will it Reach 5 MMBOPD?

A Year Later, Iran Adds 800 MBOPD, but will it Reach 5 MMBOPD?

Iran tapped spare capacity and increased production more than 800 MBOPD

July 14 marks the one-year anniversary of the implementation of the Joint Comprehensive Plan of Action (JCPOA) negotiated by Iran and the P5+1, which included the U.N. Security Council …

Former Director General of TransAlta Mexico Joins IFR Board

Former Director General of TransAlta Mexico Joins IFR Board

Colin Mills joins International Frontier Resources’ board of directors

International Frontier Resources Corporation (“IFR” or the “Company”) (TSX-V: IFR) is pleased to announce the appointment of Colin Mills to its board of directors.

Mills brings over 30 years of experience …

Zohr Gas Field Ramps Up: Saipem Lands $1.6 Billion in E&C Contracts

Zohr Gas Field Ramps Up: Saipem Lands $1.6 Billion in E&C Contracts

Italian drilling services firm Saipem (ticker: SPM) has been awarded more than $1.6 billion in contracts for offshore engineering and construction; the most significant contract relates to the field development project for the supergiant Zohr gas field, off the Egyptian …

U.S. Lawmakers Debate Measures to Block Boeing Aircraft Sale to Iran

From Reuters

A U.S. House of Representatives panel began debate legislation on Thursday intended to block Boeing Co’s planned sale of dozens of commercial aircraft to Iran, which could also affect other planemakers, including Airbus if they became law.

A …

Japan’s 20-year Government Bonds Go Negative for the First Time

Japan’s 20-year Government Bonds Go Negative for the First Time

Concerns over Brexit continue to send investors to the yen

The yield on Japan’s 20-year government bond fell below zero for the first time ever today as investors flee the pound sterling and the euro in the wake of Brexit. …

Source: XOM

Chevron Approves $37 Billion Expansion in Kazakhstan

Chevron gives Tengiz Expansion in Kazakhstan the green-light, taking advantage of lower drilling prices

Chevron Corporation (ticker: CVX) announced the first oil and gas investment to exceed $10 billion in 2016 with its decision to go ahead with an expansion …

Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble sells down its working interest in Tamar field as part of Israel’s approved natural gas regulatory framework

Noble Energy (ticker: NBL) announced the sale of a 3% working interest in the Tamar field offshore Israel today for $369 million, …

Chevron Approves $36 Billion, 260,000 BOPD Tengiz Expansion Project in Kazakhstan

Chevron Approves Next Major Tengiz Expansion Project in Kazakhstan

July 5, 2016 - 11:00 am International, Press Releases

Microsoft CEO on Brexit vote: ‘We’re going to continue to invest’

From the Puget Sound Business Journal

Despite international fears about the impact on technology companies of the United Kingdom’s decision to exit the European Union, Microsoft CEO Satya Nadella this week said the vote will not impact the Redmond company’s …

July 5, 2016 - 5:40 am Closing Bell Story‎, Energy News, International

US$425 Million Loan Facility for New Age’s Nigeria, Congo Oil and Gas Projects

LAGOS, Nigeria, 30 June 2016 -/African Media Agency (AMA)/- Africa Finance Corporation (‘AFC’) is acting as lead arranger for an up to US$425 million senior mezzanine facility for New Age (African Global Energy) Limited (‘New Age’), a privately held oil …

June 30, 2016 - 2:23 pm Closing Bell Story‎, Finance, International
Oil Prices Climb on Lower Inventories and a Potential Strike in Norway

Oil Prices Climb on Lower Inventories and a Potential Strike in Norway

U.S. crude oil stocks fell 4.1 million barrels

Crude oil prices continued to rally today after taking a dive following the Brexit vote last week.

Investors fleeing the pound sterling strengthened the dollar and yen substantially, creating downward pressure on