International

Source: World Review
http://www.worldreview.info/content/libya-faces-crisis-oil-production-hijacked

Conflict in Libya Spreads to Third Oil Port

Fighting between factions in Libya threatens another port in the embattled country

Fighting between Libya’s competing governments has spread to a third oil port, curbing gas exports to Italy and cutting crude production to less than what is necessary to …

December 23, 2014 - 4:08 pm International, Oil and Gas 360 Articles
Egypt Turns to Hydraulic Fracturing

Egypt Turns to Hydraulic Fracturing

On Wednesday, December 17, Egypt’s Ministry of Petroleum announced that Egypt’s state oil company (EGPC), Houston based Apache Corp. (ticker: APA) and Shell Egypt (ticker: RDSA) have entered into an agreement for the production of unconventional gas using hydraulic fracturing …

December 19, 2014 - 2:45 pm Fracing, International, Oil and Gas 360 Articles
Russian gas main Source: Gazprom

Ruble Crumbles as Putin Offers Reassurances

President Putin says the economic downturn will reverse, even as the ruble continues to slide

During his annual press conference, which lasted three hours this year, President Putin offered reassurances that Russia’s economic downturn would be remedied, even as the …

December 18, 2014 - 5:10 pm International, Oil and Gas 360 Articles
South China Sea Field Begins Production

South China Sea Field Begins Production

China National Offshore Oil Corporation (CNOOC) and its partner, Husky Energy (ticker: HSE) announced that their Liuhua 34-2 offshore gas field commenced operations on December 15, 2014.

The Liuhua 34-2 gas field is located in the Eastern South China Sea, …

December 17, 2014 - 2:33 pm International, Offshore, Oil and Gas 360 Articles
Apache Sells Stake in B.C. and Australia LNG Projects for $2.75 Billion

Apache Sells Stake in B.C. and Australia LNG Projects for $2.75 Billion

Apache Corporation (ticker: APA) announced on December 15, 2014, that it has agreed to sell its interest in two liquefied natural gas (LNG) projects to Australian E&P Woodside Petroleum Ltd. (ticker: WPL). The deal includes the accompanying upstream oil and …

December 16, 2014 - 6:11 pm International, Oil and Gas 360 Articles
Chevron Cancels Shale Gas Deal in Ukraine

Chevron Cancels Shale Gas Deal in Ukraine

Chevron (ticker: CVX) has terminated its contract with Ukraine to extract shale gas in the western part of the country. The world’s third largest oil company by market cap spent more than a year to get the government to simplify …

December 15, 2014 - 6:52 pm International, Oil and Gas 360 Articles
IEA Oil Market Report for December

IEA Oil Market Report for December

The International Energy Association (IEA) released its Oil Market Report (OMR) for December, cutting the outlook for 2015 global oil demand growth by 230 MBOPD to 900 MBOPD on lower expectations for the Former Soviet Union and other oil-exporting countries, …

December 15, 2014 - 1:24 pm International, Oil and Gas 360 Articles
VAALCO Energy Updates Operations Offshore Africa

VAALCO Energy Updates Operations Offshore Africa

VAALCO Energy, Inc. is a Houston based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil.  VAALCO places high emphasis on international opportunities and holds acreage in Gabon, Angola and Equatorial Guinea in West …

Russia and India Strengthen Energy Ties

Russia and India Strengthen Energy Ties

Rosneft and Essar agree on key terms of Russian oil supplies to India

Russia’s upstream producer Rosneft (ticker: RNFTF) and India’s oil refiner Essar signed key terms of oil and oil products supplies to refineries in India, according to a …

December 12, 2014 - 4:14 pm International, Oil and Gas 360 Articles
Pertamina to Double Refinery Capacity with $25 Billion Investment

Pertamina to Double Refinery Capacity with $25 Billion Investment

Indonesia’s state-run energy firm Pertamina signed Memorandums of Understanding (MOUs) with three global oil refinery operators – Saudi Aramco, Japan’s JX Nippon Oil & Energy and China Petroleum and Chemical Corp (Sinopec) – to upgrade Indonesia’s aging oil refineries on …

December 11, 2014 - 4:53 pm International, Oil and Gas 360 Articles
Russia Resumes Gas Shipments to Ukraine

Russia Resumes Gas Shipments to Ukraine

Yesterday, Ukraine confirmed that it had begun to receive gas shipments from Russia’s state owned Gazprom (ticker: OGZPY) after a six-month cutoff, reports news agency ITAR-TASS.

“Imports from Russia began two days earlier than planned,” Ukraine’s gas transport company …

December 10, 2014 - 2:27 pm International, Oil and Gas 360 Articles
BP to Invest in Egypt

BP to Invest in Egypt

BP (ticker: BP) has released a statement saying that the company plans to expand its operations in Egypt with a $240 million investment in the country.

Last year, the Egyptian Natural Gas Holding Company (EGAS) auctioned off several blocks in …

December 9, 2014 - 6:48 pm International, Oil and Gas 360 Articles
India and Mexico Sign MoU

India and Mexico Sign MoU

Reliance Industries Limited (ticker: RIL) and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU) regarding cooperation on potential upstream business opportunities in Mexico and the companies will jointly evaluate value added opportunities …

December 8, 2014 - 6:55 pm International, Oil and Gas 360 Articles
Source: NPR

Iraq Oil Dispute Resolved, Expects Increase in Production

The Iraqi government agreed on December 2 to an oil export deal with the northern region of Kurdistan, ending a dispute over oil exports with Iraq’s northern region. Earlier this year, the Iraqi government cut off funding to the Kurdish …

December 8, 2014 - 6:00 pm International, Oil and Gas 360 Articles
Supermajors Prepare for New Oil Frontier by Centralizing Budgets, Focus

Supermajors Prepare for New Oil Frontier by Centralizing Budgets, Focus

Dozens, even hundreds of E&Ps and service providers in the oil and gas industry have recently announced intentions to dial back expenditures in 2015. Supermajors like Shell (NYSE: RDSB) and ExxonMobil (NYSE: XOM), on the other hand, both pledged to …

South Stream Cancelled by Russia

South Stream Cancelled by Russia

Russian President Vladimir Putin announced Monday that Russia will be cancelling its $40 billion South Stream gas pipeline project. Mr. Putin cited unwillingness from European countries as the main reason for shutting down the project saying: “[the project’s cancellation] is …

December 2, 2014 - 1:58 pm International, Oil and Gas 360 Articles

Lower Oil Prices Add to Growing Concerns in Venezuela

OPEC’s decision last week to leave production output unchanged has left some member countries reeling. While large producers in the cartel like Saudi Arabia and Kuwait continue to weather the storm as oil prices continue their downward plunge, other countries …

December 1, 2014 - 6:28 pm International, Oil and Gas 360 Articles
Environment Agency ‘Minded to Grant’ Frac Permits in Britain

Environment Agency ‘Minded to Grant’ Frac Permits in Britain

After an initial consultation, Britain’s Environment Agency (EA) said it is “minded to grant” privately-held energy firm Cuadrilla permits to frac during exploration for shale gas in Lancashire, England, reports the BBC.

The agency has issued a “draft decision” …

November 25, 2014 - 1:28 pm Fracing, International, Oil and Gas 360 Articles
Ali Al-Naimi’s Speech in Mexico and the Future of Saudi NatGas

Ali Al-Naimi’s Speech in Mexico and the Future of Saudi NatGas

Wants to double natural gas production but no plans to export

After Saudi Arabia’s Oil Minister, Ali Al-Naimi, made his first public speech since September 11 of this year, a great deal of emphasis was placed on the minister’s comments …

November 24, 2014 - 4:17 pm International, Oil and Gas 360 Articles
Source: NPR

Iraq, Kurdish Region, Reach an Agreement on Oil Exports

The end of October marked a high point in tensions between Iraq and its oil producing Kurdish region in the north.

Roughly two dozen oil tankers idly turned figure eights in the Mediterranean, filled with oil pumped from Kurdish Iraq …

November 21, 2014 - 3:26 pm International, Oil and Gas 360 Articles
The Future of Germany’s Frac Ban

The Future of Germany’s Frac Ban

Reports this week indicated that Germany might be modifying its fracing laws to make it possible for companies to drill for shale gas. Many hoped that the German government might lift its ban on fracing at depths shallower than 3,000 …

Shell Wins Tax Battle in India

Shell Wins Tax Battle in India

Bombay High Court’s decision could make India more attractive to foreign companies

Royal Dutch Shell (ticker: RDS) has won its court case in India over a $2.5 billion lawsuit. The Indian tax authority tried to collect transfer pricing taxes on …

November 20, 2014 - 6:41 pm International, Oil and Gas 360 Articles
Are Western Sanctions Hurting Russian Oil and Gas?

Are Western Sanctions Hurting Russian Oil and Gas?

Earlier this year, the U.S. and the E.U. began a sanction regime against Russia in response to the ongoing crisis in Ukraine. The sanctions are being used to target specific industries in the Russian economy, particularly oil and gas, the …

November 19, 2014 - 7:17 pm International, Oil and Gas 360 Articles, Politics & Opinions
Source: ECI Monthly Report

Will U.S. LNG Help Shore Up Japanese Economy?

In recent years there has become an acute awareness of the importance of energy security around the world, particularly in Japan. In 2011 a powerful tsunami from the Pacific knocked the Fukushima Daiichi nuclear power station offline, and led to …

November 19, 2014 - 3:28 pm International, Oil and Gas 360 Articles
EU Customers Pay Double U.S. Rates for Electricity

EU Customers Pay Double U.S. Rates for Electricity

With their residential electricity prices climbing 43% from 2006 to 2013, European citizens are paying through the nose for electricity, especially when compared to U.S. residential electricity prices, which have climbed just 17% in the same time period.

Oil & Gas 360 Electricity Rates in Europe v. U.S.Average residential …

November 18, 2014 - 1:23 pm International, Oil and Gas 360 Articles, Regulatory
Halliburton, Baker Hughes to Merge in $34.6 Billion Deal

Halliburton, Baker Hughes to Merge in $34.6 Billion Deal

Includes $3.5 Billion Payout to Baker Hughes if Merger Fails to Gain Antitrust Approval

The rumblings of a landmark oilservices deal that began on Thursday evening came to fruition over the weekend. By Monday, November 17, 2014, Halliburton (ticker: HAL), …

Alberta Clipper Pipeline Faces Opposition; Keystone XL Vote on Horizon

Alberta Clipper Pipeline Faces Opposition; Keystone XL Vote on Horizon

Enbridge Energy’s (ticker: ENB) Alberta Clipper pipeline (Line 67) is the focus of a new federal lawsuit, filed Tuesday. The pipeline, which runs from Edmonton, Alberta, to Superior, Minnesota, currently carries 450,000 BOD across the U.S.-Canadian border, but Enbridge would …

November 13, 2014 - 3:58 pm Canada, International, Midstream, Oil and Gas 360 Articles
Kurdish Iraq to Create Its Own Publicly Traded E&P

Kurdish Iraq to Create Its Own Publicly Traded E&P

ISIS Loses Oil Production

In the aftermath of last month’s U.S. air strikes that damaged the Islamic State’s (ISIS) captured oil field operations in Syria and Iraq, news outlets have reported that the attacks disrupted the group’s ability to make …

VAALCO Energy: First Production from New Offshore Pads Expected by Year-End 2014

VAALCO Energy: First Production from New Offshore Pads Expected by Year-End 2014

VAALCO Energy, Inc. (ticker: EGY) reported net income of $3.1 million ($0.05 per diluted share) in its Q3’14 earnings release, but the company is already anticipating results for the fourth quarter. The independent energy company based in Houston, Texas, is …

An ONGC Asset Manager at Mori Source: ONGC

India Seeks to Increase Natural Gas Production by 75%

India’s ONGC Limited poised to become major international player

India’s Petroleum Ministry has forecast an estimated 75% increase in natural gas production over the next five years, according to a Mining Weekly article. Currently, India’s gas production is around …