OPEC Archives - Page 129 of 131

Egypt Increases Attention on Oil & Gas Sector by Auctioning 22 Concessions

December 30, 2013

On December 30, 2013, Egypt’s state-owned petroleum corporation and natural gas holding company announced an internal auction for 22 concessions intended for oil and gas exploration. The concessions, located in the Suez Canal, Mediterranean Sea, Nile Delta and western desert, all must be in accordance with Egypt’s production sharing agreements. According to the EIA, Egypt is Africa’s second largest dry

OPEC Maintains 30 MMBOPD Output Goal for 2014 Despite Global Surplus and Record U.S. Production

December 23, 2013

Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) announced the group’s target output for 2014 will remain unchanged at 30 MMBOPD. Ministers of Iraq, Saudi Arabia and Kuwait made the announcement following a meeting between the exporters on December 22, 2013. “The market is in fear of a shortage of oil,” said Ali al-Naimi, the oil minister

Harvest Natural Resources Announces Agreement to Sell Venezuelan Properties

December 16, 2013

Harvest Natural Resources, Inc., (ticker: HNR) headquartered in Houston, Texas, is an independent energy company with primary assets in Venezuela, exploration assets in Indonesia, West Africa and China. On December 16, 2013, Harvest Natural Resources confirmed it had closed the first phase of a two-phase process to sell its assets in Venezuela and received $125 million ($122 million net), as

Trust, Yet Verify: Long-Term Oil Markets Not Expected to be affected by Iran Pact

November 26, 2013

On November 24, 2013, the United States and Iran reached a diplomatic accord in hopes of soothing tensions existing since the Carter administration. As part of the deal, Iran agreed to freeze its entire nuclear program in exchange for the U.S. to ease its trade restrictions. Relations between Iran and other nations have opened up since Dr. Hassan Rouhani took

Pioneer Natural Resources Sells Alaska Subsidiary for $550 Million, Shifts Focus to Core Wolfcamp Assets

October 25, 2013

Pioneer Natural Resources Company (ticker: PXD) is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. Pioneer is one of the most active drillers in Texas’ Spraberry/Wolfcamp oil field in the Permian Basin and the Eagle Ford Shale play in South Texas. Its natural gas operations focus on the

Petrobras Announces Production Sharing Contract with Four Companies, Prepares to Develop Libra Basin

October 23, 2013

Petróleo Brasileiro S.A., or Petrobras (ticker: PBR), is the state-run oil company of Brazil and has operations in 24 countries across five continents. It is the largest producer in South America and participates in E&P, refining, trade, transportation, petrochemicals, oil distribution, electricity, biofuels, and sources of renewable energy. PBR celebrated its 60th anniversary on October 3, 2013. On October 21,

Europe Unwilling to Accept Fracture Stimulation Despite Being Mired in Energy Crisis

October 18, 2013

Means of energy acquisition in Europe is a common topic, but the popularity of the subject has increased in recent years due to the United States shale boom. Fracture stimulation operations has spurred tremendous energy growth in the U.S. backed by glowing reports claiming the country will surpass Russia as the top oil producer, become a net gas exporter by

United States Future in Stock Market, Oil Imports Unclear as Debt Ceiling Nears

October 15, 2013

As the impasse in Washington drags closer to the Thursday debt ceiling deadline, the wait-and-see approach adopted by many Americans has had little effect on the stock market. Government entities haven’t been as fortunate. Furloughed workers and the closing of agencies, including the Energy Information Administration (EIA), are feeling the heat from the bitter political standoff. Traders expressed optimism at

The Blue Flame is Creating a Blue Ocean for Rail Transport: Liquefied Natural Gas Making its Mark in the Railroad Industry

October 11, 2013

The impact of natural gas is making its mark on the transportation industry. OAG360 covered a recent $68 million investment by the United Parcel Service (ticker: UPS) for its liquefied natural gas (LNG) vehicles in 2013. Now, the railroad industry is embracing the idea. On March 6, 2013, BNSF, one of North America’s leading freight transportation companies, announced it will

OPEC Output Hits Two-Year Low – Analysts Encouraged by Potential Energy Independence in the United States

October 3, 2013

According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013. The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output

Mexico’s Oil Industry Reform Could Open Doors for International Investors; A Potential Game Changer for Long-term Country Stability?

September 25, 2013

America’s oil business is booming, thanks to breakthrough techniques and heightened E&P. To the south, Mexico is struggling, and its shortage of fuel is becoming a concern. The head of Mexico’s oil production is state-owned Petróleos Mexicanos, or Pemex. Mexico has become a major non-OPEC oil producer, exporting $40 billion in crude oil per year to the United States. Pemex

Crude Oil Cuttings (Week Ended 7/5/13)

July 10, 2013

Crude Oil Inventory/’000 BBLS Current: 373,918 Actual Build/(Withdrawal): (9,874) Economist Average Estimate: (3,114) Previous: 383,792 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Fracking Firms Face New Crop of Competitors – WSJ So many companies have jumped into the hydraulic-fracturing business that the price of performing the key part of the oil- and gas-drilling

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