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Wyoming, Utah Mull Funding Legal Challenges to West Coast Coal Policies

Feb 13, 2018

Lawmakers in coal-producing Utah and Wyoming, faced by a shrinking market for the fuel, this week introduced laws to fund legal challenges in California and Washington of policies that they believe hurt coal sales. A Utah lawmaker on Monday…

BP to Invest $1 Bln in Egypt This Year

Feb 12, 2018

BP is looking to invest over $1 billion in Egypt this year, making the country once again a top destination for investment, its CEO said on Monday.Speaking at an industry event in Egypt, Bob Dudley said the company was no longer owed any money by the Egyptian government…

Oil Faces Weekly Loss as Supply Worries Weigh

Feb 09, 2018

Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears…

North Sea Forties Pipeline Ramps Up Again Slowly

Feb 08, 2018

Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system…

Brent Crude Nears $70 on OPEC Cuts, Demand

Feb 02, 2018

UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018…

Oil Rises as OPEC Compliance Eclipses US Output

Feb 01, 2018

U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970…

Shell in Buying Spree for Clean Energy

Jan 26, 2018

Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint…

Oil Hits $71 for First Time Since 2014

Jan 25, 2018

Brent reaches $71.20, highest since December 2014; U.S. crude inventories fall for a record 10th straight week. Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U…

Big Oil Flush With Cash Again, But No Party Yet

Jan 24, 2018

The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn't party time yet.The shift in sentiment has been rapid as crude prices have risen by…

IEA Sees Oil Markets Tightening as PDVSA Output Sags

Jan 19, 2018

As U.S. oil output is poised to overtake Saudi Arabia, Venezuelan oil output is at 30-year low - and could fall further. Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018…

Venezuela's Oil Output Plummeted in 2017

Jan 18, 2018

Venezuela's oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default.The South American country produced 2…

Consultants willing to take 39% rate cut

Jan 18, 2017

Consultants who were active in the exploration and production sector sector in 2013, but not currently working due to the cutbacks in the industry, would take a day rate that is 39% lower, according to OPC Consultant Market Report 2016. OPC's…

Slow recovery likely, but still at risk

Sep 19, 2016

The pace and timing of an oil price recovery depends on four key drivers, according to McKinsey Energy Insights (MEI), a data and analytics firm.  The firm forecasts that it will take more than six months for the oil markets to fully rebalance…

Lowest greenfield investment pot since 1998

Jul 29, 2016

Exploration and production companies have been hesitating to engage in greenfield projects amid the current market downturn, resulting in the lowest offshore project commitment since 1998, according to Norwegian analysts Rystad Energy. Only…

475 Shell UK and Ireland jobs to go

May 26, 2016

Oil major Shell has said it is to cut around 475 jobs from its UK and Ireland business by the end of this year as it further reduces its cost base.  The firm has already announced more than 10,000 jobs cuts globally, including some 2800…

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