Legal News

 

BP to Boost Stake in UK's 'Giant' Clair Field

Jul 04, 2018

BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska…

ConocoPhillips sells 16.5 pct of North Sea Asset to BP

Jul 03, 2018

U.S. oil producer ConocoPhillips said on Tuesday it would sell a 16.5 percent stake in the Clair field to oil major BP for an undisclosed price. Houston, Texas-based ConocoPhillips will retain a 7.5 percent interest in the North Sea offshore oil field through a unit while BP will hold a 45…

Seadrill Exits Chapter 11

Jul 02, 2018

Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation…

Venezuela's Creditors Call for Unity

Jun 25, 2018

A group of institutional investors holding roughly 13 percent of Venezuela's foreign debt said on Monday it will not back any restructuring plan that does not imply equal treatment for all creditors. The government of President Nicolas Maduro has halted almost all foreign debt payments…

PDVSA Raises Prospect of Force Majeure on Oil Exports

Jun 06, 2018

OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling…

New Rules on Ship Emissions Herald Sea Change for Oil Market

May 17, 2018

New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed…

US Military Seeks Rules for Drilling in Gulf of Mexico

May 11, 2018

An expansion of oil drilling in the eastern Gulf of Mexico would interfere with U.S. military testing unless the Pentagon and another agency develop rules to govern the work, the U.S. Department of Defense said in a report this week.The Defense…

Conoco Moves to Seize PDVSA's Caribbean Assets

May 07, 2018

U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions…

Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties

Apr 18, 2018

Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge…

Heavy Night-time Volumes Crush Shanghai Oil Futures

Mar 28, 2018

Many investors worry about volatility overnight as low liquidity added to wild gyrations.  Shanghai crude oil futures slumped on Wednesday, the third day of trading since their launch, after heavy selling overnight, as traders scrambled to follow cues from the main international markets…

McDermott to Bid for Asia Offshore Oil, Gas Contracts

Mar 20, 2018

U.S. engineering and construction company McDermott International plans to bid for $5 billion in contracts in the next few months in Asia Pacific as the region's offshore oil and gas sector recovers, company executives said on Tuesday. The…

Saudi Aramco: IPO Work to be Completed in H2

Mar 08, 2018

Saudi Aramco Chief Executive Officer Amin Nasser said on Thursday that all work required from the oil giant for its initial public offering (IPO), which could be the biggest in history, will be completed in the second half of 2018. Speaking at a conference in London…

Is Aramco Share Sale Distorting OPEC Policy? Kemp

Mar 07, 2018

By restraining production, OPEC and its allies have succeeded in eliminating excess oil stocks and accelerating the recovery in prices, but they are paying an increasingly high price in terms of market share. U.S. producers will capture all the growth in global oil consumption this year…

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…

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