The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a 10th straight week of crude inventory build in the U.S. – striking fears of a repeat of the 2014/16 oil glut.In the week ending 23 November crude inventory grew by 3…
The spending plans of oil majors BP and Equinor are unaffected by the more than 25 percent drop in oil prices since early October, their CEOs said on Wednesday.Oil and gas companies were boosted over the first nine months of the year by a recovery…
East Timor has agreed to buy Royal Dutch Shell's stake in the Greater Sunrise natural gas fields off the northern coast of Australia for $300 million, the government and Shell Australia said on Wednesday.The agreement for Shell's 26.56 percent…
An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields…
U.S. President Donald Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower, likening it to 'a big tax cut' that could boost the U.S. and global economies.'Oil prices getting lower. Great! Like a big Tax Cut for America and the World…
China's appetite for liquefied natural gas (LNG) has not slowed, but its purchases have been spread more evenly, avoiding last year's sudden spike to meet winter demand, Australia's top independent LNG producer said on Tuesday.LNG demand from North Asia's main hubs in Japan…
Global heavy lift and transportation specialist ALE has expanded its heavy lifting services by establishing a non-disclosure agreement with the Port of Dundee, which is owned by Forth Ports, and lifting, jacking and storage specialist OM Heavy Lift to provide the full service of port operations…
Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014…
Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers…
General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has…
Abu Dhabi state fund Mubadala Investment Company's oil business Mubadala Petroleum has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore concession from Italy's Eni, it said on Monday.Egypt's main producer…
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will 'certainly' happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp…
Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft CEO Igor Sechin said on Wednesday.Reuters reported last week that…
Seven remaining wells are expected to be online at Libya's Bahr Essalam offshore gas field by the end of the year, the Libyan National Oil Corporation (NOC) said in a statement on Sunday.The statement came after a meeting between NOC Chairman Mustafa Sanalla and Eni CEO Claudio Descalzi…
Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said.Exploration and production, known as the upstream industry…
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