Home / Oil & Energy / Oil & Companies News

Oil & Companies News

Russia-OPEC Agree on Framework to Extend Oil Cuts

OPEC and Russia have crafted the outline of a deal to extend their oil production cuts to the end of next year, although both sides are still hammering out crucial details, according to people involved in the conversations. The Organisation of Petroleum Exporting Countries and several non-OPEC nations led by Russia will meet next week in Vienna to discuss prolonging their output curbs. The Kremlin had been hesitating over the need for an extension when the current deal doesn’t expire until the end of March. After days of talks, Moscow ...

Read More »

China’s CNPC restructures oil service units ahead of IPO – Caixin

China National Petroleum Corp has started restructuring its fragmented oilfield service units in preparation for an initial public offering, Chinese financial publication Caixin reported on Friday, citing unnamed people with knowledge of the plan. The state-owned oil giant, parent of PetroChina , plans to register next month the new entity, CNPC Oilfield Service Co Ltd, that will include mainly eight drilling subsidiaries, according to the report. These units, such as Daqing Drilling, Greatwall Drilling and Bohai Drilling, are currently under CNPC’s engineering and technology division, which had total assets worth ...

Read More »

BP talks on oil production in Azerbaijan

BP expects oil production to remain stable in Azerbaijan till late 2017, Bakhtiyar Aslanbayli, communications, external affairs, strategy & region vice president at BP Azerbaijan, told reporters in Baku on November 24. BP’s average daily production reached about 585,000 barrels per day in Azerbaijan in January-September 2017. “The Azeri Light oil production is expected to be stable till late 2017 if no force majeure occurs,” Aslanbayli said. He added that oil production plans and the budget for 2018 will be discussed and approved at a meeting of the management of ...

Read More »

How ‘princess’ of Angola lost her oil crown

On Oct. 6, with the dust still settling on Angola’s first change of power in 38 years, new President João Lourenço sat down with international oil majors at the presidential palace in Luanda. The top executives in Angola of Chevron, Total , BP, Eni and Exxon said the oil sector was being devastated by delays in project approvals at Sonangol and a backlog of payments owed by the state oil company, according to four oil industry sources with knowledge of the meeting. They warned Lourenço that Angola’s production would decline ...

Read More »

Chinese crude output slips 4.1% in 10 Month Period

China’s crude oil production has continued to fall this year on the back of reduced development spending at mature onshore fields as well as natural declines at offshore projects. Output in the January-October period slid by 4.1% year on year to 160.12 million tonnes (3.86 million bpd), the National Bureau of Statistics (NBS) said last week. October production slipped by 0.4% from a year earlier to 16 million tonnes (3.78 million bpd), the lowest level since the bureau began publishing records in 2011. State-owned China National Petroleum Corp. (CNPC) decided ...

Read More »

Oil & gas: September quarter a mixed bag for Indian oil firms

Indian oil firms reported a mixed trend in their September quarter financial results. Industry gross refining margins (GRMs) were healthy during the quarter, a consequence of the supply disruption in the US Gulf Coast refineries owing to the impact of Hurricane Harvey. That means refining companies were anyway expected to perform well. GRM is a key measure of profitability for a refining firm and is derived by deducting the crude oil cost it consumes from the total market value of the refined products it produces. Reliance Industries Ltd (RIL), India’s ...

Read More »

U.S. crude tops two-year high as Keystone outage hits supply

U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a pipeline running from Canada to the United States was expected to reduce supply into a major storage facility. U.S. West Texas Intermediate crude futures (WTI) CLc1 settled up 93 cents, or 1.6 percent, at $58.95 a barrel. Trading volumes were thin on Friday due to the U.S. Thanksgiving holiday. Benchmark Brent crude LCOc1 rose 31 cents, or 0.49 percent, to settle at $63.86 a barrel. TransCanada Corp (TRP.TO)’s 590,000 barrel-per-day ...

Read More »

Russia ready to support oil output deal as OPEC meeting looms

Russia said on Friday it is ready to support extending a deal among oil producers on cutting output, less than a week before OPEC meets in Vienna to discuss policy, although it has yet to say how long it should be for. Russian Energy Minister Alexander Novak said that Russia would discuss the details of an extension of the global deal on Nov. 30, but made no mention of how long this should last beyond its March expiry. “We see that 50 percent of oil stockpiles have been removed, the ...

Read More »

Total CEO not worried over possible Norway fund capital exit

The possible exit of Norway’s sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total’s stock price, Chief Executive Officer Patrick Pouyanne said on Friday. “I can tell you that, obviously, the managers of the fund who we know very well…are not going to sell in a manner that would lead to a stock-price collapse,” Pouyanne told shareholders during an annual gathering in Paris. “This will take time, so I am not worried over the ...

Read More »

Oil Rises as Russia and OPEC Said to Reach Outline Deal on Cuts

Oil advanced to a fresh two-year high as OPEC and Russia were said to have crafted the outline of a deal to extend their oil production cuts to the end of next year. Futures gained as much as 1.5 percent in New York. After days of talks, Moscow and Riyadh now agree on the need to announce an additional period of cuts at the Nov. 30 meeting, although both sides are still hammering out crucial details, according to people involved in the conversations. The U.S. benchmark settled above $58 a ...

Read More »

China diesel in rare rally as smog war, tax fears stir supply worries

A rally in China’s diesel prices has pushed the fuel to a rare premium over gasoline as dealers scramble to scoop up supplies amid fears of shortages due to Beijing’s war on smog and possible tax changes. Led by a spike in benchmark crude prices, wholesale diesel prices have jumped 11 percent since October to 6,700 yuan ($1,011) per tonne on Tuesday in eastern Shandong province, a 320 yuan premium to gasoline, according to consultancy Longzhong Information Group. Diesel, which normally trades at a discount to gasoline, touched a 500 ...

Read More »

LNG producers look to cash in on China’s winter coal cuts

China’s crackdown on burning coal may have the residents of northern industrial cities breathing easier this winter, but it will also have a similar effect on the big LNG producers who have been struggling with chronically low prices. LNG is a fossil fuel too, but lower carbon intensity and soot pollution levels have made it the logical and economic short term alternative for coal consumption, which has been restricted in 28 of China’s largest cities including Beijing, Tianjin and the smog-shrouded province of Hebei. North Asian LNG spot prices are ...

Read More »

Russia is ready to discuss extension of OPEC deal in Vienna – TASS cites Novak

Russia is ready to discuss an extension of a global deal between OPEC and other countries to cut oil output in Vienna on November 30, TASS news agency quoted the Energy Minister Alexander Novak as saying on Friday. “We are ready to discuss this issue, and I think we will be able to discuss it at the meeting in Vienna by the 30th (of November),” Novak said. Source: Reuters (Reporting by Polina Nikolskaya; Editing by Polina Devitt)

Read More »

China anti-pollution drive takes heavy toll on petchem output

China’s winter anti-pollution campaign at its major industrial bases would deal another blow to the country’s overall petrochemical production already hit by shutdowns amid strict environmental compliance checks at factories throughout the year. Official data showed a deceleration in petrochemical output growth at the world’s second-biggest economy this year following the government’s tighter embrace of a more environmentally friendly policy in what Chinese President Xi Jinping termed as the country’s “war against pollution”. In January-October 2017, production of chemical raw materials and chemical products grew at a more moderate year-on-year ...

Read More »

Qatari energy minister sees oversupply of LNG in coming years

Qatar’s energy minister, Mohammed al-Sada, said he expects oversupply of liquefied natural gas in the coming years due to increased production, but the market should tighten after 2025. Al-Sada, speaking at the Gas Exporting Countries Forum in Santa Cruz, Bolivia, said the country, the world’s largest exporter of LNG, is working to increase gas production and LNG exports. Source: Reuters (Reporting By Marianna Parraga Editing by Chizu Nomiyama)

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping