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Risk oil market could lose Iran’s exports keeps prices ticking higher: Pro

The “lower for longer” oil price mantra is doomed, one oil analyst told CNBC, amid heightened energy market fears of an imminent supply shock. Prices in the oil market have been steadily rising since last year, with global benchmark Brent rising toward $80 a barrel Tuesday. An upswing in crude futures has largely been driven by OPEC-led production cuts and robust global demand. Yet, more recently, oil prices have rallied faster-than-expected due to elevated geopolitical tensions. “I think the whole ‘lower for longer’ thesis is probably dead for a while,” ...

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Green Shift to Slash Oil Company Income by $19 Trillion to 2040

The global transition to electric vehicles and renewable sources of power will see oil company revenue plummet. The rollout of 540 million electric vehicles by 2040 will cause oil demand to peak in the mid-2020s, slashing income by $19 trillion, according to Oxford, England-based Aurora Energy Research Ltd. Gas and power will provide more than half of final energy consumption, up from 39 percent currently. Aurora’s “analysis points to a possible energy future of mass electrification, digitization, and new technologies, in which the rise in electric vehicles and continued improvements ...

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The changing face of global energy: Latin America takes centre stage

As market share for renewables gains momentum, key players are entering the scene across Latin America. With Mexico’s Energy Reform enabling solar and wind capacity to grow, Brazil making a comeback in wind power and Argentina emerging as the fastest-growing regional market for renewable energy, it’s clear that these countries will continue to dominate the spotlight. To look more deeply into the dynamics of these markets, we have launched a Mexico Gas, Power and Renewables Service as well as a Southern Cone Gas, Power and Renewables Service covering Brazil, Argentina, ...

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Libyan protesters shut down eastern Raguba oilfield- company spokesman

Libyan protesters shut down on Wednesday the eastern Raguba oilfield which had 5,000 barrels per day (bpd) of crude production feeding Brega port, said a spokesman for the owner, state-run Sirte Oil. The protesters had been threatening to shut down oilfields and pipelines passing through their remote home region of Marada unless authorities improve state services. The Sirte Oil company, part of state oil firm NOC, had been producing 61,000 bpd until its closure this morning, the spokesman said. Marada is also home to a pipeline of the Waha oil ...

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Mexico Drillers Sign First Farm-Out Deal Without State Oil Giant

Two upstart Mexican drillers have signed the first farm-out deal in Mexico’s oil sector that doesn’t include state company Petroleos Mexicanos. Jaguar Exploracion y Produccion agreed to sell a 50 percent stake of three onshore areas in Tabasco and Veracruz to Vista Oil & Gas for $37.5 million, plus contingency payments if oil prices rise above $65 a barrel in the next two years. Vista, Mexico’s first listed crude producer following a $650 million share sale last year, will pay and operate two of the areas that are already in ...

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Santos Falls After Rejecting Harbour Offer as Too Low, Risky

Santos Ltd. plunged the most since 2016 after rejecting Harbour Energy Ltd.’s $10.9 billion final offer and terminating talks, saying its proposal was too low and too risky. The Australian oil and gas producer said Tuesday its independent directors, managing director and chief executive officer unanimously rejected the proposal because it didn’t represent the full value of the company, as well as being too complex and high-risk. Oil prices and shares of its domestic peers have rallied 14 percent and 18 percent, respectively, since the initial proposal, Santos said. “The ...

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Equinor awarded 9 licences in the 30th Offshore Licensing Round

Equinor is pleased to have been awarded 9 new licences in the 30th Offshore Licensing round, 8 as operator, as announced by the Oil and Gas Authority (OGA) yesterday. “This strengthens our position as an ambitious UK explorer. We believe the UKCS is underexplored and anticipate that there are new discoveries yet to be made that can add value to our business and provide resources for new developments”, says Jenny Morris, vice president for exploration UK in Equinor. “We have drilled several exploration wells on the UKCS over the last ...

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UK GAS-Prices mixed due to oversupply, planned pipeline outage

The British wholesale within-day gas price fell on Wednesday due to an oversupplied system but the next-day contract rose in anticipation of planned work that will reduce flows from Norway. * Gas for immediate delivery fell by 0.60 pence to 57.40 pence per therm (p/therm) at 0834 GMT. * Day ahead gas rose by 0.50 pence to 58.40 p/therm. * June gas was 1.30 pence lower at 56.90 p/therm. * The gas system was oversupplied by almost 30 million cubic metres (mcm), with demand forecast at 174 mcm – 18 ...

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The Globalization of European Gas: Europe’s gas market is being transformed

A major transformation is poised to advance Europe’s energy security goals and improve natural gas flows in European markets, according to a new report by business information provider IHS Markit (Nasdaq: INFO). New sources of supply via increasing global liquefied natural gas (LNG) capacity and pipelines, along with continued market integration, will provide European gas customers greater flexibility and choice and further the integration of Europe with global gas markets and prices. The report, entitled European Natural Gas—The New Configuration, says that most European gas customers will have greater opportunity ...

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Strong Indonesian, Indian demand pushes Singapore gasoline crack to five-month high

Strong seasonal spot buying from Indonesia, as well as incremental demand from India, has pushed the Asian benchmark Singapore 92 RON gasoline crack to a five-month high. The spread between FOB Singapore 92 RON gasoline and front-month ICE July Brent crude futures widened 18 cents/b day on day to $9.96/b at the close of Asian trade Tuesday, S&P Global Platts data showed. The crack was last higher on December 8, 2017, at $10.07/b. Healthy exports from China, as well as relatively tepid spot demand from Indonesia, had mostly kept the ...

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Kenya’s oil ambitions receive boost but tricky road lies ahead

Kenya’s oil ambitions received a boost after the government reached a revenue-sharing deal with the Turkana local government and community where the lucrative oilfields are located. * Government reaches revenue-sharing deal * Tullow technically ready for maiden oil exports * Kenya oil production could be around 60,000-80,000 b/d But the road to first oil and sustained production remains fraught with political uncertainty and volatility as some within the local community still remain unconvinced. Kenyan President Uhuru Kenyatta said Saturday that a deal was struck specifically on the revenue-sharing provisions of ...

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Oil falls on shock U.S. stock builds, OPEC supply worries

Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela. U.S. crude inventories rose 5.8 million barrels last week, while gasoline stocks increased by 1.9 million barrels, the Energy Information Administration said. [EIA/S] “Normally, you don’t see builds at this time of year. With Memorial Day Weekend and summer driving season coming up, we were expecting a draw. And getting a ...

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UK makes ‘transformational’ North Sea oil, natural gas license awards

The UK’s Oil and Gas Authority is awarding 123 licenses over 229 offshore blocks in a licensing round it said could help “transform” lackluster levels of oil and gas exploration drilling. The 30th offshore round, mainly focused on previously explored or “mature” areas of the North Sea, has resulted in awards to a broad mix of 61 major companies and independents, the OGA said in a statement. The number of licenses was less than the last licensing round to focus on mature areas, the 28th round, but was declared a ...

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North Sea Crude-Grades steady, Oseberg sets dated Brent

North Sea crude differentials were steady on Wednesday after a lack of bids and offers, keeping Oseberg as the cheapest benchmark grade and the one setting dated Brent’s value. SHIPMENTS EAST A large volume of crude is heading to China and South Korea in May and, traders said, probably in June as well. As many as four VLCCs of Forties are heading to Asia in May, according to shipping data, as well as one or two VLCCs of Ekofisk loading in May and June, a trade source said. PLATTS WINDOW ...

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U.S. crude stockpiles rise unexpectedly in week – EIA

U.S. crude stockpiles climbed unexpectedly last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 1.6 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.123 million barrels, EIA said. Refinery crude runs fell by 7,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.7 percentage points. Gasoline stocks rose by 1.9 million barrels, compared with analysts’ expectations ...

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