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Aker BP’s Mathematician CEO Says His Tech Company Just Happens To Produce Oil

In the global oil and gas space, Aker BP (OSL:AKERBP) is a plucky independent outfit operating solely in the Norwegian Continental Shelf. However, its heavily optimized operations often pique interest well beyond its scope of operations. Established as recently as 2014, and a successor outfit arising out of the merger of Det Norske Oljeselskap (DETNOR) and BP Norge (then oil giant BP’s Norwegian Unit), in its current corporate avatar Aker BP insists the company’s advanced technology laden oil and gas exploration projects enjoy a break-even oil price of $35 per ...

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The Battle for Barrels of Oil Flowing From the North Intensifies

Pipeline companies have spent the past few years trying to capture as many barrels flowing out of Texas’ Permian Basin as possible to ease that region’s capacity issues. However, with midstream companies like Plains All American Pipelines (NYSE:PAA) constructing new oil transportation capacity as fast as they can, the region’s pipeline building boom has hit a speed bump. That’s leading pipeline companies to look elsewhere to fuel their next phase of growth. Several have chosen to tackle the need for additional pipeline takeaway capacity out of northern production basins such ...

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Can AI solve renewable energy’s problems? India may show the way: Russell

One of humankind’s most enduring weaknesses is to assume that the way things are presently will somehow persist into the future, and that current trends are inexorable. This thinking is behind the often repeated view that renewable energy sources such as wind and solar cannot replace thermal electricity generation such as coal and natural gas. Presently, it is correct that the most significant weakness of these renewables is that they are intermittent, meaning they don’t generate close to their installed capacity and cause instability in electricity grids. While storage through ...

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Oil prices climb on tropical storm and geopolitical tensions

Oil prices hovered near six-week highs on Friday and was on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East. However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains. The agency on Friday predicted that surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine ...

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Saudis Pledge to Keep Doing OPEC’s Heavy Lifting as Shale Surges

Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month. The de facto leader of the Organization of Petroleum Exporting Countries will pump less than 10 million barrels a day of crude in both July and August, according to a person familiar with Saudi energy policy. Saudi Arabia will limit exports to fewer than 7 million barrels a day, said the person, ...

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Persian Gulf tensions raise stakes for oil, shipping markets

Ongoing tensions in the Persian Gulf have left ship operators in the region wary of passing through the chokepoint, the Strait of Hormuz, and heightening geopolitical risks in the oil market. On Thursday morning the UK’s Ministry of Defence said three Iranian vessels ‘attempted to impede the passage’ of the British Heritage as it exited the Gulf. Iran’s Revolutionary Guards have denied responsibility, according to the Fars news agency. The incident follows comments by a senior Iranian official last week that Iran should seize a British tanker in retaliation for ...

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Opec and Russia do the right thing on cuts

Following a heated process of give-and-take, Opec members and non-Opec oil producing countries (Opec+) finally agreed to extend the output cut — of 1.2 million barrels a day — for a further nine months. This came about despite disparities in the positions taken by oil producing countries at the last Opec meeting held in Vienna in early July. It is a fact that an agreement had already been approved at the preceding G20 Summit in Osaka, Japan, last month, after Saudi Crown Prince Mohammad Bin Salman met Russian President Vladimir ...

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Gulf of Mexico U.S. oil output cut by 53% ahead of storm -U.S. govt

Energy companies have cut crude oil production in the U.S.-regulated areas of the Gulf of Mexico by 53.39%, or 1 million barrels per day (bpd), ahead of Tropical Storm Barry, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said. Natural gas output in the northern Gulf of Mexico has fallen by 44.5% or 1.2 billion cubic feet per day as of Thursday, according to BSEE. The companies have evacuated 191 production platforms due to the storm, which is churning through the Gulf ahead of landfall expected on the Louisiana ...

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OPEC: 2020 Oil Demand Growth Revised Lower

Crude Oil Price Movements The OPEC Reference Basket (ORB) fell sharply in June by about $7/b, or 10%, month-on-month (m-o-m) to $62.92/b, recording the second consecutive month of decline as all ORB component values dropped significantly, alongside their respective crude oil benchmarks. Crude oil futures prices plunged in June with both ICE Brent and NYMEX WTI falling about 10% m-o-m, posting their biggest monthly drop in six months. In June, ICE Brent was $7.27, or 10.3%, lower m-o-m at $63.04/b, while NYMEX WTI fell m-o-m by $6.16, or 10.1%, to ...

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Saudi oil output to remain below 10 mil b/d through August: source

Saudi Arabia’s oil production will remain below 10 million b/d through August and its exports will stay under 7 million b/d to avoid excess stock buildup in an oversupplied market, a Saudi oil source said on Thursday. Saudi Arabia, which is pumping below its 10.31 million b/d quota under the OPEC/non-OPEC agreement, expects the positive outcome in the US-China trade talks at G20 will help to boost demand in the second half of this year amid increasing purchases in Asia, the source said. OPEC’s biggest producer saw its output jump ...

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Lower anticipated global economic growth reduces expectations for 2019 global oil demand

In its July 2019 edition of the Short-Term Energy Outlook (STEO), EIA forecasts that global liquid fuels consumption, which averaged 99.9 million barrels/day (b/d) in 2018, will grow by 1.1 million b/d in 2019 and by 1.4 million b/d in 2020. EIA has revised down its expectation for global liquids demand growth for six consecutive months. This revision reflects slower expected economic growth in many of the world’s largest oil-consuming countries, lower than expected oil consumption so far this year, and higher crude oil prices. One of the main drivers ...

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Applications open for new North Sea oil and gas exploration

The Oil and Gas Authority has opened up applications to explore in large areas of the North Sea and West of Shetland. There are 768 blocks or part-blocks on offer across the main producing areas of the UK Continental Shelf (UKCS). It is the 32nd round of licensing for exploratory drilling over more than 50 years, but the first since the UK committed to cutting greenhouse gas emissions to net zero by 2050. WWF Scotland described the move as “totally irresponsible”. But the OGA said oil and gas were still ...

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Dominican Republic launches first licensing round

The Dominican Republic today launched its first licensing round, putting 14 blocks across its on- and offshore basins up for bid. The Dominican Republic’s Ministry of Energy and Mines said the blocks on offer lie in the Cibao, Enriquillo, Azua, and San Pedro basins. Wood Mackenzie, a global natural resources consultancy, is assisting the ministry with the evaluation, planning and execution of the licensing round. Juan Agudelo, director of upstream consulting at Wood Mackenzie, said: “The Dominican Republic government is offering 14 blocks in on- and offshore frontier basins. The ...

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EU threatens Turkey with sanctions over Cyprus drilling: draft

The European Union is set to curb contacts and funding for Ankara in retaliation for what it calls Turkey’s “illegal” drilling for gas and oil off Cyprus and stands ready to ramp up sanctions further, a draft statement seen by Reuters shows. In trying to take Ankara to task over what the EU sees as Turkish interference with Cyprus’ exclusive economic zone, the bloc is walking a thin line, careful not to antagonize an important partner. “Despite our best intentions to keep good neighborly relations with Turkey, its continued escalation ...

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Egypt’s arrears to foreign oil firms fall to $900 million at end of June – minister

Egypt’s arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon. The Egyptian government had told the International Monetary Fund in a letter in January it intended to “eliminate” arrears by the end of June. Arrears to foreign oil companies accumulated after the 2011 uprising that toppled President Hosni Mubarak and reached $6.3 billion in the 2011/2012 fiscal year. They have steadily declined since 2014 ...

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