Rosneft Purchase Leads $82 bln Spree by Sovereign Investors in 2016
Qatar's purchase of a stake in Russian oil company Rosneft last month crowned a year of mega-acquisitions by sovereign investors in 2016, with total deal value rising 22 percent to $82 billion whilst the number of transactions held steady. Other high-profile…
North Sea Oil Developer Xcite Set for Liquidation
London-listed Xcite Energy is set to go into liquidation after bondholders rejected a restructuring plan for the North Sea oil developer, the company said on Tuesday. Trading of the company's AIM-listed shares was suspended after principal debt holders…
Oil Flow Through UK's North Sea Forties Pipeline Restricted
The flow of oil through the Forties pipeline in Britain's North Sea is being restricted after an unplanned shutdown at the Kinneil processing plant, a spokeswoman for pipeline operator BP said on Thursday. "Train 1 at Kinneil had an unplanned shutdown on Dec.
Saudi, Norway Sovereign Funds shedding European Shares
The three biggest sovereign wealth funds of oil-producing countries have been selling European equity holdings since May, a study showed on Monday, another sign of petrodollars being withdrawn from world markets. Asian funds have meanwhile continued to add European equities…
Maersk Seeks to Shut Janice in UK North Sea
Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices. It…
Oil Near Multi-Month lows, Brent Below $50
Rising U.S. gasoline stocks signal end to driving season. Oil traded near multi-month lows on Thursday with Brent under $50 a barrel as a supply glut persisted despite record U.S. refinery runs, and little sign of any reduction in production. Brent crude…
BP to Invest $1 bln in Upgrading Ageing North Sea Fields
British oil major BP will spend $1 billion to increase output from oil fields off the eastern coast of Scotland, it said on Wednesday, at a time when oil companies are seeking to exit the ageing UK North Sea basin. The investment in the Eastern Trough Area…
Surge in Gasoline Demand Throws Lifeline to European Refiners
The scramble for gasoline this summer has thrown a lifeline to European refiners, pushing gasoline cracks to multi-year highs and tightening the market for the fuel's components, but the seasonal effect next year is likely to be more muted. Stephen George…
Oil Slips; Market Awaits Iran, Greece News
Market monitoring Iran nuclear talks ahead of June 30 deadline. Oil prices slipped on Friday but remained stuck in tight trading ranges as investors awaited the outcome of Iranian nuclear talks which could lead to a big increase in Iranian crude exports.
Essar Oil UK Agrees New Funding Facilities for Stanlow Refinery
Essar Oil UK has secured new long-term working capital facilities for its Stanlow refinery in the northwest of England, it said on Tuesday, replacing an existing agreement with Barclays Bank. Under the terms of a new five-year deal with J Aron & Company covering the supply of crude oil to Stanlow, J.
North Sea Strike Ballot on Hold as UK Offshore Workers Mull Offer
The threat of strike action in Britain's North Sea oil and gas industry has receded for the time being, with trade unions putting a strike ballot on hold for members to consider a new offer from employers. The GMB and Unite trade unions will consult members…
US Crude Oil Up as Texas Braces for Tropical Storm
U.S. crude prices edged up on Tuesday as a tropical storm approached the oil-producing state of Texas, but global oversupply curbed gains and kept Brent futures little changed. U.S. July crude was up 35 cents at $59.87 a barrel at 11:18 a.m. EDT (1518 GMT), having reached $60.37.
U.S. Oil Prices Edge Up as Texas Braces for Storm
U.S. crude oil prices edged up on Tuesday as a tropical storm headed towards the oil-producing state of Texas, but oversupply kept Brent lower. U.S. crude was up 23 cents at $59.75 a barrel at 1354 GMT, staying within a range of $57-$62 per barrel that has been in place since the beginning of May.
North Sea Job Losses Raise Skills and Safety Concerns
Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised. A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell…
Supertankers Set to Take North Sea Crude to Asia in June
As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows. The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs - very…
North Sea's Hound Point VLCC Jetty Reopens
Hound Point's Jetty 1 in the North Sea has reopened on schedule following planned maintenance, a spokeswoman for operator BP said on Monday. "Both jetties are now operational," she said. Hound Point's Jetty 1 is the North Sea's key loading berth for very large crude carriers (VLCCs).
Low Energy Prices Signals Long Term Retrenchment
Industry slashes costs after price drop; longer period of low prices means sustainable cost cuts. The slump in crude prices has jolted the oil industry into deep cost cutting which, unlike the previous downturn, could last for a few years at least. After overspending by the industry during the boom years…
Homeless Atlantic Oil Cargoes Deepen Glut
Millions of stranded barrels underscore glut; elevated freight rates complicate search for buyers. A shadowy build up of oil has intensified in the Atlantic Basin with homeless cargoes of crude turning into unintentional floating storage - another sign the global surplus has some way to go before clearing.
Middle East State Spending Throws Lifeline to Oilfield Services
Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank…
Middle East State Spending Buoys Oilfield Services
MENA states have no option but to keep spending; Some OFS companies see strong bid pipeline for 2015. Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment,…
