Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration with the Organization of the Petroleum Exporting Countries (OPEC)…
China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration
China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament, known as the National People's Congress (NPC)…
Russia Leads E&P Race in Arctic Region
Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region…
Iran Finds New 53 Bln Barrel Oilfield
Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday."Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves," Rouhani said…
BP Boosts Saudi, U.S. Oil Reserves Estimates
BP raised its estimates of Saudi and U.S.
Saudi Arabia Debating Shape of Aramco Ahead of IPO
Saudi Arabia is considering two options for the shape of Saudi Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources said. The listing of Aramco <IPO-ARMO.SE>, expected to be the world's biggest initial public offer and raise tens of billions of dollars…
Oil Trades at Fresh August Highs
Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market. Oil production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, were also helping to support prices in the Atlantic Basin.
Saudi Aramco Discovering More Oil, Continues CapEx
Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said. Khalid al-Falih, who was appointed energy, industry and mineral resources minister on May 7 and is also Aramco's chairman…
Could UAE Solar Push Lead a Trend for the Gulf?
As the Gulf states take steps to expand their use of clean energy, a bold plan by the United Arab Emirates to boost its use of renewable electricity from less than 1 percent to 24 percent in the next five years could be a game-changer for the region, experts say. Much of the world is moving away from oil for its electricity generation…
Africa Oil: Low Oil Price Won't Cause Major Delay to Kenya Project
Falling world oil prices will not cause a major delay to plans to begin oil production in northwest Kenya, Africa Oil Corp's chief executive said on Thursday. Keith Hill said the biggest hurdle was finalising construction plans for a crude oil pipeline. Africa Oil and its partners aim to announce a final investment decision for production in early 2017.
Survival of Fittest for 2016 Commodity Shippers
Downturn in dry freight market started in 2008; more ships expected to hit the water next year. Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only the strongest expected to weather a deepening crisis caused by tepid demand and a surplus of vessels for hire.
Petrovietnam eyes Murphy Oil's Malaysian Assets
A successful bid would make it Vietnam's biggest corporate deal; Kuwait Petroleum Corp unit has bid close to $2 bln for the stake. Petrovietnam has bid for a stake in Murphy Oil Corp's Malaysian oil and gas assets, challenging other suitors including Mitsubishi Corp and Indian state oil companies, a person with direct knowledge of the plan said.
U.S. oil reserves highest since 1970s
U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013. If condensates are included, proved reserves reached 33.4 billion barrels…
