Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S.
OP/ED: Offshore Wind
Set to Soar, Taking Offshore Support Industry With it.Offshore energy development is opening a new front in the United States -- the Atlantic seaboard, with strong winds, a shallow continental shelf and a proximity to dense population centers is driving strong interest in offshore wind development.
DNV GL Invites Partners for Turbine Project
DNV GL calls on industry stakeholders to join a new Joint Industry Project (JIP) to develop Recommended Practice on wind turbine design methodologies for cyclones and earthquakes.The world’s largest independent energy advisory and certification body…
Ophir Agrees to be Bought by Medco
London-listed Ophir Energy Plc said on Wednesday it agreed to be bought by Indonesian oil and gas group Medco for a sweetened cash bid of 408.4 million pounds ($539 million) after previously agreeing to a lower offer.Under the terms, Ophir shareholders will receive 57.5 pence per share in cash…
Brazil Council Approves Sixth Round Pre-salt Auction
The Brazilian energy advisory council on Monday approved the sixth-round auction for Brazil's coveted pre-salt offshore oil area to be held next year, the energy ministry said.The auction will include the two new blocks of Southwest Sagittarius and…
DNV GL Launches Operations & Analytics Centre in India
DNV GL, the world’s largest independent energy advisory and certification body, has launched a new Global Operations & Analytics Centre for renewable assets located in Bengaluru, India.The new centre will work in tandem with DNV GL’s existing UK Operations Control Centre in Glasgow…
DNV GL Appoints Peter Brun as New Global Offshore Wind Segment Leader
DNV GL, the world’s largest independent energy advisory and certification body, has appointed wind energy professional Peter Brun as Global Offshore Wind Segment Leader. Brun is responsible for stakeholder management, alliance building and promoting offshore wind development throughout the world.
US Interior Dept Pushes Drilling, Expedited ANWR Permits
The Department of the Interior, the U.S. government's second largest revenue generator behind the IRS, is trying to be a better business partner to oil companies to curb falling revenues, Vincent DeVito, energy advisory to the Secretary of the Interior, said on Thursday.
Brent Crude at 27-month High Even as U.S. Exports spike
Saudi Crown Prince takes bullish stance on supply cut deal; U.S. crude inventories show surprise build even as crude exports hit new record four-week average. Brent crude closed at a 27-month high on Thursday as the market focused more on comments from…
FLNG Production Bows out as US Exports Roil Market
Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices. FLNG…
Oil Steady; Record High Russian Output Forecast Offsets Weak Dollar
Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent futures were up 5 cents…
Oil Dips Before Holiday Week; Libyan Output Boost Weighs
Oil edged lower on Friday ahead of the Christmas and New Year holiday week as the market waited to see how OPEC would manage its planned output cuts with Libya expecting to boost production. Brent futures for February delivery were down 16 cents, or 0.3 percent, at $54.89 a barrel by 10:29 a.m.
Oil Prices Little Changed Before US Weekly Inventory Report
Oil futures held mostly steady on Wednesday as the market waits for direction from a U.S. crude inventory report that is expected to show a big draw. Analysts estimate U.S. commercial crude inventories probably fell by 2.5 million barrels, down for the fifth straight week, according to a Reuters poll.
Oil Steady, Supply Outlook Unclear
Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents…
Oil Prices Fall as Dollar Hits 14-year High
Oil prices fell on Thursday as the dollar rallied in the wake of a rise in U.S. interest rates, despite forecasts of a tighter oil market in 2017 due to planned output cuts. The dollar neared a 14-year high against a basket of other currencies after the U.S.
Europe Could Absorb 40 bcm More Gas Annually - at Right Price
Level represents spare gas plant demand in six countries; gas generation margins recovered only briefly this year. Coal margins higher, ruled by global trends, EU CO2 policy. Europe's power industry could absorb around 40 billion cubic metres (bcm)…
Oil Falls on Production Cut Skepticism, OPEC and Russia Output Rise
Oil prices on Tuesday fell for the first session since OPEC agreed to cut output last week after data showed crude production rose in most major export regions and on growing skepticism that the cartel would be able to reduce production. After rising over 15 percent over the four sessions since the Nov.
Big Dakota Pipeline to Upend Oil Delivery in US
It may seem odd that the opening of one pipeline crossing through four U.S. Midwest states could upend the movement of oil throughout the country, but the Dakota Access line may do just that. At the moment, crude oil moving out of North Dakota's prolific Bakken shale to "refinery row" in the U.S.
Chevron: Gorgon LNG Export Plant Still Suspended After Leak
Production remains suspended at Chevron Corp's $54 billion liquefied natural gas (LNG) Gorgon export facility in Australia following a gas leak nearly two weeks ago, a company spokesman said. "Production at the Gorgon LNG plant site has been temporarily…
Statoil, Repsol Transactions in Priority Areas
Statoil and Repsol announce transactions in Norway, UK, US and Brazil. These transactions increase the number of Statoil’s operatorships in priority areas, providing greater control of asset development and costs through shared efficiencies. * Statoil…
