Biden Administration Suspends Federal Oil and Gas Permitting
The Biden administration has temporarily suspended oil and gas leasing and permitting on federal lands and waters while it evaluates the legal and policy implications of the program, according to a Department of Interior memo.The move appears to be a first step in delivering on newly sworn-in President Joe Biden's campaign promise to ban all new federal drilling permits, part of his wider agenda to combat global climate change.The order was welcomed by environmentalists and derided by the oil and gas industry…
US Nearing Energy Independence
In just a few months, the U.S. will be fully energy independent and by 2030, the country's total primary energy production will outpace primary energy demand by 30 percent.According to the Norwegian market research consultancy Rystad Energy, this milestone follows a strong period of growth in both hydrocarbon and renewable resources."We forecast that the US will have primary energy surplus – and not a deficit – by February or March 2020…
Newcomers Pile into Race for Qatar LNG
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest, by more than a third in the next five years are considered one of the most lucrative investments…
Venezuela Arrests Two Chevron Execs
Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half…
Exxon Quits Some Rosneft Joint Ventures Citing Sanctions
Exxon Mobil Corp will exit some joint ventures with Russia's Rosneft, citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which had opposed the sanctions over Russia's invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world's largest oil producer.
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted a wide-ranging reform that aimed to attract hundreds of billions of dollars of investment to turn around a state-run oil industry in decline.
Big Oil Heads to Rio for Deepwater Auction
Brazil will auction eight blocks in its coveted deepwater oil region on Friday, a prospect that has lured top executives from the world's biggest oil companies to Rio de Janeiro for the bidding round. The oil firms and Brazilian officials expect to see aggressive bidding for the more than 12 billion barrels of estimated oil reserves on offer. "It's going to be competitive," Bernard Looney, chief executive for upstream at oil major BP, told Reuters on the sidelines of an industry conference in Rio this week.
Statoil Takes First Bite of Solar Market
Norway's Statoil is taking its first step into the solar sector on Wednesday, partnering up with Oslo-listed renewable energy firm Scatec Solar in a joint venture aiming to build several large-scale solar plants in Brazil. Bruised by pressure on oil prices over the last two years, European oil companies have been intensifying their expansion into renewable energy to seek new sources of revenue. With a 40-percent…
Multinational Firms Flee Venezuela
Multinational companies are selling their Venezuelan operations at hefty discounts - or even giving them away - as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages. Six firms, including General Mills and oil producer Harvest Natural Resources, have sold operations for as little as half their assessed value on the companies' books, according to securities filings and interviews with a dozen people knowledgeable about the deals. One company, U.S.
Trump's Energy Policies Not Yet Defined: Kemp
Donald Trump's victory in the U.S. presidential election will trigger a race among journalists, analysts and traders to explain what it means for energy policy and markets. But the president-elect does not yet have clearly formed policies on most energy issues so the implications will become clear only in the weeks and months ahead as he starts to build an administration. Energy analysts tend to make the mistake of assuming that everyone thinks about the detail of energy policy as much as they do themselves.
Enbridge to Buy into EnBW Offshore Wind Park Project
Canadian energy firm Enbridge has won the auction for a stake in EnBW's Hohe See, one of Europe's largest offshore wind power projects, a person familiar with the matter told Reuters on Tuesday. Once completed, Hohe See, expected to cost as much as 2 billion euros ($2.24 billion), will produce enough power to supply about 560,000 homes. EnBW plans to make a final investment decision towards the end of the year.
Douglas Westwood: Brexit and Potential Threats to the Energy Industry
With the referendum rapidly approaching, the question of what Brexit could mean for the UK oil & gas industry has become increasingly intriguing. As a market broadly regulated in London, many argue that an exit vote would lead to no significant changes – at least in the short term. However, new uncertainties for the energy industry may emerge, should the UK decide to part ways with Europe. In 2013, the UK became a net importer of petroleum products.
Infighting Cancels Iran Contract Presentation
Internal clashes over the oil contracts, hardliners oppose contracts, push to have a bigger say. Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference, which had been scheduled to be held in London on Feb 22-24.
Iran Cancels Oil Contracts Presentation, Signals Infighting
Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference, which had been scheduled to be held in London on Feb 22-24. However, foreign oil executives say factionalised politics in Iran…
Algerian Court Jails Six in Oil Firm Corruption Case
An Algerian court jailed six people on Tuesday in a corruption case involving state energy firm Sonatrach, including a former vice president and an ex-state bank chief, and it fined two local subsidaries for their role. The verdicts in the so-called "Sonatrach 1" case come at a time when sliding global oil prices have significantly hit state finances in Algeria, an OPEC member, and Sonatrach is struggling to attract sorely needed foreign investment.
Mozambique Turns 40, High on Promise of Gas
Former Portuguese colony hopes troubles behind it; economic expectations pinned on vast gas reserves. Mozambique turned 40 on Thursday, mixing formal military parades with exuberant African dancing as it turned from a generation of civil war and poverty to look to a more prosperous future, powered, it hopes, by vast amounts of natural gas. In contrast to the early years of independence from Portugal in 1975, when the challenge was navigating the choppy waters of the Cold War…
Egypt Debt to Foreign Oil Cos at $3.5 bln
Egypt's debts to foreign oil companies stood at $3.5 billion dollars at the end of June, a 6.1 percent increase from March, an official at state-owned Egyptian General Petroleum Corporation (EGPC) said on Sunday. The country's payments to oil and gas companies have been delayed by economic instability since a popular uprising ousted leader Hosni Mubarak in 2011. "Foreign oil company dues with Egypt have reached $3.5 billion dollars," an EGPC official told Reuters on condition of anonymity.
Iran to Offer 3 Gas Fields for Investment
Iran will offer three gas fields to foreign investors at a conference in London later this year, an Iranian official said on Wednesday. Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London conference where Iran is due to unveil its new contract model, managing director of Pars Oil and Gas Company (POGC) said, according to Shana, the oil ministry's news agency.
Algeria's Sonatrach Looks to Restructure
Algeria's state energy firm Sonatrach has begun a restructuring aimed at saving money and coping with the dramatic slide in global oil prices, an internal document seen by Reuters shows. The measure is the latest attempt by the Algerian energy giant to help the North African OPEC state manage a sharp fall in its energy revenues and weak foreign investor interest in helping develop new fields to push up production.
Iran's Oil Return to Boost SUMED Volumes
Egypt anticipates a ramp-up in oil volumes through the SUMED pipeline once Iran re-enters the world market - a move that is welcomed by Cairo, the country's petroleum minister Tarek El Molla told Reuters on Friday. SUMED, which owns and operates Egypt's Mediterranean port of Sidi Kerir, is half owned by state-run oil company Egyptian General Petroleum Corp. A group of four other Gulf Arab countries - Iran's arch rival Saudi Arabia, as well as Kuwait, the United Arab Emirates and Qatar - owns the other half.
