Trump Calls for OPEC to Boost Production
U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity."Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump wrote in a post on Twitter.Immediately following Trump's tweet, U.S. crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel.Crude oil prices have risen this year amid supply cuts by OPEC as well as U.S.
Petrobras Prices $3 Bln in Bonds
Brazilian oil company Petroleo Brasileiro SA has priced global notes worth $3 billion due in 2029 and in 2049 as it seeks to repurchase shorter-term debt obligations, according to a securities filing late Tuesday.Petrobras, as the state-run company is known, priced additional notes from its 5.750 percent global notes program and new notes to be issued by its wholly owned subsidiary Petrobras Global Finance BV (PGF), the filing said.The company intends to use proceeds from the new bond sales to repurchase certain outstanding debt obligations due between 2021 and 2025.
Schlumberger Sees International Growth in 2019
Schlumberger NV on Friday reported quarterly revenue that topped estimates and forecast single-digit growth in international markets this year even as crude prices have tumbled roughly 30 percent since October.With the drop in oil prices many producers were evaluating spending budgets for 2019, stoking concerns that a slowdown in activity would hurt oilfield service companies that have struggled to boost prices since the 2014 downturn.Schlumberger, a bellwether for the oilfield services sector, said…
Exxon Continues Drilling Offshore Guyana
Exxon Mobil Corp said on Wednesday its oil drilling and development activities offshore Guyana were unaffected despite neighboring Venezuela's navy stopping two seismic survey vessels the company had hired.The closest of 10 oil finds Exxon has made off Guyana's coast is 110 km (68 miles) away from the northwest part of the Stabroek block, where the navy halted seismic data collection on Saturday, the company said. Each country's government says the incident took place in its territorial waters."Exploration and development drilling is continuing in the southeast area of the Stabroek Block," the company said in a statement.
ExxonMobil Shelves Canada LNG Export Project
U.S. oil major Exxon Mobil Corp has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, signalling that the project has been shelved.The decision to pare its LNG project portfolio follows the decision by a Royal Dutch Shell-led group to build a giant LNG project in British Columbia to supply Asian customers, and Exxon's focus on LNG projects in Asia, the Middle East and the United States.Exxon's West Coast Canada (WCC) LNG export project in British Columbia was expected to produce around 15 million tonnes per year of LNG…
Attempted Oil Theft Leads to Spill
At least 60,000 liters (377 barrels) of oil spilled into Rio de Janeiro's Guanabara Bay and a nearby river over the weekend after an attempted robbery on a pipeline, Petroleo Brasileiro SA's Transpetro unit said, highlighting the dangers of Brazil's thriving trade in stolen oil."It was a leak of significant proportions, with an impact on the mangroves," said Maurício Muniz, an analyst at the Instituto Chico Mendes, which is associated with Brazil's environment ministry.Transpetro said in a statement the oil had spilled into the Estrela River, which feeds the Guanabara Bay.
Major Traders Bribed Petrobras Staff -Prosecutors
Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.The alleged graft was the latest finding of the country's sweeping "Car Wash" investigation, which has uncovered the largest corruption scheme in Brazil in decades and has revealed damaging information about activities at Petrobras, as the oil company is known.Prosecutors said the Petrobras employees offered the trading companies cheaper prices for oil and its derivatives…
Ecopetrol Sets 2019 Investment at $3.5 billion
Colombian state-run oil company Ecopetrol said on Tuesday it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.The investment is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves. The company has said it will drill 700 wells and double the number of rigs in operation this year.Ecopetrol expects output next year at between 720,000 and 730,000 barrels per day equivalent…
Petrobras Resubmits Agreement with CNPC
State-controlled oil company Petroleo Brasileiro SA said in a document resubmitted on Tuesday to Brazil's securities regulator it has signed an agreement with China National Petroleum Corp to study the economic viability of completing construction of the Comperj refinery in Rio de Janeiro.Petrobras originally announced the move in an October 16 statement.(Reporting by Gram Slattery; Editing by Jeffrey Benkoe)
Cano Limon Pipeline Hit by More Bombings
Colombian state-run oil company Ecopetrol said on Tuesday that three new bombings of the Cano Limon pipeline have caused contamination in several waterways in the country's northeastern Arauca province.The attacks on Sunday and Monday brought total bombings of the 485-mile (780-km) pipeline to 82 this year.Cano Limon, which can transport up to 210,000 barrels of oil per day, has been out of service for much of 2018 because of bombings and illegal taps and was not functioning at the time of the latest attacks.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion, 1,180 mile (1…
Chevron Profit Doubles
U.S. oil and natural gas producer Chevron Corp on Friday reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5 percent.The results reflected strong gains in its oil and gas production with crude prices up 44 percent during the quarter and offset a drop in earnings from its downstream operations, including refining and chemicals.Third-quarter oil and gas production rose 9 percent over a year earlier, and the company forecast total output for the…
Chevron Quarterly Profit Doubles
U.S. oil and natural gas producer Chevron Corp said on Friday its quarterly profit doubled as record oil and gas production helped overcome a series of one-time items.With the price of crude in the third quarter up 44 percent from the same period a year ago, major oil companies' earnings have returned to levels not seen in as much as four years.Chevron topped analysts' estimates with third-quarter net income of $4.05 billion, or $2.11 a share, compared with $1.95 billion, or $1.03 per share, in the same…
Storm Shuts Nearly 40% of US GoM Oil Output
Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday…
McDermott Closing CB&I Deal
Offshore engineering firm McDermott International Inc will close its acquisition of Chicago Bridge and Iron Co NV on Thursday, creating an integrated onshore and offshore services group that will expand its presence in the Middle East.McDermott's offshore engineering and construction work will combine with CB&I's onshore skills including liquefied natural gas (LNG) and power plants. McDermott will bolster its service offerings in Saudi Arabia, where it is already adding facilities and has contracts with national oil company Saudi Aramco.David Dickson…
Trump Takes Aim at Obama Climate Action Plan
The administration of President Donald Trump is committed to eliminating former President Barack Obama's Climate Action Plan and other environmental initiatives, according to the recently updated White House website. "President Trump is committed to eliminating harmful and unnecessary policies such as the Climate Action Plan and the Waters of the U.S. rule. Lifting these restrictions will greatly help American workers, increasing wages by more than $30 billion over the next 7 years," the website said. Obama's climate plan proposed cuts to U.S.
Brazil Denies Total License to Drill Amazon Basin
Brazilian environmental agency Ibama on Tuesday rejected French oil company Total SA's application for an environmental license to drill in the sensitive Foz do Amazonas basin.It is the fourth time that Ibama has rejected the application and requested additional information.(Reporting by Jake Spring Editing by Jeffrey Benkoe)
House Set to Debate Offshore Wind Energy Bills in US Waters
A U.S. House committee will kick off debate next week on three new bills aimed at boosting offshore wind energy leases in federal waters.The House Subcommittee on Energy and Mineral Resources will hold a hearing on Tuesday on three bipartisan offshore wind proposals.One proposal would require the Interior Department to develop a leasing plan or schedule for federal offshore leases, a second would create a federal grant for educational or career programs for the offshore industry, and a third would give Interior the authority to manage the federal submerged lands off of territories such as Guam for offshore energy.
Trump Signs Order Sweeping away Obama-era Climate Policies
U.S. President Donald Trump signed an executive order on Tuesday to undo a slew of Obama-era climate change regulations that his administration says is hobbling oil drillers and coal miners, a move environmental groups have vowed to take to court. The decree's main target is former President Barack Obama's Clean Power Plan that required states to slash carbon emissions from power plants - a critical element in helping the United States meet its commitments to a global climate change accord reached by nearly 200 countries in Paris in 2015.
Former CEO of Brazil's Petrobras Charged with Corruption
Brazilian prosecutors on Tuesday charged the former chief executive officer of state-controlled oil company Petroleo Brasileiro with corruption, alleging he used his position to take bribes from construction firm Odebrecht. Aldemir Bendine served as CEO of Petrobras, as the company is known, between 2015 and 2016, and was brought in to clean up the firm after its central role in Brazil's massive political graft scandal. Bendine, who also led state-owned lender Banco do Brasil SA from 2009 to 2015, was arrested late last month and remained in jail. His legal team did not immediately respond to request for comment.
