Phillips 66 Indicted for Clean Water Act Violation
A grand jury has indicted Phillips 66 PSX.N for violating the Clean Water Act by illegally discharging hundreds of thousands of gallons of industrial wastewater into Los Angeles County's sewer system and failing to report the violations to authorities, the U.S. Attorney in Los Angeles said on Thursday.Phillips 66 is expected to be arraigned in the coming weeks in Los Angeles federal court. It faces a maximum sentence of five years probation on each count and up to $2.4 million in fines.
US Judge Proposes CITGO Auction Solution
The U.S. judge overseeing an auction of shares in a Citgo Petroleum parent to pay Venezuela-linked creditors on Wednesday proposed major procedural changes to advance a case stalled by wide opposition and lawsuits by creditors in other courts.Judge Leonard Stark recommended a series of changes to encourage higher bids in a seven-year-long court case brought by companies pursuing up to $21.3 billion in claims for debt…
Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S. oil refiner's parent PDV Holding, aimed at paying 18 creditors up to $21.3 billion in awards against Venezuela…
Venture Global gets FERC Nod for LA LNG Plant
Federal regulators on Wednesday gave Venture Global LNG permission to introduce natural gas into its Plaquemines export plant in Louisiana, documents show, moving the plant a step closer to producing the superchilled gas.The 20 million metric tons per annum (MTPA) Plaquemines LNG plant will be the second-largest U.S. export facility when fully operational. It and other projects due to start next year will help the United…
US Extends Protections for CITGO to March 2025
The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner's parent might be auctioned to pay creditors.Citgo's parent, PDV Holding, was found liable by the court for Venezuela's debts from asset expropriations and debt defaults. The case has opened a route for creditors to fight for a piece of Venezuela's crown jewel - Citgo's 807…
US Arrests Turk for Alleged Sanctions Violations
U.S. authorities have arrested a Turkish man who they allege was trying to violate sanctions by transporting oil from Venezuela, the Justice Department said on Monday.The U.S. reimposed sanctions on the Venezuelan oil company PDVSA in June after what it said was the failure of President Nicolas Maduro to return to talks with the political opposition and commit to fair elections.In a statement, the Justice Department said 37-year-old Taskin Torlak had "allegedly conspired to illegally sell Venezuelan oil…
Orsted Addresses Swedish Baltic Sea Wind Concerns
Orsted CEO assures Sweden that the offshore wind industry has solutions that would address defense concerns. At issue: Sweden's rejection of a proposed 13 offshore wind farms in the Baltic Sea.Swedish Defense Minister Pal Jonson said on Monday that building wind farms in the Baltic Sea would pose defense risks, by making it harder to detect and shoot down missiles. As Europe turns to renewable sources to diversify energy supplies away from Russian oil and gas…
Cheniere Asks Biden Admin to Drop Pollution Rule
Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request imposes an uncomfortable dilemma on President Joe Biden’s administration as…
US Prepares Renewal of Chevron's Venezuela License Without Broader Terms
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said.The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for a license that would allow it a greater say in its joint ventures with Venezuela's state-run PDVSA…
New York City Sues Exxon, BP, Shell Over Climate Change
New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as "cleaner" and advertising themselves as leaders in fighting climate change.The lawsuit comes after a federal appeals court this month rejected the city's effort to hold five major oil companies liable to help pay the costs of harm caused by global warming.The lawsuit said Exxon Mobil Corp…
Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders map out the direction for the Democratic president's climate change and environmental agenda and mark a reversal from Trump, a Republican businessman-turned-politician who sought to maximize U.S.
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…
Biden Announces Return to Global Climate Accord, New Curbs on US Oil Industry
U.S. President Joe Biden on Wednesday announced America's return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S. leadership in combating global warming.The announcements also included a sweeping order to review all of former President Donald Trump's actions weakening climate change protections, the revocation of a vital permit for TC Energy's Keystone XL oil pipeline project from Canada…
EU Energy Watchdog Sanctions Bosnia over Non-compliance with Rules
The European Union's energy watchdog has extended sanctions against Bosnia for another two years over the Balkan country's failure to comply with the body's gas and electricity sector regulations.Bosnia has been sanctioned for much of the period since 2015 due to its persistent failure to amend legislation in accordance with the Second Energy Package in the gas sector, the Sulphur in Fuels Directive, and the Third Energy…
US Axes Environmental Reviews of LNG Marine Transport
The U.S. Department of Energy on Thursday issued a rule to exclude environmental reviews for marine transport of liquefied natural gas (LNG), as the Trump administration unleashes last minute rules supporting the fossil fuel industry.The rule, which the Energy Department issued in a pre-publication notice in the Federal Register, frees LNG transport license applications from including environmental reviews that have been required under a bedrock environmental law…
PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it…
KPMG Flags Oil Trader ZenRock's Questionable Deals
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader.ZenRock was placed under interim judicial management in May after one of its creditors HSBC Holdings PLC alleged that it engaged in a series of "highly dishonest transactions."It…
China Grants Zheijang First Private Fuel Export License
China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.The license would allow ZPC to directly sell oil products to the international market, competing against state-owned refiners and helping to ease oversupply pressure in China's domestic market.However…
Libya's NOC to Lift Force Majeure at Es Sider Oil Port
Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing a tanker on standby to load crude from storage.The state oil company urged all Libyan parties to support it and called on what it described as "foreign mercenaries and armed groups" to leave the oil port immediately.The Delta Ocean Suezmax tanker arrived at the port on July 5 and has been waiting since then…
US Approves LNG Exports from Oregon
The U.S. Energy Department on Monday approved the export of up to 1 billion cubic feet per day of liquefied natural gas from a proposed terminal in Oregon, a move it said would ease U.S. sales of the fuel to Asian markets.The approval advances efforts by President Donald Trump's administration to increase U.S. fossil fuel shipments around the globe at a time big projects are increasingly under strain from environmental protests and lawsuits.“Today’s export authorization for Jordan Cove…
Malaysia to Sue EU Over Palm Biofuel Restrictions
Malaysia, the world's second-largest palm oil producer, will take legal action against the European Union's restrictions on palm oil-based biofuels with the World Trade Organization (WTO), calling the policy a "discriminatory action."Plantation Industries and Commodities Minister Mohd Khairuddin Aman Razali said on Wednesday the EU's renewable energy directive "restricts free trade practices.""The policies adopted by…
US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments
The U.S.
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), authorities also pledged to boost the country's oil and gas network and continue to…
OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat
These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative, forcing sellers to actually pay customers for taking the crude oil off the sellers’ hands. The historic drop came a little over a month after Russia and Saudi Arabia initiated crude oil price war, and it has left…
Sembcorp Begins Proceedings Against Hin Leong Affiliate
Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore's Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading, which is being monitored by Singaporean authorities.Sembcorp Cogen on April 24 obtained a court order to restrain Universal Terminal from moving…
BP Issues Force Majeure Notice for Golar FLNG Unit
Golar LNG Ltd said on Tuesday that it received a force majeure notice from a BP Plc unit seeking to delay taking delivery of a floating liquefied natural gas facility by a year.The notice is the latest force majeure claim issued in the LNG sector that is struggling with a seasonal plunge in demand as well as the spread of the coronavirus outbreak, which has further hammered the consumption of the super-chilled fuel globally.BP…
Ransomware: The IT Danger on the Horizon
Two decades into the 21st century, we’re seeing a growing and pernicious threat to global information security: ransomware. Even non-technical folk have loosely heard of it, but the broader implications haven’t yet penetrated the public consciousness. In different industries, that general lack of awareness could be a big problem—and the maritime sector is a good example.Ransomware hits at the confluence of two critical trends in modern technology: the ever-increasing integration of IT systems into daily life…
Venezuelan Detains More than 30 PDVSA Workers
At least 38 workers from Venezuela's state oil company Petroleos de Venezuela’s, including the president of maritime subsidiary PDV Marina, were detained on accusations of trafficking fuel, Venezuelan Interior Minister Nestor Reverol said on Saturday, describing the accusations as "treason."The move comes just days after other state officials were detained and amid a shakeup at PDVSA after President Nicolas Maduro last month named a committee to restructure the OPEC nation’s oil industry, which is struggling under U.S.
US to Warn Shipping Industry Against Storing Iranian Oil
The Trump administration will soon issue an advisory warning ports, tankers and shipping industry players against storing Iranian oil in violation of U.S. sanctions, a State Department official said on Monday.David Peyman, the deputy assistant secretary of state for counter threat finance and sanctions, said the United States will also encourage ship captains and others to take photos of anyone conducting ship-to-ship transfers in case those transfers involve sanctioned oil.
UKCS Mediation Pilot Launched
UK oil and gas industry regulator Oil and Gas Authority (OGA) has revealed that it has launched a year-long UK Continental Shelf (UKCS) “mediation pilot”.According to the OGA, the pilot aims to test the extent to which mediation can resolve certain disputes between oil and gas licensees, operators and infrastructure owners in the UKCS.The OGA has found that disputes have generally arisen due to entrenched licensee behaviors or communication breakdowns.
Angola May Seek International Arrest Warrant for Isabel dos Santos
Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect, its chief prosecutor was quoted as saying.Angola has named dos Santos, the daughter of former president Jose Eduardo dos Santos, as a suspect over alleged mismanagement and misappropriation of funds while she was chairwoman of state oil firm Sonangol in 2016-2017.
US Extends License for Chevron's Operations in Venezuela
The U.S. Treasury Department on Saturday renewed a license allowing Chevron, the last U.S. energy company operating in Venezuela, to continue working in the country until April 22.In January, the United States imposed sanctions on Venezuela's state-run oil company PDVSA in an effort to oust President Nicolas Maduro, though he remains in power. The Treasury issued Chevron a six-month license to operate, however, which…
US Renews Waiver on COSCO's Dalian Tanker Unit
The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.The waiver, good until Feb. 4, 2020, allows activities and transactions "ordinarily incident and necessary to the maintenance or wind down of transactions" including offloading of non-Iranian crude oil involving COSCO's Dalian Shipping Tanker Co, the U.S.
Maersk, Tide Maritime Targeted in Petrobras Probe
Brazilian authorities on Wednesday targeted Maersk and other companies for allegedly paying bribes to get an edge in securing shipping contracts with state oil firm Petroleo Brasileiro SA, in the latest phase of a sprawling graft probe.Federal prosecutors said in a statement that Denmark's Maersk, the world's largest shipping company, was involved in allegedly paying $3.4 million in bribes related to 11 shipping contracts with Petrobras…
Former China Energy Chief Jailed for Life
Former head of China's National Energy Administration Nur Bekri has been sentenced to life in prison for accepting bribes, China's Supreme People's Court said on Monday.The court said in a statement published on Chinese social media platform Weibo that Bekri confessed his crimes while on trial.Bekri, once one of the highest-ranking ethnic Uighur officials in China, was accused by the anti-corruption body of receiving bribes and demanding provision of luxury sedans and chauffeur services for his family members.(Reporting
Oil Edges Lower on U.S. Crude, Gasoline Build
Oil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but losses were limited by optimism that a U.S.-China trade deal would be reached soon.Brent crude futures fell 34 cents, or 0.5%, to $63.93 a barrel by 1:14 p.m. EST (1814 GMT). U.S. West Texas Intermediate crude fell 34 cents, or 0.8%, to $57.93 a barrel.WTI trade volumes were also on track to be lower for the week ahead of the U.S. U.S. Thanksgiving holiday.U.S.
Saudi Aramco's IPO Reaches $8.7 bln
Retail subscription for Saudi Aramco's initial public offering (IPO) reached 32.57 billion Saudi riyals ($8.7 billion) on Monday, lead manager Samba Capital said.The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion. (Reporting by Marwa Rashad
OPEC, Other Stakeholders May Adjust Output Quotas
Russian Energy Minister Alexander Novak said on Wednesday the forthcoming meeting of OPEC and other large oil producers may discuss adjusting oil output quotas at a next-month meeting, local news agencies reported."We don't rule out discussing various issues," Novak was quoted as saying by the Interfax news agency when asked if the OPEC+ meeting would discuss lower production quotas for Russia. (Reporting by Maxim Rodionov and Vladimir Soldatkin
Solveig buys oilfield operator Capricorn from Cairn
Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday.The private equity fund told Reuters earlier this year it aimed to turn Solveig into an integrated exploration and production company, using the cash flow from its gas pipelines to fund expansion.Cairn separately confirmed the deal…
IMO 2020, China Output Pummels Asian Refinery Margins
Profits at Asian refineries are being buffeted by a combination of factors, chief among them uncertainty over how exactly new shipping fuel standards will play out and the rise of China as a product exporter.Refinery margins in Asia have been knocked to the lowest since the financial crisis in 2008 by some measures, as the industry grapples with the disparate factors.The return from processing a barrel of Dubai crude at a typical Singapore refinery was a loss of $1.19 a barrel in early Asian trade on Monday.
Sarawak Seeks to Recoup Tax from Petronas
Malaysia's state of Sarawak filed a writ summons and statement of claim against national energy firm Petroliam Nasional Bhd on Thursday to recover taxes owed, according to media reports.National news agency Bernama reported that the company, better known as Petronas, was said to be the only oil and gas company operating in the state that had not paid the 5% state sales tax imposed at the start of this year.Sarawak Assistant…
Gasum on an Acquisition Spree
Finland-based integrated gas company Gasum takes steps forward in its growth strategy by acquiring AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG."These acquisitions will enhance the development of the Nordic gas market and create a platform for Gasum to provide a broader offering to meet the increasing demand for low-emission energy solutions from customers in industry, maritime and road transport…
Hackers Demand $5M from Pemex
Hackers demanded about $5 million in bitcoin from Mexico's Pemex, they told Reuters on Tuesday, saying the state oil firm missed a special discount by not paying immediately after a cyberattack that fouled up the company's systems.The hack, which Pemex said it detected on Sunday, forced the company to shut down computers across Mexico, freezing systems such as payments, according to five employees and internal emails.Hackers…
Moment of Truth for Brazilian Oil Auction is Here
Executives from many of the world's biggest oil companies gathered in Rio de Janeiro on Wednesday to compete in Brazil's long-awaited transfer-of-rights (TOR) oil bidding round, the largest offer of crude and gas reserves in the nation's history.Lawyers and executives have been working feverishly in recent weeks to sort out terms of consortia that will place bids on the four blocks available in the TOR area — offshore fields with billions of barrels in confirmed reserves.If all the areas receive a bid…
Shell to Buy French Wind Farm Firm
Royal Dutch Shell is buying French renewable power company EOLFI as part of its plans to ramp up the oil major's electricity business.EOLFI has largely focused on solar and wind projects, including offshore wind farms.
Chesapeake Energy to Reduce CapEx by 30%
U.S. oil and gas company Chesapeake Energy Corp said it expects its capital expenses to drop by about 30% in 2020 after it reported a bigger-than-expected loss on Tuesday because of a sharp drop in production and lower natural gas prices.Chesapeake said it expects capital expenditures of $1.3 billion to $1.6 billion for 2020 that is well below $2.11 billion to $2.31 billion set aside for 2019.The company also plans to cut its 2020 production costs as well as general and administrative expenses by about 10%…
U.S. Ingenuity Will Solve Climate Challenge: US DOE
The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.The world should look to the United States' ability to reduce its emissions, the Department of Energy's Steven Winberg said at an oil conference in South Africa a day after the Trump administration formally moved to exit the Paris Agreement."We can solve any climate issue with technology development…
USA to Make Paris Climate Exit Official
The Trump administration will file paperwork with the United Nations as early as Monday to withdraw the United States from the Paris Agreement, marking the first formal step in a one-year process to exit the global pact to fight climate change.The move would finalize a decision President Donald Trump promised early in his term to unfetter America’s domestic oil, gas and coal industries."What we won’t do is punish the American people while enriching foreign polluters…
Keystone Pipeline Still Closed, ND Leak Source Unclear
The precise source of a leak on TC Energy Corp's Keystone oil pipeline in North Dakota has not yet been identified, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) said on Monday.There is no estimated timeline for restart of the pipeline and the company is continuing excavation work to isolate the affected part of the pipeline, the spokesman said by phone.Clean-up crews in Walsh County…
Investors Still Unclear on Saudi Aramco IPO Value
Saudi Aramco's blockbuster listing remained shrouded in mystery on Monday, a day after the company finally announced its plans, with scant details disclosed and expert valuations varying wildly from around $1.2 to $2.3 trillion.The state oil giant, the world's most profitable company, fired the starting gun on a domestic initial public offering (IPO) on Sunday after a series of false starts that had kept the investment world guessing.However potential investors…
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin, the world’s biggest oil field, starting with an overhaul of New Mexico's ailing public education system.
Offshore Wind: a Freshening Breeze?
July brought news about offshore wind. There was something for everyone: optimism, disappointment, and construction, too.Finally, starting with Dominion Energy’s Coastal Virginia Offshore Wind Project, a joint venture with Danish wind developer Orsted is underway. True, this is a small project – just two wind turbines to be installed 27 miles east of Virginia Beach. But considering all the preceding hurdles, news about Dominion blew in as proverbial, hopeful fresh air.
New CEO for Marathon After Hedge Fund Campaign
Marathon Petroleum Corp chief Gary Heminger will leave the company next year after almost a decade in charge, launching sweeping changes demanded by investors at the biggest U.S. refiner including the spinoff of its Speedway retail arm.The departure is a victory for activists Elliott Management, DE Shaw and others who had sought the changes following the 2018 acquisition of rival Andeavor.That $23 billion deal gave Marathon…
Big Corn, Big Oil Unhappy with Fed's Biofuel Plan
Corn farmers, ethanol producers, refinery representatives, energy traders and state and local officials from the Midwest all blasted away at the Trump administration's proposed biofuels plan for next year during a public hearing on Wednesday hosted by the U.S. Environmental Protection Agency (EPA).The hearing in Ann Arbor, Michigan, marks the second public meeting on the topic in as many days, airing the grievances of…
CSB: Chemical Leak Caused Fire at ITC Houston Terminal
The U.S. Chemical Safety Board (CSB) said on Wednesday that a fuel leak, possibly due to open valves and a running pump, set off a massive blaze at a Mitsui & Co Ltd petrochemical storage operation along the Houston Ship Channel in March.The fire that began on March 17 at Intercontinental Terminals Co (ITC) spread black smoke across Houston, shut the nearby ship channel, slowed production at local oil refineries and closed…
Aramco: IPO Will Come Soon
The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's energy minister said on Wednesday.Aramco aims to announce the start of its IPO on Nov. 3, three people with direct knowledge of the matter told Reuters on Tuesday, after delaying the deal earlier this month to give advisers time to secure cornerstone investors."It is going to come soon ...
Tankers Sail after U.S. Provides Sanctions Relief
At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept. 25 announced sanctions on Chinese tanker companies…
WFW Advises on Race Bank Wind Farm Deal
Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%)…
Teekay Resolves China LNG JV Issues
Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation…
US Gives Chevron More Time in Venezuela
The U.S. Treasury Department on Monday renewed a license allowing Chevron, the last U.S. operating energy company in Venezuela, to continue drilling in the country for another three months through Jan. 22.The license has been a subject of intense debate within the Trump administration as it pursues a campaign to oust socialist President Nicolas Maduro. Its renewal represented a win by some in the administration, such as Secretary of State Mike Pompeo, who see keeping a U.S.
Swiss File First Charges in 'Car Wash' Probe
Switzerland has pressed charges against a person in a corruption probe of Brazilian state oil company Petrobras and construction firm Odebrecht, the attorney general's office said, adding it was seeking to conclude the case quickly.Prosecutors in Bern on Tuesday said they suspect the person, acting as a financial middleman, of helping bribe public officials and of money laundering in the sprawling "Operation Car Wash"…
Gazprom Integrates All Companies in Tax Regime
Russian energy company Gazprom said that six companies of the Group – Gazprom Dobycha Astrakhan, Gazprom Transgaz Samara, Gazprom Transgaz Saratov, Gazprom Transgaz Tchaikovsky, Gazprom Transgaz Ufa, and Gazprom Transgaz Volgograd – will join the tax monitoring regime on January 1, 2020.The conglomerate, which carries on the business of extraction, production, transport, and sale of natural gas, is actively working to…
U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining margins for advanced facilities capable of extracting even more valuable products like diesel and gasoline…
ProPetro Cuts Almost 150 Workers
ProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets for the year, one of the people said.Midland, Texas-based ProPetro said last week it would cut the number of hydraulic fracturing fleets operated this quarter by as much as 28%…
Activists Climb Shell North Sea Platform
Greenpeace activists boarded two Royal Dutch Shell oil platforms in the British North Sea on Monday in protest against plans to leave parts of the giant structures in place after production shuts down.Pictures provided by Greenpeace show two people in yellow hats scaling one of giant two large, rusty structures and unfurling a banner reading "Clean up your mess, Shell!"Shell confirmed that protesters boarded the Brent Alpha platform and the Brent Bravo concrete legs.Shell is in the process of dismantling the 40-year-old
Parsley Energy to buy Jagged Peak Energy for $1.62 bln
Oil and gas producer Parsley Energy Inc said on Monday it would buy Jagged Peak Energy Inc in an all-stock deal valued at about $1.62 billion.Jagged Peak shareholders will receive 0.447 shares of Parsley Class A common stock for each share held, the company said.The offer translates to $7.59 per Jagged Peak share based on Parsley stock's closing price on Friday.Reporting by Arundhati Sarkar
Saudi Aramco IPO Announcement Due 'soon'
The initial public offering (IPO) of state-owned oil producer Saudi Aramco will be announced '"very very soon", Chairman Yassir al-Rumayyan was quoted as saying by al-Arabiya television.Reporting by Naher Chmayetelli
Novatek in Talks on LNG Transhipment
Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries, COSCO Shipping Tanker (Dalian) Co and COSCO Shipping Tanker (Dalian) Seaman & Ship Management…
Keppel, Sembcorp Reach Deal with Embattled Brazil Firm
Singapore firms Keppel Corp and Sembcorp Marine said on Monday they had reached settlements with indebted Brazilian firm Sete Brasil over long-standing contracts to build drillships and rigs.Sete, which leased oil rigs to Brazil's state oil firm Petroleo Brasileiro SA (Petrobras), filed for bankruptcy protection in 2016 after being engulfed in a massive corruption scandal.Keppel and Sembcorp Marine are among a host of firms caught up in the wide-ranging "Car Wash" investigation.
DoJ Drops Shell Investigation
Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield.Shell and Italy's Eni are both currently on trial in Milan on graft allegations revolving around the acquisition of the OPL 245 oilfield."The U.S. Department of Justice (DoJ) has notified us that it has closed its inquiry into Shell in relation to OPL 245.
US DOJ Closes Eni Investigations
The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday.Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations revolving round the acquisition of a giant Nigerian oilfield in 2011.In that case Eni and peer Royal Dutch Shell are accused…
Eni CEO's Wife Under Investigation in Congo Probe
Italian prosecutors are investigating the wife of Eni's chief executive as part of a wider probe into allegations of corruption involving the oil and gas major in Congo Republic, a prosecution document seen by Reuters showed.State-controlled Eni has previously said it was under investigation by Milan prosecutors for corruption in Congo Republic from 2013 to 2015. The company has denied the allegations.Prosecutors told a court this year that five people were being probed…
NGA in Rig Settlement Pact with Industri Energi
The Norwegian Shipowners' Association (NGA) reached an agreement with Industri Energi and SAFE in the Mid-Term Settlement for employees on mobile offshore units, drilling and catering on permanently placed facilities on the Norwegian Continental Shelf, after mediation at the national Mediator’s Office several hours past deadline.The result involves a general wage growth of 3,6%. A strike among under 1600 rig workers is thus prevented."For the sake of the competitive situation and jobs on the Norwegian Continental Shelf…
OMP Acquires Stake in TEN
The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s…
Swiss Prosecutors Aid Italian Oil Corruption Probe
Switzerland's top court has allowed Geneva prosecutors to share with Italy material they seized more than three years ago that could shed light on a case involving oil majors Eni and Royal Dutch Shell and corrupt payments in Nigeria.In a ruling announced on Monday, the Federal Tribunal rejected Nigerian defendant Emeka Obi's appeal to prevent photocopies of items and computer files from his confiscated suitcase from being…
Tax Breaks Approved for Russia's Largest Oilfield
Russia's finance ministry has in principle approved tax breaks for developing the Priobskoye oilfield, Russia's largest, to oil giants Rosneft and Gazprom Neft, Alexei Sazanov, head of the ministry's tax department said on Thursday.He added that tax breaks for the oil companies could last for 10 years but no start date had yet been agreed.Sazanov told reporters Russia's budget should be compensated for revenue it will lose due to the tax breaks for Priobskoye and the finance ministry proposed to introduce a mineral extr
Mexico, Pemex to Hedge Oil Output
The Mexican government has said in its 2020 budget proposal that it will maintain a strategy of hedging its oil output against lower prices.Mexico’s state oil company Pemex will also continue a similar but separate hedging program. Mexico’s roughly $1 billion annual oil hedge is considered the world’s largest oil trade and the government has made the first moves to launch its program by asking banks for quotes.The budget…
US Judge Rejects Exxon, Shell Nigeria Case
A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell Plc's effort to revive a $1.8 billion arbitration award against Nigeria's state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country's coastline.U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations in deciding not to enforce the October 2011 award against Nigerian National Petroleum Corp (NNPC)…
Bribery Probe Slows Petrofac Sales
Petrofac Ltd on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company's dealings in Saudi Arabia and Iraq.Petrofac, which designs, builds and operates oil and gas facilities, said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain's Serious Fraud Office (SFO)…
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chie
