CNOOC Ends Feasibility Study for Western Canadian LNG Terminal
China's CNOOC Ltd said on Thursday it will end the feasibility study for its (LNG) export terminal on British Columbia's coast due to low global commodity prices, in the latest setback for Canada's energy industry. Nexen Energy, a unit of CNOOC, said in a statement the current macro-economic environment does not currently support developing a large LNG business.
PDVSA Guarantees Investor Security amid Uncertainty
Venezuela's PDVSA is guaranteeing "legal security" for all foreign companies in the leftist-run nation, the state oil producer said in a statement, rebuffing a government adviser's suggestion that their operations could be nationalized. The statement, which was distributed to its joint venture partners and which Reuters saw…
'Bring On More Renewables,' US Regulator Says
Wind and solar power does not make the U.S. electricity grid less stable, an outgoing federal regulator said on Tuesday, as the Trump administration readies a study that will examine whether renewable energy has had a harmful effect. Colette Honorable, a member of the Federal Energy Regulatory Commission…
YPF Says Technology Lowering Its Shale Costs
Longer horizontal wells and technology improvements will help Argentine state-run oil company YPF SA lower costs at its most productive shale field, but better infrastructure is still needed in the remote Vaca Muerta play, an executive said. The breakeven price at the Loma Campana field is $43…
Oil Traders Brace for US Gulf Coast Storm
Oil traders from Texas to Louisiana braced on Tuesday for supply disruptions as Tropical Storm Cindy, formed in the U.S. Gulf of Mexico, threatened to hit refining and production centers with wind and rain later this week. Cindy was located about 265 miles (430 km) south of Morgan City, Louisiana with maximum sustained winds of 45 miles (75 km) per hour.
Petrobras Oil Output Jumps 4% in May
Brazil's Petrobras produced 2.18 million barrels per day of crude oil on average in May, a 3.9 percent increase over the prior month, the state-owned company said on Monday. Natural gas production rose 0.5 percent to 78.9 million cubic meters per day, Petrobras added. Total oil and natural gas…
Petrobras Says Bolivia Director Under House Arrest
Brazil's state-run oil company Petrobras said the head of its Bolivian operation was under house arrest due to a disputed payment with a local contractor. Petroleo Brasileiro SA, as the company is formally known, said late on Sunday that $2.5 million of a $9.5 million earthworks contract in the San Antonio petroleum bloc was under dispute.
Pemex Sharply Reduces Losses as Oil Prices Rise
Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year earlier. "Pemex's finances are today stable with positive trends; however, we believe there is certainly room for improvement…
Libya Pipeline Restart Cuts into Oil Rally
Oil prices rose on Tuesday but settled below session highs after Libya announced the reopening of pipelines after a two-year blockade that ended earlier this month. Benchmark Brent crude futures settled up 43 cents, or 0.8 percent, to $55.35 a barrel after touching an intraday high of $55.92. U.S. crude futures rose 11 cents to $52.23 a barrel.
Canadian Oilwell Drilling Forecasted to Jump in 2017
Drilling in Canada's oil and gas fields will pick up in 2017 because of more favourable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The Canadian Association of Oilwell Drilling Contractors said a more stable U.S. benchmark crude oil…
Oil Industry Workers Split Between Trump and Clinton
U.S. oil and gas industry workers have contributed only slightly more money to the campaign of Democrat Hillary Clinton than to Republican Donald Trump since the two clinched their parties' nominations for the White House, according to Reuters' review of federal disclosures. The nearly even support…
PIRA Expects $50-60/barrel Oil from OPEC Deal
The Organization of Oil Exporting Countries' decision to embrace production cuts will help move crude prices toward a target of $50 to $60 per barrel, Gary Ross, chairman of consultancy PIRA Energy Group, told reporters on Wednesday. OPEC's policy has shifted as Saudi Arabia is targeting that price range and Iran has become more willing to accept an agreement.
Chevron Wins Dismissal of Claims of Poor Savings Plan Oversight
A U.S. judge has dismissed a lawsuit by Chevron Corp workers who said the oil company breached its fiduciary duties by putting costly and poorly performing investment options in a $19 billion employee savings plan. In a decision on Monday, Chief Judge Phyllis Hamilton of the U.S. District Court in Oakland…
PDVSA seeks to Securitize Oil Services Debts
Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA…
Dynegy to Shut Money-losing Illinois Coal Power Units
Dynegy Inc will shut down three coal-fired units at two Illinois power plants because they are no longer economical in the Midwestern U.S. power market, the Houston-based electric utility said on Wednesday. Dynegy said it had decided to close more than 1,800 megawatts at the coal-fired units…
Hess Would Add Bakken Rigs When Oil Nears $60/Barrel
Hess Corp said on Wednesday it would add drilling rigs in North Dakota's Bakken shale basin, its largest area of operations, if oil prices approach $60 per barrel, a level executives believe offers the best chance to return to profitability. The update came after the U.S. oil producer reported a smaller-than-expected quarterly loss…
Six Years after BP Spill, US Sets New Offshore Oil Safety Rules
The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico. The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations, which include…
Brazil Senate May Vote to Cut Petrobras Subsalt Preference
Brazil's Senate may soon vote on a bill ending state-led oil company Petrobras' obligation to run all new development and pay at least 30 percent of the costs of all new offshore development in the Subsalt Polygon oil region, Renan Calheiros, the Senate's president, said on Tuesday. The vote…
Valero Energy Sues US EPA over Biofuels Plan
Valero Energy Corp filed lawsuits against the U.S. Environmental Protection Agency on Friday to push the regulator to alter a U.S. policy designed to boost use of renewables in transportation fuels. The country's top refiner and No. 3 ethanol producer filed a challenge with the U.S. Court of…
Petrobras Slashes Oil Reserves to Lowest Level in 14 Years
Brazil's state-led oil company Petrobras slashed its oil and natural gas reserves 20 percent on Friday as a plunge in oil prices, a heavy debt load, high costs and a corruption scandal choke off the potential of a decade of giant but expensive discoveries. The cut, reported in a securities filing…
