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…
China to Cut Renewable Power Subsidy
China will cut its renewable power subsidy to 5.67 billion yuan ($806.50 million) in 2020 from 8.1 billion yuan in 2019, the Ministry of Finance said on Wednesday, as the country will soon stop funding large solar power stations.Because of a decline in manufacturing costs, China has been scaling bac
OKEA Gets Approval to Acquire Shell's Draugen, Gjoa Fields
Norway's Ministry of Petroleum and Energy and Ministry of Finance has approved the transaction from AS Norske Shell and OKEA concerning the transfer of the licenses associated with the Draugen field in the Norwegian Sea and the Gjøa field in…
China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources…
Key Oil Export Terminals Reopen in Libya
Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours"…
Solar Modules Stuck at Indian Ports Due to Import Duty Dispute
Solar modules worth more than $150 million are stuck at various Indian ports due to a dispute over their classification and the import tax applicable to them, sources said, which could delay Prime Minister Narendra Modi's clean energy goals.
Saudis Tighten Grip on Japan, its Biggest Asian Oil Market
Japan's H1 2017 Saudi crude imports rise 7.7 pct; Japan is top buyer of Saudi oil in Asia at 1.3 mln bpd in H1. Saudi Arabia has boosted its market share in Japan, the world's top oil exporter's biggest Asian market, by selling more light crude…
Libyan Oil Output Rises after Port Fighting Ends
Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800…
Will LNG Remain a Key Energy Source?
Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015.
Japan Pays Dearly for U.S. Shale Cargoes
Japan in January paid nearly twice as much for liquefied natural gas (LNG) derived from U.S. shale gas as it did for its cheapest imports, official trade data showed on Friday. Shale gas from the United States had been touted as a panacea to…
Royal Dutch Shell 3Q Dividend Payments
The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2016 interim dividend, which was announced on November 1, 2016 at US$0.47 per A ordinary share (“A Share”) and B ordinary share (“B Share”).
Ontario will Invest $5.4 bln to Cut Carbon Footprint
The government of the Canadian province of Ontario plans to spend more than C$7 billion ($5.41 billion) over four years from 2017 in a bid to cut the province's carbon footprint, the Globe and Mail reported on Monday. The province will begin to phase out natural gas for heating…
Prices Ease Though Argentine Demand Limits Losses
Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu)…
TonenGeneral Imports Japan's First Kurdish Oil Cargo
TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015…
Russian Finance Ministry Readies for Fight with Big Oil Over Tax
Russian oil firms would have to pay more tax on some of their fields under reforms being prepared by the finance ministry, which is seeking to get more revenue into the budget, according to three officials and a draft of the plans seen by Reuters.
Japanese LNG Buyers Now Selling as Glut Bites
Japanese liquefied natural gas (LNG) buyers are having to hone a new skill - selling. After decades of negotiating with suppliers for the lowest possible prices, the world's top importer is moving from customer to competitor, seeking to sell surplus stock.
Russia Sets Oil Production Record for 2015
Against the backdrop of a sharp drop in oil prices sharply increased their exports, Russia has set a new record for oil production in 2015. This is a new record for oil production (including gas condensate) - 534 081 000 tons, which is 1.4% higher than in 2014…
Angolan Fuel Prices Rise as Government Lowers Subsidy
Angola's retail fuel prices increased sharply on Friday, according to a statement from state-owned company Sonangol, as the government of Africa's second biggest oil exporter cut subsidies to consumers. The price of petrol rose 39 percent to…
Noreco Sells Norwegian Petroleum Activities
Norwegian Energy Company ASA (‘Noreco’) announces that its fully owned subsidiary Noreco Norway AS (Noreco Norway) has entered into a Sale and Purchase Agreement (‘SPA’) with Djerv Energi AS (‘Djerv’) for the sale of its exploration licence interests, organisation and management systems.
Oil Prices Edge up on Firm Asian, U.S. Demand
Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season. Front-month Brent crude prices were up 6 cents at $65.43 per barrel at 0045 GMT. U.S. crude prices were also up 6 cents at $59.78 a barrel.
