Minister: Russia welcomes foreign investments in geological exploration
Alexander Kozlov, Minister for Natural Resources and Ecology in Russia, said that the country would be happy to welcome foreign investors who wish to participate in its geological surveys. After the outbreak of the conflict in Ukraine, in February 2022, Russia experienced a mass exodus. Moscow has tried to strengthen cooperation with nations…
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…
Woodside Q1 Revenue Rises 4%
Australia's Woodside Petroleum Ltd on Thursday posted a 4 percent rise in first-quarter revenue on higher realized prices for its oil and gas.Revenue rose to $1.22 billion for the three-months ended March 31, compared to $1.17 billion a year ago.Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down from 22.2 mmboe a year earlie
Bahrain Launches $1 bln Energy Fund
Bahrain's government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom's energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said on Thursday.The Bahrain Energy Fund will receive its initial capital from local entities including Nogaholding, the investment arm of Bahrain's National Oil and Gas Authority, as well as from investme
Gazprom: Sea Portion of TurkStream First Line Completed
Russia's Gazprom said on Monday it had completed the sea portion of the first line of the TurkStream offshore gas pipeline across the Black Sea.Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km, of pipe had been laid since it began construction last year.The second line, designed to ship gas to south European countries such as Greece, Bulgaria and Italy, will be laid in the third qua
Trump to Promote US Natgas Exports in Russia's Backyard
President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighboring countries in winter months. Exports from the United States would help reduce their dependence on Russia.
Strong Rouble Limits Effect From Oil Cut Deal for Russia
A strong rouble is deflating Russian oil producers' and government hopes for a revenue boost from a global deal to curb output that was designed to lift prices and reduce inventories. The price of Russia's flagship Urals oil blend has risen around 20 percent since OPEC and 11 other large producers, led by Russia, agreed late last year to cut production in the first half of this year.
DONG Energy to Exit O&G Business
Danish energy group DONG Energy plans to quit the oil and gas business to focus solely on offshore wind power, just five months after giving the impression it would maintain its presence in oil and gas when it listed in Copenhagen. The company, the world's biggest operator of offshore wind power, had considered selling its oil and gas business in the past…
GE Beats on Profit but Cuts Revenue Target on O&G Weakness
General Electric Co beat analyst profit forecasts in the third quarter, but revenue growth remained sluggish, prompting the company to lower its full-year revenue growth target and narrow its profit forecast on Friday and sending shares lower. The industrial giant's adjusted profit jumped 10 percent to 32 cents a share, beating the 30 cents that analysts had estimated on average, according to Thomson Reuters I/B/E/S.
Petronas to Cut about 1,000 Positions
Malaysia's Petronas announced it is making about 1,000 positions redundant and is reshuffling some senior executives after a strategic review, as the state-owned oil and gas company tries to cope with the hit from a plunge in oil prices. Petronas, or Petroliam Nasional Bhd, is one of the biggest employers of Malaysians and has a staff of about 51,000 people, according to its 2014 annual report.
US Proposes Higher Royalty Rates for Drilling Federal Land
The U.S. government would get a larger share of oil and gas revenue from federal land under a proposal the Interior Department is expected to announce on Friday. The federal government is entitled to a 12.5 percent share of oil and gas sold from federal land, chiefly in Western states. The stake for offshore drilling is usually set at 18.75 percent.
Norway's Opposition Wants Wealth Fund to Invest in Infrastructure
Norway's $870-billion sovereign wealth fund should be allowed to directly invest in infrastructure such as wind farms and solar plants, the country's opposition Labour party will propose, a plan gaining the support of the majority of parties. The world's largest sovereign wealth fund, which owns on average 1.3 percent of all listed companies worldwide, is currently mandated to invest in stocks, bonds and property abroad.
BLM Supports Expanding Oil and Gas Pilot Offices
Bureau of Land Management (BLM) Director Neil Kornze today testified before the Senate Energy and Natural Resources Committee on a bill that would increase the efficiency of oil and gas permitting on public lands and coordination among agencies by continuing the BLM’s Oil and Gas Pilot Office program. During his testimony on S. 2440, the BLM Permit Processing Improvement Act of 2014…
India Denies Reliance from $2.4b Cost Recovery
India has disallowed Reliance Industries Ltd from recovering $2.376 billion invested to develop offshore gas fields in the D6 block on the country's east coast as output has fallen drastically and is way below the promised volumes, the oil minister said. Under India's exploration policy, the government allows companies to first recover their costs from oil and gas revenue…
British Oil Revenue Forecast Cut in Blow to Scottish Separatists
Revenues from Britain's oil over the next 30 years could be around 25 percent less than previously predicted, the UK's independent budget office said on Thursday, delivering a blow to Scotland's campaign for independence. The Office for Budget Responsibility said in an annual report that since last year predicted combined revenues for the…
