CNOOC Earnings on the Rise
China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it was able to manage the impact on its business of the China-U.S.
Anadarko Posts Smaller Quarterly Loss
Oil and gas producer Anadarko Petroleum Corp reported a bigger-than-expected quarterly loss on Tuesday, as expenses rose about 53 percent, failing to offset gains from higher crude prices. North American oil producers faced prolonged weakness in crude prices after oil hit near-record lows in February 2016…
Azeri SOFAZ Invests $100 mln into Asian Logistics Fund
Azerbaijan's state oil fund SOFAZ has committed $100 million into the Redwood Japan Logistics Fund II, SOFAZ said on Monday, as it further diversifies its assets. The $35-billion SOFAZ, which holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue…
Russian Finance Minister Calls Oil Price of $45 'Balanced'
Russian Finance Minister Anton Siluanov on Wednesday said a price of $45 per barrel of oil was "balanced" for both suppliers and consumers. In an interview with the Rossiya-24 state TV channel, he also said that budget revenues from oil and gas sales had dropped by 18 percent this year due to weaker prices.
Azerbaijan's $35 bln Oil Fund Pledges to Improve Transparency
Azerbaijan's state oil fund SOFAZ is committed to keep improving transparency, its executive director said, in order to meet a key international benchmark that would make the country more attractive to foreign investors. The standard is set by the Extractive Industries Transparency Initiative (EITI)…
Op/Ed: Obama’s Parting Salvo at US Energy Security
Randall Luthi, President of the National Ocean Industries Association (NOIA), does not pull any punches as he weighs in on the Obama administration’s release of the Final 2017-2022 Outer Continental Shelf (OCS) Oil and Gas Leasing Program. The good news…
Sinopec's Profit Boosted by Refining Business
China Petroleum and Chemical Corporation, or Sinopec Corp said on Thursday net profit for the first three quarters of the year rose 11.2 percent versus a year earlier on the back of a stronger performance from refining. The state-controlled energy firm…
Azeri State Oil Fund's Assets Dropped 9.5% in 2015
Azeri state oil fund SOFAZ's assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion, the fund said on Tuesday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects.
Algerian Court Jails Six in Oil Firm Corruption Case
An Algerian court jailed six people on Tuesday in a corruption case involving state energy firm Sonatrach, including a former vice president and an ex-state bank chief, and it fined two local subsidaries for their role. The verdicts in the so-called "Sonatrach…
Russia-OPEC Output Deal Unlikely
Russia yet to decide on attending OPEC consultations. There is little likelihood Russia will work with OPEC on cutting oil output ahead of or on the sidelines of a meeting of the exporter group in Vienna next month, officials and industry insiders say.
Rosneft Counters Sanctions with Asia Play
Rosneft to buy stake in Indian refiner, supply oil; Saudi Arabia falls behind Russia as top supplier to China. Top Russian oil producer Rosneft has raised the stakes in its battle with Saudi Arabia for market share by securing new Asian markets to hedge…
Putin to Discuss Energy with Iraqi PM in Moscow
Russian President Vladimir Putin will host Iraqi Prime Minister Haidar al-Abadi in Moscow on Thursday to discuss ways to strengthen energy ties, the Kremlin said on Monday. Oil and gas sales account for about half of Russia's state budget revenues. The…
Gazprom Power Unit sees Investments Rising on Weaker Rouble
Gazprom Energoholding, the utility unit of Russia's top natural gas producer Gazprom , expects long-term investments rising by up to 15 percent due to a weaker rouble, which inflated the prices of imports, the company said on Tuesday. Russian companies…
Azerbaijan Critical After S&P Revises Rating
Azerbaijan criticised Standard & Poor's for resorting to what it said were "double standards" after the agency revised the country's sovereign credit outlook downward to negative on Friday. S&P said Azerbaijan's fiscal and external balances would be hurt by the substantial drop in oil prices…
Kodiak Oil Misses Street 3Q forecasts
Kodiak Oil & Gas Corp. today reported financial results for the third quarter ended September 30, 2014 and provided a Williston Basin operations update. Kodiak reported an overall 14% increase in quarter-over-quarter equivalent sales volumes with 3.7 million barrels of oil equivalent (MMBOE) sold…
Gazprom Faces Its Lowest Gas Output in History
Russian gas producer Gazprom is likely to record its lowest output this year since its creation a quarter of a century ago after cutting supplies to Ukraine and losing market share to domestic rivals. Gazprom reduced its 2014 production forecast this week…
CNOOC"s Steady Development with Solid Performance in 1H 2014
CNOOC Limited today announced its interim results for the six months ended June 30, 2014. For the first half of the year, the Company's total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen.
Kodiak Oil & Gas Sales Jump 73% for 2Q 2014
Kodiak Oil & Gas Corp, an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, today reported financial results for the second quarter ended June 30, 2014 and provided a Williston Basin operations update.
Circulation Solutions Appoints Beeson as CEO
Circulation Solutions, LLC, a products company specializing in lost circulation issues, has appointed Jerry Beeson as chief executive officer (CEO). Based in Decatur, Texas, Beeson will oversee all corporate management functions and play a direct role in all departments.
Noble Energy's Net Income Almost Halved
Oil and natural gas producer Noble Energy Inc's net income nearly halved due to a $187 million loss on commodity derivatives. Net income fell to $192 million, or 52 cents per share in the second quarter ended June 30, from $377 million, or $1.04 per share, a year earlier.
