South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International…
US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup
A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.More than…
KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects, it told investors and employees, as customers pull back on energy investments.The company will refocus on government contracts and technology businesses…
Diamond Offshore Files for Bankruptcy
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one…
OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures…
Brazilian Beaches Hit by Second Oil Spill
Crude oil smudges have been spotted at some Brazilian beaches in the northeast state of Ceará, the country's navy said on Monday, almost two months after the area was hit by another oil slick.That was part of a broader spill, whose origin remains a mystery…
Brazil Oil Production Jumps 7% in July
Brazilian oil production increased to 2.77 million barrels per day (bpd) on average in July, up 7% from a year earlier, local oil and fuels regulator ANP said on Monday.Natural gas production also increased by 7% in July from the same month last year to 124 million cubic meters, ANP said.(Reporting by Marta N
TX Refineries Cut Output as Spill Curbs Shipping
Royal Dutch Shell Plc and LyondellBasell Industries cut production on Monday at their Houston-area oil refineries because of shipping disruptions along a waterway affected by a petrochemical fire and spill, according to people familiar with the matter.A…
Hess Expects Output Growth Through 2025
U.S. producer Hess Corp said on Wednesday it expects oil and gas output to grow more than 10 percent a year compounded through 2025, citing higher growth opportunities at its Bakken shale and offshore Guyana projects.The company projects higher margins…
Petrobras Sells Stake in Africa Unit
Brazil's Petroleo Brasileiro SA will sell its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53 billion, the latest step in the state-controlled oil company's debt reduction drive, according…
Bolsonaro Approached Castello Branco About Being Petrobras CEO
Brazilian President-elect Jair Bolsonaro's team approached Roberto Castello Branco, a former board member at state-controlled Petroleo Brasileiro SA (Petrobras), about the possibility of his becoming its new chief executive, two people with knowledge of the matter said on Tuesday.The sources…
Batteries hasten winds of change for electricity stocks
Bigger, better batteries are speeding up change in the U.S. electricity sector and could help power a rally in Xcel Energy Inc, American Electric Power Co Inc and other utility and renewable energy stocks, Barron's reported.After a decade of steep cost declines…
Ex-Petrobras CEO Bendine Convicted of Corruption in Brazil
Aldemir Bendine, the former chief executive of state-controlled oil firm Petroleo Brasileiro SA and Banco do Brasil, was found guilty on Wednesday of corruption charges and sentenced by a federal judge to 11 years in prison. Judge Sergio Moro ruled…
Petrobras to Sell Pasadena Refinery in the US
Brazil's state-controlled oil company, Petróleo Brasileiro SA, said on Tuesday it had started taking steps to sell its refinery in Pasadena, Texas, an installation ensnared in Brazil's largest corruption scandal. Petrobras, as the company is known, said its U.S.
Petrobras Settles Taxes Owed for Vessel Leasing Contracts
Brazil's state-controlled oil company, Petroleo Brasileiro SA, said on Monday it adhered to a federal tax refinancing program to settle taxes owed on vessel leasing contracts. Petrobras, as the company is known, said in a securities filing the company…
Fight over Alaska Arctic Drilling has Just Begun
Senator Lisa Murkowski, an Alaska Republican, won a decades-long battle on Wednesday to open part of an Arctic wildlife reserve in her state to oil and gas drilling, but Democratic senators and conservationists vow the war has only begun. The tax bill…
GE Wins US Antitrust Approval for Baker Hughes Purchase
General Electric Co won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc, the Justice Department said on Monday. GE and Baker Hughes announced the deal in October, months after Halliburton's effort to buy Baker Hughes…
Boosting Renewable Energy Requires Gas Too -ConEd
Shifting more U.S. energy production to renewable sources such as wind and solar power is doable but will require greater use of natural gas and overcoming opposition to building pipelines, a senior executive of a U.S. utility said on Thursday. Consolidated…
Pieridae Seeks Natural Gas Acquisitions, CEO Says
Pieridae Energy Ltd, the company behind a proposed liquefied natural gas terminal on Canada's east coast, is looking to buy producing assets in western Canada or in the Marcellus shale play in the United States, its chief executive said on Monday. Alfred…
Obama Bans New Drilling off Alaska, Part of Atlantic Shore
U.S. President Barack Obama on Tuesday banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office next month. Obama used a 1950s-era…
