Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture…
Oil on Track for Biggest Gain since 2009
Oil on track for largest annual percentage gain since 2009. Oil prices are on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years. U.S. benchmark West Texas Intermediate (WTI) crude futures were up 6 cents at $53.83 a barrel by 1100 GMT on Friday…
Rare Oman Crude Cargo May Ship to U.S.
WTI's premium to DME Oman at more than 5-year high; Koch may ship Oman crude to U.S. Gulf Coast. The United States could receive its first Oman cargo in three years after a brief opening of the arbitrage window earlier this month when U.S. crude prices strengthened against Omani oil futures, traders said on Monday. The arbitrage…
U.S. Light Crude Imports Surge Again
U.S. imports of light crude from across the Atlantic are set to jump this month to their highest in more than two years, according to market sources and trade data that indicate global oil flows are being scrambled by the lowest prices in years and the end of the 1970s era U.S. export ban. Shipments totaling some 500,000 barrels…
US Light Oil Imports Resurge to Highest in Years
U.S. imports of light crude from across the Atlantic are set to jump this month to their highest in more than two years, according to market sources and trade data that indicate global oil flows are being scrambled by the lowest prices in years and the end of the 1970s era U.S. export ban. Shipments totaling some 500,000 barrels…
Eni's Former Trading Head Leaves Company
The former head of trading at Italy's Eni, Marco Alvera, has left the company after 10 years of service, a spokeswoman for the oil major said on Wednesday. The 40-year-old Alvera, who joined Eni in 2005, left Eni on September 30, the spokeswoman told Reuters. A former director at Italy's biggest utility Enel, Alvera became head…
EU Refiners Seek Efficiencies in Tough Times
Europe's oil refiners are adopting the wily and flexible ways of traders to ensure survival as the sector faces further shrinkage, delegates at an industry conference said. Hard times have pushed them to pick and choose from a wider range of crudes, ferry feedstock between their own refineries to get the optimal mix of products and seek out deeper discounts from suppliers.
U.S. Crude Rail Rules Include Brake Mandate
An oil train safety plan for the United States and Canada to be announced on Friday will include an unexpected mandate on the rail industry to adopt an advanced braking system, industry sources familiar with the rules said. The more advanced electronically controlled pneumatic (ECP) brakes trigger all axles simultaneously rather than one at a time in the current design.
Transocean CEO's Exit Possibly Linked to 'Lack of Vision'
Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. Too steady, perhaps. Since Sunday Newman, 50, is out of work. People inside and outside the company say…
Kemp: Oil Producers' Under-Appreciated Role in U.S. Economy
The eight states at the heart of the American shale oil revolution all grew faster than the U.S. national average over the last decade, according to the U.S. Bureau of Economic Analysis (BEA), underscoring the importance of oil production to the U.S. economy. Gross domestic product (GDP) attributable to private industry grew at…
Total CEO: EU Must Fight US Crude Export Law
First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.S. oil export ban, in his first public appearance since his predecessor Christophe de Margerie was killed in a Moscow plane crash last week.
Falling Oil Price Tilts Political, Economic Balance in US Favor
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand have pushed prices below $100 a barrel…
Refracking Brings 'vintage' Oil & Gas Wells to Life
A fracking boom isn't enough for U.S. oil and gas producers - they're now starting the re-fracking boom. Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high…
Lower Oil Price Adds to Russian Economic Woes
Urals oil price falls below $100 per barrel; short-term impact on Russia limited by conservative budget. Long-term fiscal risks mount. A fall in the price of Urals crude oil, the benchmark on which Russia bases its budget calculations, is adding to the government's problems at a time when western sanctions are already hurting the economy.
Exxon Defies Downturn with Big Investment
ExxonMobil Corp. will invest $1 billion in its 320,000 barrel per day (bpd) Antwerp refinery, the company said on Wednesday, even as many firms pull back from a European industry hammered by low refining margins. ExxonMobil said it would install a new unit at the Antwerp plant to turn high sulphur oils created as a byproduct of the refining process into various types of diesel…
Global Oil Exploration Nears $1 Trillion - Where Are the Finds?
Two years ago Total's chief Christophe de Margerie launched a "high risk, high reward" oil exploration strategy, betting he could hit a bonanza, even though his rivals had failed to make big discoveries. But Total risks joining the industry trend of making only smaller and fewer finds, despite global investments in oil exploration heading to a record $1 trillion by 2017.
