Sources say that the Philippines' largest oil import storage company is seeking a strategic investor.
Two people familiar with the matter have confirmed that the owners of Philippine Tank Storage International want to bring in a strategic investor for the company, which runs the largest petroleum import storage facility of the country. One person said that Singapore's Keppel infrastructure Trust and the Philippine conglomerate Metro Pacific Investments Corp.
OPEC+ Extends Output Cuts
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States…
US Rig Count Climbs
U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week.Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts for 2019 and 2020.Companies added one oil rig in the week to June 21…
Brent Oil Climbed 5% This Week
Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT. The global benchmark jumped…
U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes
The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations…
Oil Slips as U.S. Crude Stockpiles Show Surprise Build
U.S. crude stocks up 1.3 mln bbls vs 3.5 mln draw forecast-EIA. Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday's 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel. U.S.
Nuclear, Coal Bailout Would 'keep America free' -US energy chief
U.S. Energy Secretary Rick Perry said on Thursday that bailing out struggling coal and nuclear power plants is as important to national security as keeping the military strong, and that the cost to Americans should not be an issue. "You cannot put a dollar figure on the cost to keep America free," he told reporters at a press conference in Washington…
US Military Seeks Rules for Drilling in Gulf of Mexico
An expansion of oil drilling in the eastern Gulf of Mexico would interfere with U.S. military testing unless the Pentagon and another agency develop rules to govern the work, the U.S. Department of Defense said in a report this week.The Defense Department concluded in a report it sent on Wednesday to U.S. lawmakers that drilling east of the Military Mission Line in the Gulf of Mexico…
Riverstone Unit Mulls Sale of WA Refinery
TrailStone Group, a start-up commodity merchant backed by private equity firm Riverstone Holdings LLC, has retained Tudor Pickering & Holt to sell or find strategic alternatives for its Tacoma, Washington refinery, two people familiar with the transaction said on Thursday. The refinery, known as U.S. Oil, needs a capital infusion to pursue additional projects…
As US Opens Up Offshore Waters, Eastern GoM Beckons
President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. The industry's focus on an area located near a sprawling network of existing platforms…
Gulf States Squeeze Qatar as Solution Proves Elusive
Qatar, major gas exporter, calls for dialogue, diplomacy; evidence of economic pressure mounts, alarming markets. Gulf states cranked up the pressure on Qatar on Thursday as U.S. President Donald Trump and Kuwait's emir worked to end an Arab row that Qataris say has led to a blockade of their country, an investment powerhouse and supplier of gas to world markets.
New US Pipelines to Drive Natural Gas Boom as Exports Surge
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to become one of the world’s top natural gas exporters. The pipelines are expected to boost output from shale fields in the three states by giving producers access to new domestic and international markets.
Legislators Call for US-flag LNG Carriers
New legislation proposed this week would require up to 30 percent of U.S. liquefied natural gas (LNG) exports to travel on U.S.-flagged vessels. The U.S. is expected to continue ramping up its LNG exports in the coming years and become a net exporter by 2020, yet there are currently no U.S.-flag carriers to carry the cargo. “We’re the most powerful nation in the world…
U.S. Military Marches on Green Energy
President Donald Trump and his top advisors have often scoffed at government support of green energy. But the largest U.S. government agency - the Department of Defense - plans to forge ahead under the new administration with a decade-long effort to convert its fuel-hungry operations to renewable power, senior military officials told Reuters.
US Veterans Head to Pipeline Protest Camp in North Dakota
U.S. military veterans were set to arrive at a camp to join thousands of activists braving snow and freezing temperatures to protest a pipeline project near a Native American reservation in North Dakota. Protesters have spent months rallying against plans to route the $3.8 billion Dakota Access Pipeline beneath a lake near the Standing Rock Sioux reservation…
Trump's Empty Threat to Stop Buying Saudi Oil: Kemp
President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign. Trump is first and foremost a showman and impresario rather than a policy wonk. Much of what he said on the campaign trail was intended to mobilise support rather than provide a detailed programme for government.
U.S.-led Air Strikes Have Cut Islamic State Oil Revenues
U.S.-led coalition air strikes against Islamic State oil facilities have cut the militant group's oil revenues by about 30 percent since October, a coalition spokesman said on Wednesday. In October, the U.S. That effort has consisted so far of 65 air strikes, a Baghdad-based spokesman for the U.S.-led campaign, U.S. Army Colonel Steve Warren, said in a news briefing.
Helicopter Makers Upbeat Despite Oil-led Slump
Top U.S. and European helicopter executives said this week that the oil price-led commercial helicopter market slump would be temporary and that they will keep investing in new technologies given the sector's positive long-term outlook. The downturn will likely last 18 to 24 months, Sikorsky Aircraft's new president, Robert Leduc…
Dozens of U.S. Companies Bet on Nuclear Power Revolution
The Pentagon's top arms provider and firms partly funded by Silicon Valley billionaires Bill Gates and Paul Allen are among dozens of companies collectively betting more than $1.3 billion that a new wave of nuclear power can be a force to fight climate change. Advanced nuclear power plants, which will employ techniques such as using fuels other than uranium and coolants other than water…
Obama: Climate Change Poses Risk to National Security
Rising seas, thawing permafrost and longer wildfires caused by warmer global temperatures threaten U.S. military bases and will change the way the U.S. armed services defend the country, President Barack Obama is set to say on Wednesday. In his commencement address at the United States Coast Guard Academy in New London, Connecticut…
