Author hkrichiedistribution
The U.S. Energy Information Administration reports that changes in the oil investment and production cycle may be affecting trading dynamics for West Texas Intermediate (WTI) and Brent crude oil futures contracts. Many U.S. producers that may have traditionally hedged production years in advance may now only need to hedge using short-dated portions of the futures
Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petrobras did most of the bidding while other major oil companies stayed away. Petrobras joined with China’s Cnooc Ltd. and China National Oil & Gas Exploration & Development Co. in submitting the winning bid for the giant Buzios field, the prize of
Ivory Coast wants more explorers for oil and gas as it seeks to boost economic growth, according to Energy Minister Abdourahmane Cisse. The West African nation opened a new licensing round for five offshore blocks that are close to other discoveries and infrastructure, Cisse said by phone from Abidjan, the commerical hub. The world’s biggest
The days of relentless production growth from U.S. shale oil fields are ending, potentially aiding OPEC’s years-long effort to drain a worldwide supply glut, according to industry pioneers Scott Sheffield and Mark Papa. Investor calls for shale producers to shut down rigs and stop burning through cash are being heeded, Pioneer Natural Resources Co. Chief
The International Energy Agency’s annual report into fuel supply and demand shows a pickup in the rate of growth for wind and solar power. But that’s not enough to curtail greenhouse gas pollution, which is on track to grow through 2040. The findings are a blow to the international effort to rein in climate change
Tullow Oil stock fell the most in two decades in London trading after saying it’s reassessing the commercial viability of discoveries in Guyana. The stock sank as much as 23% on the news that crude from two wells in the South American country was found to be heavy, with a high sulfur content. That’s disappointing
Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown. Rather than providing its own assessment, Aramco used a forecast from industry consultant IHS Markit
French oil giant Total SA said it won’t renew its membership of a key industry lobby group because the organization’s stance on climate issues doesn’t align with its own. The company’s decision to leave the American Fuel & Petrochemical Manufacturers association follows a similar move by Royal Dutch Shell Plc earlier this year. Such lobby
Baker Hughes announced that Apache Corporation’s North Sea subsidiaries have awarded, through a multi-year frame agreement, a suite of subsea equipment and services including six trees, wellheads and an associated service package. This award further builds on the existing collaboration between both companies and supports new exploration and existing well activity in the North Sea.
McDermott International Inc.’s $1.7 billion super-senior credit facility could give an indication of terms if the struggling engineering and construction firm were to convert the debt into a bankruptcy loan. The facility consists of a $1.3 billion term loan and $400 million in letters of credit. It contains highly restrictive covenants that could provide a