Author hkrichiedistribution
Petrobras CEO Roberto Castello Branco said the reason most major oil companies didn’t show up for Brazil’s massive auction was because of the astronomic price tag and regulatory uncertainties. “The amount that companies would need to commit upfront, with license fees and compensation to Petrobras, was too high,” Castello Branco said in an interview Wednesday
Occidental Petroleum plans to sell a four-story office building in the heart of the Permian basin and move employees into a nearby one owned by Anadarko, the oil producer it bought for $37 billion three months ago. The 213,000 square-foot complex will be vacated by April 2020 and is a “compelling” investment opportunity, according to
With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year. Crude prices, trading at about $62/bbl in London, may tumble almost 30% to $45/bbl
Intercontinental Exchange, Inc., a leading operator of global exchanges and clearing houses and provider of data and listings services, will launch a new exchange, ICE Futures Abu Dhabi (IFAD), to host the world’s first futures contracts based on Abu Dhabi National Oil Company’s (ADNOC) Murban crude oil. On November 4, 2019, Abu Dhabi’s Supreme Petroleum
Chevron has just become the latest American oil major to have quit the UK North Sea after Delek Group’s fully owned North Sea E&P subsidiary, Ithaca Energy, said on Monday it had completed the acquisition of Chevron’s North Sea assets in the UK for US$2 billion. Ithaca Energy announced the deal in May. The completion of the transaction adds
Natural gas exploration by global oil companies in Bolivia, key to growing the country’s sagging economy, has stopped amid an escalating political crisis that has left the Andean nation rudderless. Royal Dutch Shell Plc, Total SA and Repsol SA have all stopped or severely limited drilling on exploration wells, said Alvaro Rios, a former hydrocarbons
Alberta loosened crude-oil production limits for the second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment. The policy, which is effective immediately, comes as producers determine capital budgets for next year. It also follows last week’s announcement allowing oil companies to exceed the
Tunisia’s long-delayed, $1.2 billion joint venture with Vienna-based OMV AG will start producing natural gas by the end of the year, the country’s industry minister said. Output from the Nawara gas field will enable Tunisia to slash imports of the fuel by 30% and will contribute a full percentage point to the nation’s economic growth
When New York’s climate change lawsuit against Exxon Mobil went on trial last month in a Manhattan courtroom, the energy giant’s lead lawyer took great pains to emphasize that the state’s allegations weren’t really about climate change. After all, Theodore Wells said, Exxon was accused of hatching a cynical, arguably pedestrian scheme to mislead investors.
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