Author hkrichiedistribution
McDermott’s bondholders could make it difficult for the embattled energy-industry contractor to make further draws on its $1.7 billion rescue loan. The company said Monday it received an initial $550 million term loan and $100 million in letters of credit to help stabilize its business and ward off bankruptcy. But it will need 95% of
Oil spiked above $55/bbl for the first time in three weeks after a surprise drop in U.S. crude supplies signaled strengthening demand. Futures rose as much as 1.5% in New York on Wednesday after an Energy Information Administration report showed American crude inventories fell by 1.7 MMbbl last week and gasoline stockpiles shrank more than
The OPEC+ oil-production cuts deal could be improved by taking into account forecasts for global crude-demand growth and U.S. shale, Gazprom Neft PJSC Head of Strategy and Innovation Sergey Vakulenko said in an interview on Wednesday. “We think that the mechanism of the alliance might become more sophisticated. Currently we’re looking just at stocks and
Norway’s new Johan Sverdrup oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America. China’s Unipec, at least one of the nation’s independent refiners and South Korea’s Hyundai Oilbank Co. have bought Johan Sverdrup for December delivery, said traders and refinery officials in Asia. The North
Kuwait, OPEC’s fourth-biggest member, is considering cuts to its oil production capacity targets, in large part because mounting concern about climate change will constrict demand for fossil fuels. Kuwait Petroleum Corp. may reduce its long-standing goal of reaching 4 MMbbl of daily capacity by 2020 to 3.125 MMbbl, according to a person with direct knowledge
The Trump administration extended Chevron’s waiver to operate in Venezuela, allowing the second-largest U.S. oil explorer to keep its toehold in the crisis-stricken Latin American nation as U.S. sanctions severely restrict crude exports. The 90-day reprieve lets Chevron continue its role as the last major U.S. oil producer in the country until Jan. 22. The
The U.S. Supreme Court let government officials press ahead with three lawsuits that accuse more than a dozen oil and gas companies of contributing to climate change. Without comment or published dissent, the high court Tuesday refused to block a lawsuit by Baltimore while companies try to shift it from Maryland state court into federal
A temporary tax incentive regime, low oilfield breakeven pricing and a chance to profit on modifications alone rather than via drill bit appear to be factors lifting prospects and getting banks behind a stalled Danish offshore revival. On Monday, Norway-based Denmark player Noreco announced it had secured bank backing for its plan to overhaul the
Oil jumped the most in more than a week rose after a report that OPEC and allied crude producers will discuss deepening supply cuts next month. Futures climbed more than 2% in London and New York on Tuesday. Members of the Organization of Petroleum Exporting Countries are concerned about the outlook for demand next year,
International oilfield services company Expro announced the appointment of Quinn Fanning as chief financial officer. With more than 20 years’ experience, Mr Fanning brings a breadth of financial leadership and executive management experience through his time as CFO of a public company and an investment banker. Hot Tip Once registered on oilandgaspeople.com as a candidate