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Oil drops on weak economic data from China, Japan
NEW YORK: Oil prices dropped on Monday (Sep 8) with the European benchmark contract slipping below US$100 a barrel on concerns about fragile demand, heavy supply and a strengthening US dollar. US...
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Oil demand growth slowing at ‘remarkable’ pace: IEA
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West’s energy watchdog said on Thursday, while supplies grow steadily, particularly from...
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Egypt, US firm ink Sahara oil exploration deal
Egypt has entered into two agreements worth $44 million with US-based Apache aimed at exploring oil in Western Sahara, a report said. The contract also included $25 million in state grants, with 11...
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U.S. Issues Two LNG Export Approvals
The Energy Department announced that it has issued the final authorization to Cameron LNG, LLC (Cameron) and Carib Energy LLC (Carib) to export domestically produced liquefied natural gas (LNG) to...
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Eni Chief Investigated over Nigerian Oil Deal
Eni SpA chief Claudio Descalzi Eni SpA chief Claudio Descalzi has been placed under investigation over alleged corruption relating to a big Nigerian oil deal, the company said on Thursday, just four...
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Petrobras Wants More Information from SBM Offshore
SBM Offshore NV, the world’s largest leaser of oil production ships, must provide more information and clarity on a range of issues before Brazil’s state-run oil company Petrobras allows it to bid for...
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Cheniere Energy’s $18b Louisiana Investment Highlighted
Company’s recently expanded LNG project in Cameron Parish – from four liquefaction trains to six – represents $6 billion in additional investment, along with 120 additional new jobs Gov. Bobby Jindal...
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Can Nigeria Secure its Golden Geese?
Since the first successful oil well was drilled by Shell-BP in 1956 at Oloibiri, Nigeria has acclaimed the status of Africa’s largest oil producer and the sixth largest in the world. However, the...
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Nova Scotia Strengthens Offshore Protection
On Tuesday, Nova Scotia’s government introduced legislation to ensure greater accountability for companies operating in the Nova Scotia offshore. Energy Minister Andrew Younger introduced amendments...
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Lego to Drop Shell Contract, Criticizes Greenpeace
Denmark’s Lego has said it would not renew a branding contract with oil major Royal Dutch Shell in the wake of comments from environmental lobby Greenpeace saying the toymaker had fallen in with “bad...
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Report Reveals Scale of Offshore Decommissioning Market
By 2040, investment of around £30 billion is expected in the UK Continental Shelf (UKSC) on decommissioning North Sea oil and gas projects according to a new report prepared by Arup, and commissioned...
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Brazil Blocks Maersk Sale of Polvo Oilfield
Brazil’s oil regulator ANP rejected the sale of a 40 percent stake in the Polvo offshore oilfield to HRT Participacoes em Petroleo SA by the oil unit of Danish energy and shipping group AP Moeller...
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Petrobras Scandal Could Change Brazil Forever
A widening corruption scandal at state-run oil company Petroleo Brasileiro SA may change the country forever, Brazilian President Dilma Rousseff said on Sunday in her first public remarks since a...
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World Oil Transit Chokepoints
World chokepoints for maritime transit of oil are a critical part of global energy security. About 63 percent of the world’s oil production moves on maritime routes. The Strait of Hormuz and the...
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Could Falling Oil Prices Spark Financial Crisis?
The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. Not only has financing come from company shareholders and traditional banks, but hundreds of...
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Norway’s Oil Spending to Take Big Hit in 2015
Growth in Norway, Western Europe’s biggest oil producer, will slow sharply next year as the offshore energy sector contracts and the central bank will likely have to cut rates to prop up the economy,...
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Radical Reforms for UK Oil, Gas Industry
Treasury ministers announce significant new government support for the oil and gas industry. Chief Secretary to the Treasury Danny Alexander today (Thursday 4 December) announced significant new...
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Oil falls more than $1 as rout extends
Oil prices fell by more than a dollar on Monday to near their lowest levels since 2009 after Morgan Stanley cut its price forecast for Brent, saying oversupply will likely peak next year with Opec...
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[Gallery] Eni Starts Production at West Hub, Angola
Eni has started production of first oil from the West Hub Development Project in Block 15/06 in the Angolan Deep Offshore, approximately 350 kilometres northwest of Luanda and 130 kilometres west of...
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Supreme Court Rejects BP Challenge to Spill Settlement
The U.S. Supreme Court on Monday rejected BP’s challenge to a settlement agreement over the 2010 Gulf of Mexico oil spill, which the oil giant said allowed certain businesses to get payouts despite...
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