Oil and Gas News

March 14, 2016

Crude price gains capped by China
London (AFP) March 9, 2016
Oil prices rose Wednesday but renewed concerns over the global economy, in particular weak Chinese growth, capped gains. Around 1130 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was up 62 cents at $37.12 a barrel. Brent North Sea crude for May delivery won 56 cents to $41.40 a barrel compared with Tuesday's close. The market had skidded lower Tuesday on weak Chinese trade data and scepticism about the prospects of major petroleum producers agreeing to limit output. ... read more

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Cathay Pacific net profit soars thanks to dive in oil prices Hong Kong flag carrier Cathay Pacific said net profit almost doubled last year as tumbling oil prices slashed fuel costs and boosted passenger numbers, although global demand dented the cargo unit. ... more		Chevron starts mega-LNG project in Australia Chevron said Tuesday it started up its $54 billion Gorgon liquefied natural gas project in Australia, boosting its market prospects for the Asia-Pacific. ... more		Oklahoma ramps up earthquake response plans The Oklahoma state government announced it expanded plans to curb wastewater injection volumes to lower the risk of seismic activity in oil and gas basins. ... more
				Transocean delays rig work Offshore rig company Transocean said Tuesday payments and delivery for five new drilling rigs was now delayed following an agreement with its contractor. ... more		Oil prices drop on weak China data, high supplies Oil prices fell Tuesday on weak Chinese trade data and skepticism about the prospects of major petroleum producers agreeing to limit output. ... more

Shell settles debt with Iran Royal Dutch Shell said it was able to pay off its debt to its Iranian counterparts, though that was not necessarily indicative of an imminent market move. ... more		S.Africa to start shale gas exploration The South African government said Tuesday that exploration for shale gas will begin in the next 12 months, ending years of speculation over the project. ... more		Fossil fuels harm health from 'cradle to grave': report Trash, mulch and security: All jobs for troops in Washington Rising oceans to threaten 1.5 million Australians by 2050: report		North Dakota losing more rigs The number of rigs in active service in North Dakota, the No. 2 U.S. oil producer, declined from last week despite the recovery in crude oil markets. ... more
				Oil prices up on Chinese optimism China again pushed market momentum, with weekend economic pledges spilling over to Monday and lifting crude oil prices near the $40 per barrel mark. ... more		U.S. rig count drops 18 percent From January to February, the number of rigs working on exploration and production activities in the United States dropped 18 percent, Baker Hughes reported. ... more

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Clinton, Sanders both say they're wary of fracking Both candidates for the Democratic U.S. presidential nomination said they do not support the drilling practice behind the shale oil and gas boom. ... more		Iranian oil headed to Europe The Iranian Oil Ministry said Monday a tanker of crude oil was on its way to Europe for the first time since sanctions eased after July's nuclear deal. ... more		Alien civilizations may be far rarer than hoped study suggests Mapping the Universe faster without sacrificing precision Mysterious 'red dots' in early universe may be 'black hole star' atmospheres		Nigeria breaks up state oil company The state-oil company of Nigeria, burdened by corruption and revenue losses, will be split up into dozens of distinct companies, the petroleum minister said. ... more
S.Sudan oil production pollution threatens thousands: monitors Dangerous heavy metals used in oil production in war-torn South Sudan have leaked into drinking water sources used by 180,000 people with life-threatening health risks, a rights group said Friday. ... more		Build contracts awarded for European gas pipeline A pipeline consortium slated to bring non-Russian natural gas through southern Europe said it awarded contracts for pipeline construction in Greece and Albania. ... more		Greenpeace: Russia has no appetite to control oil spills Following an oil spill in eastern Russia, Greenpeace said oil companies struggling through a market downturn have no appetite to fix aging pipelines. ... more		Gazprom gets loan from Bank of China In a first, Russian energy company Gazprom said it secured a five-year loan from the London branch of the Bank of China for more than $2 billion. ... more

	Class-action suit filed against Chesapeake, SandRidge Chesapeake Energy and SandRidge energy worked to rig bids and limit competition for oil and gas acreage in Oklahoma, a class-action suit alleges. ... more		Oil edges up on production meetings in Moscow Speculation surrounding a Moscow meeting of oil producing nations gave a lift to crude oil prices, capping off a week of broad market volatility. ... more

U.S. defense in free fall

U.S. and Saudis conduct Middle East's largest counter-drone exercise

Saudi Arabia and Pakistan sign mutual defense pact

Board supervisor at OMV steps down		Oil weakness catching up with Texas		Woes emerge after Aliso Canyon gas leak stopped		Eni expands capacity in Iraqi oil		Deloitte brass to help lead Hess
Iraqi-focused Genel feeling market strains		Oil drifts lower again on inventory data		1,000 barrels of oil spilled in Russia's far east		Oil price rally stumbles on inventory data		Shell faces fresh Nigeria pollution claims in London

Canada's Nexen reducing headcount

Exxon notes flexibility of investments

Tullow Oil may do OK, Moody's says

Russia confirms January oil production freeze proposal

Schlumberger touts streamlining during downturn

Statoil to explore offshore Ireland

Sponge structure key to mopping up oil spills

Statoil taps first well for early phase of Johan Sverdrup

Kremlin mulling privatization options for oil

Commercial potential for British shale oil

British fracking surveys may address tremors

Iraq oil exports and revenue down in February

Texas shows increase in oil production

Oil surges on China stimulus, Saudi cooperation talk

U.S. gas prices spiking

California blowout led to largest US methane release ever

Weil revives helium industry in Saskatchewan

North Dakota rig count holds steady

Woodside names former Shell brass to board

Oil prices up on Saudi market pledge

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