Petroleum industry
The US administration is preparing to use crude oil from the 570mn bl Strategic Petroleum Reserve (SPR) to stabilize oil prices, with emergency oil release possible within two weeks of presidential approval. Iraqi crude exports have dropped to 1.69mn b/d, and OPEC's collective capacity is 32.
Petroleum
Sinopec, the Chinese oil giant, is gearing up for its initial public offering (IPO) in Hong Kong and New York, with major investors like BP, Shell, and ExxonMobil close to finalizing deals to buy stakes. The IPO is expected to raise close to $3 billion, with Sinopec also planning to
Petroleum
Energy firms in Bolivia, Venezuela, and Brazil are facing uncertainty and potential cutbacks in investments due to government threats and contract disputes. In Bolivia, BP is threatening to abandon its $100mn exploration programme, while in Venezuela, state-owned oil company PdV is negotiating with Brazil's Petrobras to take over
Petroleum industry
Crude demand in North Sea regions is escalating as Shell Expro, a UK upstream joint venture of Shell and ExxonMobil, has announced a 20% increase in investment in the UK North Sea, with a new budget of $1.5 billion, a 50% increase from original 2001 spending plans. This move
Gas industry
Senior executive appointments and changes have been reported across the global energy industry, reflecting shifting company priorities, retirements, and in-house promotions. These developments will likely impact operational decisions and influence the direction of various energy companies. Key Takeaways: * Sami Sharif, undersecretary of the Iraqi oil ministry, has been on sick
Gas industry
As the global energy landscape continues to shift, countries are reevaluating their energy strategies to ensure sustainable growth and meet increasing demands. This article delves into recent developments in the global energy market, highlighting key takeaways and statistics from various regions. Key Takeaways: * Indonesia has revised its 2020 budget to
Petroleum
Energy giant Mitchell announced a $52 million increase in its capital budget, to $302 million, to drill more development wells and expand midstream infrastructure. This move is expected to boost gas sales by over 20% this year and next, according to Chairman George P. Mitchell. Meanwhile, Barrett Resources has also
Petroleum
The Environmental Protection Agency's (EPA) move to regulate hydraulic fracturing has raised concerns from the Department of Energy (DOE), which warns that such regulation could harm the nation's ability to produce affordable natural gas. The DOE points out that hydraulic fracturing is used in over 50%
Petroleum industry
Investor Broadcast Network (IBN) has announced a significant step forward in investor communication, partnering with top companies to broadcast their quarterly results conference calls over the internet. This innovative service allows investors to access real-time information and analysis from corporate executives and industry thought leaders, providing a valuable platform for
Petroleum industry
The Montana Power Company has announced the sale of its nonregulated oil and gas business unit to PanCanadian Petroleum Limited, a Canadian energy company, for $475 million. The sale includes assets in the United States and Canada, with a focus on crude oil, natural gas, and gas liquids exploration, production,
Petroleum industry
James J. Volker, a seasoned oil industry executive with 29 years of experience, has been elected as Executive Vice President and Chief Operating Officer of Whiting Petroleum Corporation, effective immediately. Volker brings a wealth of managerial expertise, having co-founded Energy Management Corporation, a Denver-based independent oil and gas company, and
Petroleum industry
Royal Dutch/Shell is stepping up its commitment to China with plans to invest up to $400m in the initial public offering (IPO) of China National Offshore Oil Corp (CNOOC). This move is expected to enhance the listing prospects of CNOOC, which had a previous IPO attempt fall through last
