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Energy

Thailand Boosts LNG Imports

Image: PTT LNG

 Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported.   Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year.   The report said that the country is doing

BP Awards Gulf of Mexico Work to Subsea 7

 Subsea 7 said it was awarded a contract by BP as part of the deepwater Mad Dog 2 development, located approximately 190 miles south of New Orleans.    The contract scope covers engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers and flowlines (SURF) and associated subsea architecture.

Trump Greenlights Keystone XL Pipeline, but Obstacles Loom

Donald Trump (Official White House photo)

U.S. President Donald Trump's administration approved TransCanada Corp's Keystone XL pipeline on Friday, cheering the oil industry and angering environmentalists who had sought for years to block it.   The approval reverses a decision by former President Barack Obama to reject the project, but fresh obstacles loom: To get built,

Halliburton Warns of Q1 Profit Miss as Costs Rise

Halliburton Co, the world's No. 2 oilfield services provider, warned that its first-quarter profit would likely miss analysts' expectations due to higher costs and weak demand in markets outside North America.   Shares of the company, which forecast higher revenue from its U.S. land operations,

All Drill, No Frack: US Shale Leaves Thousands of Wells Unfinished

© Jon Mullen / Adobe Stock

U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate.   Rising U.S. shale output has rattled OPEC's most influential

Russian private oil companies swing behind output cuts

Russia's private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income.   Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008,

US State Dept to Approve Keystone Pipeline Permit Friday

© Reinhard Tiburzy / Adobe Stock

The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process.   The move would mark the beginning

Top LNG Buyers Form Alliance to Push for Flexible Contracts

© akiyoko / Adobe Stock

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers.   Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with Japan's

As Trump Targets Energy Rules, Oil Companies Downplay their Impact

President Donald Trump (Official White House photo)

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil.   But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business,

Shell Reluctant to Part with California Refinery amid Asset Sale

Royal Dutch Shell is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say.   The company is in the midst of a massive asset sale, shedding properties

Cyprus to Move Forward with More Oil Drilling Licensing

Cyprus will move ahead with further licensing for oil drilling after analyzing the results of its most recent exploration, the country's energy minister Yiorgos Lakkotrypis said on Wednesday.   Cyprus announced the completion of a third round of licensing for well drilling in which Exxon Mobil, Italy’s

Maersk Reaches Key North Sea Tax Deal with Denmark

File photo: Maersk Oil

Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025.   The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which

Danish Finance Minister to Report on North Sea Oil Negotiations with Maersk

Denmark's finance minister Kristian Jensen will hold a news conference about the government's ongoing negotiations with the Danish Underground Consortium (DUC) about a new tax agreement for North Sea oil and gas operations at 1745 CET on Wednesday, the finance ministry said in a statement.   DUC consists of Danish shipping and oil conglomerate A.

New Projects, Shale Boom Could Trigger Oil Oversupply

© denismax / Adobe Stock

New production projects and a fresh shale boom could boost oil output by a million barrels per day (bpd) year-on-year and result in an oversupply in the next couple of years, according to Goldman Sachs.   "2017-19 is likely to see the largest increase in mega projects' production in history, as the record 2011-13 capex commitment yields fruit,

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