U.S. crude, fuel inventories fall in latest week -APIU.S. crude oil and fuel stocks fell sharply last week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 5.1 million barrels in the week to Nov. 6 to about 482 million barrels, compared with analysts’ expectations in a…
NEW YORK- U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year…
LONDON, Vitol Group is considering new acquisitions in the U.S. shale oil industry and would aim to have deals in place by late 2021 if it decides to go ahead, Russell Hardy, chief executive of Vitol Group, told the Reuters Commodity Trading Summit. “Nothing has been done, it’s just an area where…
Somalia’s opportunity as one of the world’s last true oil and gas exploration frontiers may soon be rekindled – creating an industry to deliver long-term economic growth and prosperity to the Somali people. The launch of the 2020 Somali Bid Round after ratification of the Petroleum Law and Resources Revenue Sharing Agreement, the…
CALGARY – Cenovus Energy Inc., through a wholly owned partnership, has entered into a definitive agreement to sell its Marten Hills oil assets in northern Alberta to Headwater Exploration Inc. for initial cash and common share equity consideration of approximately $100 million. Total consideration paid to Cenovus consists of $35 million in cash…
GUWAHATI: A National Green Tribunal (NGT) panel set up to probe into the blowout at Baghjan in Assam’s Tinsukia district on Tuesday submitted a report saying that Oil India Limited (OIL) was operating the oilfield without the mandatory environmental clearance when the incident took place. On May 27, OIL’s Well No. 5 experienced a…
LONDON- A sufficient number of creditors of indebted Premier Oil have approved a proposed merger with private equity backed Chrysaor to create the British North Sea’s biggest oil and gas producer, Premier said on Tuesday. The reverse takeover, which will see Premier’s creditors paid $1.23 billion in cash, will fold one of the world’s…
US President Donald Trump on Saturday announced that he has signed an order to protect the American energy industry and hydraulic fracturing.“Just signed an order to protect fracking and the oil and gas industry. This means jobs, low energy bills, and continued American energy independence! Sleepy Joe [Biden] would ban fracking and destroy…
The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied. The oil and gas rig count, an early indicator of future output, rose…
LONDON, Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source told Reuters on Thursday, more than a third higher than earlier this month, as the OPEC member seeks to revive its oil industry. Libya’s National Oil Corp (NOC) on Monday ended force majeure on the last facilities closed…
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