March 2016

More than $400 billion of proposed energy projects have been delayed since mid-2014 and pushed into 2017 and beyond as oil prices slid about 60 percent in the past two years, according to consulting firm Wood Mackenzie Ltd. The LNG market in particular is facing an oversupply as U.S. exports add to a wave of shipments from Australia.

Federal lawyers on Tuesday formally asked a judge in New Orleans to approve a record-breaking $20 billion-plus settlement agreement announced last July by the Department of Justice and five Gulf Coast states to resolve years of legal fighting about the 2010 Gulf oil spill.

PetroChina Co Ltd on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.

In 2015, the total overdue debt increased by 19.8 per cent, from RUB 127 billion to RUB 152.1 billion; the gas payment rate decreased by 1.4 per cent to 96.2 per cent. The debt is held mainly by the population, heating companies, and electric power enterprises. Over 80 per cent of the debt is borne by the consumers of the North Caucasian Federal District (RUB 48.6 billion or 81.4 per cent of the total consumer debt in Russia as of January 1, 2016).

Revenue during the year fell by 20.9% to $1,668.8 million (2014: $2,110.9 million) reflecting activity reductions as spending by our customers has reduced, pricing pressures, reduced spend on reimbursable type contracts and changes in mix between our business units. EBITDA decreased by 7.9% to $289.8 million over the same period as the impact of these lower revenues was offset by significant reductions made to our cost base.

U.S. Rig Count is down 12 rigs from last week to 464, with oil rigs down 15 to 372, and gas rigs up 3 to 92. Canadian Rig Count is down 14 rigs from last week to 55, with oil rigs down 1 to 11, and gas rigs down 13 to 44.

“The US has sought to work with Europe to lessen Europe's dependence on Russian energy and, particularly, gas supplies to weaken Russian leverage to use that gas supply for political purposes and has enjoyed some success, and this has been a cooperative venture. Three administrations working in the same direction, many of the same assumptions and people.”

Goods exports decreased to $1,513.5 billion from $1,632.6 billion, the first decrease since 2009. The largest decrease—which accounted for more than two-thirds of the total decrease in goods exports—was in industrial supplies and materials. The decrease was mainly due to a decrease in petroleum and products.

The average price of a gallon of gasoline in the United States gained nearly 25 cents in the past four weeks, according to a survey released on Sunday.

The total US rig count, which on Friday stood at 476, is now at its lowest point ever in the 67-year history of the Baker Hughes numbers, according to data released by the oilfield service company.