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All publications by tag «OIL»

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2016, October, 27, 18:30:00
STATOIL NET LOSS $117 MLN
Net operating income was USD 737 million in the third quarter compared to USD 883 million in the same period of 2015. The reduction was primarily due to lower oil and gas prices, expensed exploration wells and lower refinery margins. Continued progress on the improvement programme with reduced costs and strong operational performance contributing positively to the results.
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2016, October, 26, 18:55:00
OIL PRICE: ABOVE $50 NOW
Brent crude futures LCOc1 were down 51 cents, or 1 percent, at $50.28 a barrel as of 0648 GMT. Prices hit $50.13 earlier in the session, the lowest since Oct. 3. U.S. crude CLc1 was at $49.37 per barrel, down 59 cents, or 1.2 percent, from its settlement on Tuesday. It dropped to $49.21 earlier, the lowest since Oct. 10.
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2016, October, 26, 18:50:00
UNDERINVESTMENT OIL
Big companies responded with big cuts. BP, Eni and their peers cut exploration spending by 35% in 2015 compared with 2013, Wood Mackenzie’s data show. Many projects now focus on lower-risk, lower-reward prospects as companies hope for incremental gains near existing infrastructure that they can bring online quickly and cheaply.
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2016, October, 26, 18:45:00
RUSSIA: THE LARGEST PRODUCER
Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 40% of the federal budget revenues.
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2016, October, 26, 18:40:00
RUSSIA - NORWAY EXCHANGE
The Norwegian Petroleum Directorate (NPD) and Russian petroleum authorities (Federal Subsoil Resources Management Agency, Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.
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2016, October, 26, 18:35:00
OFFSHORE OIL PRODUCTION: 30%
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013. Production from onshore tight oil plays has increased faster over the past several years and accounts for an increasing amount of total oil production.
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2016, October, 26, 18:30:00
NIGERIA'S OIL PRODUCTION UP TO 1.9 MBD
"We have built capacity of up to 2.4 million b/d, but [we are] currently producing about 1.9 million b/d," Omar Farouk, the special adviser on international energy relations to Nigeria's oil minister of state, said on the ministry's twitter handle.
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2016, October, 25, 19:00:00
2017 OIL PRICE: $55
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output.
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2016, October, 25, 18:50:00
IRAN READY TO FREEZE
A senior Iranian oil official here on Monday voiced Tehran readiness to join the Organization of Petroleum Exporting Countries (OPEC) oil freeze plan to help stabilize prices in international markets.
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2016, October, 25, 18:45:00
IRAN WANTS $200 BLN
He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.