BLOOMBERG - Investment in oil and gas production collapsed by about $350 billion, or more than 40 percent, from 2014 to 2016 -- the sharpest contraction since the 1980s -- after crude fell from over $120 a barrel to less than $30, according to the International Energy Agency. The number of new projects approved in 2017 dwindled to the lowest in 70 years, the Paris-based agency said.
PLATTS - Libya's state National Oil Corp. is targeting a $60 billion overhaul of its oil and gas sector as it strives to reach a pre-civil war output level of around 1.6 million b/d by the end of this year.
REUTERS - “There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake,” said Mohammed Barkindo, secretary-general of oil producer group OPEC.
REUTERS - China has lent over $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy.
REUTERS - Italy’s Eni and Austria’s OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company’s (ADNOC) refining business and establish a new trading operation owned by the three partners.
POWERMAG - China continues to finance new coal plants in more than two dozen countries, even as the country has taken the lead in global renewable energy investment, according to a report from a U.S. group of energy analysts.
REUTERS - Saudi Aramco, the world’s top oil producer, is looking to acquire natural gas assets in the United States and is willing to spend “billions of dollars” there as it aims to become a global gas player, the company’s CEO said on Tuesday.
PLATTS - US onshore E&P capital investments in 2019 are likely to be flat to slightly down from last year, with international activity outside North America picking up slowly over the next several months, Schlumberger's top executive said.
ENCA - Saudi Arabia's planning to build an oil refinery and a petrochemicals plant in South Africa. It's part of a $10-billion (R138-billion) investment in the country.
ENA - Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The Abu Dhabi Fund for Development believes in the vital role the renewable energy sector plays in attaining the sustainable development goals in developing countries. This important sector stimulates economic growth, creates employment opportunities, drives innovation, supports the advancement of other key sectors, and optimises the use of natural resources – all crucial factors in improving people’s lives."
PLATTS - The companies plan to invest around $1.4 billion for the project with Sonatrach and and Total sharing 51% and 49%, respectively.
МИНЭНЕРГО РОССИИ - "Мы готовы реализовать проект продолжения "Турецкого потока" в европейские страны, европейским потребителям. Мы готовы вложить в это необходимые ресурсы, они будут исчисляться примерно в $1,4 млрд. Мы эту работу фактически готовим и даже практически ее начинаем. Но в конечном итоге все будет зависеть и от других стран, в том числе стран Евросоюза - насколько они в состоянии будут защитить свои суверенные национальные интересы в диалоге с европейскими структурами", - добавил Владимир Путин.
PLATTS - Oil prices averaging $70/b in 2018 underscore the need for more investment in new supply, UAE energy minister Suhail al-Mazrouei told delegates at the Atlantic Council's Global Energy Forum in Abu Dhabi on Saturday.
PLATTS - Saudi Arabia's state-owned oil giant Aramco will seek to sell around $10 billion in bonds to help fund the purchase of petrochemicals firm Sabic, Saudi energy minister Khalid al-Falih said Sunday.
REUTERS - Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China.