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May 2016

May 2016
2016, May, 10, 18:10:00
RUSSIA NEEDS EUROPE
Policymakers always worry about Russia having too much market share of European gas, but from my point of view Russia needs Europe a lot more than Europe needs Russia. The reason for that is that gas has been losing market share in Russia and in Ukraine. Russia’s projects to straddle across to Asia are not progressing so well and also its LNG projects are not progressing quickly. So really the only game in town is Europe, particularly from a price perspective. However, that means that their dependency on Europe is growing so policymakers do not need to worry about Russia.
May 2016
2016, May, 10, 18:05:00
DOUBLE IRANIAN LPG
Iran plans to double its Liquefied Petroleum Gas (LPG) production in the post-sanctions era, Deputy Director of International Affairs for Marketing and Crude Oil Operation in the National Iranian Oil Company Safar-Ali Karamati said.
May 2016
2016, May, 10, 18:00:00
SHAH DENIZ $1.5 BLN
BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium.
May 2016
2016, May, 9, 19:30:00
ROSNEFT LNG FOR EGYPT
Rosneft Trading SA, a company of Rosneft Group, delivered its first LNG shipment as part of its contract with Egyptian Natural Gas Holding Company. The delivery of the cargo was made by the GOLAR ICE tanker to the Ain Sukhna port within the Master LNG Supply and Purchase Agreement signed in August 2015.
May 2016
2016, May, 9, 19:25:00
CHINESE $12 BLN FOR RUSSIA
On Friday, however, Export-Import Bank of China and China Development Bank signed two 15-year loans, for €9.34bn ($10.7bn) and Rmb9.76bn ($1.5bn) on Friday, according to regulatory statements from Yamal LNG.
May 2016
2016, May, 9, 19:20:00
THE NEXT ENERGY WAR
If this price drop does happen, then Norway will be caught in the crossfire, as its production is more expensive than Gazprom's. Further, Gazprom has already developed the giant Bovanenkovo field in the Yamal Peninsula, where output has been curtailed as export markets and Gazprom's own domestic demand have have not required the additional gas. This means it is in a position to bring more cheap gas to market at little additional cost beyond transport. For Norway, however, adding more production capacity entails more capital expenditure.
May 2016
2016, May, 9, 19:15:00
SAUDI PRICES UP
Saudi Arabia, the world’s largest crude exporter, has raised June oil prices to Asia by the most in 14 months, in a hopeful sign that demand from the region is on the up.
May 2016
2016, May, 9, 19:10:00
U.S. RIGS DOWN 5
U.S. Rig Count is down 5 rigs from last week to 415, with oil rigs down 4 to 328, gas rigs down 1 to 86, and miscellaneous rigs unchanged at 1. Canadian Rig Count is down 1 rig from last week to 36, with oil rigs up 1 to 11, gas rigs down 2 to 24, and miscellaneous rigs unchanged at 1.
May 2016
2016, May, 5, 19:14:00
OIL PRICES: $45 - $50
“We still believe sustained front-month WTI at $45 to $50 will be self limiting, as U.S. shale-producer spending and drilling would stabilize and perhaps recover.”
May 2016
2016, May, 5, 19:10:00
U.S. BANKRUPTCY UP
The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Midstates Petroleum MPOY.PK and Ultra Petroleum UPL.NL.