The nation’s $814 billion China Investment Corp. would be the principle investor in the planned flotation by Saudi Arabian Oil Co., according to the people, who asked not to be identified because the talks are private. China National Petroleum Corp. may also invest in the IPO, they said. No formal agreement has been reached, according to the people.

In terms of regulation and policy for the upstream oil and gas industry, much of the EU legislation and directives were either based on established UK customs and practices or are already enshrined in UK law. Although it will take some considerable time to untangle the complex regulatory and policy frameworks, the impact for the oil and gas industry is likely to be modest. In terms of the UK oil and gas tax system, little is expected to change as a result of Brexit as the EU has no remit over the UK’s fiscal regime for the industry.

TESCO reported a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, for the fourth quarter ended December 31, 2016. Adjusted net loss for the quarter was $13.3 million, or $(0.28) per share, excluding special items, consisting primarily of several charges related to receivables and restructuring costs. This compares to a U.S. GAAP net loss of $22.1 million, or $(0.48) per diluted share in the third quarter of 2016, and a U.S. GAAP net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter of 2015. Adjusted net loss in the third quarter of 2016 was $17.3 million, or $(0.37) per diluted share, and in the fourth quarter of 2015 was $13.4 million, or $(0.33) per diluted share.

April's U.S. oil production will up 109 tbd, gas production will up 562 mcfd.

Pakistan's economy expanded 4.2% in 2016, foreign investment has continued to grow -- attracted by the multi-billion dollar China-Pakistan Economic Corridor project -- and improvements in the country's security front, following the government's efforts to combat terrorism, have also led to economic gains and additional investment.

Trade between the countries fell overall last year as oil prices dropped. Japan's 2.1 trillion yen ($18.6 billion) in imports from Saudi Arabia in 2016, mostly oil and gas, dwarfed its exports of 546.3 billion yen ($4.8 billion).

EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to average about $1/b less than Brent prices in the forecast. NYMEX contract values for May 2017 delivery traded during the five-day period ending March 2 suggest that a range of $46/b to $63/b encompasses the market expectation for WTI prices in May 2017 at the 95% confidence level.

A significant, years-long oil supply crunch may be approaching due to insufficient investment in exploration and production, Hess CEO John Hess said Monday at IHS CERAWeek.

«Изменения топливно-энергетического баланса неизбежны, однако резких потрясений в ближайшие десятилетия мы не ждем – доля углеводородов может снизиться с 80% до 75%, при этом газ останется основным видом топлива и займет еще большую нишу. Таким образом, изменения мирового топливного баланса будут носить скорее эволюционный, а не революционный характер», - констатировал Александр Новак.

The Norwegian economy is slowly picking up after a two-year slowdown in its top industry, oil production, due to a halving of crude prices since mid-2014. In recent months, crude prices have risen and stabilised at around $55 per barrel.

The worldwide rig count for February 2017 was 2,027, up 109 from the 1,918 counted in January 2017, and up 266 from the 1,761 counted in February 2016.

U.S. Rig Count is up 267 rigs from last year's count of 489, with oil rigs up 217, gas rigs up 49, and miscellaneous rigs up 1. Canadian Rig Count is up 206 rigs from last year's count of 129, with oil rigs up 147 and gas rigs up 59.

Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.

Exports in January expanded 13.6 percent from a year earlier, the biggest gain since October 2015, but just missing the 15.0 percent increase forecast. In December, exports rose 10.7 percent. Data from the International Trade and Industry Ministry showed exports of mining goods increased 18.8 percent on stronger demand for crude oil and liquefied natural gas.

The LUKOIL Group oil production for the fourth quarter and twelve months of 2016 was 22.7 and 92.0 million tonnes, respectively. Production for the fourth quarter excluding compensation crude oil from West Qurna-2 project in Iraq increased by 2.5% compared to the third quarter of 2016.