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Oil & Gas

Oil & Gas

US oil export ban bill passes House of Representatives

A bill to repeal the US oil export ban passed the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama. The bill sponsored by Representative Joe Barton, a Texas Republican, passed the House 261 to 159, failing to reach the 290 votes necessary to overturn a presidential veto. Only 26 Democrats voted for the bill despite Republicans' late effort to attract them by adding a measure to provide funds for the Maritime Security Program. The fleet of privately-owned ships brings supplies to U.S. troops and allies abroad.

Oil & Gas

US drillers idle rigs for sixth week as oil lingers near $50

US oil explorers idled rigs for a sixth week as they grapple with crude near $50 a barrel. Rigs targeting oil in the US fell by 9 to 605, adding to the 61 sidelined in the previous five weeks and extending a five-year low, Baker Hughes Inc. said on its website Friday. Equipment put aside in the Permian Basin in West Texas led the decline. "We were expecting a lot of the marginal vertical and directional rigs to start coming back out of the market, and that’s exactly what we saw this week," Matt Marietta, an analyst at Stephens Inc. in Houston, said. "Overall this is a trend I think is going to continue into year-end."

Oil & Gas

Israelis move into the UK North Sea

Israel’s Delek Group is to become the biggest shareholder in UK North Sea oil and gas firm Ithaca Energy following a £43million investment announced yesterday. The deal underlines investors still see value in British waters, despite a slump in oil prices and high operating costs in one of the world's most mature oil and gas basins. Tel Aviv-listed Delek’s investment arm is taking a near-20% stake in Ithaca, whose current activity is focused on the construction of a new production hub in the Greater Stella area of the central North Sea.

Oil & Gas

Delek Group invest $66million in Ithaca Energy

The investment arm of Israeli gas firm Delek Group has acquired an almost 20% stake in Ithaca Energy for $66million. The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs in the region.

Oil & Gas

Russia markets find sweet spot as politics take back seat to oil

As Russian military planes pound Syria, the ruble, stocks and bonds are projecting an uncommon level of giddiness on the part of traders. A week after Vladimir Putin embarked on air strikes on Islamic State, the attacks are infuriating Turkey, NATO calls them a “troubling escalation” and the U.K. says the Kremlin is making the situation in the region “much more dangerous.” Even so, the ruble is enjoying its best start to an October on record, and the RTS stock index is having its strongest showing in a decade. The reason? Oil. The correlation between Russia’s currency and the price of its main export is at an all-time high. Add to that the surge in appetite for emerging-market assets as traders push back the timing of an interest-rate increase by the Federal Reserve. Some investors are unfazed by Russia’s maneuvering in Syria or sanctions over its role in Ukraine.

Oil & Gas

Petronas says it remains committed to Canadian LNG project

Malaysia's Petroliam Nasional Bhd (Petronas) PETR.UL said it is committed to its Canadian liquefied natural gas (LNG) project despite the tumble in oil and gas prices which has hurt the state-owned oil company's profitability. The project would see Petronas build an export terminal near the British Columbia port city of Prince Rupert, a natural gas pipeline and ongoing gas development. Petronas had reached a deal with British Columbia in May on the proposed project, drawing it closer to its final investment decision. "Petronas would like to reaffirm its commitment to deliver long term LNG supply to its customers through the Pacific NorthWest LNG project in Canada, despite the current market volatility for oil and gas," its chief executive officer for Upstream, Wee Yiaw Hin, said in an emailed statement.

Oil & Gas

Chevron extends job cuts to global trading desks

Chevron Corp is cutting staff on its global energy trading desks this week, sources said on Thursday, making it the latest division to face reductions as part of a $3 billion cost-saving plan brought on by low crude oil prices. The Supply and Trading group, based in Houston, but with offices in Singapore, London and San Ramon, California, may be reduced by as much as 10 percent as part of a company-wide job reduction plan, according to two people familiar with the measures. Six other sources said they were aware of the cuts but could not say how deep they might be. While staff cutbacks are now commonplace across the energy industry as companies adjust to oil prices of $50 a barrel, half what they were a year ago, Chevron's moves this week appeared to be some of the largest to affect trading operations. Some companies have sought to protect the trading desks to help navigate choppy markets.

Oil & Gas

Lundin Petroleum sells Indonesian assets in $22million deal

Lundin Petroleum has sold its assets in Indonesia in an agreement with Medco Energi International in a $22million deal. The assets include the non-operate interest in the producing Singa gas field and the operated interest in the South Sokang and Cendrawasih VII Blocks, as well as the joint study agreement in respect of the Cendrawasih VIII Block.

Oil & Gas

McDermott International wins wellhead jacket contract

McDermott International has been awarded a brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation of four wellhead jackets. The company said the installation of two jackets in the Bul0Hanine field offshore Doha has been scheduled to be completed by December next year.

Oil & Gas

Wealth funds from Oslo to Riyadh raid coffers to offset oil

From Oslo to Doha, Riyadh to Moscow, governments that rode crude’s historic rise to unprecedented wealth are now being forced to start repatriating their rainy- day funds just to make ends meet. The halving of oil to less than $50 a barrel has the potential to alter one of the most powerful economic and political forces of the past half century: the rise of the petrostate. These countries led a surge in state investments in the U.S. and Europe that now totals about $7.3 trillion globally, according to the Sovereign Wealth Fund Institute. During the last boom, the oil countries flaunted their wealth abroad by buying stakes in iconic companies such as Barclays Plc as well as trophy assets including Manhattan hotels, European soccer clubs and London luxury homes, often in the face of opposition from the local public. Such swagger is fading.

Oil & Gas

Kemp says low oil price will lead to ‘greater emphasis’ on cost reduction but will curtail new investment

Leading oil and gas economist Professor Alex Kemp said a continued low oil price could lead to a "greater emphasis" on cost reduction, but was also likely to curtail investment in new fields and exploration. Prof Kemp made the analysis after Asco chief executive Alan Brown exclusively told Energy Voice he thought a continued oil price of $50 a barrel could be a "very good" thing for the North Sea. Brown said it would force greater collaboration between the operators and supply chain as companies were forced to work more closely together.

Oil & Gas

US gas bulls say too much bad news can be a good thing

Natural gas bulls are herding together. Eight of 12 analysts surveyed by Bloomberg said they’re bullish about prices heading into next week. Contracts have rebounded 2.7 percent on the New York Mercantile Exchange since reaching a three-year low on Oct. 1. Futures may have fallen about 20 cents in the last month, weighed down by a glut of domestic shale supplies and forecasts for a mild winter that could curb demand for the heating fuel. But traders and analysts say that’s old news.

Oil & Gas

Oil near $50 set for biggest weekly gain since August on demand

Oil headed for the biggest weekly gain since August amid speculation an increase in demand will ease a global glut. Futures climbed as much as 1 percent in New York and are up 9.4 percent this week. A “new capital discipline” in the industry will allow consumption to catch up with supply, boosting prices, Gary Ross, the founder and chairman of PIRA Energy Group, said Thursday. World oil use will expand more than forecast this year, according to Abdalla Salem El-Badri, the secretary-general of the Organization of Petroleum Exporting Countries.

Oil & Gas

Billionaire Scottish adviser says downturn will rebound in two years

Oil prices will rise again by 2018 and reinvigorate economic activity in the North Sea, according to a billionaire Scottish Government adviser. Jim McColl, who sits on the Scottish Government’s Council of Economic Advisers, told Holyrood’s Economy Committee his own Clyde Blowers’ engineering investment firm is “holding out quite well” in the economically-depressed North Sea and he predicted the downturn will reverse in the next two years. Increased oil and gas production contributed to the 0.7% rise in the UK economy announced yesterday but this has yet to feed through to the Scottish onshore economy, leaving Scotland’s GDP lagging behind at just 0.1% growth.