US stocks rose for a third day to further pare their December decline, with energy shares leading amid a rally in crude oil. The Standard & Poor’s 500 Index rose 0.7 percent to 2,053.85 at 10:04 a.m. in New York, after rising 1.7 percent during the prior two sessions. The Dow Jones Industrial Average climbed 120.74 points, or 0.7 percent, to 17,538.01. The Nasdaq Composite Index added 0.7 percent. Trading in S&P 500 shares was 14 percent lower than the 30-day average at this time of day. US exchanges will close early on Thursday for the Christmas holiday and reopen on Dec. 28.
OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million barrels a day by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 million barrels more than projected a year ago, and 1 million less than the group pumped in November. The forecast underlines the struggle faced by the Organization of Petroleum Exporting Countries as it seeks to defend market share against a surge in output from rivals such as the U.S. and Russia. While OPEC is slowly taming the expansion of competitors, the collapse in oil prices means the financial costs of its strategy are immense. Brent crude futures touched an 11-year low of $36.04 a barrel on Dec. 21.
Frontera said it is was now in the process of completing the second independent assessment of its gas resource estimates associated with the South Kakheti Gas complex in Georgia. The move comes after the company announced the results of the first report it commissioned by consulting firm Netherland, Sewell & Associates. Frontera said it was initially assessed that the site, which is estimated to hold as much as 135trillion cubic feet of gas, was one integrated geologic unit.
At least 30 were wounded after a fire ripped through a Pemex pipeline in Cardenas, the Mexican state of Tabasco.
Texas boss Mike Mullen said his firm inking a $222million deal with Maersk Oil & Gas was like winning the “Powerball”.
Premier Oil today confirmed it had finalised the sale of its Norwegian business.
Premier Oil today confirmed first oil from its Solan field had been pushed back until next month.
Energy Voice sits down with Energy Job Taskforce champions to get to the heart of the issue.
Lundin has converted its North Sea wildcat into an appraisal well.
Cosco Corp. Singapore Ltd., the shipbuilding arm of China Ocean Shipping Group, is exploring options to support its business as a slump in commodities trading and oil prices leads to sluggish demand for new vessels.
An offshore union has branded the fine imposed on Total yesterday a "wholly inadequate slap on the wrist".
Aberdeen firm RS Occupational Health (RSOH) has smashed its own job creation expectations at a fledgling remote care medical centre in the city.
Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt.
In the shadow of Brazil’s once-mighty oil giant, another state-run behemoth is trying to get ahead of the nation’s biggest-ever corruption scandal to avoid the fallout that has already crippled more than a dozen companies. A team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA, known as Eletrobras, started reviewing Latin America’s biggest electric utility in June to determine whether it has had any losses from graft, according to a regulatory filing. Since then, the internal probe has swelled to involve more than 100 investigators, $15 billion of investments, 10 subsidiaries and three of Brazil’s biggest power projects, said a person with direct knowledge of the matter.
Oil firm Total has been fined £1,125,000 for breaching offshore regulations which led to a major gas leak on one of its North Sea installations.
Lundin Petroleum said it has made an oil discovery in the Norwegian Continental Shelf (NCS) after completing the Rolvsnes exploration well. The well, located in PL338C, is south of the Edvard Greig field in the central North Sea.
Oil firm Total has admitted breaching offshore regulations which led to a major gas leak on one of its North Sea installations. In March 2012, all 238 workers on board the Elgin platform had to be evacuated as gas started spewing out of the G4 well at the rate of two tonnes an hour. At one point, about seven million cubic feet of gas was leaking from the platform every day.
A joint venture between Socar and Cape has been awarded a two year extension contract worth $90million by oil major BP for the provision of fabric maintenance services for its assets in Azerbaijan. The work will include both its onshore and offshore assets in the region.
Petrobras has terminated two contracts for two vessels from Solstad Offshore. The contracts for the Normand Trym and Normand Vibran had originally been valid until the thid quarter of 2017.
Fugro has completed work on the burial of export cables at the Gemini offshore wind park, off the Netherlands coast.
Sparrows Group has been awarded a contract from Oceaneering International to design and manufacture two 500-tonne powered and jack-able under rollers. The under-rollers will be delivered to Oceaneering in Panama City where Sparrows Group will perform the assembly and site acceptance testing.
A product line owned by Forum Energy Technologies has won a string of new multi-million dollar contracts in just one month. AMC Engineering has been given multiple orders for the manufacture and supply of its fully rotational torque bucking unit, scheduled for delivery next year. The units have been bought by a number of multinational oil companies in the Middle East, South America and Caspian regions.
Nostra Terra today confirmed a three-year extension for its $25million credit facility.
Independent Oil and Gas (IOG) converted its bid for the North Sea's Skipper licence to 100% ownership.
Chevron agreed a LNG deal with China Huadian Green Energy.