Songa takes delivery of new drilling rig headed for Statoil’s Troll field
Drilling contractor Songa Offshore has taken delivery of the latest addition to its rig fleet.
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San Leon Energy confirms speculation of approach
San Leon Energy has confirmed speculation of a possible takeover. The Irish oil and gas company was forced to make a statement after Irish press reported the firm was “being targeted for a takeover”.
British oil worker held hostage in Yemen freed in UAE operation
A Briton held hostage in Yemen for around 18 months is reportedly set to return to the UK after being freed. The man, named by the United Arab Emirate’s state news agency as Robert Douglas Semple, 64, was released in a military intelligence operation by the Middle Eastern country’s forces. He had reportedly been working as an engineer when he was kidnapped in February last year by al Qaida.
Climate change targets ‘need more low carbon’ infrastructure funding
Scotland must increase investment in low carbon infrastructure by at least 20 percentage points to meet its climate change targets, according to a new report.
Nostalgic for the financial crisis? Only in the oil business
America’s suffering shale patch is about the only place in the U.S. where there’s nostalgia for the dark days of the financial crisis. While the global economy started to unravel in 2008, it was also the beginning of the biggest oil boom in U.S. history.
Global selloff deepens as stocks sink with oil; treasuries gain
The global selloff in riskier assets deepened, spurring the biggest drop in Asian shares since 2013 and sending emerging-market currencies to the weakest levels on record. U.S. 10-year yields dropped below 2 percent. Commodity prices sank to a 16-year low, while credit risk in Asia increased to the highest since March 2014. The yen rallied and government bonds rose as investors sought haven assets. China’s Shanghai Composite Index tumbled 8 percent, while U.S. equity-index futures signaled a fifth straight day of losses. The rand and ringgit both dropped more than 2 percent.
Brent slides below $45 as Iran pledge worsens oil-supply outlook
Oil in London slid below $45 a barrel for the first time since March 2009 as Iran reiterated it will boost production and U.S. drillers showed no signs of slowing. Brent futures fell as much as 2.7 percent, extending a 7.3 percent drop last week, the most in five months. Iran will expand output “at any cost” to defend market share, Oil Minister Bijan Namdar Zanganeh said, according to his ministry’s news website. The number of active oil rigs in the U.S. rose for the seventh time in eight weeks, Baker Hughes Inc. data showed Friday.
East Libyan state oil firm wants to discuss contracts with oil majors at Dubai conference
A state oil firm loyal to Libya's official government based in the east of the country has invited foreign oil firms to discuss existing oil purchase contracts at a conference in Dubai next month, it said in a statement. The move is a fresh attempt by Libya's internationally recognised government to control state oil firm NOC, which is at the centre of a conflict between two rival administrations four years after the ousting of Muammar Gaddafi. The eastern government, which lost the capital Tripoli a year ago to a rival administration, has set up a new oil entity, which it calls NOC east, based in the city of Benghazi, but oil buyers still only deal with the established state firm NOC based in Tripoli, which has processed oil sales for decades.
Iranian oil minister says OPEC emergency meeting may stop oil price slide, according to report
Iran's Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilising the oil price, Iran's oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said no meeting was planned. "Iran endorses an emergency OPEC meeting and would not disagree with it," Zanganeh told reporters in Tehran, according to Shana.
South Korea agrees to buy more Iranian oil
Iran's Oil Minister Bijan Zanganeh said on Sunday that South Korea has agreed to increase its purchases of Iranian oil after a nuclear deal with world powers cleared the way for an easing of international sanctions on Tehran.
Baku warns against European negativity toward Azerbaijan
Persistent negativity by the European Parliament directed towards Azerbaijan risks alienating an “important partner” and its people, Baku has warned, after recent comments by EP President Martin Schulz.
Man who scuppered Pacific Rubiales oil deal has a plan
The man who last month helped blow up a $1.6billion bid for Pacific Rubiales is now urging Latin America’s largest independent oil producer to expand amid the worst crude meltdown in decades.
San Leon Energy spuds in Morocco
San Leon Energy has spudded the El Aaiun-4 well onshore in Morocco.
Big Oil’s flight draws US risk takers to Australian shale
Aubrey McClendon, the wildcatter who pioneered the US shale revolution by going where big oil companies wouldn’t, is at it again. This time in Australia.
Congressman in most-Jewish district backs Iran deal
A key Democratic congressman said Friday he is backing the nuclear deal with Iran after President Barack Obama wrote him a personal letter saying the US has options to curb Iran if it violates the agreement.
Vitol pays $830 mln to take full control of oil storage firm VTTI
The world's largest oil trader Vitol has bought the other half of storage firm VTTI for $830 million, taking full control of tanks that contributed to its stellar profits amid oil price volatility. Vitol's and other trading houses' profits rose steeply in 2014 due to price volatility and a market structure known as contango, when long-dated prices are higher than prompt prices. Contango encourages oil storage in tanks for the purpose of reselling the commodity at a profit in the future. VTTI has total gross storage capacity of 54 million barrels, including assets under construction, the company said.
U.S. drillers add rigs for a fifth week in a row
U.S. energy firms added two oil rigs this week, the fifth increase in a row, signaling further pressure on a market awash with crude. The rise came even as U.S. crude prices have fallen by more than a third from recent highs. Reflecting plans announced in May and June, when U.S. crude futures averaged $60 a barrel, drillers added 2 oil rigs in the week ended Aug. 21, bringing the total count up to 674, the highest since early May, oil services company Baker Hughes said in its closely followed report.
Unite seeks U-turn on North Sea ‘copters decision
The Unite union has called on the UK Government to “urgently revisit” the recommendation of the previous parliament’s transport select committee for a public inquiry into offshore helicopter safety.
Congress likely to repeal oil export ban in 2016
Legislation to repeal a 40-year ban on most domestic oil exports will probably become law in the first quarter of next year, according to analysts at Evercore ISI.
Gazprom Neft turns on second well in Arctic oil field
Russian oil producer Gazprom Neft has brought its second well into production at its Arctic Prirazlomnoye field, with output totalling 1,800 tonnes per day.
Dong moves toward UK offshore wind mega project
Denmark's Dong Energy has taken a step closer to delivering one of the world's biggest offshore development zones.
OPEC concern widens about oil drop, but cuts still ruled out
Some of OPEC's Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share. Brent oil is trading near $46 a barrel, close to its 2015 low after an 18 percent drop in July, pressured by abundant supplies and concern about the health of the Chinese economy, the world's second-largest oil consumer. Despite this, the delegates including from Gulf OPEC members who declined to be identified say China is still buying and stockpiling crude and they expect strong global demand growth should push prices back to $60 next year.
India to sell $1.5bn of Indian Oil shares on Monday
India will sell a 10 percent stake in top state-run refiner Indian Oil on Monday through a stock market auction, the government said, as part of its drive to raise funds by selling off assets. At the current market price of the stock, that stake would be valued at about $1.5 billion. The government owns 68.6 percent of IOC, whose stock hit a record high in July and has outperformed the broader market this year as the refiner benefits from cheaper global crude prices.
Petronas acquires Shell’s stake in gas plant
Malaysia's state oil company Petronas has acquired Shell's 50% stake as operator of the MLNG Dua natural gas plant.
Erin gets go ahead for Kenyan exploration
Houston-based exploration company Erin Energy has been given approval by the government of Kenya to begin the next phase of exploration on its onshore blocks, L1B and L16.