Putin helped save his oil giant. Now Rosneft returns favor
Two years ago, the Kremlin’s oil flagship was foundering, hit by falling prices and international sanctions just as it faced $20 billion in debt payments.
Keppel sees more job cuts after profit falls 38% on weak oil
Keppel Corp., which has already eliminated more than a quarter of its workforce this year, said “painful measures” and job cuts will continue as profit at the world’s biggest oil-rig builder drops.
Halliburton ready to sacrifice market share to boost profit
After boosting North American sales for the first time during the downturn, Halliburton Co. is determined to raise prices for its services to lock in profits in the world’s largest fracking market.
Oil surges to 15-month high on US supply drop, OPEC optimism
Oil advanced to a 15-month high in New York after the government reported that U.S. crude inventories unexpectedly fell last week and Saudi Arabia’s energy minister said many nations are willing to join OPEC output cuts.
OPEC price war offers meager rewards as US shale survives
When the Organization of Petroleum Exporting Countries started its price war, the U.S. shale boom looked doomed.
Woodside quarterly sales drop 9% amid declining energy prices
Woodside Petroleum Ltd., the Australian oil and gas producer, posted a 9 percent drop in third-quarter revenue amid the worst energy price slump in a generation.
Exxon CEO doesn’t see supply shortage pushing up oil prices
The world’s largest publicly listed oil company says ample production from U.S. shale regions will keep prices subdued for years to come, disagreeing with others in the industry who have warned about a looming shortage.
Oil seen stuck in $50 to $60 range as shale blunts OPEC action
The world should get used to oil prices between $50 and $60 a barrel as falling costs in America’s shale fields counteract OPEC’s renewed commitment to supply management.
IMF sees Saudi break-even oil price falling less than expected
The average oil price that Saudi Arabia needs to balance its budget will fall this year by only half as much as forecast six months ago, according to the International Monetary Fund.
OPEC reversal is gift to oil majors after two years of ‘hell’
When the bosses of the world’s biggest oil companies gather in London on Tuesday, they might have the urge to track down the Saudi energy minister and shake him by the hand.
UK botched its renewable energy programs, auditors report
The UK government miscalculated the costs of renewable-energy support and is likely to overshoot its 7.6 billion-pound ($9.2 billion) annual budget by about a fifth in 2020 and 2021, according to auditors.
What OPEC’s oil U-turn missed: Peak demand’s getting closer
OPEC’s decision last month to reverse its policy of unfettered production and cut oil output to boost prices may be at odds with the industry’s most important long-term trend: demand for what they produce could start falling within 15 years.
Oil speculators most bullish since ’14 after wild two months
Oil investors must be getting dizzy.
Rosneft beat four suitors to buy refinery in surging oil market
For the billionaire Ruia brothers, who sold their stake in India’s second-largest refinery to Rosneft PJSC and a group led by Trafigura for about $13 billion, the biggest surprise was the number of suitors for the oil processor.
Oil extends decline as U.S producers boost drilling amid glut
Oil extended declines after U.S. producers increased drilling as the market contends with an overhang of crude inventories at the highest seasonal level in at least three decades.
Tullow seeks truckers for early shipments of first Kenyan oil
Tullow Oil Plc’s Kenyan unit said it’s seeking trucking companies to transport crude from northwestern fields to the port city of Mombasa as the East African nation rushes to export its first oil by mid-2017.
Shell said to consider sale of $1bn Malaysia LNG stake
Royal Dutch Shell Plc is considering a sale of its stake in a Malaysian liquefied natural gas export plant, which could fetch more than $1 billion, people familiar with the matter said.
China said to be planning mega-merger of Sinochem, ChemChina
China is planning to merge Sinochem Group and China National Chemical Corp. as the government continues its overhaul of state-owned enterprises, according to a person familiar with the matter.
Shell North Sea sale said to draw Ineos, Siccar Point bids
Royal Dutch Shell Plc has invited binding bids from parties including Ineos AG and Blackstone Group LP-backed Siccar Point Energy for the sale of some of its U.K. North Sea assets worth about $2 billion, according to people familiar with the matter.
Oil rebound’s dirty little secret threatens US gas bulls
One of the biggest threats to an extended rally in U.S. natural gas prices is lurking in the oil patch.
ONGC, United Energy said to Vie for $2bn Chevron fields
Oil & Natural Gas Corp., the largest Indian oil and gas explorer, and Hong Kong-listed United Energy Group Ltd. are among bidders for Bangladesh natural gas assets being sold by Chevron Corp., people with knowledge of the matter said.
Shell may snag 95% discount on next-generation Ethanol plant
Royal Dutch Shell Plc is set to pay $26 million for Abengoa SA’s ethanol plant that cost it and taxpayers about $500 million to build.
Idemitsu, Showa Shell to delay refiner merger opposed by family
Japanese refiner Idemitsu Kosan Co. will delay a planned April 2017 merger with domestic rival Showa Shell Sekiyu K.K. amid opposition from its founding family.
OPEC-Russia roadshow heads to Vienna for oil-cuts talks
OPEC’s effort to secure cooperation of non-members in a global deal to curb crude output will roll on from Istanbul to Vienna, with Russia on board but growing internal differences over sharing the burden of cuts.
BP bulks up offshore Australia gas to feed Northwest Shelf LNG
BP Plc. picked up new offshore Australia gas fields to expand supply options for the North West Shelf LNG venture.