Oil extends gains as policy makers seek to limit Brexit fallout
Oil extended gains amid speculation policy makers will take steps to curb the economic fallout from Britain’s shock vote to leave the European Union.
Enterprise gas plant blast curbs Gulf of Mexico oil, gas supply
At least two oil and natural gas platforms in the Gulf of Mexico have halted production and a gas pipeline was shut after an explosion at an Enterprise Products Partners LP plant that processes fuel in the region.
Brexit just the start as bewildered Scotland weighs own divorce
Scots, famously, tend to root for any sports team that plays against England. The roar of jubilation at Edinburgh’s Three Sisters bar Monday night as tiny Iceland knocked Scotland’s ancient rival out of the European soccer championships had an extra edge.
Venezuela’s oil output decline accelerates as drillers go unpaid
Venezuela’s oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments.
Saudi foreign assets rise in May for first time in 16 months
Saudi Arabia’s foreign-currency reserves rose modestly in May for the first time in 16 months, probably due to a $10 billion syndicated loan concluded in the previous month.
Aramco, Sabic one step closer to turn oil into chemicals
Saudi Arabian Oil Co. and Saudi Basic Industries Corp. are one step closer to building their first plant to process crude directly into chemicals, cutting out a link in the production chain from hydrocarbons to the finished products that go into plastics and other consumer goods.
Maersk intensifies M&A search as oil unit loses biggest field
A.P. Moeller-Maersk A/S is intensifying its search for acquisitions to build up its oil unit as the Danish shipping and petroleum conglomerate loses Qatar, the biggest field in its portfolio.
North Sea oil industry faces years of Brexit-induced turmoil
The U.K.’s North Sea oil and gas industry, already reeling from low prices, high costs and collapsing investment, now faces several years of turmoil as the nation’s decision to quit the European Union looks set to trigger a second independence vote in Scotland.
Modi’s $27billion oil quest gives services firms a lifeline
India is offering global oilfield service providers starved of new contracts a $27 billion lifeline as the government’s ambition to cut fuel imports drives fresh investment.
Maersk loses biggest oil field as organizational shakeup looms
A.P. Moeller-Maersk A/S is losing the biggest oil field in its portfolio as Qatar prepares to end a 25-year partnership with the Danish shipping and petroleum conglomerate.
Sterling slump means costlier commodities for post-brexit UK
The collapse in the pound since U.K. voters chose to quit the European Union means more expensive imports of oil, natural gas and industrial metals, although some farmers and distillers may have cause to celebrate.
Iran plans tenders for oil fields this summer as contract nears
Iran plans to issue tenders to develop its oil fields this summer as the government is expected to approve a new model oil contract designed to attract investors “in a short amount of time,” Oil Minister Bijan Namdar Zanganeh said, according to an interview published by the Iranian Students News Agency.
Brexit may be Scotland’s chance to steal London finance crown
For all the uncertainty Scotland faces with the cloud of Britain’s exit from the European Union, there could yet be a silver lining, according to U.K. lawmaker Mark Garnier.
No longer a commodity powerhouse, UK’s price impact won’t last
The U.K. decision to quit the European Union probably sparked the country’s biggest impact on global commodity markets in decades. It may not last.
Oil extends drop to trade near $47 as Brexit turmoil continues
Oil extended losses to trade near $47 a barrel as the U.K. voted to leave the European Union, triggering a global flight from risky assets.
Crescent Petroleum sees $11billion Kurd gas claim resolved this year
Crescent Petroleum Co., an oil and natural gas producer in Egypt to the United Arab Emirates, expects to resolve by the end of this year an $11 billion arbitration case against the Kurdistan Regional Government in Iraq.
Middle Eastern stocks slump as investors weigh Brexit fallout
Middle Eastern stocks followed declines across global markets on uncertainty over how Britain’s decision to leave the European Union will affect economies in the region.
SEC sues Breitling ‘Frack Master’ for investor cash spent on strippers
Calling himself the “frack master,” Texas businessman Chris Faulkner charmed hundreds of investors and major media companies into believing he had extensive experience in energy markets.
Oil seen by Crescent Petroleum hitting $60 this year on demand
Crescent Petroleum Co., an oil and natural gas producer in Egypt and Iraq, expects crude prices to improve this year as supply becomes more in line with demand.
Chevron Vaca Muerta costs drop 20% nearing goals, Moshiri says
The cost to drill wells at Argentina’s Vaca Muerta, site of the world’s second-biggest shale reserves, has dropped 20 percent this year, putting Chevron Corp. and its partners closer to meeting spending goals.
Merkel set to pass legislation banning gas fracking in Germany
Chancellor Angela Merkel’s coalition is set to ban shale gas fracking in Germany, passing legislation in parliament on Friday that is set to end years of discussion over whether the nation should follow the U.S. in launching a boom in drilling.
BP’s Dudley sees oil markets balancing with $50 crude this year
Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc Chief Executive Officer Bob Dudley said.
US stock futures tumble on Brexit to trigger limit-down curbs
U.S. stock futures plunged, triggering a trading curb, as the U.K.’s decision to leave the European Union fanned speculation that a divided Europe would put another brake on already fragile global growth.
Oil gains in New York ahead of Brexit vote
Oil gained in New York amid volatility in global markets and uncertainty about the U.K. referendum on European Union membership.
Oil patch ‘left for dead’ will spark new IPOs for US explorers
As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest US oil field are poised to take a new generation of gushers public.