Statoil ASA is seeking clarification on Tanzania’s new petroleum law and wants to learn how it will affect companies like itself already operating in the nation, local commercial manager Oivind Holm Karlsen said.
“We need to go through the law to make sure we have a common understanding of what it is,” said Karlsen in an interview Tuesday in the commercial capital, Dar es Salaam, during a break at a conference. “We need to understand what is the implication and how will the production-sharing agreements that we already have be honored in light of that law.”
Parliament passed the petroleum legislation in July, after repeated delays, ushering in a royalty regime in which energy companies pay 12.5 percent for onshore oil and gas production and 7.5 percent for offshore.
Oil advanced from a six-year low, while U.S. stock-index futures rebounded after the biggest selloff in global equities in almost a month. The yuan slipped as China’s central bank cut its reference rate to the weakest level since 2011.
The world’s biggest sovereign wealth fund says it has recovered from the losses it suffered in the second and third quarters thanks to a strategy of dumping bonds and buying up stocks and real estate.
Energy & Exploration Partners Inc. filed for Chapter 11 protection, following several other oil and gas drillers into bankruptcy.
In its petition filed Monday, the company listed debt of $1 billion to $10 billion and assets of $500 million to $1 billion.
Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall.
Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja.
Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.
The global oil industry is set to repeat this year’s $200 billion of investment cuts in 2016, raising even more concerns than the current slump in crude prices, according to the chief executive officer of Italy’s Eni SpA.
"What is worrying me is not the price of today; it is what is happening in the industry,” CEO Claudio Descalzi said in an interview with Bloomberg TV from the COP21 climate change conference in Le Bourget, France. “We cut about $200 billion and I think next year we are going to do the same and that can create in the mid term an imbalance between supply and demand."
Repsol SA is considering selling its stake in Tangguh LNG, one of Indonesia’s largest liquefied natural gas projects, as Spain’s biggest oil company seeks to reduce debt, according to people familiar with the matter.
Repsol’s 3.1 percent stake in the gas fields, operated by BP Plc, may fetch as much as $300 million in a sale, the people said, asking not to be identified as the deliberations are private.
OPEC has seemingly dropped any attempt at trying to fulfill its founding mission and manage the oil market, sending global benchmark Brent crude to a six-year low. For Saudi Arabia’s Ali al-Naimi, the most powerful and longest- serving of the group’s oil ministers, it may have seemed like history was repeating itself.
Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC abandoned its long-time strategy of limiting production to control prices.
The Egyptian Government ordered its oil and gas arms to freeze talks on importing Israeli natural gas after an international arbitration court ordered the Arab world’s most populous nation to pay a fine of almost $1.73b to Israel.
Dubai stocks fell to a three-week low, leading declines in most Middle Eastern markets, after OPEC decided to forgo an output reduction that might have propped up oil prices and eased the pressure on the region’s export revenues. Abu Dhabi equities dropped the most in a week.
Renewable-energy developers are increasingly selling wind power straight to the users, tapping a new customer base as some traditional utility buyers are backing away.
Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take affect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify.
Iraq’s Kurdish region, where Genel Energy Plc and DNO ASA pump oil, delayed a target to produce 1 million barrels a day as the cost of fighting Islamic State militants saps resources.
Oil fell for the third time in four days as ministers from the Organization of Petroleum Exporting Countries arrive in Vienna to discuss production policy.
Saudi Arabia will discuss all issues at the OPEC meeting on Friday and listen to concerns of other members, said the nation’s Oil Minister Ali al-Naimi.
Transocean Ltd., the biggest offshore-rig operator, won a contract to drill four wells off Norway for Det Norske Oljeselskap ASA at a day rate of about $180,000, the lowest recorded tariff in the Nordic country since oil began to tumble last year.
This was the year Petroleo Brasileiro SA investors got what they had sought for decades: a chief executive with a mission to streamline and an independent chairman. Now one of them is gone.
Anadarko Petroleum Corp. was ordered to pay almost $160 million for its role as part-owner of the doomed Gulf of Mexico well that in 2010 caused the biggest offshore oil spill in U.S. history.
Back in 2009, China was a reluctant partner during major climate negotiations in Copenhagen that eventually collapsed amid recriminations between rich and poor nations. This time around the world’s biggest polluter is regarded as a driving force behind what could be a comprehensive deal at a world climate summit in Paris.
