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barrels

Markets

Emerging stocks drop as oil sinks energy shares

Emerging-market stocks headed for their first decline in five days as energy producers dropped with oil and concern grew over the outlook for the global economy. The Malaysian ringgit paced losses for developing-nation currencies. The MSCI Emerging Markets Index decreased the most in a week, with nearly two shares falling for each one that gained. PetroChina Co. and Cnooc Ltd., China’s largest listed oil producers, slid for a second day in Hong Kong.

Oil & Gas

IEA says record 3 billion-barrel oil stocks may weaken prices

Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace in five years, the agency said. Still, the IEA predicts that supplies outside the Organization of Petroleum Exporting Countries will decline next year by the most since 1992 as low crude prices take their toll on the U.S. shale oil industry.

Oil & Gas

Egdon Resources sees promising results from Wressle-1

Egdon Resources has revealed encouraging results from the pumped test carried out at the Wressle-1 oil and gas discovery in licence PEDL180 in England. The company said assessments carried out over the Penistone flags zone 3A showed a production rate of more than 180 barrels of oil equivalent per day. Previous initial testing at the Ashover Grit, the Wingfield Flags and the Pensitone Flags had been carried out but due to a problem with downhole testing equipment, test operations were switched to focus on the shallower Penistone region.

Oil & Gas

Positive results for LGO from Goudron field

LGO Energy said test results from the Goudron field in Trinidad have shown an oil flow of more than 200bopd (barrels of oil per day). Well GY-674 was the first to be tested by the company this year and shows a natural rate of 240bopd, with an estimated 500bopd with an open-hole flow rate. The company said tests on GY-672 and 673 were also continuing.

Markets

Big oil companies lose more than a billion known reserves

The world’s biggest oil companies lost more than a billion barrels of known reserves last year as the “big five” energy majors struggled to stem the decline in new discoveries, a report has found. Analysis by brokers Morgan Stanley found that BP, Chevron, ExxonMobil, Shell and Total saw proved reserves shrink to 78.6billion barrels of oil equivalent (BOE) in 2014 from over 80billion the prior year – the steepest drop since 2008.