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Is There Still Hope For Higher Oil Prices?

Is There Still Hope For Higher Oil Prices?

June 26, 2017 No Comments

Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry. WTI dipped below $44 […]

U.S Supreme Court Denies Petition by Lawyer Behind Fraudulent Chevron Ecuador Lawsuit

U.S Supreme Court Denies Petition by Lawyer Behind Fraudulent Chevron Ecuador Lawsuit

June 20, 2017 No Comments

The United States Supreme Court has denied a certiorari petition seeking review of a decision by the U.S. Court of Appeals for the Second Circuit affirming extensive district court findings that a $9.5 billion Ecuadorian judgment against Chevron Corporation was the product of fraud and racketeering activity, and unenforceable in the United States. In 2014, […]

Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin

Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin

June 19, 2017 No Comments

Hess Corporation (NYSE:HES) today announced it has entered into an agreement to sell its interests in enhanced oil recovery (EOR) assets in the Permian Basin to Occidental Petroleum Corporation (NYSE:OXY) for a total consideration of $600 million, effective June 1, 2017. Proceeds from the sale will be used to fund the company’s strong growth opportunities. […]

Hess Announces Positive Liza-4 Results, Offshore Guyana

Hess Announces Positive Liza-4 Results, Offshore Guyana

June 19, 2017 No Comments

Hess Corporation (NYSE:HES) announced it has sanctioned the first phase of development of the Liza Field, one of the industry’s largest oil discoveries of the past decade, located on the Stabroek Block offshore Guyana. In addition, the company announced positive results from the Liza-4 well, which encountered more than 197 feet (60 meters) of high-quality, […]

OPEC basket 13 June 2017

OPEC basket 13 June 2017

June 14, 2017 No Comments

The price of OPEC basket of thirteen crudes stood at $46.01 a barrel on Tuesday, 13 June 2017 compared with $45.93 the previous day, according to OPEC Secretariat calculations. Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks. OPEC reported a rise in its production despite a pledge to […]

Oil Prices Are Set To Rebound

Oil Prices Are Set To Rebound

June 14, 2017 No Comments

The latest selloff in oil prices have left speculators in a predicament: The fundamentals continue to look poor with unimpressive drawdowns in crude oil stocks, but there is a general consensus that the extension of the OPEC deal should push the market towards a rebalancing over the next few quarters. What that means for short-term […]

OPEC launches Annual Statistical Bulletin

OPEC launches Annual Statistical Bulletin

June 13, 2017 No Comments

The OPEC Secretariat is pleased to announce the release of the 52nd edition of the Annual Statistical Bulletin (ASB). The ASB provides a wide range of data on the oil and gas industry worldwide, serving as an important source of reliable information for research analysts and academics, as well as policymakers and many other industry […]

NNPC Sets up Information Technology Governance Bodies

NNPC Sets up Information Technology Governance Bodies

June 8, 2017 No Comments

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has said that NNPC was on the fast lane to attain efficiency and competitiveness through reliance on Information Technology. Dr. Baru, who spoke during the inauguration of the corporation’s Information Technology Governance Bodies in Abuja today said IT would enable the corporation […]

Petronas Starts 2017 With Solid Q1 Performance

Petronas Starts 2017 With Solid Q1 Performance

June 6, 2017 No Comments

PETRONAS ended the first quarter of 2017 with marked improvements, recording an increase in profit after tax (PAT) of more than 100 per cent from the corresponding period last year. This was primarily driven by higher oil prices and improved margins from Upstream and Downstream businesses in tandem with PETRONAS’ on-going transformation efforts that have […]

Neste deepens research on waste and residue raw materials

June 6, 2017 No Comments

Neste, the world’s leading biofuel producer in the circular economy, is putting a large amount of resources into research on waste and residue raw materials. In addition to biofuels, also bioplastics can be produced from waste and residues in the future. The company is also focusing its raw materials research on waste plastics as a […]

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