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Rosneft puts new projects on back burner: Rosneft is to shift its focus to increasing production at existing oilfields, its Chief executive has said — in a tacit admission that weak oil prices and economic sanctions are thwarting ambitious plans for new projects.
Helicopter pilots set to strike over North Sea cuts: Britain’s troubled North Sea oil industry was braced for fresh turmoil after calls for a strike by helicopter pilots over a wave of planned job cuts.
U.S. eases crude oil ban with Mexico deal: The United States has approved oil exports to Mexico in a further sign that the Obama administration is moving closer to lifting the 40-year-old ban on shipping its crude abroad.
Brent oil prices gained last week, after the EIA oil report revealed that US crude oil inventory declined by about 1.7 million barrels to reach 453.6 million barrels previous week. Meanwhile, OPEC monthly crude oil report indicated that the cartel’s output rose to three years high in July. Moreover, IEA remained upbeat about demand for oil in the market and stated that it is advancing at a rapid speed in five years. Brent crude oil prices rose 0.9% to $49.03/barrel
Ithaca Energy highlights continued potential to make money in North Sea: North Sea-focused Ithaca Energy has said acquisitions are still on the company’s agenda after it generated $160 million (£100 million) cash from operations net of costs in the first half in spite of the crude price plunge
North Sea specialist wins more time to complete East of Shetland deal: Independent Oil & Gas has won more time to complete an acquisition East of Shetland after its expansion plans were thrown into question by the renewed fall in the crude price in recent weeks.
BP traders rigged gas market, says judge: BP faces the prospect of fresh regulatory fines after a judge ruled that its energy traders rigged a U.S. natural gas market in the aftermath of a 2008 hurricane.
U.S. oil futures drop to lowest since 2009: U.S. oil futures slipped to their lowest price since the financial crisis as a refinery glitch threatened to add to a persistent glut of crude.
Fast-track fracking taps well of northern anger: Government attempts to fast-track Britain’s shale gas revolution face formidable opposition among the rolling hills of North Yorkshire, the next battleground in the fight over “fracking
Exploration augurs well for Ophir Oil: Ophir Oil is pushing into early stage exploration despite scaling back its drilling programme in response to the collapse in crude prices.
At 0330GMT today, Brent crude oil one month futures contract is trading marginally higher at $49.22 per barrel. Yesterday, the contract declined 0.89% or $0.44, to settle at $49.22 per barrel, as sustained glut in global oil supply and a strengthened greenback weighed on the crude prices
Experts warn: Oil supply glut is growing: The global oversupply of crude which has led to a slump in oil prices will continue until late next year an authority on the industry has predicted
Spark Energy launches job drive: Spark Energy has unveiled plans to ramp up staff numbers and made senior hires from “big six” rivals ScottishPower and SSE as it nears a significant milestone in its development
U.K. E&Ps: crude combinations: The international oil companies with the strongest balance sheets, such as ExxonMobil and Chevron, might seem likely buyers. Each has ratios of net debt to capital employed of about 15 per cent, less than half that of most in the sector. Many of the financially healthy companies also have higher cost portfolios, thinks Goldman Sachs. One good way to improve their asset quality: buy smaller, indebted companies with lower break-even cost oil and gas assets. Instead, smaller players should start thinking about consolidating among themselves — and if they do, the international oil companies might just follow. In the last oil rout, in the late 1990s, a number of midsized explorers came together to cope with low oil prices. British Borneo and Hardy Oil and Gas merged in 1998. Lasmo and Monument Oil a year on. Both were later swallowed up by Italy’s Eni. A number of combinations are possible among U.K.-listed explorers. Consider Premier Oil and EnQuest, both of which have substantial portions of their assets in the high-cost North Sea. The overlaps suggest upwards of £85 million in potential cost savings, from both overhead and exploration cuts, over the next two years, thinks Citi. Put Africa-focused Ophir together with Soco International’s Vietnam oil production and the savings could amount to almost a fifth of operating cash flow.
Canadian oil sands crude halves in price: Oil from Canada’s tar sands has skidded towards $20 a barrel, a level not seen for international crude prices in 12 years, tightening the screws on energy companies and the economy of the world’s fourth biggest supplier.
Ministers freed to intervene in fast-track fracking drive: The fracking industry has had a shot in the arm as the government puts local councils on notice that Ministers will step in to override any “slow and confused” decisions on shale drilling applications
Arctic drilling plans risky for Shell’s reputation and profits, says former BP Chief Lord Browne: The former head of BP has said drilling for oil in the Arctic could damage Shell’s reputation and risk its profits, as it was revealed the company could get the necessary permits to restart drilling as early as this week.
Oil supply outstrips rising demand: A glut in the world’s oil supply will last until at least the end of next year, the International Energy Agency warned, despite the fastest rise in demand in five years
At 0330GMT today, Brent crude oil one month futures contract is trading 0.12% or $0.06 higher at $49.72 per barrel. Yesterday, the contract climbed 0.98% or $0.48, to settle at $49.66 per barrel, after the International Energy Agency (IEA) sounded upbeat about demand for oil in the market and stated that it was increasing at the quickest pace in five years. Meanwhile, the EIA data revealed that US crude oil stockpiles in the US declined by about 1.7 million barrels to reach 453.6 million barrels previous week
The global oil glut Worldwide supplies are growing at "breakneck speed", which will persist well into next year, according to a new report from the International Energy Agency. The drop in prices is pushing up demand at the fastest pace in five years. (FT)
Oil is close to breaking through its March 2009 low. Anything below $42.33 would be a new bottom
Crude oil price drops on Opec supply figures: Crude oil production by members of the Organisation of Petroleum Exporting Countries (Opec) reached its highest level in three years in July, despite Saudi Arabia indicating it had pulled back, figures showed.
Low oil price takes toll on hotels in Aberdeen: The low oil price is taking its toll on Aberdeen’s hotel market with double-digit drops in both occupancy and revenue, latest figures show.
Wood Group enlisted to help Mexican giant develop oil fields: Wood Group has won a contract worth up to $28 million (£18 million) to complete engineering work on new oil fields off Mexico following the country’s move to open up its oil and gas market to international firms.
Oil hit as China devalues: The price of oil continued to slide after China, the world’s biggest importer, devalued its currency and new OPEC figures pointed to a widening global supply glut.