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Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit

October 9, 2017 Tsvetana Paraskova 0

Chevron and Total SA are interested in working at Iraq’s Majnoon oil field that Shell says it wants to exit, but no talks with the U.S. or French company have taken place since Iraq is still in talks with Shell, Iraqi Oil Minister Jabbar Al-Luiebi said on Monday.   “Until now, we are still in talks with Shell, and no decision has been made in relation to exiting the Majnoon field,” Bloomberg quoted Al-Luiebi as telling reporters in Baghdad. Iraq hopes to “reach a satisfactory deal for the two parties,” according…

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Russia And China Continue To Boost Oil Ties

October 9, 2017 Tsvetana Paraskova 0

Even before the OPEC/non-OPEC production cuts took effect in January 2017, Russia had already beaten Saudi Arabia to become China’s single largest oil supplier for 2016. Since then, Saudi Arabia has sacrificed still more of its market share in the prized Chinese market, while Russia has dominated Beijing’s top suppliers’ list for most of this year. Now Russia’s oil giant, Rosneft—whose chief executive Igor Sechin is a close ally of Vladimir Putin—is reportedly aiming to further increase its crude oil deliveries…

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China’s Sinopec Puts $1B Argentina Oil Assets Up For Sale

October 9, 2017 Tsvetana Paraskova 0

Argentina’s losses on its oil and gas assets, as well as its labor disputes, have prompted China’s Sinopec to consider selling its operations in the country. Sinopec advisors have offered up some of its assets to about a dozen large firms from the U.S., Latin America, Europe, Africa, and Russia, Reuters reported on Monday, citing three sources familiar with the plans. In total, there could be more than 15 potential suitors for Sinopec’s assets, according to one of Reuters’ sources. Possible buyers include Angola’s…

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Rosneft To Buy 30% Stake In Giant Zohr Gas Field

October 9, 2017 Tsvetana Paraskova 0

Russia’s oil giant Rosneft has closed the deal to buy from Italy’s Eni a 30-percent stake in the offshore concession in Egypt where the giant Zohr gas field is located, for US$1.125 billion, the Russian firm said on Monday.   Rosneft also refunded its share in past project costs to the Italian company, which discovered Zohr in 2015 and plans to start production by the end of this year. Zohr has a total potential of 850 billion cubic meters of gas in place and is the largest natural gas field ever discovered in the Mediterranean,…

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Rosneft To Buy 30% Stake In Giant Zohr Gas Field

October 9, 2017 Tsvetana Paraskova 0

Russia’s oil giant Rosneft has closed the deal to buy from Italy’s Eni a 30-percent stake in the offshore concession in Egypt where the giant Zohr gas field is located, for US$1.125 billion, the Russian firm said on Monday.   Rosneft also refunded its share in past project costs to the Italian company, which discovered Zohr in 2015 and plans to start production by the end of this year. Zohr has a total potential of 850 billion cubic meters of gas in place and is the largest natural gas field ever discovered in the Mediterranean,…

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New Saudi Oil Prices Met With Mixed Reactions

October 6, 2017 Tsvetana Paraskova 0

The official selling prices (OSPs) that Saudi Arabia set for its Asia-bound crude oil for November were met with mixed reactions from traders who had expected lower price hikes for the lighter grades and no price decreases for the heavier grades, according to Asian traders polled by Platts. Earlier this week, Saudi Aramco raised the OSPs for its light crude grades to Asia by between US$0.10 and US$0.40 compared to October, with Arab Super Light priced at the highest in eight months, and Arab Extra Light – at the highest in 11 months. The…

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U.S. Distillate Stocks Drop Again As Refiners Struggle To Meet Demand

October 6, 2017 Tsvetana Paraskova 0

Despite the fact that U.S. refinery runs have recovered to near normal levels after Hurricane Harvey, refiners are finding it difficult to keep up with robust domestic demand and exports of distillates, whose inventory continues to drop. According to the EIA’s weekly inventory report for the week to September 29, distillate fuel inventories declined by 2.6 million barrels last week and are in the lower half of the average range for this time of year. At September 29, distillate fuel stocks were 135.4 million barrels. The winter heating season—the…

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Russia To Become A Leader In Energy Storage

October 5, 2017 Tsvetana Paraskova 0

Here’s a fun fact about Russia: it gets a fifth of its energy from hydropower. This might sound shocking for a country whose image is so tightly linked to oil and gas, but Russia has a lot of big rivers and it’s putting them to good use. Now, Moscow is moving into other renewables and, more interestingly, energy storage as well. Energy Minister Alexander Novak said earlier this week that Russia could find a place among the world’s leaders in solar power generation and energy storage. Russian solar panel makers, the minister added,…

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Norway Looks To Reduce Its Dependence On Oil

October 5, 2017 Tsvetana Paraskova 0

Western Europe’s biggest oil and gas producer, Norway, will start to analyze ways to cut its dependence on oil and gas, because fossil fuels are bound to lose value over time with the energy transition, Norway’s Minister of Climate and Environment, Vidar Helgesen, told Reuters on Thursday. The government will task a commission of experts to study ways to make Norway’s economy greener and spare it from financial risks connected to climate change policies. The commission will likely report on its findings in around one year’s…

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