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Big Oil’s `Rock Star’ in Congress Runs Rig Tours for Support

April 24, 2016

Congressman Steve Scalise leaned over the railing of the Chevron Corp. oil platform floating in inky blue waters 250 miles off the Louisiana coast and marveled to a cluster of lawmakers that it produces 75,000 barrels of crude every day. Scalise is one of the oil industry’s busiest tour guides in Congress. Eight times, he’s lured… Continue Reading »

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LNG Backers Face Comatose Market as Oil Shows Signs of Life

April 14, 2016

As oil markets look for the green shoots of a price recovery, LNG participants are hunkering down for a long winter. The most influential executives, investors and traders in the liquefied natural gas market will gather in Perth, Australia, this week for the industry’s biggest conference. While Brent oil has surged about 50 percent since… Continue Reading »

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Baker Hughes: U.S. Drillers Cut Rigs for 3rd Week to Nov 2009 Lows

April 12, 2016

U.S. energy firms cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite crude futures prices jumping roughly 50 percent since hitting a near 13-year low in February. Drillers cut 8 oil rigs… Continue Reading »

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World’s Biggest Oil Market Too Tied To Mideast To End Addiction

April 3, 2016

Even in a world awash with crude, buyers in the world’s biggest oil market can’t seem to escape their addiction to Middle East supplies. South Korea’s imports from the Middle East climbed last year to the highest level since at least 1980, while refiners in India say they are shunning shipments from distant ports and… Continue Reading »

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Crude At $40 Isn’t The Only Problem Facing Norway’s Oil Industry

March 31, 2016

The collapse of crude prices isn’t the only problem facing energy companies in Norway: Explorers in western Europe’s biggest oil-producing nation also have had their leanest drilling spell in almost a decade. Companies searching off Norway found less than 5 million barrels of oil and gas for every exploration well drilled last year, the lowest… Continue Reading »

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Shale Patch Pain Sees Speculators Boost Bets on Oil Price

March 15, 2016

Hedge funds are the most bullish on oil in almost a year as the U.S. shale boom unravels and demand for gasoline strengthens. Signs that producers won’t be able to sustain a supply glut are intensifying, with the International Energy Agency calling a bottom for the price rout. U.S. output is near a 15-month low… Continue Reading »

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Norway’s Oil Minister to Companies: Don’t Shut Output

March 15, 2016

Oil companies operating in Norway should hike recovery rates from mature fields despite falling crude prices, and resist the temptation to shut output earlier than planned, Energy Minister Tord Lien said. “Companies are obliged to maximise the value of each field to prevent profitable resources from being squandered,” Lien of the right-wing Progress Party told… Continue Reading »

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Mexico’s Pemex Sets Up Credit Lines to Pay Suppliers

March 13, 2016

State-run oil company Pemex said on Tuesday it had set up lines of credit with Mexico’s development banks to improve liquidity and start paying back billions of dollars in debt to suppliers, as the firm seeks to repair finances hit by a rout in crude prices. Pemex has deferred payments to dozens of suppliers and… Continue Reading »

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