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Iran Oil Chief Shakes Up Oil Firm in Bid to Strike Pre-election Deals

June 28, 2016

Oil minister Bijan Zanganeh has handed the running of Iran’s national oil company to a trusted ally in a push to agree long-awaited deals with global oil majors, which could be derailed by next year’s presidential polls. Iran has pledged to open up its lucrative oil reserves, the world’s fourth largest, although hardline rivals of… Continue Reading »

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Isabel dos Santos Promises Overhaul of Angola’s State Oil Firm

June 7, 2016

Isabel dos Santos, the billionaire daughter of Angolan President Jose Eduardo dos Santos, pledged a root and branch overhaul of state oil firm Sonangol on Monday to improve its efficiency and margins to offset the “huge” impact of depressed oil prices. A presidential decree issued last week said Isabel, ranked as Africa’s richest woman by… Continue Reading »

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Baker Hughes Revenues Down 39% Since One Year Ago

October 24, 2015

Oilfield services giant Baker Hughes saw revenues drop to $3.8 billion for 3Q 2015, down 39 percent compared to 3Q 2014, and a 5 percent decrease from last quarter. “Compared to the third quarter of 2014, revenue in North America declined 57 percent on sharply lower activity and unfavorable pricing, while actions we have taken… Continue Reading »

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Canada Imposes Sanctions On Russian Oil Firm Rosneft, Rostec CEO

February 21, 2015

Canada is imposing sanctions against top Russian oil firm NK Rosneft OAO and the head of conglomerate Rostec, among others, in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Tuesday. In all, Canada – which said it was acting in coordination with the European Union and the United States – imposed… Continue Reading »

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Small Oil Firms Hunt For Cash As Crude Slump Shuts IPO Door

January 22, 2015

Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in the oil and gas sector worldwide have dwindled since crude started sliding in June. The… Continue Reading »

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Brazil’s Rousseff Stands by Petrobras CEO, Says Pessimism Overblown

December 27, 2014

Brazil’s President Dilma Rousseff said on Monday she has no plans to replace the chief executive officer of state-run oil firm Petrobras, saying there was no evidence that senior management was involved in a graft scandal at the company. Speaking at a year-end breakfast with reporters in Brasilia, Rousseff also said she will take “drastic”… Continue Reading »

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