As the Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 members to cut oil production for the first time since 2008, Russia's Energy Minister Alexander Novak said his country was ready to do its part by reducing 300,000 barrels per day in the first half of 2017, provided OPEC adheres to the level of 32.5 mln barrels daily adjusted for Indonesia and on condition of maximum reciprocity from other non-OPEC countries. Russia is not an OPEC member.Add your comment!
Brazilian president Michel Temer signed legislation on Tuesday which opens the way for oil companies other than state-controlled Petrobras to operate the coveted sub-salt acreage. The bill repeals a controversial 2010 rule that requires Petrobras to hold a minimum 30% operating stake in assets governed by production-sharing contracts, mainly sub-salt assets.2 comments
Oil prices fell over 1 percent Monday in Asia following a decline of more than 3 percent Friday over disagreement between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC exporters like Russia. Brent crude futures LCOc1 were trading at $46.40 per barrel at 0035 GMT (7.35 a.m. ET), down 84 cents, or 1.8 percent, from their last close, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 74 cents, or 1.6 percent, at $45.32 a barrel.
Palestinian firefighters and trucks and firefighting aircraft from Turkey, Greece, Croatia and Russia joined the operation to put down the flames. For four days, Israel has fought in its entire territory dozens of fires that spread thanks to a great drought and strong winds.
BP announced on Friday that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for US$375 million. On closing, BP will also reimburse Eni for BP's share of past expenditure. As part of the agreement, BP also has an option before the end of 2017 to buy a further 5% interest in the concession under the same terms.
The Falkland Islands Government announced that on Wednesday the Executive Council approved the Terms of Reference to update the Falkland Islands Economic Development Strategy. The existing EDS was published in October 2010 following an extensive, two-year consultation process, and was intended to provide a blueprint for economic growth and development to 2025.
As a part of the Pampa Energía takeover bid strategy, the Pensions Bureau guarantee fund had to sell its 11.85 % stake. It also holds 18% of Pampa's shares and saw no point in increasing that to 23% when prospects of a merger are on the radar. If we didn't sell, they would have merged us with Pampa anyway, a top Anses official said.
The top prosecutor in Brazil's biggest ever corruption investigation has called on the public to rally around the operation in the face of attempts to shut it down. There are fears that Congress while passing anti corruption measures would also include in an unofficial amnesty for existing cases.
The U.S. Geological Survey says it has found the largest continuous oil and gas deposit ever discovered in the United States. A swath of West Texas known as the Wolfcamp shale contains 20 billion barrels of oil and 16 trillion cubic feet of natural gas which makes it nearly three times more petroleum than the agency found in North Dakota's Bakken shale in 2013.
Premier Oil has pushed back its refinancing deal to the first quarter of 2017 but said lenders had largely agreed to new terms, including extending debt repayment dates in exchange for some control over which projects the company can invest in.