Energy & Oil

Energy & Oil
Tuesday, January 13th 2015 - 07:39 UTC

Goldman Sachs forecasts oil price close to 40 dollars for most of fist half of 2015

The oil price has now fallen by more than half since June, when the price stood at 110 per barrel.

The price of a barrel of the North Sea benchmark dropped on Monday by 5.5% to 47.36 dollars, its lowest level since early 2009. US crude oil was also at its lowest level since that time, down by 5% to 45.90 a barrel.

Friday, January 9th 2015 - 07:37 UTC

Oil and gas exploration companies expected to cut capital expenditure 17%

The survey, based on an average oil price of $70 per barrel, estimates that global exploration and production expenditures will slide 17% to $571 billion.

The world's oil and gas exploration companies are expected to cut capital expenditures 17% this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company released on Wednesday.

Thursday, January 8th 2015 - 06:36 UTC

Top five factors affecting oil prices in 2015

China is the second largest consumer of oil in the world and surpassed the United States as the largest importer of liquid fuels in late 2013

As we ring in the New Year, let's take stock of where we are at with the oil markets. 2014 proved to be a momentous one for the oil markets, having seen prices cut in half in just six months.

Thursday, January 8th 2015 - 05:34 UTC

Maduro announces 20bn dollars in investment credits from China

The Venezuela leader made the statements from Beijing after holding a meeting with Chinese President Xi Jinping.

President Nicolas Maduro said on Wednesday he had secured a total of more than 20 billion dollars in investment from major creditor China for economic, social, and oil-related projects.

Tuesday, January 6th 2015 - 23:11 UTC

Energy crisis as early as 2016

For now Saudi Arabia is willing to let the other OPEC members suffer until the next scheduled OPEC meeting in June.

Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price.

Tuesday, January 6th 2015 - 07:41 UTC

US oil price falls below 50 dollars threshold, and markets decline sharply

US oil production has soared recently, as fracking has revolutionized oil production in the country

The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05. The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.

Tuesday, January 6th 2015 - 07:14 UTC

Rockhopper awarded exploration licence with ENI, in Croatian Adriatic

“This represents an outstanding low cost opportunity to increase our acreage position in an area with proven hydrocarbons,” said Rockhopper CEO Sam Moody

The British company Rockhopper Exploration, with interests in the Falkland Islands, has been awarded a licence to explore, together with Italy's Eni, a field for possible oil and gas exploitation in the central part of the Croatian Adriatic.

Wednesday, December 31st 2014 - 05:18 UTC

Blackout for Paraguay's hydrocarbons hopes in Chaco drillings

Hydrocarbon flow testing has been hampered by mechanical failures due to poor hole conditions said chairman Peter Levine

President Energy slumped by as much as a third on Monday following an update on testing of the Silurian Santa Rosa and Devonian Icla reservoirs in the Lapacho well in Paraguay's Chaco. A test of Santa Rosa was cut short, although management reckons that it can be commercialized, and a test of Icla recovered only gas and no oil.

Wednesday, December 31st 2014 - 02:54 UTC

Russia's Gazprom takes 100% control of major international gas pipeline

Russian President Vladimir Putin announced the decision on Russia’s withdrawal from the project on December 1 while on visit to Turkey.

Russia’s gas giant Gazprom said in a release on Monday it had signed a deal with Eni, Wintershall and EDF on the purchase of 50% of shares in South Stream Transport BV. Thus, Gazprom will be a 100% owner of the company.

Monday, December 29th 2014 - 20:09 UTC

Did The Saudis And The US Collude In Dropping Oil Prices?

The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage to the world's major oil exporters – most notably Russia.

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