Venezuelan President Nicolas Maduro said on Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy.Add your comment!
The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.Add your comment!
Venezuelan President Nicolas Maduro is travelling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.Add your comment!
Norway's Equinor will invest up to US$ 15 billion in Brazil over the next 12 years to develop oil, gas and renewable energy sources, the company said. Coinciding with an expected drop in output from many aging oilfields off the cost of Norway, Brazil is expected to become a core region for Equinor as the firm takes advantage of the country’s opening in recent years to more foreign investment.
Brazil’s oil regulator ANP has approved the applications of six companies—including Big Oil’s BP, Shell, and Total—to bid in next month’s oil auction of four blocks in the coveted pre-salt layer, ANP announced on Wednesday.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Dril-Quip (Europe) in Aberdeen has announced a letter of intent with Premier Oil to provide subsea production systems for the Sea Lion Phase 1 development offshore the Falkland Islands. The letter of intent signed was described as a sizeable supply contract, but was undisclosed.
According to a financial intelligence panel that met Friday in Cartagena, Colombia; in Venezuela, Maduro's government uses food and humanitarian aid as a weapon for social control.
When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
A Brazilian businessman famous for amassing and then losing a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years in prison.