HOUSTON (Bloomberg) --Oil drillers in the biggest U.S. fields are shouldering record costs at the same time that some banks are increasingly reluctant to loan money to the sector, according to the Federal Reserve Bank of Dallas. Equipment, leasing and other input costs for oil explorers and the contractors they hire surged to an all-...
MOSCOW (Bloomberg) --Gazprom PJSC has finished preparing the controversial Nord Stream 2 pipeline for natural gas exports to Europe, yet actual deliveries depend on how quickly regulators grant the project approval amid souring relations between Russia and Western nations. “Nord Stream 2 is ready for operations,” Russian President Vladimir P...
(Bloomberg) --Royal Dutch Shell Plc has been ordered by a South African court to temporarily halt an offshore seismic survey after local communities took legal action to block the project. The groups on Tuesday were granted an interim interdict that will stand until a ruling can be made on whether further environmental authorization is required,...
MEXICO CITY (Bloomberg) --Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Pemex will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out sales to clients abroad the following year, Chie...
(Bloomberg) --APA Corp. and its Chinese partner in an Egyptian oil project will recover almost $900 million in prior investments under a new drilling contract with the North African nation. APA was the day’s best performer in the S&P 500 Index. Source: www.worldoil.com Author: Gerson Freitas Jr.
(Bloomberg) --Oil rose in tandem with equity markets as investors weighed the rapid spread of omicron against signs it may be milder than previous variants. West Texas Intermediate futures surpassed $75 a barrel on Monday for the first time in a month amid light trading. Daily omicron infections in the U.S. have surpassed those in the delta wave...
International energy services group Hunting PLC agreed to form a new 49%:51% joint venture with Jindal SAW Limited, the Indian conglomerate. The agreement formalizes a closer working partnership between the two businesses, following the formation of a strategic alliance in 2019 when Hunting and Jindal began cooperating to develop their presence in...
(Bloomberg) --Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in...
(Bloomberg) --For a glimpse of how much longer this year’s energy crunch is going to last, look no further than the European natural gas market. Forward prices have more than doubled over the past month, with traders betting the unprecedented squeeze will last into early 2023. Gas will be expensive even when the weather is hot. Prices for the...
(Bloomberg) --The U.S. Energy Department awarded a second batch of crude oil from the strategic reserve to Marathon Petroleum Corp. as part of the Biden administration’s effort to lower energy costs. Marathon will receive 250,000 barrels of crude oil as part of an exchange from the Strategic Petroleum Reserve, the Department of Energy said on...