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Equinor completes sales of two NCS assets

2 months ago DieselGasoil Comments Off on Equinor completes sales of two NCS assets
12/28/2018 STAVANGER — Equinor has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) that were both announced in October 2018. The first sale, of a 77.8% operated interest in the King Lear discovery to Aker BP, was for a total of $250 million. The second, of non-operated interests of 42.38% Read More

Oil watchers see $70/bbl in 2019 as recession fears fade

2 months ago DieselGasoil Comments Off on Oil watchers see $70/bbl in 2019 as recession fears fade
By Alex Longley on 12/28/2018 LONDON (Bloomberg) — The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70/bbl in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures Read More

Texas job growth could take hit if oil rout drags on

2 months ago DieselGasoil Comments Off on Texas job growth could take hit if oil rout drags on
By Rachel Adams-Heard on 12/28/2018 HOUSTON (Bloomberg) — Job growth in the Lone Star State will likely weaken in the first half of 2019 if oil prices remain at current levels, according to the Federal Reserve Bank of Dallas. Changes in Texas job growth tend to lag big moves in the crude price by about Read More

Amid export boom, U.S. still imports natural gas from Russia

2 months ago DieselGasoil Comments Off on Amid export boom, U.S. still imports natural gas from Russia
By Naureen S. Malik on 12/28/2018 NEW YORK (Bloomberg) — The U.S. may be exporting natural gas at a record clip, but that hasn’t stopped it from accepting imports of the fuel, including a shipment of Russian gas likely headed for Massachusetts. Pipeline constraints, depleted stockpiles and a 98-year-old law barring foreign ships from moving goods Read More

Halliburton secures drilling contract from Eni Iraq

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12/27/2018 HOUSTON — Halliburton Company has announced it has signed two contracts with Eni Iraq BV (Eni) to provide integrated drilling services at Eni’s Zubair oil field in Southern Iraq. Under the contracts, Halliburton will mobilize four to six rigs to drill development wells over the next two years. “We are pleased to be awarded this Read More

Oil sell-off is deepest to follow an OPEC output cut in a decade

2 months ago DieselGasoil Comments Off on Oil sell-off is deepest to follow an OPEC output cut in a decade
By Catherine Ngai on 12/27/2018 NEW YORK (Bloomberg) — Crude’s recent sell-off is a grim reminder that OPEC’s management of the oil market isn’t foolproof. The group’s Dec. 7 decision to curb output among members and allied producers was supposed to prop up sinking prices. Instead, it resulted in the worst post-cut price decline in Read More

Faroe Petroleum reports Cassidy exploration well results

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12/27/2018 ABERDEEN — Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces the results of the Cassidy exploration well 8/10-7S within the PL405 Oda license in the Norwegian North Sea (Faroe 15% working interest). The well encountered 13 m of water bearing Read More

U.S. shale's blows leave Middle East oil sellers staggering

2 months ago DieselGasoil Comments Off on U.S. shale's blows leave Middle East oil sellers staggering
By Serene Cheong on 12/27/2018 SINGAPORE (Bloomberg) — The U.S. oil industry is delivering a one-two punch to Middle East producers already reeling from a collapse in prices. A tussle is playing out in the market for so-called light oils, which have a lower sulfur content and are less dense than heavier varieties. When processed, Read More

Oil retreats again after recovering from pre-holiday sell-off

2 months ago DieselGasoil Comments Off on Oil retreats again after recovering from pre-holiday sell-off
By Grant Smith on 12/27/2018 LONDON (Bloomberg) — Oil slumped again in New York, just after recovering from a pre-Christmas plunge, amid ongoing concern about the global economy. West Texas Intermediate futures retreated 1.5% after surging 8.7% on Wednesday. A rebound in equities also faltered. There was turbulent trading in crude amid low holiday volumes, Read More

Oil sands rebound in 2019 hinges on rail, output cuts, pipeline

2 months ago DieselGasoil Comments Off on Oil sands rebound in 2019 hinges on rail, output cuts, pipeline
By Kevin Orland on 12/27/2018 CALGARY (Bloomberg) — The Canadian oil industry could be in for another turbulent year in 2019, depending on how some pivotal events pan out. Government-mandated production cuts and the potential startup of a key crude pipeline are among key developments to watch for next year. Here’s a look at each Read More