Oil Industry News
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Libya's Oil Crescent Gets Back to Business as Sarir Field Opens
Libya's oil industry continued its revival this week following a truce between the main factions in the OPEC member's devastating civil war. The Sarir field opened on Tuesday, according to its operator, Arabian Gulf Oil Co. Production is just…
China Is Ready To Give Iran's Oil Industry A Major Boost
With the 25-year deal with China now moving ahead at pace, Iran has a buyer for all of the crude oil it can produce, albeit at discounted levels, so Tehran is pushing oil field development across the board. This includes not only the major fields…
Critics See Bailout in Federal Purchase of Oil Companies' Debt
The U.S. government has used emergency pandemic aid to purchase more than $355 million in bonds issued by companies in the battered oil and gas industry, according to a report being released Wednesday by critics who say the investments amount to a…
U.S. Blocks Palm Oil Imports From One of World's Top Producers
The U.S. has blocked imports of palm oil and palm oil products from Malaysia's FGV Holdings Bhd., one of the world's largest producers. Shipments from the company and its subsidiaries will be held back at all ports of entry effective Wednesday, the…
Business Maverick: Nigeria May Sell Stake in State Oil Company in Industry Overhaul
Draft legislation presented to parliament also suggests the Nigerian National Petroleum Corp. be independent of government, with no recourse to state funding. It seeks to establish “a commercially oriented and profit driven national…
Stable Oil Prices May Finally Bring Consolidation To The Shale Sector
Oil prices remain low but, perhaps more importantly, they also look pretty stable. U.S. benchmark West Texas Intermediate has traded around $40 a barrel since June. While $40 oil is not high enough to restart the prolific shale machine, the absence…
U.S. to block palm oil shipments from large Malaysian producer
The U.S. will detain shipments of palm oil and its products from a major producer in Malaysia after a wide range of labor abuse indicators were found, including physical and sexual violence and forced child labor, an official said Wednesday. The…
Nigeria Oil Bill Makes Provision for NNPC Share Sale
A long-awaited bill that could reorganize the oil industry of Nigeria, Africa's biggest crude producer, makes provision for a possible share sale in the national oil company and says it should be independent of government, with no recourse to state…
Oil Falls Back to $40 as Flight Slump Adds to Demand Concerns
Oil erased some of Wednesday's gains as a seasonal drop in commercial flights exacerbated demand concerns. Crude in New York fell 0.5%, after rising 2.4% on Wednesday following an Energy Information Administration report that showed domestic crude…
French Energy Giant Total Predicts End to Oil Era
A leading French oil and gas company, Total, anticipates a potential peak for oil in the coming decade before it reaches a plateau by 2030, noting that natural gas 'remains key' for the energy industry, according to Total's president of strategy &…
Shell plans to cut up to 9,000 jobs as oil demand slumps
Shell plans to cut between 7,000 and 9,000 jobs globally in response to a collapse in demand for oil during the coronavirus pandemic. Britain's largest company said it was going through a $2.5bn-a-year cost-cutting plan to deal with the falling…
Devon Energy merges with WPX Energy in $12 billion deal focused on Permian Basin oil
Two major oil and gas companies in the Permian Basin merged this week in a deal that valued both companies at a combined $12 billion. Devon Energy and WPX Energy announced the merger on Monday, that would result in Devon absorbing WPX for about…
Oil Giant Total Pledges Renewable Power Push
Total SA pledged to ramp up its spending on renewable energy and reduce its dependence on petroleum, the latest move by a major oil company toward cleaner power. The French company said Wednesday that it plans to spend $3 billion a year on…
Europe's Oil Refineries Struggling to Cope With Diesel Glut
The coronavirus is destroying the profitability of Europe's oil refiners and the industry is hunkering down for a tough winter. Owners of plants in Finland, France and the Netherlands made announcements in recent weeks that point to the likely…
U.S. to Block Palm Oil From Large Malaysian Producer
(AP) -- An official from U.S. Customs and Border Protection said Wednesday the agency will detain shipments of palm oil and its products from FGV Holdings Berhad in Malaysia after a wide range of labor abuse indicators were found, including…
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