International

Commodity Trade Flouts Broader Exchange Trade Decline

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Trade in derivatives has been one of the most controversial activities in finance since the opacity around those markets was held by observers to blame for the scale and depth of the financial crisis of 2008. One of the key solutions recommended by regulators was to move trade in contracts onto exchanges, where they could be monitored more closely.

That effort showed early signs of success as the more-liquid contracts moved online but efforts to make exchange trading the default have faltered and – for many types of derivatives – actually reversed. Keep reading →

 /  Published March 13, 2013 at 1:28 PM

Chevron Highlights Aggressive Upstream Plans, Downstream Restructuring to Wall Street

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At its annual securities analyst day held today in New York City, Chevron touted its upstream growth strategy, which includes some of the world’s largest energy projects, and the success of its downstream reorganization.

The company reported $26 billion in total 2012 earnings and detailed its $36.7 billion 2013 capital spending program, 42% of which will be deployed in the Asia Pacific region. A majority of Chevron’s 2013 capital expenditure – 69% – will be focused on 3 major business segments: Upstream base projects, LNG and deepwater. Keep Reading →

 /  Published March 12, 2013 at 3:00 PM

Iraqi Budget Snubs Kurds – What’s Next for Oil Business?

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The long-running dispute between Iraq’s central government in Baghdad and Kurdistan Regional Government leaders in Erbil entered a new phase when the Iraqi Parliament last week passed a 2013 budget that allocated a fraction of the money requested by the KRG. A bulk of this funding is used to pay oil companies operating in the semi-autonomous region.

“In a blatant stiff-arm to the Kurds, the budget allocates just $646 million to cost recovery for Kurdistan Regional Government oil contractors — a figure that covers only around two months’ worth of the crude that Erbil was slated to provide this year,” Michael Knights said in a Policy Alert from the Washington Institute for Near East Policy, a think tank. The KRG reportedly requested $3.5 billion. Keep Reading →

 /  Published March 11, 2013 at 6:30 PM

China Surpasses US as World’s Largest Oil Importer

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China recently surpassed the US as the world’s largest net oil importer, as the US produces more and consumes less while Chinese demand steadily increases. US net oil imports have fallen from a peak of 13 million barrels per day in October 2006 to under 6 mmb/d in December 2012, according to a Citi research note issued February 28, titled “Milestones Toward US Energy Independence – Alert: US net Oil Imports Plummet to Second Place Behind China.”

“Meanwhile, since China flipped from a net exporter to a net importer of oil in 1993, its net oil imports have risen steadily to 6.3 mmb/d in January 2013, just under last May’s peak,” the Citi analysts said in the note. Keep reading →

 /  Published March 11, 2013 at 8:30 AM

Bill Richardson On Science, Politics and Energy

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In the presence of recently nominated new Obama Administration energy secretary Dr. Ernest Moniz, MIT Professor of Physics and Engineering Systems, former Governor Bill Richardson stated that science should play an important role in politics.

The country needs scientists to be more involved in politics and find ways to collaborate in the policy making and review process. Richardson also recognized the path started by Obama in this direction by appointing Dr. Steven Chu to energy secretary during his first term, but he said more initiatives need to be taken to facilitate scientist involvement. Keep reading →

 /  Published March 8, 2013 at 11:30 AM

How U.S. Shale Gas Boom Could Derail China

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Despite objections, the U.S. is heading down the road to export natural gas, and that could ultimately help shake up world energy markets.

The boom in U.S. natural gas, thanks to new drilling technologies has resulted in a record amount of recoverable gas at cheap prices. Selling some of it abroad would bolster U.S. exports, help trade imbalances and relations, and provide fuel to parts of the world where it is now scarce and expensive. Keep reading →

 /  Published March 7, 2013 at 2:30 PM

Emerging Markets: Opportunities for Energy Innovation

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In the last 20 years, energy innovation has become a global process in terms of education, finance, technology, and markets. At the 2013 MIT Energy Conference a panel of experts discussed pros and cons of innovative energy solutions in emerging markets.

Emerging markets provide attractive opportunities for innovative energy systems. The competitive advantage of renewable over traditional energy sources is greater than in developed countries. However, socio-economic, cultural, and policy issues might interfere with the innovation process in these countries. Keep reading →

 /  Published March 6, 2013 at 4:15 PM

Oil Industry Mulls Next Steps for Venezuela

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Venezuelan President Hugo Chavez’s death is not likely to result in near-term changes to the Venezuelan oil industry or global energy landscape, but it could ultimately result in political change that would reopen the country’s energy industry to foreign investment.

As news of Chavez’s death swept through IHS CERAWeek, the world’s largest conference for energy executives, in Houston on Tuesday afternoon, participants flocked to televisions, looking for news on the political future of a country that has the second largest oil reserves in the world. Keep reading →

 /  Published March 6, 2013 at 9:30 AM

Hess to Exit Downstream Business, Raise Dividend

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Hess Corp. (HES) said it is exploring options for its entire downstream business and pruning its Asian portfolio, while also unveiling a share buyback program of up to $4 billion and more than doubling its quarterly dividend.

 /  Published March 4, 2013 at 10:00 AM

State Department Keystone Draft Supplementary EIS Assessment Released

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The State Department released the latest documents in one of the highest-profile and highest-stakes projects in the North American energy sector today.

The Draft Supplementary Environmental Impact Statement was released March 1, 2013, and includes extensive information on the project, which has attracted the ire of a wide swathe the environmental community and been treated by the oil and gas business as a litmus test of the Obama Administration’s commitment to securing energy supply and energy security through increased development. Keep reading →

 /  Published March 1, 2013 at 4:00 PM
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