Rosneft and CNPC signed a memorandum of understanding covering joint development of Eastern Siberian oil and gas resources. The Kremlin has been reluctant to supply its increasingly powerful neighbor for years and the two sides have continuously haggled over natural gas prices, but as Europe increasingly seeks to reduce its Russian energy reliance and large… Keep reading →
Although the US does not yet export crude oil or LNG from the lower 48, the oil and gas production boom that exploded onto the scene in the past few years is having knock-on effects in other countries. So which ones benefit and which are getting left behind? Industry experts discussed the geopolitical implications associated… Keep reading →
This week’s biggest deal happened in Washington, DC, where the House and Senate finally reached an agreement to reopen the US government and raise the debt ceiling. But there were also several energy-specific transactions and pending transactions that merited notice: Mexico’s state-controlled oil and gas company Pemex has voided a tender for the second phase… Keep reading →
As new infrastructure is constructed to move oil in and out of the US storage hub in Cushing, Oklahoma, the volume and quality of the crude stored at any given time is becoming increasingly difficult to calculate, confounding traders of benchmark WTI. [Reuters] Former EPA chief Lisa Jackson took a job promoting energy efficiency at… Keep reading →
Sakhalin Energy, the consortium that operates the Sakhalin II LNG project in Russia, is seeking higher prices for LNG sales from Korea’s Kogas, the world’s largest LNG buyer, sources have told Bloomberg. The contract is linked to Brent crude prices, which have risen substantially since it was signed eight years ago. The article indicates that Kogas… Keep reading →
The shale gas revolution and the flood of cheap gas it unleashed have been great for US economic competitiveness, but its effects are far less favorable for Europe, said Paolo Scaroni, chief executive of Italy’s Eni, at the Council on Foreign Relations in New York yesterday. “Gas prices in Europe are three times as high as… Keep reading →
Two of the oil industry’s more colorful chief executives – Total’s Christophe de Margerie and Eni’s Paolo Scaroni – provided some choice remarks on a range of energy-related topics yesterday at a Council on Foreign Relations event, The Future of Energy. They were joined by Michael Levi, director of the Council’s program on energy security… Keep reading →
Activists across the world rally to support 30 Greenpeace protesters detained in Russia after sailing toward a Barents Sea oil drilling operation. The incident blew up into a geopolitical game of chicken between Moscow and several Western countries native to the jailed activists. [Agence France Presse] Energy Intelligence ranked the world’s top 100 greenest utilities… Keep reading →
The United States is expected to produce more hydrocarbons – oil, natural gas, and liquids (such as condensates) – than any other country in the world this year, according to the US Energy Information Administration. The EIA published an article last Friday on US hydrocarbon production growth, comparing it to that of global oil and… Keep reading →
Only Saudis & Russians pump more oil According to the International Energy Agency (IEA), US will surpass Russia in total production of liquid fuels in 3rd Qtr. 2013 – that includes crude oil plus biofuels like ethanol. Moreover, US is now the third largest crude oil producer behind Saudi Arabia and barely trailing Russia. Saudi… Keep reading →
