Wednesday 25 May 2016

Shell CEO warns renewables shift could spell end if too swift

Royal Dutch Shell cannot switch too quickly to producing renewable energy without risking its dividend payments and even its very existence, the oil and gas group's chief executive warned.   Major investors, including Dutch pension fund PGGM, have criticised


Kazakhstan says disputes with oil majors could lead to arbitration

Kazakhstan's $1.6 billion dispute with oil majors developing the Karachaganak gas condensate field may escalate to arbitration if negotiations on the matter fall through, Kazakh Energy Minister Kanat Bozumbayev told Reuters on Wednesday.   Bozumbaye


Oil nudges $50 as investors bet on shrinking overhang

Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories. A series of outages around the world


Aramco honours units for top 'green' performance

Saudi Aramco paid tribute to its top performers in environmental protection and stewardship at an awards ceremony in Dhahran recently. At the 11th Saudi Aramco President’s Award for Environmental Excellence for 2015, the spotlight was on superior performers who protect the


PDO targets 600,000 bpd output

Petroleum Development Oman (PDO), the sultanate's leading crude oil producer, is planning to achieve an output of 600,000 barrels of crude oil per day (bpd), said the company’s managing director. PDO accounts for around 70 per cent of the country's total crude oil p


Iraq aims to pump 6 million bpd in 2020

Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts. Iraq is pumping about 4.5 million barrels per day (bpd) no


Oil rises on US crude drawdown hopes

Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may fin


'Smart' efficiency 'key to resilient offshore sector'

Maximising efficiency without compromising on safety and quality is crucial to creating a sustainable offshore sector in today’s economic environment, experts said ahead of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec 2016). According to a recent


Power outages reduce Iraq oil output

Iraq is pumping around 4.5 million barrels of oil per day, a senior official said on Tuesday, as issues including maintenance and power outages slow output from January's record high 4.78 million bpd. Falah Alamri, Iraq's Opec governor and head of the State Oil Marketing


$65 oil price 'badly needed' for investment says Qatar

Oil markets are rebalancing but crude is not at a fair price yet, Qatar's energy minister and current Opec president told the Associated Press in an interview published on Tuesday, saying a minimum price of $65 a barrel was "badly needed at the moment". "The oi

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