Wednesday 7 October 2015

BP to pay $20bn in fines for 2010 oil spill: US

BP will pay more than $20 billion in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, marking the largest corporate settlement of its kind in US history, Attorney General Loretta Lynch said on Monday. The agreement, first outlined in Jul


Adnoc sets Murban crude OSP at $46.60 per barrel

Abu Dhabi National Oil Company (Adnoc) set the September retroactive selling price for its benchmark Murban crude at $46.60 per barrel, down $2.25 from a month ago, Adnoc said.   The September Murban official selling price (OSP) is now at a $1.23 per barrel prem


Saudi pricing shows oil volatility in action amid oversupply

Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over.   Saudi Aramco, the kingdom's state-owned oil company, cut its official selling price (OSP


Oil exports from north Iraq rise to 600,463 bpd in September

Oil exports from northern Iraq rose in September to an average of 600,463 barrels per day (bpd), the Kurdistan region's ministry of natural resources said.   That represents an increase of around 127,000 bpd from August, when exports were hit by repeated sab


Oil up as Russia mulls Opec talks, rig count drops

Oil rose after Russia said it was ready to meet other producers to discuss the market, where prices have more than halved from last year's highs due to a supply glut.   A report showing a fifth weekly fall in the number of oil rigs drilling in the United Sta


UAE power plant JV mulls project bond in 2016

Emirates SembCorp Water & Power, a joint venture behind the Fujairah 1 independent water and power plant, is considering issuing a project bond, its chairman told Reuters on Monday. The bond may launch early in 2016 and would be used to refinance debt, Faisal Najed, chairman


PetroRabigh to launch bid process for complex units

Saudi Arabia's PetroRabigh will launch the bidding process on Monday to build new units, including one to produce clean fuel, at its petrochemical and refining complex in Rabigh, said the company. It will launch engineering, procurement and construction (EPC) tenders for a po


PetroRabigh delays 50-day shutdown

Saudi Arabia's PetroRabigh said it would postpone a 50-day shutdown, which had been scheduled to start on Sunday, by one week. The firm, a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, will bring offline its refining and petrochemical complex at Rabigh


UAE goes ahead with plan to boost oil output

The United Arab Emirates is moving ahead with its oil and gas investments despite the current drop in oil prices and expects no delays in plans to boost its crude output potential by 2017, the country's energy minister said on Sunday. "Investments are going, we are conti


UAE to spend $35bn to diversify energy sources

The United Arab Emirates (UAE) is investing $35 billion to diversify its energy resources and reduce its dependence on natural gas imports for power generation, the country's energy minister said on Sunday. "We need to minimise our reliance on natural gas and its imports

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