Industry News

Opec and IEA diverge on world’s capacity cushion

As trade tensions and disruptions ripple through the market, Opec and the IEA disagree on the risks to supply

Motiva Port Arthur refinery repairs gasoline-producing unit

Motiva Enterprises completed repairs to the gasoline-producing fluidic catalytic cracking unit (FCCU) at its 603,000 barrel per day (bpd) Port Arthur, Texas, refinery over the weekend, sources familiar with plant operations said.

China willing to invest $3B in Nigerian oil operations

China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

Africa's richest man signs $650M Afreximbank loan for oil refinery

Africa's richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.

Amlo and the realities of Mexico's oil reform

The Mexican president-elect needs a strong oil and gas sector to fund a promised social transformation

Oil strike in Norway shuts Shell field as escalation looms

A strike curtailed oil production off Norway for the first time in six years as Royal Dutch Shell Plc shut a North Sea field and workers threatened to escalate labor action.

Worthless just two years ago, West Texas sand now brings in billions

Standing high on top of a windswept dune in the West Texas plains, Greg Edwards stares out into a vast ocean of sand. It stretches in every direction, interrupted only by an occasional strip of asphalt or clusters of silos that rise high into the sky.

BP is front-runner to buy BHP's U.S. shale unit

BP Plc has emerged as the front-runner to buy BHP Billiton Ltd.’s onshore oil and gas operations in the U.S., according to a person familiar with the matter.

Eni announces second oil discovery in Egypt's Faghur basin

Eni announces a second light oil discovery on the B1-X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, some 130 km North of the oasis of Siwa.

Asia's oil refiners rush to deal with U.S.-China trade war, looming Iran sanctions

SINGAPORE (Reuters) - Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets.

Nigeria's Dangote expects new oil refinery to account for half of group assets

LAGOS, (Reuters) - An oil refinery being built by Aliko Dangote will account for half of his conglomerate's assets when it is finished next year, a senior executive told Reuters, underscoring the scale of the bet being made by Africa's richest man on Nigerian oil and gas.

Taiwan agrees preliminary LNG purchase deal with U.S. producer

LONDON (Reuters) - Taiwan’s CPC Corp announced a preliminary deal to buy liquefied natural gas (LNG) from U.S. producer Cheniere Energy for 25-years, according to a statement.

Japan's Inpex delays production from giant Australia gas project

TOKYO (Reuters) - Japan’s Inpex Corp has delayed gas production from its giant Ichthys field off the coast of Australia just weeks after giving assurances that output would start imminently.

AkzoNobel Specialty Chemicals to upgrade Rotterdam chlor-alkali plant

AkzoNobel Specialty Chemicals will upgrade its Rotterdam chlor-alkali plant to strengthen development of the local industrial cluster.

Enbridge to sell its Canadian natural gas gathering & processing businesses for $4.31B

CALGARY, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) announced that it has entered into definitive agreements to sell its Canadian natural gas gathering and processing business

Iran threatens to stop exports from the Strait of Hormuz

Iran will stop oil exports from the Strait of Hormuz, the world’s most important oil chokepoint, if the U.S. succeeds in halting crude sales from the Persian Gulf nation, a Revolutionary Guards official said.