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Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

November 8, 2017 Tsvetana Paraskova 0

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of…

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Is A Venezuelan Default Inevitable?

November 6, 2017 Tsvetana Paraskova 0

Bondholders, creditors, and any company with operations in Venezuela are all agog for news from Caracas after President Nicolas Maduro announced Venezuela will look to restructure its US$89 billion worth of debt to be able to continue servicing it. Forecasts about what will happen next are all pessimistic, and that’s no wonder. By the end of next year, the government and state-owned PDVSA must repay debt obligations to the tune of US$13 billion, and foreign currency reserves are less than that already, at US$10 billion. What’s more,…

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Ignore The Hype: Oil Is Still In A Bear Market

November 6, 2017 Tsvetana Paraskova 0

Oil prices hit two-year-highs on Monday amid signs of continuously tightening markets and strong signals from Saudi Arabia and Russia that they are willing to extend their production cut deal beyond March 2018. The sentiment in the oil market has not been this bullish in more than two years, with oil demand growth expected to be strong along with OPEC’s rhetoric that it would do “whatever it takes” to rebalance the oil market. Brent has been trading above $60 a barrel for several consecutive days and its futures curve has been…

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Construction Of TurkStream Gas Pipeline Reaches Turkish Waters

November 6, 2017 Tsvetana Paraskova 0

The first pipeline of the TurkStream gas offshore line reached the Turkish Exclusive Economic Zone (EEZ) on Saturday, after completing the construction of the two offshore lines in Russian waters, the company managing the project planned and developed by Russia’s gas giant Gazprom said in a statement. Russia scrapped the South Stream gas pipeline project to the European Union (EU) at the end of 2014, citing EU objections, and turned to Turkey for an alternative pipeline that will primarily deliver gas for the Turkish market and later extend…

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Trump’s China Trip To Reap Billions In Energy Deals

November 1, 2017 Tsvetana Paraskova 0

U.S. President Donald Trump will visit China November 8-10 for a series of bilateral and commercial events, including a meeting with Chinese President Xi Jinping. On that trip, President Trump’s first visit to China—the country that he has repeatedly criticized for trade practices and the way it has handled relations with North Korea—the administration will be taking some 40 U.S. companies on a trade mission to forge deals and discuss Chinese investments in the U.S. One of the biggest deals up for discussion is an investment of…

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Tensions Rise As Iraq Halts Kirkuk Oil Exports

November 1, 2017 Tsvetana Paraskova 0

Since the Iraqi army took control of the fields in the oil-rich Kirkuk area in mid-October, reports of disruptions in oil flows have been a daily occurrence, but now, according to an official at the Kirkuk provincial council, Iraq’s oil ministry has ordered a stop to all oil exports from Kirkuk’s oil fields to the Turkish Mediterranean port of Ceyhan.   “The halt is not a technical issue,” Ahmed Askari, head of the oil and gas committee at the Kirkuk Provincial Council, told Kurdish news outlet Rudaw. “Because…

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Saudis Need $70 Oil To Break Even

October 31, 2017 Tsvetana Paraskova 0

Saudi Arabia needs oil prices at $70 per barrel in 2018 in order to breakeven, the International Monetary Fund (IMF) said on Tuesday in its Regional Economic Outlook on the Middle East and Central Asia. The Saudi breakeven oil price to achieve zero deficit in 2017 is $73.10, according to the IMF, compared to $96.60 for 2016. Among the oil exporters in the region, Saudi Arabia has cut its breakeven oil price by the most between 2016 and 2017, but its budget breakeven price of oil is not the lowest in the region. The lowest breakeven price for 2017…

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Big Oil Urges OPEC: Keep Floor Under Oil Prices

October 30, 2017 Tsvetana Paraskova 0

The oil market and analysts already largely expect OPEC to extend the production cut deal beyond March 2018, which many feel would finally rebalance supply and demand.   OPEC’s new tagline is indeed all about restoring oil market stability and sustained stability in the global oil industry—these, OPEC says, are its main policy drivers. While the organization is said to favor extending the deal throughout 2018, and as its leader Saudi Arabia continues to spray the market with its ‘whatever it takes’ promises, now major…

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Puerto Rico Scraps $300M Power Grid Deal With Whitefish Energy

October 30, 2017 Tsvetana Paraskova 0

The Puerto Rico Electric Power Authority (PREPA) will cancel a US$300-million deal with Montana-based Whitefish Energy for restoring the power after Hurricane Maria hit the island, following criticism over the way the tiny Montana firm obtained the contract. The deal has been criticized by Puerto Rican officials and U.S. federal authorities after details emerged that the terms of the deal had not been obtained through competitive public bidding. Puerto Rico’s Governor, Ricardo Rosselló, asked on Sunday the electricity authority to…

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Iraqi Pipeline Disruption Takes 250,000 Bpd Off The Market

October 30, 2017 Tsvetana Paraskova 0

Crude oil from northern Iraq, including from the Kurdistan region, stopped flowing from the oil pipeline between Kirkuk and the Turkish Mediterranean port of Ceyhan early on Monday local time, Bloomberg reports, citing a port agent. According to a Kurdish shipping source who spoke to Reuters, the flows resumed on Monday after a technical stoppage for several hours that had completely halted the flow of crude. The flow was still reduced to 200,000-220,000 bpd, according to the source. The typical flow of the pipeline is some 600,000 bpd, and it…

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