Energy

Offshore drillers still wait for recovery enjoyed by shale

  Bloomberg While oil drillers in US shale basins are starting to see business come back, their offshore brethren will have to wait for prices to surge well above $60 a barrel. US offshore operators like Diamond Offshore Drilling Inc. and Atwood Oceanics Inc. are down more than 15 percent in the last month, as companies focus on onshore oil ...

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US East Coast takes more foreign crude as Bakken supply dims

  Bloomberg US East Coast refineries, which have thrived for a few years on a boom of production from the Bakken shale play in North Dakota and eastern Montana, are increasingly looking abroad to supply their needs. Last year through November, the region imported 884,000 barrels a day, which would be the highest full-year total since 2011, data from the ...

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Oil’s gain on Iran-US tensions tempered by shale drilling boom

  Bloomberg Oil’s advance to near $54 a barrel amid increased tensions between Iran and the US eased after American drillers expanded the rig count to the highest level since October 2015. Futures rose 0.4 percent in New York after last week capping a third weekly gain. Prices climbed as much as 1.3 percent on Friday after Donald Trump’s administration ...

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Glencore extends major Libyan oil deal

  LONDON / Reuters Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer of one third of the country’s current crude oil production, sources familiar with the matter said. It was not clear for how long Glencore would continue to have exclusivity over the output and whether some parts of the ...

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US energy jobs rise as higher prices boost oil drilling

  Bloomberg US oil and natural gas producers added jobs in December and January as drillers continued to return to the well pad with crude prices holding near 18 month highs, according to US jobs data on Friday. Oil and gas extraction jobs increased by 100 to 177,400 in January, while support services jobs increased by 600 to 195,200 in ...

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Oil advances for third week as US imposes new Iran sanctions

  Bloomberg Oil capped a third weekly gain as the US imposed fresh sanctions on Iran after a missile test and OPEC reached about 60 percent of its output-cut target. Futures climbed 0.5 percent in New York. The new restrictions were announced as President Donald Trump seeks to punish Tehran for its ballistic missile program after warning the Islamic Republic ...

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Williams gets US nod for $3bn shale gas pipeline

  Bloomberg Williams Cos. won US approval to build its $3 billion Atlantic Sunrise natural gas pipeline expansion in the Northeast, ending a review that ran almost two years and forced delays in the project. The 200-mile (322-kilometer) pipeline will expand shipments from shale formations by enough to serve 7 million homes, according to Williams. The Federal Energy Regulatory Commission ...

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Dakota Access pipeline to start pumping oil in June

  Bloomberg The $3.8 billion Dakota Access crude oil pipeline may start operating June 1, assuming no new obstacles prevent it, according to a person familiar with the matter. Energy Transfer Partners LP, the developer of the pipeline, will begin filling it with oil around February 15, barring complaints or legal action to stop it, said the person, who asked ...

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China oil trader’s Mideast spree shakes up world crude flows

  Bloomberg Crude purchases in one corner of the oil market by a Chinese trader are contributing to the shake-up of supply flows across the globe. China National United Oil Co. last month bought at least 7 million barrels of Middle East crude for March loading as part of an assessment process operated by Platts used to set price benchmarks, ...

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World’s biggest solar-thermal plant making enough power

  Bloomberg The world’s biggest solar-thermal power plant is finally producing enough electricity. The Ivanpah Solar Electric Generating System in Southern California initially failed to meet contractual obligations, and a yearlong forbearance deal with Pacific Gas & Electric Co. expired Wednesday. After fine-tuning the complex facility that uses 170,000 mirrors, output is up and it’s no longer at risk of ...

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