Energy

  SINGAPORE / Reuters Egyptian General Petroleum Corp (EGPC) is seeking up to 178,000 tonnes of gasoil for delivery in January, a tender document showed on Tuesday. The state-owned company is seeking two cargoes of 30,000 to 33,000 tonnes each of 0.1 percent sulphur gasoil for delivery into Alexandria or El Dekheila ports over Jan 11 to 13 and Jan ...

  Bloomberg Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market. Futures advanced 0.5 percent in New York, climbing for a seventh session. Prices are set to recover next year as production cuts help to re-balance an oversupplied market, Saudi Arabia’s Energy Minister Khalid Al-Falih ...

  Bloomberg Libya’s oil production stood at 622,000 barrels a day (bpd), up slightly from levels recorded before an armed faction agreed to lift a two-year blockade on major western pipelines on Dec. 14, the National Oil Corporation (NOC) said. Before the agreeement, Libya’s output stood at about 600,000 bpd, having doubled since September. The NOC said it could add ...

  MINEVILLE, N.Y. / AP Some look at an abandoned, centuries-old iron mine in New York’s Adirondacks and see a relic. An ambitious group of engineers sees the shafts in Mineville as a new way to provide a steady flow of electricity in a growing market for renewable energy. They are pitching a plan to circulate some of the millions ...

  Bloomberg China is reducing the amount of money it pays to newly completed solar and wind power generators for their electricity, in order to reflect declines in construction costs, the country’s price regulator and economic planner said on Monday. The nation will cut tariffs paid to solar farms by as much as 19 percent in 2017 from this year’s ...

  RHOURD NOUSS / Reuters Algeria has launched a programme to rejuvenate its ageing oil and gas wells and boost production as part of efforts to address a crash in oil earnings, a senior Sonatrach manager told Reuters. Low prices have slashed the OPEC member’s energy earnings roughly in half, with revenues expected at about $35 billion in 2016 compared ...

  Bloomberg In the dying breaths of the year, the commodity price plunge claimed its latest victims as three energy companies outlined bankruptcy filing plans. Forbes Energy Services Ltd., Bonanza Creek Energy Inc. and Memorial Production Partners LP will use the US courts to restructure their borrowings, each said in regulatory filings. Bonanza and Memorial will give current shareholders some ...

  Bloomberg Algeria’s state energy producer Sonatrach Group plans to increase output of natural gas and crude oil by 20 percent in the next four years as new projects start up, Salah Mekmouche, the company’s vice president of exploration and production, said. Sonatrach will bring on stream Tiguentourine, In Salah and Timimoune natural gas projects as well as oil wells ...

  Bloomberg Rosneft’s plans for next year allow it to be flexible with production volumes, Russia’s top oil producer said, after Moscow clinched a deal with OPEC to cut production to bolster weak oil prices. State-controlled Rosneft, which accounts for over 40 percent of Russian oil production, said its board has looked into plans for 2017-2018. “The plan is formed ...

  Reuters Algeria’s Sonatrach will drill 290 wells in 2017 in comparison with 265 in 2016, the head of the oil and gas giant’s drilling division said late on Friday. OPEC member Algeria has seen a slow rise in energy output this year after years of energy stagnation, helped in part by increased production at existing fields like Hassi Messaoud ...