Bloomberg India’s biggest oil and gas producer will pay as much as $1.2 billion to buy a majority stake in a gas field off the country’s east coast, aiming to boost production as the country seeks to cut energy imports. State-owned Oil and Natural Gas Corp. Ltd.’s board approved the purchase of an 80 percent stake in Gujarat State ...
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Turkey mulls power price caps amid gas shortage
Bloomberg Turkey’s Energy Ministry met major power producers to ask them to voluntarily lower electricity market rates or face price caps, according to two people with knowledge of the matter. The meeting came after electricity for immediate delivery in the so-called spot market soared to a record on Wednesday as a natural gas shortage coincided with unusually cold weather, ...
Read More »Exxon Norway oil assets to lure Aker BP and Hitec interest
Bloomberg Billionaire Kjell Inge Rokke’s Aker BP Plc and two private equity-backed companies are in talks to buy stakes in oil fields off Norway from Exxon Mobil Corp. that are valued at about $1 billion, according to people with knowledge of the matter. Aker BP, HitecVision AS and Neptune Oil & Gas Ltd. are bidding for the assets and ...
Read More »â€˜Energy ‘Tsunamis’ threaten to drag crude down to $10’
Bloomberg The oil industry must brace for five energy “tsunamis†that threaten to drag prices as low as $10 a barrel in less than a decade, according to Engie SA’s innovation chief. The falling cost of solar power and battery storage, rising sales of electric vehicles, increasingly “smart†buildings and cheap hydrogen will all weigh on crude, Thierry Lepercq, ...
Read More »Iraq says Kurds, foreign firms agree to cut output
Bloomberg Iraq said most international oil companies working in the country, along with the semi-autonomous region of Kurdistan, have agreed to cut crude output to fulfill an OPEC accord. Iraq is fully committed to delivering on OPEC’s Nov. 30 agreement to reduce supplies, Oil Minister Jabbar al-Luaibi said on Thursday in Cairo at a meeting of the Organization of ...
Read More »Malaysia’s Petronas to study 2 Iran oil fields
BLoomberg Malaysia’s state-owned energy company Petroliam Nasional Bhd signed an agreement to study two oil fields in Iran, joining international companies from Russia to France that plan to help boost the Persian Gulf nation’s oil and gas production. Petronas signed a memorandum of understanding to assess the South Azadegan and Cheshmeh Khosh oil fields, Gholam-Reza Manouchehri, deputy director of ...
Read More »Exxon foe says bigger InterOil offer still isn’t good enough
Bloomberg Exxon Mobil Corp.’s offer to raise its bid for InterOil Corp. to as high as $3.9 billion isn’t enough to pacify the deal’s most prominent opponent. InterOil founder Phil Mulacek, who left in in 2013 and remains the third-largest shareholder, said Exxon still isn’t offering shareholders full value for InterOil’s hydrocarbon reserves in Papua New Guinea. Exxon last ...
Read More »Saudi solar shift to pick up pace
Bloomberg Saudi Arabia’s long-awaited drive to free up more oil revenue by shifting to solar power generation is expected to pick up speed next quarter, according to local developers eyeing contracts. “I’m fully expecting within the first quarter 500 megawatts to come out in tenders and then it’ll ramp up,†said Paddy Padmanathan, the chief executive officer of ...
Read More »â€˜Oil sector’s worst downturn in Norway over’
Bloomberg The man overseeing energy policy in western Europe’s biggest oil- producing nation says the worst downturn in the history of Norway’s offshore industry appears to have bottomed out as this month’s historic OPEC deal continues to reverberate across the globe. Terje Soviknes, who was named as Norway’s next petroleum and energy minister on Tuesday, replacing Tord Lien, ...
Read More »Libya’s Sharara oilfield resuming operations
TRIPOLI / Reuters Operations at Libya’s southwestern Sharara oilfield were gradually resuming on Wednesday after the lifting of a two-year blockade on a pipeline leading from the field, a senior official said on Wednesday. “We started running the wells and then gradually we will start pumping to the Zawiya refinery,†the official, who works at the field, told Reuters ...
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