Regional News

SINGAPORE / Reuters Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in research note on refining on Monday. Economic expansion in emerging markets – led by India – may stave off reaching a peak until ...

Bloomberg Schlumberger Ltd., the world’s largest oilfield-services provider, has revamped a deal to buy Russia’s biggest drilling company, less than two years after a similar plan was scuppered amid opposition from the nation’s regulators. Schlumberger plans to buy 51 percent of Eurasia Drilling Co., the two companies said in statements that didn’t disclose the terms. The deal would be one ...

Bloomberg The merger of Alberta’s two main conservative parties creates a new political force in the heart of Canada’s oil patch that threatens to unseat Premier Rachel Notley and kill the province’s carbon tax. Members of the Wildrose and Progressive Conservative parties voted to create the United Conservative Party. Combined, those parties hold 30 of 87 districts, though they received ...

Bloomberg Calfrac Well Services Ltd. surged after Texas investment firm Wilks Brothers LLC boosted its stake in the fracking company in a bet on a rebound in Canada’s beaten down oil patch. Calfrac rose 4.5 percent at 1:20 p.m. in Toronto to its highest intraday since June 14, even as US oil prices fell. The company’s shares have risen more ...

Bloomberg The UK government plans to invest 246 million pounds ($320 million) in battery technology as part of an updated industrial strategy. The four-year investment will include a coordinated program of competitions to boost the research and development of expertise in battery technology, the Department for Business, Energy and Industrial Strategy said in an emailed statement on Monday. The government-established ...

Bloomberg Donald Trump’s allies in the oil industry are warning the president that his bid to boost US steelmakers could backfire against their efforts to achieve his goal of “American energy dominance.” The intense lobbying effort comes as the Commerce Department faces a deadline to give the president a plan to require oil and gas pipelines use American-made steel, an ...

Bloomberg India approved the sale of a stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil and gas explorer, according to a person with knowledge of the decision. The move fulfills a plan, first outlined in February, to create an Indian oil giant through consolidation and mergers, forming a company comparable with international rivals that could weather ...

Bloomberg Almost two years after the biggest gas leak in US history sprung from a Sempra Energy natural gas storage field in Southern California, the state is ready for the complex to reopen. Sempra Energy’s Aliso Canyon field near Los Angeles is safe to operate at about 28 percent of capacity, with the ability to store as much as 23.6 ...

Bloomberg Total SA is in talks with Myanmar to supply the country’s most populous city, Yangon, with liquefied natural gas. The French energy giant may also build a power plant, according to Xavier Preel, general manager of Total E&P Myanmar. Total, which sold about 11 million tons of LNG last year, is seeking to expand its footprint in downstream activities ...

Bloomberg OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend. Oil has slumped into a bear market and inventories remain stubbornly high despite a deal between OPEC and 10 countries outside the group to cut output. The ...