Regional News

Bloomberg The oil industry’s ugliest battle is heading for a climax in Oklahoma City on Tuesday. But SandRidge Energy Inc is probably bound for the auction block anyway. Whether SandRidge or activist investor Carl Icahn wins control of the board this week, the oil and natural gas explorer is expected to sell some or all of its drilling rights as ...

Bloomberg Siemens AG is committed to its gas-turbine unit while recognising that it has to reduce capacity and cost amid a market slowdown, according to a memo with instructions on how to respond to media inquiries about the future of the business. The memo was sent by Lisa Davis, managing board member responsible for the power and gas division, according ...

Bloomberg Baytex Energy Corp. agreed to buy rival western Canadian oil producer Raging River Exploration Inc., in a deal valued at C$1.6 billion ($1.2 billion) that includes about 260,000 acres in the emerging East Duvernay Shale basin. Under the pact, holders of common shares of Raging River will receive 1.36 common shares of Baytex for each Raging River Share owned, ...

Bloomberg On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny ...

Bloomberg World energy ministers representing about two thirds of the global population tussled over how the world can achieve a cleaner energy future. The compromise answer: Natural gas, at least for now. A consensus statement from G20 energy ministers meeting in Argentina cited the potential of natural gas “to expand significantly over the coming decades.” Meanwhile, the group said that ...

Bloomberg Rosneft PJSC’s said crude at $70 to 80 a barrel was a “comfortable level” and expressed satisfaction with the results of Russia’s joint supply cuts with OPEC, just a week before talks that could phase them out. The producers working together have “restored balance to the market by cutting oil production,” Russia’s biggest oil company said in a statement. ...

Bloomberg OPEC members Iran and Venezuela could lose almost 30 percent of their oil output next year due to US sanctions and economic upheaval, requiring extra supplies from the group’s Gulf members, the International Energy Agency said. In its first detailed forecast for 2019, the IEA said new oil output from outside OPEC — in particular US shale — should ...

Bloomberg Exxon Mobil Corp. is dipping its toe in the world of oil trading, hiring executives and showing an appetite for expanding its operations. Yet, the US-based company is moving carefully, still far away from building an in-house trading unit similar to the mighty businesses run Royal Dutch Shell Plc, BP Plc and Total SA. Exxon recently hired Paul Butcher, ...

Bloomberg American gas prices could double by 2040 as the US exports more liquefied natural gas, but consumers will be shielded as production of the fuel increases and trade balances improve. That’s the conclusion from a study commissioned by the US Department of Energy that found an almost 50 percent chance of gas reaching $5 to $6.50 per million British ...

Bloomberg Next year, the US government doesn’t see global or US crude production as high as it once did. The Energy Information Administration decreased its 2019 forecast for global production to 102.21 million barrels a day, with most of the downward revision from the Organization of Petroleum Exporting countries. World demand growth is unchanged. At the same time, it sees ...