Entries by admin

‘Well-Timed’ OPEC Talk Forces Oil Bears Into Record Reversal

OPEC has done it again. Talk of a potential deal to freeze output helped push oil close to $50 a barrel and prompted money managers to cut bets on falling prices by the most ever. West Texas Intermediate, the U.S. benchmark, went from a bear to a bull market in less than three weeks. OPEC […]

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Mexico Said to Begin Quietly Hedging 2017 Oil Price in June

Mexico started quietly buying contracts to lock in 2017 oil prices when futures were near their peak in June, signaling the start of what has in prior years been the world’s largest sovereign petroleum hedge, according to people familiar with the deal. The Latin American country bought put options, which give it the right to sell […]

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Oil extends rally to 5-week high, gains 10% in three days

Oil prices hit five-week highs on Monday, gaining about 10 per cent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for US crude futures last […]

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Mexico’s Pemex must take Minimum 45 pct Stake in Deep Water Venture

Mexico’s oil regulator on Wednesday said state-owned oil company Pemex must take a minimum 45 percent stake in its first-ever proposed joint venture with would-be private partners to develop oil reserves in the Gulf of Mexico’s deep waters. Global oil majors are widely expected to bid in the December auction to help develop the Trion […]

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Offshore Safety Improves Across UKCS Oil, Gas Operations

Offshore safety across oil and gas operations on the UK Continental Shelf (UKCS) continued to improve in 2015, according to the 2016 Oil & Gas UK Health & Safety Report published August 1. There were no reported fatalities and reportable injury rates were lower than other industries such as manufacturing, construction, retail and education. The […]

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Exxon to Buy Gas Explorer InterOil for Up to $3.6 Billion

Exxon Mobil Corp. agreed to buy natural gas explorer InterOil Corp. for as much as $3.6 billion to acquire discoveries in Papua New Guinea that will feed the buyer’s existing gas-export plant. Exxon will use its own stock to pay between $45 and $71.87 per share of InterOil, depending on how much gas InterOil’s Elk-Antelope […]

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Exxon’s $2.5 Billion Bid for PNG’s InterOil Tops Oil Search

Exxon Mobil Corp. is doubling down on Papua New Guinea, topping a rival offer for InterOil Corp., a gas explorer focused on the Southeast Asian nation. The energy giant’s offer values InterOil at $2.5 billion, including debt, beating an earlier bid from Oil Search Ltd. and Total SA. Exxon already runs Papua New Guinea’s only liquefied […]

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Safety Investment Remains Resilient Despite Downturn

Oil and gas companies are continuing to invest in safety research despite the current oil price downturn, DNV GL representatives told Rigzone during a recent trip to the firm’s Spadeadam testing and research facility in Cumbria, England. “Business is tough in the oil and gas sector but committed customers are still investing in safety improvement. […]

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KKR’s Mexican Oil Deal Kicks Off New Era in Funding for Pemex

The biggest corporate issuer of bonds in emerging markets appears to be taking a breather. Petroleos Mexicanos, the state-owned oil company known as Pemex, is finding new ways to raise cash – including a deal with private-equity firm KKR & Co. – as it seeks to limit how much in liabilities it takes on. The […]

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