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Lukoil To Sell Oil Its Trading Arm Due To Russia Sanctions

August 30, 2017 Tsvetana Paraskova 0

Russia’s second-biggest oil producer Lukoil is studying the possible sale of its oil trading arm, Switzerland-based Litasco, fearing that the new U.S. sanctions on Russia will make it more difficult for the oil trader to raise new financing, Reuters reported on Wednesday, citing industry sources. Litasco’s sale could take place sometime at the end of this year, a senior industry source told Reuters, adding that this could be the first move to Lukoil selling more assets abroad to focus on upstream in Russia. “One of the reasons…

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Gasoline Prices Rocket As Exxon Shuts Beaumont Refinery

August 30, 2017 Tsvetana Paraskova 0

Texas, as hurricane Harvey caused flooding and extreme weather, Reuters reported, citing sources familiar with the refinery operations. Exxon shut the 240,000-bpd Crude B unit, and the 45,000-bpd coking unit at Beaumont earlier on Tuesday. As of 3 pm ET yesterday, Exxon said that the “Beaumont refinery continues to operate at reduced rates, and has safely shut down some units as a result of adverse weather.” Exxon also shut down on Monday the Baytown complex—the second largest refinery in the United States with a capacity of 560,500…

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Russia, Qatar Vow To Boost Energy, Trade Ties

August 30, 2017 Tsvetana Paraskova 0

Russia and Qatar are reiterating their mutual interest to continue coordination in energy, in oil production, and in the gas-exporting countries forum, as well as to boost trade and economic ties, Russia’s Foreign Minister Sergey Lavrov said after meeting with his Qatari counterpart in Doha on Wednesday. “There is a growing interest in mutual increase of investments between the Russian Direct Investment Fund and Qatar Investment Agency,” Lavrov noted. Early this year, commodity giant Glencore and Qatar’s sovereign wealth…

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Total Boosts North Sea Oil Output With New Startup

August 30, 2017 Tsvetana Paraskova 0

Total SA will be adding production capacity of up to 56,000 barrels of oil equivalent a day (boed) to its North Sea production after it started up production from the Edradour & Glenlivet gas and condensate fields in the West of Shetland area, the French oil and gas giant said on Wednesday. The new start-up fields are located close to the Laggan-Tormore fields that came online in February 2016. “We have completed this project ahead of schedule and 30% under the initial budget”, Arnaud Breuillac, President Exploration & Production,…

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Total Could Miss Out On 14 Billion Barrel Brazilian Reserves

August 29, 2017 Tsvetana Paraskova 0

Total’s study on the environmental impact of drilling in one of the Amazon’s basins hit a roadblock on Tuesday when Brazilian regulator Ibama said it rejects the validity of the efforts. The subject of the study is an area that could contain up to 14 billion barrels worth of oil reserves. Total has spent four years trying to validate the estimates to determine the commercial viability of a venture in the area, but the discovery of a sensitive coral reef near the blocks that would be up for tender has put the environmental approval process…

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Saudi Arabia Shortlists 25 Bidders For First Utility-Scale Wind Plant

August 29, 2017 Tsvetana Paraskova 0

Saudi Arabia has shortlisted 25 companies that qualify to bid for proposals to build a 400-MW wind power plant in the northern part of the Kingdom, in what would be the first utility-scale wind power project, the Renewable Energy Project Development Office (REPDO) of Saudi Arabia’s Energy Ministry said on Tuesday.   REPDO has qualified 25 companies—including major players in renewables such as Acciona, Enel Green Power, EDF Energies Nouvelles as well as technology giants such as GE, units of Siemens, Marubeni, and Mitsui, among…

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Statoil Comes Up Empty Handed In Barents Sea

August 29, 2017 Tsvetana Paraskova 0

Norway’s Statoil found no oil at its Korpfjell exploration well—the first well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, and the northernmost wildcat well drilled on the Norwegian shelf. Statoil did find small, non-commercial quantities of natural gas at Korpfjell, but it’s not profitable to develop, the Norwegian Petroleum Directorate (NPD) said in its statement, adding that this was the first well to be drilled in the southeastern Barents Sea that was opened for exploration activity…

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Russia Keeps Top Spot As China’s No.1 Crude Supplier

August 23, 2017 Tsvetana Paraskova 0

Russia continued to be China’s biggest crude oil supplier in July for a fifth consecutive month, while Chinese refineries have been taking in more Brent-price-linked West African crude at the expense of sour Middle Eastern varieties as OPEC’s cuts led to narrower price differentials making African oil more attractive for buyers. China’s crude oil imports from Russia averaged around 1.17 million bpd in July, a 54-percent surge compared to the same month last year, according to data by China’s General Administration of Customs…

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Huge Chinese Refinery Fire Did Not Impact Operations

August 18, 2017 Tsvetana Paraskova 0

Firefighters have managed to extinguish a massive fire that broke out at state-run PetroChina’s 410,000-bpd refinery earlier this week, narrowly avoiding a halt in oil processing operations. The blaze at the Dalian refinery, one of China’s largest, raged for hours and was caused by a broken seal on a feed pump, according to media reports. No casualties have been reported during or after the fire at PetroChina’s Dalian refinery, Reuters quoted Chinese state media as reporting. According to a refinery source who spoke to Reuters,…

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