Oil

Trans Mountain Expansion more expensive than expected

Trans Mountain Expansion more expensive than expected

Kinder Morgan Canada Ltd. documents have found the Trans Mountain Expansion project could cost more and take longer to complete than current estimates. A new report that was part of the Kinder Morgan’s sale of the project’s assets to the Canadian Government found that capital costs could increase by as […]

US reassessing Venezuela’s oil sanctions

US reassessing Venezuela’s oil sanctions

Despite increasing its grip over Venezuela in recent months, the US is said to be reducing its sanctions over the Venezuelan oil industry. Sources in Washington DC have said that the US will not look to further sanction the South American nation’s oil industry as it contributes such a large […]

US reduce crude production forecasts

US reduce crude production forecasts

The US has cut the growth rate of its crude oil production in 2018 from previous estimates amid reduced prices, according to a monthly US government report. Production in the US has significantly increased recently as a result of greater output from shale formations, but this growth has slowed following […]

Petrobras’ profits up thirty-fold

Petrobras’ profits up thirty-fold

Brazil’s state-run oil company has witnessed a thirty-fold yearly jump in net profits following increased oil prices, beating analyst’s expectations. During the first half of 2018, Petrobras saw profits jump to $4.54 billion – significantly higher than the $1.505 billion estimated by analysts. Petrobras said that net income for Q2 had […]

Mexico’s new president to boost oil production

Mexico’s new president to boost oil production

Mexican president-elect Andres Manuel Lopez Obrador has said his administration will increase the country’s crude oil output from 1.9 million to 2.5 million barrels per day (bpd). Lopez Obrador won a landslide victory on 1st July and is set to take over office on 1st December and stated that he […]

The return of Scottish oil

The return of Scottish oil

Signs are emerging that the Scottish oil industry is recovering from the most recent downturn, according to a local port authority. A spokeswoman for the authority said: “We have more rigs in for repair, inspection and maintenance, and we see this as a positive sign.” Scottish rigs are going back […]

Iran will respond if US blocks oil exports

Iran will respond if US blocks oil exports

Iran’s foreign ministry has stated that it will respond with equal countermeasures if the US attempts to block its oil exports after Washington officials ramped up pressure on allies to stop importing the Iranian commodity. Bahram Qassemi, a spokesman for the ministry, said: “If America wants to take a serious […]

Aramco’s potential SABIC deal to impact IPO timing

Aramco’s potential SABIC deal to impact IPO timing

Saudi Arabia’s state-owned oil giant is looking into the acquisition of petrochemicals company SABIC, which it said could affect the timing of Saudi Aramco’s initial public offering. The IPO is set to be the biggest of its kind in history and has been championed by Crown Prince Mohammed bin Salman […]