U.S. Energy Secretary Rick Perry promised on Thursday to promote cross-border electricity trade and investment with Mexico and said he expected talks aimed at updating the North American Free Trade Agreement (NAFTA) to proceed quickly. Standing beside his Mexican counterpart Pedro Joaquin Coldwell during a visit to Mexico City, Perry said it was a top priority to agree on a North American energy strategy, develop untapped resources and diversify energy supplies. "Mexico's prosperity is [Read more]
Oil stable as strong Chinese demand eases concern of ongoing glut
Oil prices were stable on Thursday as strong demand from China eased concerns of an ongoing fuel glut. Brent crude futures were at $47.75 per barrel at 0357 GMT, up 1 cent from their last close. West Texas Intermediate (WTI) crude futures were at $45.48 per barrel, down 1 cent from the previous session's close. China imported 212 million tonnes of crude oil, or 8.55 million barrels per day (bpd), in the first six months of the year, up 13.8 percent on the same period in 2016, customs [Read more]
Demand at Mexico onshore oil and gas auction spurs output hopes
Mexico auctioned 21 of 24 onshore oil and gas blocks on offer on Wednesday to investors from North America and Asia including tycoon Carlos Slim and Mexican newcomer Jaguar, anticipating a substantial boost for natural gas output. Monterrey-based Jaguar Exploracion y Produccion de Hidrocarburos took a stake in over half the areas awarded, which the oil industry regulator said would eventually yield around $2 billion in investments over the 30-year lifespan of the contracts. A tie-up of [Read more]
Cenovus expects up to C$2.5 bln from Weyburn, Palliser sales
Canadian oil and gas producer Cenovus Energy Inc has hired investment banks to sell the Weyburn and Palliser oil assets, which it hopes would fetch as much as C$2.5 billion ($2 billion), according to people familiar with the situation. The moves are part of a push to sell assets to pay down debt Cenovus took to help fund the C$16.8 billion purchase of oil and gas businesses from ConocoPhillips. Cenovus is working with Toronto-Dominion Bank to sell Weyburn, and with Credit Suisse and [Read more]
Pipelines secured as wildfires rage in western Canada
Major pipeline companies in western Canada have created fire breaks, installed sprinklers and taken other measures to protect operations as raging wildfires spread to more than 38,000 hectares (93,000 acres) in British Columbia. Enbridge Inc has taken a natural gas compressor station offline but it said on Wednesday that there had been no significant reduction in volumes shipped. The fires have disrupted timber and mining operations, damaged a regional electric utility and forced more than [Read more]
Enbridge gas compressor offline after western Canada wildfires
Enbridge inc has taken a natural gas compressor station offline after wildfires in the western Canadian province of British Columbia, but there had been no "significant reduction" in volumes shipped, the company said on Wednesday. Enbridge did not specify which pipeline system the station was on, saying only that it was in the "impacted area," a region ranging from 150 km (95 miles) to 350 km northeast of Vancouver where more than 200 fires had been burning. (Reporting by Ethan [Read more]
Shell to sell stake in Corrib gas field in Ireland for $1.23 bln
Royal Dutch Shell is to sell its 45 percent stake in the Corrib gas venture to a subsidiary of Canada Pension Plan Investment Board for up to $1.23 billion, marking the oil company's exit from the upstream business in Ireland. The deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said in a statement on Wednesday. The transaction will result in an impairment charge of around [Read more]
Oil prices jump on falling U.S. fuel inventories, lower production outlook
Oil prices rose more than 1 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures were up 60 cents, or 1.3 percent, at $48.12 per barrel by 0657 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.72 per barrel, up 68 cents, or 1.5 percent. Both settled about 1.4 percent higher on Tuesday. "The oil price ... climbed sharply overnight as the [Read more]
Oil prices rise on falling U.S. fuel inventories, lower production outlook
Oil prices on Wednesday extended gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures rose 65 cents, or 1.4 percent to $48.17 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.77 per barrel, up 73 cents, or 1.6 percent. Both settled about 1.4 percent higher on Tuesday. "The oil price... climbed sharply overnight as the Energy Information Agency cut [Read more]
Oil rises on firm short-term demand outlook; overall market still weak
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