PARIS — Iran won’t consider a production freeze until it reaches its pre-sanctions level of output of 4.2 million barrels a day, a senior energy official said Thursday. Mehdi Hosseini, who heads the oil contracts revision committee at Iran’s Petroleum Ministry, said a freeze at anything less than that would be a continuation of the sanctions imposed on his country as a result of its disputed nuclear program. “Our pre-sanction production was something around 4.2 (million barrels per day), [Read more]
Kuwait oil worker strike ends
KUWAIT CITY — Oil unions in Kuwait ended a three-day strike over government cutbacks, authorities said Wednesday, though it remained unclear what concessions may have been granted to the workers amid low global crude prices. The state-run Kuwait News Agency reported that the unions ended the strike by praising the country’s ruling emir, Sheikh Sabah Al Ahmad Al Sabah, and saying their action showed their “ability to affect the production process.” The unions “entrusted his highness, the [Read more]
Kuwait’s oil minister urges striking union to resume work
KUWAIT CITY, Kuwait - Kuwait's acting oil minister has urged striking union workers to get back to their jobs, promising the government will not reduce their "core benefits."The statement by Anas al-Saleh, who's also finance minister, was carried on the official Kuwait News Agency Monday.Thousands of workers in six oil and petrochemical companies went on strike Sunday to protest proposed government cutbacks.Kuwait Petroleum Corp., which is the parent company of the Kuwait Oil Co. and other [Read more]
Norwegian drilling rig owner criticized over fatal accident
COPENHAGEN - Authorities in Norway say a drilling rig had breached two safety regulations when a huge wave slammed into the offshore platform's living quarters last year, killing one and injuring four.The Petroleum Safety Authority says its investigation found the "superstructure (of the COSLInnovator) was not dimensioned to resist horizontal wave loads," and registration of the staff on board "did not function satisfactorily."The agency said Friday "more lives could have been lost" had there [Read more]
TransCanada says spill forces shut down of Keystone pipeline
FREEMAN, S.D. - The Keystone pipeline will likely remain shut down for the rest of the week while officials investigate an apparent oil spill in southeastern South Dakota.Oil covered a 300-square-foot area in a farm field ditch 4 miles from a Freeman-area pump station, about 40 miles southwest of Sioux Falls. It was discovered Saturday. TransCanada hasn't released the amount of oil.About 100 workers are investigating where the oil came from and removing the contaminated soil. No pipeline damage [Read more]
US rig count drops 14 this week to 450, another all-time low
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. dropped 14 this week to 450, another all-time low amid continuing energy industry price woes.A year ago, 1,028 rigs were active.Houston oilfield services company Baker Hughes Inc. said Friday 362 rigs sought oil and 88 explored for natural gas.Among major oil- and gas-producing states, Texas lost five rigs and Oklahoma four. California, North Dakota and Oklahoma each dropped two while Alaska, Kansas and Pennsylvania [Read more]
Saudi Arabia will only freeze oil production if Iran joins
Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilizing the over-supplied global crude market. The warning by Mohammed bin Salman, 30, who’s emerged as Saudi Arabia’s leading political force, leaves the outcome of a meeting between OPEC and other big oil producers this month in question. Iran has already said it plans to boost its production [Read more]
Qatar says 12 countries confirmed for oil cap meeting
DOHA, Qatar - Qatar's oil minister says 12 countries have agreed so far to participate in a meeting it's hosting next month to discuss a freeze in oil output levels.Qatar announced earlier this month it would be the venue for between OPEC and non-OPEC producers on April 17 to discuss the production cap. The talks are aimed at bolstering oil prices that have fallen from over $100 a barrel in 2014 to less than $40 a barrel at present.Minister of Energy and Industry Mohammed Bin Saleh al-Sada said [Read more]
US Virgin Islands, Massachusetts launch probes into Exxon
NEW YORK - Attorneys general in the U.S. Virgin Islands and Massachusetts are investigating whether Exxon Mobil deceived the public or shareholders about the effects of climate change, joining similar inquiries into the oil giant launched by New York and California.The investigations announced Tuesday came as nearly two dozen state attorneys general said at a New York news conference that they'd formed a coalition to explore legal ways to combat global warming by filing lawsuits and briefs or by [Read more]
TransCanada to sell dams in Columbia Pipeline Group deal
WEST LEBANON, N.H. - TransCanada is looking to sell its New England power generation business, including hydroelectric dams on the Connecticut River, as part of its effort to finance its $10 billion acquisition of Houston-based Columbia Pipeline Group.TransCanada bought 13 hydroelectric dams on the Connecticut and Deerfield rivers from USGen New England in 2005.The Valley News reports (http://bit.ly/25sCopk) the Wilder, Bellows Falls and Vernon, Vermont, dams are among the assets TransCanada [Read more]
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