Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of…

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Niger Delta Avengers Declare “Bloody” End To Oil Ceasefire

Just as Nigeria has started to pump more than 1.8 million bpd of crude oil for two consecutive months, the Niger Delta Avengers (NDA)—the militant group responsible for most of last year’s attacks on Nigeria’s oil infrastructure—returned to the scene with a gruesome message on its website, warning oil companies of a “brutish, brutal and bloody” end of the ceasefire in the oil-rich Delta. “Message to the Oil Companies; Our next line of operation will not be like the 2016 campaign which we operated successfully…

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Trump’s China Trip To Reap Billions In Energy Deals

U.S. President Donald Trump will visit China November 8-10 for a series of bilateral and commercial events, including a meeting with Chinese President Xi Jinping. On that trip, President Trump’s first visit to China—the country that he has repeatedly criticized for trade practices and the way it has handled relations with North Korea—the administration will be taking some 40 U.S. companies on a trade mission to forge deals and discuss Chinese investments in the U.S. One of the biggest deals up for discussion is an investment of…

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Big Oil Urges OPEC: Keep Floor Under Oil Prices

The oil market and analysts already largely expect OPEC to extend the production cut deal beyond March 2018, which many feel would finally rebalance supply and demand.   OPEC’s new tagline is indeed all about restoring oil market stability and sustained stability in the global oil industry—these, OPEC says, are its main policy drivers. While the organization is said to favor extending the deal throughout 2018, and as its leader Saudi Arabia continues to spray the market with its ‘whatever it takes’ promises, now major…

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Booming U.S. Oil Exports Could Hit A Bottleneck

U.S. crude oil exports have been setting new records lately, but as both the U.S. oil production and exports are set to increase, analysts and traders warn that booming exports may reach infrastructure limitations in two to three years, which would weigh on U.S. oil prices due to high domestic production with constrains in takeaway capacity. U.S. crude oil exports hit a record-high of 1.98 million bpd in the week to September 29, according to EIA data. This was the highest weekly average since the U.S. removed restrictions on crude oil exports…

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Brazil’s Pre-Salt Auction To Proceed Despite Injunction

The government of Brazil is confident that the auction for its promising pre-salt oil layer will proceed as planned today, after it had appealed an injunction ordering the suspension of the auction issued late on Thursday, Brazilian Mining and Energy minister Fernando Coelho Filho told Reuters. On Thursday, the leftist Workers Party sought an injunction, and a federal judge in the Amazonas state issued an injunction ordering the suspension of the today’s auction. The Workers Party is against foreign firms operating oil blocks and against…

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Russia Goes All In On Arctic Oil Development

Neither sanctions nor persistently low oil prices are hindering Russia’s ambitions or plans to develop oil resources in its sections of the Arctic. In April, state-controlled oil giant Rosneft started drilling the northernmost well on the Russian Arctic shelf in the Khatangsky license area in the Laptev Sea. In June, Rosneft struck first oil in the Eastern Arctic in this license. Earlier this month, the oil firm said that recoverable reserves at the field exceed 80 million tons of oil, which is equal to around 586.4 million barrels. Geological…

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Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks

Brazilian oil regulator ANP said on Thursday that it might reopen bidding for the oil blocks in the pre-salt layer that don’t receive bids in next week’s auction. Next Friday, October 27, Brazil will hold the second and third rounds of auctions for blocks in its pre-salt layer, considered one of the most promising potential developments offshore Brazil. ANP said today that it would give the new deadlines for fresh bidding for possible unsold blocks after the completion of each of the two rounds of bidding next week. Earlier this month,…

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Iraq Asks BP To Redevelop Kirkuk Oil Fields

Iraqi Oil Minister Jabbar Al-Luiebi has asked BP to develop the oil fields in oil-rich Kirkuk, just a day after Iraq’s government forces completed an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in Kirkuk. Al-Luiebi has asked the UK supermajor ‘‘to quickly make plans to develop the Kirkuk oilfields,” Reuters quoted a statement by Iraq’s Oil Ministry as saying on Wednesday. The ministry said in a separate statement that it would now proceed with development plans for the Kirkuk…

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Oil Trading Firm Expects Unprecedented U.S. Crude Exports

U.S. crude oil exports hit an all-time high at the end of September, and are poised to surge even more to hit unprecedented levels in the coming two or three weeks, Marco Dunand, chief executive of trading house Mercuria, told the Reuters Global Commodities Summit on Friday.   U.S. crude oil exports hit a record-high of 1.98 million bpd in the week to September 29, EIA data showed. This was the highest weekly average since the U.S. removed restrictions on crude oil exports at the end of 2015, after a four-decade ban. Oversupply…

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