Rosneft CEO Igor Sechin told shareholders in its annual meeting on Thursday that the $13 billion take-over of Essar Oil is now considered closed, after final clearance given by the Indian company’s lenders.
Nigeria could put further downward pressure on crude oil prices, if its resurgent production is sustained and the country resumes exports at full capacity, with a 17-month record high exports expected in August.
INEOS’s $1.3 billion acquisition of all DONG Energy’s assets in the North Sea has been cleared by the European competition watchdog in less than a month since the transaction was announced, Kallanish Energy reports.
Norwegian oil major Statoil said this week it has received the green light from local authorities to develop and operate the Njord and Bauge oil fields in the Norwegian Sea, in projects estimated to cost $2.34 billion.
Not only must the oil and gas industry educate the general public on the science behind hydraulic fracturing, horizontal drilling, etc., just as important is teaching current/potential employees on what the industry offers.
U.S. shale oil production is forecast to end 2017 at 5.6 million barrels per day (MMBPD), which is over 1 MMBPD higher than at the end of 2016. But the pace of growth in 2018 will slow down, energy consulting firm ESAI Energy said in a new report on Tuesday.
Saudi Arabian King Salman promoted on Wednesday his 31-year-old son, Mohammed bin Salman, to become crown prince and second in line to the throne, giving him extraordinary powers to push through his vision to wean the economy off oil and exert his influence in regional conflicts.
Despite OPEC and non-OPEC producers’ efforts to drain the supply glut in global oil markets, crude oil prices have tumbled more than 20% this year, making its worst performance for the first six months of the year since 1997.
Russian President Vladmir Putin asked Igor Sechin, the head of Russia’s largest oil producer Rosneft, to discuss the possibility of paying 50% of net income in dividends in the company’s next annual general meeting on Thursday, Kallanish Energy reports.