From an economic standpoint, one of the most significant aspects of today’s US-Iran nuclear deal is that it could open up Iran’s vast crude oil reserves to the rest of the world. Once Europe and the US lift their sanctions, Iran will be able to ramp up crude production and exports, pushing down global oil prices even further. But here’s the catch: that won’t all happen immediately. It will likely take at least six months before we see any ...
Continue Reading ?The federal government and Gulf Coast states have reached an $18.7 billion settlement agreement with the oil company BP for the 2010 Deepwater Horizon spill in the Gulf of Mexico. The settlement deal, announced by the Department of Justice on Friday, issues penalties for all remaining federal and state claims, such as civil penalties for violations of the Clean Water Act and for damages to natural resources. It is the largest settlement with a single company to date, according ...
Continue Reading ?An Israeli oil company, the Eilat Ashkelon Pipeline Company, has been ordered to pay $1.1 billion in compensation to Iran by a Swiss court, the official Iranian news agency IRNA reported on Wednesday. In response, Israel clarified that it will not pay the debt to the Iranians. « Without referring to the matter at hand, we’ll note that according to the Trading with the Enemy Act it is forbidden to transfer money to the enemy, including the Iranian national oil ...
Continue Reading ?China has replaced the heads of its three biggest energy companies, the firms said in separate statements, as speculation mounts over reforms to the oil industry. China’s Communist Party controls the management of the country’s major state-owned enterprises with power to shuffle their heads at will. Industry giant China National Petroleum Corp (CNPC) said in a statement that chairman Zhou Jiping had stepped down due to age, to be replaced by Wang Yilin, previously head of offshore oil ...
Continue Reading ?US oil delegation will be visiting Iran this week to review energy investment opportunities,
Continue Reading ?Pipelines are a cheaper way to deliver natural gas than tanker ships. They
Continue Reading ?The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas exploration in the Arctic since it suffered mishaps in the region in 2012. « The Arctic is an important component of the Administration’s national energy strategy, and we remain committed to taking a thoughtful and balanced approach to oil and gas leasing and exploration offshore Alaska, » said Interior Secretary Sally ...
Continue Reading ?Lukoil closed a transaction to enter a project to develop the Etinde block offshore the Republic of Cameroon in the Gulf of Guinea (West Africa). Earlier, the Company met all the preliminary conditions of the acquisition agreement signed in June 2014. This included obtaining approval from the Cameroon Ministry of Mines and Energy on October 21, 2014 and gazetting the Presidential Decree on February 18, 2015 approving the transaction. The Etinde project is being executed under the production ...
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