OIL - AFRICA DAILY

Oil price rally stumbles on inventory data

Mar 02, 2016 (UPI)

A spike in U.S. crude oil inventories and questions about Chinese economic recovery brought an end to a short-term rally in oil prices in Wednesday trading. Cru...

Canada's Nexen reducing headcount

Mar 02, 2016 (UPI)

A Canadian subsidiary of China National Offshore Oil Corp. said it was reducing its headcount as the industry works through a weakened oil economy. Subsidiary N...

Schlumberger touts streamlining during downturn

Mar 02, 2016 (UPI)

The integration with fellow services company Cameron International will help drive momentum forward as the market recovers, Schlumberger said. Schlumberger made...

Russia confirms January oil production freeze proposal

Mar 02, 2016 (UPI)

The Kremlin confirmed the directors at Russia's major oil companies agreed to a proposal to hold production levels static in an effort to stimulate the market. ...

Sponge structure key to mopping up oil spills

Mar 02, 2016 (SPX)

An interconnected structure, which water can easily flow through, is key to creating a highly effective mechanical sponge for clearing oil spills. These are the...

Exxon notes flexibility of investments

Mar 02, 2016 (UPI)

Exxon Mobil said Wednesday it has room to adjust its investment program even after it outlined spending plans for the year at 25 percent below 2015 levels. Exxo...

British fracking surveys may address tremors

Mar 01, 2016 (UPI)

The British Geological Survey said Tuesday it's uncovered data that could help address concerns about seismic activity associated with hydraulic fracturing. BGS...

Texas shows increase in oil production

Mar 01, 2016 (UPI)

Texas crude oil production increased 5 percent in December even as markets moved closer to historic lows, state data for the month show. The Railroad Commission...

Commercial potential for British shale oil

Mar 01, 2016 (UPI)

A British company tapping into inland shale oil basins said oil was flowing to the surface at a natural rate fast enough to yield obvious commercial potential. ...

U.S. gas prices spiking

Mar 01, 2016 (UPI)

The retail price for gasoline in the United States is moving higher at its fastest clip in four months as seasonal and market pressures mount, analysis finds. M...

Statoil taps first well for early phase of Johan Sverdrup

Mar 01, 2016 (UPI)

Norwegian energy company Statoil said Tuesday it started drilling the first well for the Johan Sverdrup field, one of the largest ever discovered. Johan Sverdru...

Kremlin mulling privatization options for oil

Mar 01, 2016 (UPI)

Russian investment consultants are being asked about the possible terms of privatization of parts of the state-controlled oil sector, a minister said Tuesday. R...

Iraq oil exports and revenue down in February

Mar 01, 2016 (AFP)

Iraq's oil exports and revenue dipped in February compared with the previous month as low global crude prices offered Baghdad no financial respite, a statement ...

Genel takes charge on lower Kurdish oil estimate

Feb 29, 2016 (UPI)

Lower crude oil prices and a downward revision in the recoverable reserve estimate in the Kurdish north of Iraq means a charge on the books, Genel Energy said. ...

Woodside names former Shell brass to board

Feb 29, 2016 (UPI)

Australian energy company Woodside Petroleum said it named one of Shell's leaders in Arctic exploration as a non-executive member of its board. Ann Pickard join...

Weil revives helium industry in Saskatchewan

Feb 29, 2016 (SPX)

Weil Group Resources is constructing a new $10 million helium processing facility in Saskatchewan, Canada to supply refined, industrial-grade helium to markets ...

California blowout led to largest US methane release ever

Feb 29, 2016 (SPX)

The Aliso Canyon natural gas well blowout released over 100,000 tons of the powerful greenhouse gas methane before the well was sealed on Feb. 11, according to ...

Oil surges on China stimulus, Saudi cooperation talk

Feb 29, 2016 (AFP)

World oil prices surged higher Monday as China boosted efforts to tackle its slowing economy and Saudi Arabia welcomed cooperative action to stabilize the marke...

MEO Australia gets support for Cuban oil program

Feb 29, 2016 (UPI)

MEO Australia Ltd. said it was able to raise more than $1 million to help finance its fledgling exploration program for oil near the coast of Cuba. Cuba-focused...

Oil rebounds on China stimulus move

Feb 29, 2016 (AFP)

World oil prices rebounded Monday after China's latest stimulus move boosted hopes of strengthening demand in the key energy consumer. Around 1700 GMT, the US b...