OIL - AFRICA DAILY

Feb 08, 2016 (UPI)

Canadian energy company Suncor, after a success hostile takeover of a rival, reported a fourth quarter net loss of almost $1.5 billion. The company reported an ...

U.S. rig count drops 8 percent

Feb 08, 2016 (UPI)

The total number of rigs actively exploring for or producing oil and gas in the United States dropped more than 8 percent, Baker Hughes reports. In its monthly ...

Iran aims for more diverse economy

Feb 08, 2016 (UPI)

Iranian exports of around $50 billion worth of non-petroleum products are not enough to diversify the nation's economy, the speaker of parliament said. "There a...

Mexican rig fire leaves three dead

Feb 08, 2016 (UPI)

Three rig workers died as a result of an accident at the Abkatun-A offshore drilling platform in the Gulf of Mexico, the state oil company in Mexico confirmed. ...

DNO, Genel paid for Kurdish oil exports

Feb 08, 2016 (UPI)

Two partners working in the Kurdish north of Iraq, DNO International and Genel Energy, said they received their regular payments for crude oil exports. "The pay...

House scoffs at Obama's proposed $10 oil fee

Feb 08, 2016 (UPI)

Republican leaders in the U.S. House said a White House proposal to impose a $10-per-barrel tax on U.S. oil stands no chance of gaining legislative traction. Pr...

Oil falters on low prospect of output cuts

Feb 08, 2016 (UPI)

Crude oil prices moved lower in early Monday trading after OPEC members offered few signs of lowering production to alleviate the lingering glut. Saudi Oil Mini...

Total gas moves in North Sea praised

Feb 08, 2016 (UPI)

A move by French energy company Total to start gas production from the North Sea is welcome news for an industry under pressure, Oil & Gas U.K. said Monday. Tot...

Kurds pay out for crude oil exports

Feb 08, 2016 (UPI)

With formal statehood under consideration, the Kurdish government continues to make its regular payments for crude oil exports, Genel Energy said. Genel, which ...

BG Group ends independence on high note

Feb 08, 2016 (UPI)

In its last report as an independent company, BG Group said it was one of the few companies in the struggling sector to report a full-year profit. The company i...

North Dakota continues shedding rigs

Feb 08, 2016 (UPI)

Lower crude oil prices continued to pressure upstream operations in North Dakota as the state shed two rigs since last week, state data show. The state governme...

Wood Mac: Production not fading with oil prices

Feb 08, 2016 (UPI)

Despite the dramatic decline in crude oil prices since mid-2014, consultant group Wood Mackenzie finds production has yet to see significant curtailments. "Sinc...

Is lignin the crude oil of the future? Maybe so, thanks to the Sun and photocatalysts

Feb 05, 2016 (SPX)

Is lignin the crude oil of the future? Maybe so, thanks to the Sun and photocatalysts! We associate refineries with crude oil and a dense tangle of technical fi...

Market is brutal, Weatherford says

Feb 04, 2016 (UPI)

Noting the "brutality" of the oil sector downturn, field services company Weatherford International said it was looking to trim up to 6,000 jobs. Crude oil pric...

Statoil cuts spending to prepare for rebound

Feb 04, 2016 (UPI)

Norwegian energy company Statoil said Thursday it was cutting spending for the year in an effort to position its portfolio for growth once the market recovers. ...

EU still net energy importer

Feb 04, 2016 (UPI)

Members of the European Union imported more than half of their energy in 2014, data from the region's statistics office showed. Eurostat, the statistics office ...

Oil prices up in volatile trading

Feb 04, 2016 (UPI)

Crude oil prices moved in volatile territory Thursday after a string of poor earnings reports balanced against ongoing rumors of potential production cuts. In r...

Chevron reports minor spill in the Philippines

Feb 04, 2016 (UPI)

Chevron confirmed its Philippines subsidiary suffered a spill during the loading of fuel, but noted the leak was fully contained within hours of the incident. C...

Conoco trims dividends, Shell earnings down 80 percent

Feb 04, 2016 (UPI)

It's unclear how long the oil market will remain suppressed so the best course of action is to cut back and wait for recovery, Conoco Phillips said Thursday. Th...

Total lands Chinese LNG deal

Feb 04, 2016 (UPI)

French energy company Total said Thursday it signed a breakthrough binding agreement for the delivery of liquefied natural gas to the Chinese market. Total sign...