OIL - AFRICA DAILY

China's Sinopec net profit slumps nearly 30% in 2014

Mar 23, 2015 (AFP)

Chinese energy giant Sinopec said net profit slumped 29.7 percent in 2014, blaming a "precipitous" drop in global crude oil prices and issuing a first-quarter p...

North Sea tax policies short-sighted, Scotland says

Mar 23, 2015 (UPI)

The North Sea energy sector has paid a "heavy price" because of the policies embraced by the British government, Scotland's deputy first minister said Monday. J...

Sanctions push Total towards China to finance Russia project: report

Mar 23, 2015 (AFP)

French energy company Total is seeking the equivalent of up to $15 billion from Chinese investors to finance its part of the development of a giant gas field in...

100,000 Layoffs and Counting: Is this the New Normal

Mar 23, 2015 (SPX)

This time a year ago, the oil industry's biggest problem was finding a way to deal with the "retirement tsunami" about to crash down on it as older oilfield wor...

US gas boom slashes gas prices

Mar 23, 2015 (SPX)

The recent shale gas boom ("fracking") in the United States has been beneficial to the economy, dropping natural gas prices 47 percent compared to what the pric...

U.S. lifts threat warning in Saudi Arabia

Mar 23, 2015 (UPI)

The U.S. Embassy in Riyadh said it resumed consular services in Saudi Arabia nearly two weeks after threats to Western oil workers surfaced. Heighted security c...

Iran expecting economic growth

Mar 23, 2015 (UPI)

As nuclear negotiations resume in earnest, the Iranian finance minister said the economy should continue to expand for the Islamic republic. Iran's economy emer...

New 450-kW gas cogeneration system to debut in Japan

Mar 23, 2015 (SNX)

Mitsubishi Heavy Industries, Ltd. ( MHI) and Toho Gas Co., Ltd. have jointly developed a new 450- kilowatt (kW) gas cogeneration system to be launched into the ...

Oil prices falter as OPEC stands firm

Mar 23, 2015 (UPI)

Crude oil prices drifted lower in early Monday trading as markets remain tilted toward the supply side and OPEC shows no signs of drawing down. The price for Br...

Russian currency stabilizing despite oil's fade

Mar 23, 2015 (UPI)

The value of the Russian currency has stabilized despite the fading of the February rally in crude oil prices, the Russian finance minister said. The ruble trad...

Saudi king invites Iraq PM to visit as ties thaw

Mar 23, 2015 (AFP)

Iraqi Prime Minister Haider al-Abadi received an invitation from King Salman to visit Saudi Arabia, as relations between the two nations improve, the premier's ...

U.S. releases new federal fracking rules

Mar 20, 2015 (UPI)

The U.S. federal government introduced new rules Friday on hydraulic fracturing, measures industry backers said would impose a "barrier to growth." The Bureau o...

Wintershall defiant in low oil price era

Mar 20, 2015 (UPI)

Though low oil prices are expected to drag on revenues, German energy company Wintershall said it plans to ramp up output by 40 percent by 2018. Though operatio...

Exxon done with 2011 oil spill cleanup

Mar 20, 2015 (UPI)

Exxon Mobil's pipeline subsidiary completed the environmental cleanup work tied to a 2011 oil spill into the Yellowstone River, Montana's government said. An es...

U.S. oil train rules inadequate, senator says

Mar 20, 2015 (UPI)

U.S. regulations are not strong enough to ensure the safe transportation of crude oil by rail, the minority leader of the Senate Energy Committee said. Sen. Mar...

Gulfsands Petroleum still keen on Syrian oil

Mar 20, 2015 (UPI)

A Syrian prospect shuttered by war was characterized Friday by Gulfsands Petroleum as the "most important asset" in its portfolio. The company announced in Janu...

Libyan Investment Authority remains upbeat

Mar 20, 2015 (UPI)

Though Libya's short-term oil potential is waning, officials at a Malta summit said they were confident economic prosperity would come to the nation's people. T...

Shell unloads Nigeria assets

Mar 20, 2015 (UPI)

Royal Dutch Shell said Friday it completed the sale of its stake in a Nigerian oil field for $737 million as part of a strategic review of onshore assets there....

U.S. dollar, Iran talks sway oil markets

Mar 20, 2015 (UPI)

The U.S. dollar and Iranian hopes for a "new day" amid ongoing nuclear negotiations sent Brent crude oil prices on a wild ride early in the trading day Friday. ...

North Dakota reviews oil-train safety

Mar 19, 2015 (UPI)

There's no way to offer a single solution that would allay concerns about the safety of crude oil transit by rail, North Dakota Gov. Jack Dalrymple said. Dalrym...