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Energy trade between Mexico and the U.S. has historically been driven by Mexico’s sales of crude oil to the U.S. and by U.S. net exports of refined petroleum products to Mexico. The value balance has now tipped in favor of the U.S. Through 2014, Mexico’s exports of crude oil were the most valuable component of […]
Saudi Arabian Oil Co. picked four banks to advise on its first bond sale, two people familiar with the matter said, ahead of plans for the world’s largest initial public offering. Saudi Aramco, as the company is known, selected HSBC Holdings Plc’s local unit and Riyad Capital to help with the sale of riyal-denominated Islamic […]
An oil spill at an Exxon Mobil platform in the Bass Strait is being investigated by the federal regulator, after the discovery of an oily sheen on waters around the rig. The spill comes less than 18 months after a fire raged on the same platform for nine hours before it could be controlled. And in 2013, […]
Oil and natural gas producer Chevron Corp said it would give its top executive fewer stock options after shareholders expressed concern about executive pay. Oil companies have been restructuring pay packages of their top management after a two-year-long slump in oil prices eroded profitability. Chevron said on Monday the average support from shareholders for the […]
OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of […]
President Donald Trump told business leaders Monday he would impose a “very major” border tax on companies that move jobs outside the U.S. and said he would cut regulations by 75 percent. A breakfast meeting with corporate executives at the White House kicked off the first working day of a president who made the promise […]
As of January 16, 13 companies have initiated the prequalification process for Round 2.1, the shallow water exploration and extraction contract auction process that Mexico’s National Hydrocarbons Commission (CNH) intends to award in June 19 of this year. According to CNH’s website, the companies are: US: Chevron, Conoco Philips, Hunt Overseas Oil Company, Noble Energy. […]
Iran’s crude oil and condensate revenues are expected to reach US$41 billion in the country’s current fiscal year ending on 20 March 2017, Oil Minister Bijan Zanganeh said on Monday. Zanganeh described the current oil market conditions as ‘satisfactory’, Iranian media reported. For the first nine months of the current Iranian fiscal year, oil revenues […]
Mexico’s recent deepwater bidding round marked a major milestone for the country in its transformation of its energy sector. However, more work is needed to prepare Mexico and its state energy firm, Petroleos Mexicanos (PEMEX), for competition in the global oil market. The success of Mexico’s Round 1.4 deepwater bidding compared with other Round 1 […]
Statoil ASA announced Wednesday that it plans to drill around 30 exploration wells in 2017, an increase of around 30 percent compared to last year. In 2016, Statoil completed a total of 23 exploration wells as operator and partner – 14 of them on the Norwegian Continental Shelf. More than half of the wells in […]
