Crude oil
BP in talks for $14bn Gulf oil spill settlement
BP and plaintiffs suing over the 2010 Gulf of Mexico oil spill are in talks for a $14 billion settlement funded by monies originally set aside by the company for out-of-court settlements, Bloomberg News reported Monday, citing three people familiar with the negotiations.
TransCanada to move ahead with Gulf Coast leg of Keystone XL pipeline
The company will build the southern leg while a new application for the whole pipeline is reviewed by the US government.
India seeks boost in Saudi Arabia crude oil supply
India has asked Saudi Arabia to augment daily shipments by up to 100,000 bbl each year to meet expanding refining capacities at home, Oil Minister Jaipal Reddy said.
Shell to buy fuel from Petroplus French refinery
The company will use the France refinery owned by insolvent Swiss-based refiner Petroplus to process crude oil for six months, said French President Nicolas Sarkozy.
TNK-BP to review operations at unprofitable Ukraine refinery
Russian oil major TNK-BP, half-owned by BP, said Friday that operations at the Lisichansk refinery in Ukraine have become unprofitable and it plans to further review its options for increasing efficiency. The refinery has a capacity of over 7 million tpy of crude oil.
Crude tank explodes at Texas fuel storage terminal
Firefighters have extinguished a crude oil tank fire that began Thursday night at a fuel storage terminal in Galveston, Texas, according to news media reports. The facility has the capacity to handle 1.25 million bbl of liquid cargo storage and 350,000 tons of dry flat storage, according to the Galveston Daily News.
Lower crude exports from Iran could trigger 30% spike in oil prices - IMF
A halt of Iran's oil exports to Organization for Economic Cooperation and Development (OECD) countries could trigger a 20%-30% spike in oil prices, an International Monetary Fund official said. The EU last month said it would ban all purchases of oil from Iran for countries within the union.
ExxonMobil says oil, gas reserves higher in 2011
ExxonMobil said Thursday the company's 2011 proved oil-and-gas reserves inched up compared with the previous year. The bulk of reserves additions came from the Kearl Expansion Project in Canada, which totaled 1 billion oil-equivalent bbl. Additions were also made in the US, Nigeria and Indonesia.
Obama defends energy policy, blames Middle East turmoil for rising US gasoline
President Barack Obama defended his energy policy from Republican attacks that he has not done enough to counter the recent run-up in gasoline prices. Obama said that more drilling will not bring down the price at the pump. In fact, the US is producing more oil than at any time in the last eight years, he said.
Chesapeake plans to double US production of oil, liquids by 2015
Chesapeake Energy said it plans to more than double its oil and liquids production by 2015 as the natural gas giant aims to become one of top five US oil producers. The company plans to produce about 250,000 bpd of oil and natural gas liquids by 2015, up from about 104,000 bpd in the fourth quarter.
- Malaysia plans to produce sustainable jet fuel in 2027 11/27
- ADNOC launches $80-B low-carbon energy and chemicals investment company 11/27
- Chevron sees California's fuel inventory law raising prices for customers 11/27
- Clariant’s MegaMax™ catalysts to power China’s first biomass-to-green methanol project 11/27
- easyJet, Renavia and WFS sign MoU for long-term supply of SAF 11/27
- Cyclyx to invest in second Cyclyx Circularity Center 11/27
