Offshore wind set to be $1T business by 2040: IEA

Offshore wind should become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase, Kallanish Energy reports. According to the IEA’s Offshore Wind Outlook 2019, investment last year in the sector neared $20 billion, compared to under $8 billion in 2010. With today’s investment

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Schlumberger loses $11.4B amid big pretax charges

The world’s largest oilfield services company surpassed Wall Street expectations on third-quarter revenue, but took a huge hit on the bottom line due to pretax charges, Kallanish Energy reports. Schlumberger reported an $11.4 billion loss on $8.54 billion of revenue during the quarter, a loss per share of $8.22 for common stockholders. One year ago,

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Trump nominates Brouillette to be Energy secretary

President Trump last Friday announced he has nominated deputy energy secretary Dan Brouillette to replace departing energy chief Rick Perry, Kallanish Energy reports. “I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan

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Oil falls as China’s economic concerns outweigh refining

Crude oil prices were lower Friday, as concerns about China’s economy outweighed strong signals from its refining sector, Kallanish Energy learns.  But losses were limited on hopes for progress toward a U.S.-China trade agreement. Brent crude oil futures fell 49 cents, to settle at $59.42 a barrel, while U.S. West Texas Intermediate crude futures lost

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US crude oil exports continue growing in first half of 2019

U.S. exports of crude oil rose to average 2.9 million barrels per day (Mmbpd) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018, the Energy Information Administration reports. U.S. crude oil exports also set a record-high monthly average in June, at 3.2 Mmbpd, Kallanish Energy learns. Despite

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Oil rises on Saudi supply concerns

Crude oil rose slightly Monday, after gaining nearly 7% last week, as lingering concerns over global supplies following the Sept. 14 attack on Saudi oil facilities offset prospects for a faster-than-expected restoration of the kingdom’s output and on signs of European economic weakness. Global benchmark Brent futures were up 40 cents to $64.68 a barrel,

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US producible gas volume jumps in latest biennial survey

Energy industry experts who comprise the Potential Gas Committee announced Wednesday the volume of producible natural gas in the U.S. has jumped roughly 20% since their last assessment two years ago. The increase of 557 trillion cubic feet (Tcf) reported by the Pgc is the highest assessment in its 54-year history. The organization estimates total

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US crude oil inventories drop more than expected

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.91 million barrels (Mmbbl) during the week ended Sept. 6, from the previous week, the Energy Information Administration reported. The American Petroleum Institute had U.S. crude inventories down 7.2 Mmbbl in the week ended Sept. 6, to 421.9 Mmbbl, compared with analysts’

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GE’s voting share in Bhge dropping below 50%

Baker Hughes, a GE company (Bhge) announced Tuesday General Electric and its GE Oil & Gas US Holdings I, GE Holdings (US), and GE Oil & Gas US Holdings IV units have begun a secondary offering of 105 million shares of Bhge Class A common stock. The offering’s underwriters will have a 30-day option to

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Angola launches offshore bidding round

Angola’s National Agency for Petroleum, Gas and Biofuels (Anpg) on Tuesday launched its 2019 licensing round at a presentation in the capital city of Luanda, Kallanish Energy learns. The country is offering 10 offshore blocks in the Namibe and Benguela basins, which have been underexplored and are expected to hold significant reserves. They cover an

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ExxonMobil charters Singapore’s 1st LNG-fueled bunker barge

ExxonMobil Asia Pacific has signed a two-year time charter agreement with Singapore-based Sinanju Tankers Holdings Pte. Ltd. to lease Singapore’s first liquefied natural gas (LNG)-powered bunker tanker, Sinanju said, in a statement Friday, Kallanish Energy reports. The 7,990 deadweight tonnage (dwt) new build will be the first LNG bunker tanker for Singapore and Sinanju and

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Oil plummets on fears of global slowdown

Crude oil prices fell more than 4.3% Wednesday, to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears demand will shrink due to Washington’s growing trade war with Beijing. Brent crude futures dropped 4.4%, to $56.35 a barrel, a seven-month low. Prices have lost more than 20%

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Crude oil falls as US-China trade tensions impact

Crude oil prices fell slightly Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel due to growing trade tensions between China and the U.S., Kallanish Energy reports President Trump is vowing to impose new tariffs on Chinese imports, and China is retaliating by making further moves against U.S. agricultural purchases. The

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Delek says gas exports to Egypt by year’s end

Israel’s Delek Drilling said it has completed testing of a subsea natural gas pipeline to Egypt, but commercial sales by June 30 did not occur as originally projected, Kallanish Energy understands. Delek and its partner, the U.S.’s Noble Energy, signed a deal early in 2018 to export $15 billion in natural gas from Israeli offshore gas fields

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Crude oil settles down as US Fed holds rates steady

Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell

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