The BLACKGOLD Business

US drillers cut rigs.

2016-05-27T07:05:00.002+08:00

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US drillers cut rigs.

May 23rd 2016, 00:00

US oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes said, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones.
Drillers cut 10 oil rigs in the week to May 13, bringing the total rig count down to 318, Baker Hughes said in its closely followed...

Publications by Oil & Gas News: Shell shuts wells to Brutus.

2016-05-26T13:52:00.020+08:00

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Shell shuts wells to Brutus.

May 23rd 2016, 00:00

A 2,100-barrel oil spill in the US Gulf of Mexico forced Royal Dutch Shell to shut in all wells that flow to its Brutus platform, federal regulators said.

The US Bureau of Safety and Environmental Enforcement (BSEE) said a 2 mile by 13 mile (about 3 km by 21 km) sheen was visible in the sea about 97 miles off the Louisiana coast.

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[Free Advertising. No payments] Gorilla Glass 4 vs Gorilla Glass 3 Comparisons | Scratch Test & Bend Test!

2016-03-04T08:02:00.000+08:00

Gorilla Glass 4 vs Gorilla Glass 3 Comparisons | Scratch Test & Bend Test!

Hey techies! Here's a comparison between the gorilla glass 4 and gorilla glass 3. We are starting to see the gorilla glass 4 more in newer phones and tablets. Tell me what you think of the screen down below. Is this pretty incredible technology or do you think there should be even better screens on phones?

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Publications by Oil & Gas News: Al Falih is Petroleum Executive of the year.

2016-03-03T14:39:00.041+08:00

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Al Falih is Petroleum Executive of the year.

Feb 29th 2016, 00:00

Saudi Arabian Oil Company's (Saudi Aramco) chairman has been named '2016 Energy Intelligence Petroleum Executive of the Year.'

Khalid A Al Falih was chosen by a selection committee made up of top global oil industry executives, and is the 20th winner of this highly regarded, peer-selected honour, said a statement.

Publications by Oil & Gas News: Saudi Aramco -- Expansion of Khurais Oilfield.

2016-03-03T14:39:00.035+08:00

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Saudi Aramco -- Expansion of Khurais Oilfield.

Feb 29th 2016, 00:00

Name of client: Saudi Aramco Budget: 2.5 billion Facility type: Oil & Gas Field Sector: Oil Status: Construction Location Eastern: Region Feed: Foster Wheeler Main contractor: Saipem, Consolidated Contracting Company (CCC)

Background The Khurais oil field is located adjacent to the Ghawar oil field, one of the world's largest, in the Eastern province of Saudi Arabia. The objective of...

Publications by Oil & Gas News: China demand set to peak.

2016-03-03T14:39:00.030+08:00

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China demand set to peak.

Feb 29th 2016, 00:00

Through the end of the decade, China's oil demand growth will likely slow to roughly half its rate over the past five years and peak in 2030 as alternative fuels replace oil in China's maturing economy, a CNPC researcher says.

Nearly two thirds of China's massive population will move from rural communities to cities by 2020, and China's oil-heavy manufacturing industry is expected to...

Publications by Oil & Gas News: World oil bosses to look past 2016.

2016-03-03T14:39:00.019+08:00

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World oil bosses to look past 2016.

Feb 29th 2016, 00:00

The world's top oil executives gathered in Houston seem to agree on one thing: this year is set to be so horrible that many skip right to 2017 and beyond to talk about hopes for market rebalancing that so far has eluded the battered industry.

In April 2015, the energy sector's biggest annual conference was abuzz with speculation when oil prices might bottom and the idea that prices could...

Publications by Oil & Gas News: Price slump seen lasting very long.

2016-03-03T14:39:00.011+08:00

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Price slump seen lasting very long.

Feb 29th 2016, 00:00

When Sheikh Ali Khalifa Al-Sabah of Kuwait thinks about today's plunging oil prices, his mind drifts back to the mid-1980s, when he was forced to sell some of his country's crude for as little as $5 a barrel.

As Kuwait's oil minister at the time, Sheikh Ali had to sell a cargo or two at that price just to keep up cash flow to a country that depended upon oil revenues. 'It wasn't because...

Publications by Oil & Gas News: Crude production freeze is only the first step.

2016-02-24T14:43:00.007+08:00

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Crude production freeze is only the first step.

Feb 22nd 2016, 00:00

Saudi Arabia and its close allies the United Arab Emirates and Kuwait have stressed in recent weeks the strategy is working, and that they can weather the downturn, but indicated greater openness to production cuts in future

OIL ministers from Saudi Arabia, Russia, Venezuela and Qatar announced an agreement to freeze their oil output levels provided other major producers follow...

Publications by Oil & Gas News: US oil and gas industry sheds 100,000 jobs in slump.

2016-02-17T14:43:00.005+08:00

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US oil and gas industry sheds 100,000 jobs in slump.

Feb 15th 2016, 00:00

More layoffs are virtually certain in the months ahead in oil and gas production, as well as along the supply chain and in petroleum-dependent economies, as the continued price slump filters through to even less drilling activity

The number of people employed in oil and gas extraction and support activities across the US has fallen by around 100,000 since October 2014.

China set to cut on-grid tariffs.

2016-01-10T21:30:00.003+08:00

China set to cut on-grid tariffs.

Jan 4th 2016, 00:00

China will cut payments to wind and solar electricity generators for contributing power to the grid, the country's state planning commission said, reflecting recent declines in operating costs.
Starting in 2016, on-grid tariffs for solar producers will be 0.02 to 0.10 yuan lower per kilowatt-hour - with the higher cuts applying in the country's less populated, arid western region - while...

US motorists dump fuel efficiency.

2015-12-16T14:24:00.033+08:00

US motorists dump fuel efficiency.

Dec 14th 2015, 00:00

The average fuel economy of new cars sold in the US in November dropped by 0.1 mile per gallon, continuing a trend that began in August of last year when pump prices began to fall, according to new data by the University of Michigan Transportation Research Institute.

BREAKING NEWS, 32 Dead During Exploded and Fire on Azeri Oil Rig in Caspian Sea

2015-12-06T14:21:00.001+08:00

BREAKING NEWS, 32 Dead During Exploded and Fire on Azeri Oil Rig in Caspian Sea

Schlumberger to slash jobs.

2015-11-03T21:31:00.000+08:00

Schlumberger to slash jobs.

Oct 26th 2015, 00:00

Schlumberger, the world's No1 oilfield services provider, said it would cut more jobs and consolidate its manufacturing and distribution network as it did not expect a recovery in demand before 2017.
The company's shares fell as much as 4.6 per cent to $72.63 in late-morning trading. Rivals Halliburton and Baker Hughes were also down about 4 per cent.

The Global Oil Market Prospects & The Geo-Political Perspective.

2015-10-25T07:43:00.002+08:00

The Global Oil Market Prospects & The Geo-Political Perspective.

Oct 12th 2015, 00:00

The ICE/NYMEX week on Oct. 9 ended with paper Brent closing at $52.65/b, up from less than $50 in the previous week. November WTI closed at $49.63, also higher than in the previous week. The Arab Gulf's week on Oct. 8 ended with Dec Oman at $49.21 and December Dubai at $49.41. NYMEX natural gas on Oct. 9 closed at $2.50/m BTUs. To compare, the corresponding ICE/NYMEX week on Oct. 4, 2013,...

Saudi Int'l Petrochemical Co.

2015-10-25T07:39:00.000+08:00

Saudi Int'l Petrochemical Co.

Oct 19th 2015, 00:00

Set up in June 1999, SIPC was then capitalised at SR500m ($133m) in 10m shares split among 73 holders from Saudi Arabia and other GCC countries, the main ones being AH al-Zamil Group, Olayan Financing Co., al-Rajhi Group, al-Tamimi Group, al-Jeraisy Group, Dubai Investments, Kuwait's National Industries Group, Qatar's Arab Int'l Oil Co. and Bahrain-based IDB Infrastructure Fund. The AH...

Publications by APS Review Oil Market Trends: Saudi Arabia - Expansion Background.

2015-10-10T13:02:00.005+08:00

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Saudi Arabia - Expansion Background.

Oct 5th 2015, 00:00

In the 1970s, the then American-owned Aramco was to expand its oil production capacity to 20m b/d by the late 1990s. Several factors combined to limit its capacity from over 11m b/d in the early 1980s to 7.5m b/d in late 1989. After it was taken over by the state, becoming Saudi Aramco (SA) in 1988, the idea was to have a sustainable capacity of 10m b/d by 2000. But the actual projects were...

Publications by Oil & Gas News: US crude stocks surge unexpectedly.

2015-10-07T13:52:00.043+08:00

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US crude stocks surge unexpectedly.

Oct 5th 2015, 00:00

US crude oil and gasoline stocks surged unexpectedly last week while distillate inventories fell as refineries cut output, data from the Energy Information Administration EIA) showed.

Crude inventories rose 4 million barrels to 457.9 million in the week to September 25, compared with analysts' expectations for an increase of 102,000 barrels.

US oil imports rise as storage gets a boost.

2015-09-10T21:08:00.002+08:00

US oil imports rise as storage gets a boost.

Aug 31st 2015, 00:00

US crude imports topped 8 million barrels per day (mbpd) last week for only the second time this year, spurring an unexpected rise in stockpiles and sending US oil prices down to a fresh post-crisis low.
The US imported 56.3 million barrels of crude in the week ending August 14, up from 53.0 million barrels the week before, according to the US Energy Information Administration.

US shale oil output to fall, first in 4 years.

2015-04-23T12:33:00.002+08:00

US shale oil output to fall, first in 4 years.

Apr 20th 2015, 00:00

Oil production from the fastest-growing US shale plays is set to fall some 45,000 barrels per day to 4.98 million bpd (mbpd) in May from April, the first monthly decline in over four years, projections from the US Energy Information Administration (EIA) showed.

Iran - Onshore Fields Found After 1954.

2015-04-23T12:28:00.002+08:00

Iran - Onshore Fields Found After 1954.

Apr 20th 2015, 00:00

The 1954 agreement confined the consortium's assets to southern Iran. NIOC took control of E&P in the rest of Iran. In 1966, 65,000 sq km of the consortium's area were given to NIOC, including a block south-west of Kermanshah, a block lying between the Gulf and Shiraz, and a block north of Bandar Abbas. NIOC areas were made up of two sections, one taking in all the major oilfields and the...

China to up oil product exports.

2015-02-26T00:04:00.002+08:00

China to up oil product exports.

Feb 23rd 2015, 00:00

Beijing has raised the initial volume of oil products that Chinese refiners can export this year, potentially adding to a supply glut just as new processing capacity in the Middle East is expected to pressure fuel prices and depress margins.
China controls oil product exports through quotas to state-run refiners after assessing domestic needs. This year Sinopec Corp, CNOOC and PetroChina...

US crude stockpile to reach record.

2015-02-26T00:03:00.000+08:00

US crude stockpile to reach record.

Feb 23rd 2015, 00:00

US crude stocks are likely to record their biggest weekly build when US government data is released, underscoring the glut of global crude available amid lackluster demand.
Crude stocks, reported by industry group the American Petroleum Institute, showed a 14.3 million-barrel build in the week to February 13 to 428 million barrels. That compares with analysts' expectations of an increase...

Malaysia to cut fuel subsidies.

2014-12-21T11:21:00.002+08:00

Malaysia to cut fuel subsidies.

Malaysia will abolish subsidies for petrol and diesel from December 1, the government said, taking a bold step that could potentially save the government some 20 billion ringgit ($5.97 billion) annually.Malaysia joins Indonesia and India in cutting fuel subsidies amid a sharp decline in oil prices, ending decades-long policies of cheap fuel that have contributed to fiscal deficits.Prime...

China ramps up oil buying.

2014-12-21T11:19:00.001+08:00

China ramps up oil buying.

China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market.Based on data compiled by industry and consulting sources, China now has nearly 30 days of stocks to cover crude imports, far ahead of its official...