BP and CNPC sign BP's first shale gas production sharing contract in China LONDON -- BP and China National Petroleum Corporation (CNPC) today signed a production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu...

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Oil trader who predicted slump sees bull run starting     Pierre Andurand, a hedge fund manager who predicted the oil collapse, said crude is starting a “multi-year bull run” because low prices have curbed supply. Crude futures, currently...

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Eni enters into offshore Morocco farm-out agreement Eni has signed a farm-out agreement (FOA) with Chariot Oil & Gas that provides the operatorship to Eni and a 40% stake into Rabat Deep Offshore exploration permits I-VI offshore Morocco, located...

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Oil prices rebounded on Wednesday, despite a modest build in crude oil stockpiles last week, but concern that a two-month rally was fading in an oversupplied market capped gains. #Brentoil climbed 49 cents to $40.34 a barrel as of 12:03 GMT after settling...

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Iran said to attend Doha talks without joining oil freeze TEHRAN, Iran -- Iran will attend talks with fellow OPEC members and Russia in Qatar next month without joining their proposal to freeze crude oil production, according to a person familiar...

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Oil drops a fourth day as U.S. stockpiles seen expanding glut NEW YORK -- Oil declined for a fourth day before weekly U.S. government data forecast to show increasing crude stockpiles kept supplies at the highest level in more than eight decades. Futures...

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The death of oil demand has been greatly exaggerated: Credit Suisse  Even as US oil production started to slide in the second half of 2015, the downside risks to oil prices continued to dominate. In the third quarter, broad-based manufacturing...

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Global Oil Power Venezuela Suddenly Has a Thirst for U.S. Crude  Venezuela, owner of the world’s largest crude oil reserves, suddenly has a deep thirst for American oil. The state-owned oil company, has ordered millions of barrels of crude from...

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Oil trades near $39 amid doubts producer talks will curb glut NEW YORK  -- Oil traded near $39/bbl in New York amid speculation that a meeting of crude-producing countries next month won’t ease a global supply glut. Futures fell after earlier...

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China seen sustaining strong crude imports SHANGHAI  -- China’s crude imports will rise further from a record this year to feed its expanding refining sector and strategic reserves, according to Standard Chartered Bank. The nation’s average...

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Oil extends declines as rising U.S. stockpiles expand glut HONG KONG -- Oil extended its decline after the biggest loss in six weeks, as rising U.S. crude stockpiles kept supplies at the highest level in more than eight decades. Futures dropped as...

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US Shale: No Cure for Market Imbalance

The fall in US light, tight oil production has accelerated in recent months, as oil prices have reached new lows and pressures have mounted for producers. Output of these shale and similar unconventional oils is expected to continue declining rapidly...

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Oil steadies as U.S. rig count drop offsets stockpile worry          Oil prices steadied on Thursday, paring losses after a renewed drop in US oil rigs, but analysts and traders said there could be another selloff in the coming...

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‘Missing barrels’ don't explain oil rally, says Morgan Stanley NEW YORK (Bloomberg) -- The 800,000 bpd of crude production unaccounted for in the International Energy Agency’s estimates of oil supply and demand for last year are a “poor explanation”...

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Drillers can't replace lost output as $100 oil inheritance spent

HOUSTON (Bloomberg) -- For oil companies, the legacy of $100 crude is starting to run dry. A wave of projects approved at the start of the decade, when oil traded near $100/bbl, has bolstered output for many producers, keeping cash flowing even as...

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Why the global oil glut might not fill swimming pools after all From @Bloomberg -- One of the warning lights that there’s too much oil around is no longer flashing, adding to signs that global crude markets are finally on the mend. Just a month ago,...

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Total, CNPC sign strategic cooperation agreement in Beijing BEIJING -- Patrick Pouyanné, chairman and CEO of Total, and Wang Yilin, chairman of China National Petroleum Company (CNPC), have signed a strategic cooperation agreement to extend existing...

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Petrobras posts record loss on writedowns, slumping oil prices  Brazil's state-controlled oil company Petróleo Brasileiro SA posted a record loss in the fourth quarter after booking a large writedown for oil fields and other assets as oil...

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Report: $40B more energy debt could default this year In 2016, oil and gas companies could default on an additional $40 billion in debt, according to Fuel Fix, citing a report by Fitch Ratings. Approximately $6 billion of energy debt has already...

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WTI closes above $40 for first time since December From @Bloomberg -- Oil surged above $40/bbl in New York for the first time since December as central banks from the U.S. to Norway signaled they will continue to provide economic stimulus to support...

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Mexico to proceed with auction round for shale fields MEXICO CITY (Bloomberg) -- Mexico will hold a private bidding round for the nation’s shale oil fields this year in part to cater to continued interest from U.S. drillers eyeing expansion south...

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Oil investers see $7.4 billion vanish as dividends are targeted NEW YORK (Bloomberg) -- The check is not in the mail. Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve...

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Saudis said to join April’s oil freeze meeting in Doha

DOHA, Qatar (Bloomberg) -- Saudi Arabia will join a meeting of producers from within and outside OPEC in Doha next month, adding weight to the campaign by financially stricken crude exporters to freeze output and overcome the glut that’s weighing on...

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Oil holds gains on less-than-projected U.S. inventory rise

From @Bloomberg -- Oil maintained gains after a government report showed a smaller-than-anticipated U.S. crude inventory increase. Crude inventories rose 1.32 MMbbl to 523.2 MMbbl last week, according to the Energy Information Administration. That...

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Assessment shows Liard basin among largest shale gas resources in the world

CALGARY -- The National Energy Board (NEB), the British Columbia Oil and Gas Commission, the Yukon Geological Survey, the Northwest Territories Geological Survey and the British Columbia Ministry of Natural Gas Development today released the first...

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If oil prices have hit bottom, the top may not be too far away

From @Bloomberg -- The top of the oil market may be closer than you think. With Brent futures having bounced back to $40/bbl, the International Energy Agency sees “light at the end of the tunnel,” and Goldman Sachs is spotting “green shoots.” Even...

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Producers plan oil freeze meeting in Qatar in mid-April

DOHA, Qatar (Bloomberg) -- #Oilproducers from OPEC and beyond are finalizing a plan to discuss freezing output at a meeting in Qatar in mid-April, the latest move in a campaign by financially-stricken countries to shift the dynamics of an over-supplied...

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Western Gas closes Springfield acquisition

Western Gas Partners LP (NYSE: WES) has closed its acquisition of Springfield Pipeline LLC from Anadarko Petroleum Corp. The $750 million purchase price and certain purchase price adjustments were funded through net proceeds from the issuance of $449...

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Rosneft commences exploratory drilling offshore Vietnam

MOSCOW -- Rosneft Vietnam B.V., a company of Rosneft Group, has started drilling exploration well PLDD-1X at Block 06.1 located offshore Vietnam. For the first time Rosneft is operating a drilling project, in International waters confirming the Company's...

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Iran may join oil freeze after boosting output, Russia says

TEHRAN (Bloomberg) -- Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Persian Gulf nation’s oil minister. Iran...

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The oil rally: life begins at $40

From @theeconomist -- A hint of bullishness has returned. The International Energy Agency said on Friday that crude prices “may have bottomed out”. Brent, the world standard, has breached $40 per barrel and West Texas Intermediate, the American benchmark,...

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Shell and partners begin oil production from Phase 3 of deepwater Parque das Conchas project Shell and its joint venture partners have begun #oilproduction from the third phase of the deepwater #ParquedasConchas (BC-10) development in Brazil's #CamposBasin. Production...

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Another False Oil Price Rally: Crossing A Boundary.

From Art Berman at @Forbes -- The oil-price rally that began in mid-February will almost certainly collapse. It is similar to the false March-June 2015 rally. In both cases, prices increased largely because of sentiment. As in the earlier rally, current...

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