Industry Headlines News for Europe & Russia

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Norway Puts on the Brakes But Oil-Cash Splurge Is Hard to Kick
Thursday, October 12, 2017 The Norwegian government proposed spending $29B of its oil income and wealth to plug a deficit equal to 7.7% of gross domestic product, roughly unchanged from this year.

UK's Shale Gas Sector Insiders Refute University Study
Wednesday, October 11, 2017 Industry insiders claim that the fledgling industry will evolve successfully despite hurdles.

Kemp: Feast Or Famine? Oil Market In 2018
Tuesday, October 10, 2017 The oil market is rarely balanced, and never for very long.

Saudis Say Cooperation With Russia Breathed Life Back Into OPEC
Thursday, October 05, 2017 Cooperation between Saudi Arabia and Russia has "breathed life back into OPEC" and made the country more optimistic about the outlook for oil than it has been for several years, said the kingdom's energy minister.

Offshore Rig Firms See End To Worst Downturn In History
Wednesday, October 04, 2017 Demand for offshore rig rental globally is starting to recover from its worst ever downturn.

Scotland Rejects Fracking, Citing Overwhelming Public Opposition
Tuesday, October 03, 2017 Scotland will block fracking indefinitely after a public consultation found overwhelming opposition to the practice, the British region's energy minister says.

Kemp: Oil Drillers, Not Forecasters, Are Responsible For WTI Weakness
Monday, October 02, 2017 Is Hamm right to blame EIA for the decline in WTI prices and the big discount to Brent which emerged in the third quarter of 2017?

Russia's Rosneft Elects German Ex-chancellor Schroeder as Chairman
Friday, September 29, 2017 Schroeder calls Russian President Vladimir Putin his friend and has criticized moves to impose sanctions on Russia.

Kemp: Global Trade Upturn Aids Oil Market Rebalancing
Wednesday, September 27, 2017 Global trade is growing at the fastest rate for six years - which is both a symptom and a cause of the recovery in commodity markets.

Top BP Executive Warns OPEC Needs to Prolong Oil Output Curbs
Monday, September 25, 2017 OPEC and its allies need to extend their crude production cuts beyond March 2018 to rebalance the global oil market, a top executive at BP's trading arm said.

OPEC Says Winning Battle To Curb Oil Glut
Friday, September 22, 2017 Output cuts by OPEC and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a Friday meeting.

Kemp: Mission Accomplished? OPEC Banishes Contango
Thursday, September 21, 2017 The shift away from contango to backwardation has accelerated notably since July.

Drilling and Completion Tick Up in the UK
Thursday, September 21, 2017 A handful of wells mark the return of upstream development in the UK.

Big Oil Becomes Greener With Progress in Cutting Pollution
Monday, September 18, 2017 It's no secret that oil majors are among the biggest corporate emitters of pollution.

How to Become a Geologist
Friday, September 15, 2017 Petroleum geoscientists use a broad set of technical, conceptual and practical skills.

Oil, Gas Industry Leadership Group to Take on Work of Energy Jobs Taskforce
Thursday, September 14, 2017 After two years, the taskforce created by First Minister Nicola Sturgeon is disbanding.

IEA Sees Strongest Global Oil-Demand Growth in Two Years
Wednesday, September 13, 2017 Global oil demand will climb this year by the most since 2015, the IEA says, amid stronger-than-expected consumption in Europe and the US.

OPEC Sees Higher Oil Demand, Signs Of Tighter Market
Tuesday, September 12, 2017 OPEC forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market.

Kemp: Mind The Gap - Brent And WTI Point In Opposite Directions
Tuesday, September 12, 2017 Commodity markets abhor a gap and will find a way to arbitrage it away.

Norway's Right-Wing Government Wins Re-Election Fought On Oil, Tax
Monday, September 11, 2017 The oil industry could be affected by the vote, because Solberg will need support from two green-minded, centre-right allies to ensure a majority to pass legislation in parliament.

CEO: Russia's Rosneft Prepares For Oil At $40-$43 In 2018
Monday, September 11, 2017 Rosneft expects average global oil prices between $40 and $43 a barrel in 2018 and is preparing for such a level, Chief Executive Igor Sechin says.

Kemp: Oil Traders Expect A Tighter Market In 2018
Thursday, September 07, 2017 While the headlines have been dominated by the devastation wrought by Hurricane Harvey, oil traders have quietly become more bullish, or at least less bearish, about 2018.

Norway Defends Tax Deductions On Arctic Drilling
Wednesday, September 06, 2017 Norway's plan to shield oil companies from UN fees if they produce oil far from land in environmentally sensitive Arctic regions is in line with long-standing tax policies, the Oil and Energy Ministry says.

Future Of Oil Takes Center Stage In Norwegian Election
Thursday, August 31, 2017 The future of Norway's oil sector is emerging as a key issue for voters in a Sept. 11 parliamentary election.

Greater Engagement Needed to Keep Oil, Gas Staff
Thursday, August 24, 2017 More needs to be done by employers to ensure staff remain in the sector.

Surviving Oil Crash, Norway's PM Builds Hope for Second Term
Wednesday, August 23, 2017 The economic recovery could be coming just in time for Norwegian Prime Minister Erna Solberg in her bid for a second term.

Maersk Stands to Get Another $7.5 Billion for Energy Divestments
Monday, August 21, 2017 Now that its oil and gas unit has been sold, Moller-Maersk A/S is planning separate divestments for the three remaining bits of what used to be a combined energy division.

Norway's Labour Calls For Debate On Oil Tax Regime
Monday, August 21, 2017 Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party says.

Kemp: Goodbye Contango? Oil's Long March Towards Backwardation
Wednesday, August 16, 2017 The IEA's evident frustration about the slow and uneven pace of rebalancing, and the conflicting signals about whether it is happening at all, is shared by many traders, analysts and investors.

Russian Watchdog Says Schlumberger-Eurasia Drilling Deal 'Has Big Problems'
Wednesday, August 16, 2017 The acquisition of a 51% stake in Russia's EDC by Schlumberger 'has big problems' in the current political situation.

IEA Cuts Estimates for Crude Needed From OPEC in 2017, 2018
Friday, August 11, 2017 The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018.

Oil, Gas Industry Facing Skills Gap
Friday, August 11, 2017 The sector will face a skills gap if it doesn't use technology to try and retain young people in the workplace.

Kemp: Oil Market Marches On Towards Backwardation
Thursday, August 10, 2017 Oil traders are increasingly convinced the market will rebalance over the next year with a major drawdown in crude and products stocks.

Kemp: Hedge Funds Get Bullish Again On Oil (Third Time Lucky?)
Monday, August 07, 2017 Hedge funds and other money managers are becoming bullish again about oil prices, for the third time this year.

Oil's Going, Going, Gone: Crude's Worth Revealed at Auctions
Thursday, August 03, 2017 Oil producers who for years tracked top OPEC member Saudi Arabia to help set the price of their crude could now be looking to go solo.

Big Oil Seen Vulnerable to Fresh Slump Despite Growth at $50
Wednesday, August 02, 2017 Europe's oil industry is once again generating cash even as crude languishes at half the price of three years ago.

BP Sees Oil Prices Below $55 A Barrel In 2018
Tuesday, August 01, 2017 BP expects global oil prices to hold within a range of $45-$55 a barrel next year as US shale production grows.

Shell Plans 400 Job Cuts At Dutch Projects And Technology Department
Monday, July 31, 2017 Shell plans to cut more than 400 jobs in the Netherlands, mainly at its major projects and energy technology operations.

Italy's Eni Confident Of Dividend Even With Lower Oil Prices
Friday, July 28, 2017 Eni says its dividend was safe even at lower oil prices thanks to a string of major discoveries underpinning output growth and cash generation for the years to come.

Europe's Oil Giants Recover From Three-Year Slump
Thursday, July 27, 2017 Shell, Total and Statoil report sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations.

Kemp: Limits Of Analysis On Commitments Of Traders
Wednesday, July 26, 2017 The precise interactions between different types of commodity traders and their impact on price formation remain largely unknown.

Kemp: Hedge Funds Close Bearish Positions In Crude And Gasoline
Monday, July 24, 2017 Hedge fund managers have continued to cover short positions in crude oil and gasoline.

EU Divided On How To Answer New US Sanctions Against Russia
Monday, July 24, 2017 Northern EU states in particular have sought to shield the supplies of Russian gas that they rely on.

OPEC, Russia to Stand Pat on Oil Deal Even as Glut Persists
Friday, July 21, 2017 OPEC and Russia's plan to clear the global oil glut hasn't worked as they hoped, but there's little expectation the world's largest producers will act more aggressively when they meet this weekend.

Greenpeace Activists Protest Near Oil Rig In Norway's Arctic Sea Area
Friday, July 21, 2017 Environmental activists protest near an offshore rig contracted by Statoil in the remote Norwegian Arctic.

Exxon Fined for Russia Sanctions Violations Under Tillerson
Thursday, July 20, 2017 The Treasury Department fined ExxonMobil $2 million for "egregious" violations of sanctions against Russia when now-Secretary of State Rex Tillerson was chief executive.

Oil Bosses See More Pain as Price Recovery Slips to 2020
Thursday, July 13, 2017 Three years into the biggest oil downturn in a generation, industry bosses see the recovery slipping further from view.

British Oil Probe Shows Value of Reading the Small Print: Gadfly
Wednesday, July 12, 2017 The risk of a probe has loomed over the transaction, unveiled in March, for months.

UK SFO Opens Bribery Investigation Into Amec Foster Wheeler
Tuesday, July 11, 2017 UK prosecutors opened an investigation into Amec Foster Wheeler over possible bribery and corruption linked to its use of third parties, though the company reassured shareholders it was "not expected" to affect its $2.2B takeover by Wood Group Plc.

UK Firm Launches, Aims to Address Skills Needs of Marine Energy Sector
Monday, July 10, 2017 A new UK-based company 'which aims to address the immediate and long-term skills needs of the global marine energy sector', launches July 10.

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