Oil prices hover near eight-week highs on lower U.S. inventories
Businessam Staff
July 27, 2017
Oil prices held just below eight-week highs on Thursday, supported by a steeper-than-expected decline in U.S. crude inventories that boosted expectations of a shift to a more balanced market. According to Reuters’ report, Brent crude futures LCOc1 dipped 9 cents at $50.88 a barrel at 0950 GMT, after rising about 1.5 percent in the previous […]
Shell, SoftBank weigh bids for Asia renewables firm worth up to $5 billion: sources
Businessam StaffJuly 26, 2017
Royal Dutch Shell and SoftBank are among several global groups considering bidding for Equis Energy, Asia’s largest independent renewable energy producer valued at up to $5 billion, sources familiar with the matter said. Japanese trading companies, global pension funds and buyout firms are also in the fray to buy Singapore-based Equis, the sources said, at […]
Falling oil price pushes Tullow Oil to £400m loss
Businessam StaffJuly 26, 2017
Lower oil prices pushed Tullow Oil into a pre-tax loss of almost £400m in the first half of the year. The slump in oil prices meant that Tullow was forced to stomach an impairment of property, plant and equipment of $642m (£493m) in the first half of 2017. After posting pre-tax profits of $24m in […]
China urges halt to oil drilling in disputed South China Sea
Businessam StaffJuly 25, 2017
China’s Foreign Ministry has urged a halt to oil drilling in a disputed part of the South China Sea, where Spanish oil company Repsol had been operating in cooperation with Vietnam. Drilling began in mid-June in Vietnam’s Block 136/3, which is licensed to Vietnam’s state oil firm, Spain’s Repsol and Mubadala Development Co of the […]
UK power consumer, industry to save $52bn as power grid opens to batteries
Businessam StaffJuly 24, 2017
The U.K. government set out plans to help energy consumers and industry save as much as 40 billion pounds ($52 billion) on their bills by opening the electricity grid to battery storage devices and spurring low-pollution power plants, Bloomberg reports. The Department for Business, Energy and Industrial Strategy outlined plans to invest 246 million pounds […]
Oil prices dip as OPEC, non-OPEC debate capping Libya, Nigeria oil output
Businessam StaffJuly 24, 2017
Oil slipped to one-week lows Monday, as several OPEC and non-OPEC ministers met to discuss a pact to kerb oil output but the prospect of the group delivering deeper cuts grew more distant. Brent September crude futures fell 18 cents on the day to $47.88 a barrel by 0850 GMT. The price fell 2.5 percent […]
Halliburton helping Nigeria locate exact position of oil in inland basins
Phillip IsakpaJuly 21, 2017
Halliburton Corporation, the American oil services company, is helping NNPC, the Nigerian national oil company, to provide exact location of crude deposits as the country continues its search for oil and gas in its inland sedimentary basins. Halliburton’s involvement is believed to offer a fast-track route in NNPC’s quest and it would involve the use […]
Africa set to “leapfrog” over coal and choose renewable energy instead
Businessam StaffJuly 21, 2017
Despite America’s temporary lack of leadership on the climate crisis, there is a good chance that a prolonged catastrophe can be avoided. Thanks to a combination of market forces, an unprecedented surge in climate activism, and the increasingly concrete global cooperation on the issue, renewable energy is proliferating across the planet like never before. Much […]
Oil rises on weak dollar, Gulf tensions as producers set to meet
Businessam StaffJuly 21, 2017
Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday, Reuters reports. Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday […]
UAE energy minister hopes global oil markets begin to tighten in H2
Businessam StaffJuly 21, 2017
Suhail bin Mohammed al-Mazroui, the United Arab Emirates Energy Minister, Friday said he hopes global oil supplies will start tightening in the second half of the year when demand picks up. “We have seen healthy demand and a flattening of rig counts in the United States,” Mazroui told reporters. “This is the beginning of the […]