China's Sinopec plans its biggest capital expenditure in history
BEIJING, March 27 (Reuters) - China Petroleum & Chemical Corp (600028.SS), better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijings call for energy compan…
Explainer: Challenges arise as Russia calls for gas payments in roubles
HOUSTON, March 23 (Reuters) - Russian President Vladimir Putin on Wednesday said the worlds largest natural gas producer would soon require "unfriendly" countries to pay for their fuel in Russias currency, the rouble.The requirement raised n…
Oil prices rise as U.S. stockpiles decline amid tight market
NEW DELHI, March 23 (Reuters) - Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.Brent crude futures climbed $1.77, or 1.53…
Oil opens higher as EU members weigh Russian oil ban
March 22 - Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.Front-month West Texas Intermedi…
Saudi Aramco’s full-year profit more than doubles on soaring oil prices
Saudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion.Aramco’s 2021 net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020,…
Ukraine’s oil and gas industry supplies only a small part of the country’s needs
As the Russian invasion of Ukraine continues, we at World Oil think it’s important to review the amount of oil and gas infrastructure that is at risk in Ukraine. Please note that some of the facts and figures cited here come from the U.S. Energy Info…
ConocoPhillips CEO says a decision to drill more today won’t see oil flowing for up to a year
ConocoPhillips CEO Ryan Lance told CNBC on Tuesday that a decision now to start drilling for new oil will not bring immediate relief to the elevated prices seen around the globe.Lance’s comments, made in an interview on “TechCheck,” come shortly af…
Marathon partnering with Neste on Martinez refinery-to-renewables project
Marathon Petroleum Corp. (MPC) is adding Neste Corp. as a partner on MPC’s previously announced strategic repositioning of its now-idled Martinez, Calif., refinery into a renewable fuels production site (OGJ Online, Aug. 3, 2020).As part of definitiv…
Oil Prices Break $130 As EU And U.S. Allies Consider Ban On Russian Crude
The United States has confirmed that it is in talks with European allies to potentially sanction Russian crude oil in response to Moscows ongoing aggression in Ukraine. US Secretary of State Antony Blinken noted on Sunday during the NBC talk show Meet…
EU says it’s ready if Russia decides to cut off the gas
The European Union is ready in case Russia decides to cut off gas supplies to the bloc in the wake of the Ukraine invasion and subsequent sanctions, Europe’s energy chief told CNBC Thursday.The EU receives most of its natural gas supplies from Russia…
Russia’s war with Ukraine offers critical lessons for global energy markets
The Ukrainian people are bearing the heaviest weight of the war they are fighting with Russia, but the war has had grave consequences for global energy markets as well.The European Union relies on Russian natural gas, and that dependence has forced th…
White House vows to avoid future sanctions on Russian crude oil
The Biden administration won’t sanction Russian crude oil because that would harm U.S. consumers and not Vladimir Putin, a U.S. State Department official said Friday.“The sanctions will not target the oil flows as we go forward,” Amos Hochstein, th…
U.S. December oil demand hits highest since before pandemic -EIA
Feb 28 (Reuters) - U.S. oil demand rose in December to its highest level since before the coronavirus pandemic began, the U.S. Energy Information Administration (EIA) said on Monday, with product supplied nearing 21 million barrels per day (bpd).Overa…
7 Questions for Creating an Effective Dewatering System
As land becomes more expensive, leveraging the real estate below the earth’s surface for parking garages, new utilities and even meeting rooms has become a reality. And, as any experienced contractor knows, excavating in these spaces often turns up s…
U.S. slaps sanctions on company building Russia's Nord Stream 2 pipeline
WASHINGTON, Feb 23 (Reuters) - The United States on Wednesday imposed sanctions on the company in charge of building Russias Nord Stream 2 gas pipeline, expanding penalties on Moscow after it recognized two breakaway regions in eastern Ukraine.The san…
Germany halts approval of gas pipeline Nord Stream 2 after Russia’s actions
Germany on Tuesday halted the certification of the Nord Stream 2 gas pipeline designed to bring natural gas from Russia directly to Europe, after Russian President Vladimir Putin recognized breakaway parts of eastern Ukraine and ordered troops into th…