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The Kurdish Oil Gamble Has Backfired

November 8, 2017 Gregory Brew 0

Since September’s independence referendum and October’s dramatic Kirkuk re-capture by Iraqi troops, the drama over Kurdish oil continues, with new developments occurring early this week. On Sunday, the government of the Kurdish autonomous region of Iraq indicated it was prepared to hand over oil facilities, airports, border points and state revenue to Baghdad, provided the central Iraqi government agreed to hand over the Kurdish share of the national budget. The long-running dispute over the country’s oil revenues is at the center…

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Oil Tycoons Make Billions In Saudi Purge

November 8, 2017 Zainab Calcuttawala 0

Oil tycoons are applauding Saudi Arabia’s recent anti-corruption raid, which has boosted the net worth of the world’s 21 largest oil tycoons by $1.4 billion, according to Bloomberg. The boost came on the back of increased crude prices as reports of the arrests emerged. The net worth of Saudi investor Prince Alwaleed bin Talal, on the other hand—one of the arrested princes—sunk to its lowest level in 5.5 years. His biggest asset, the Kingdom Holding Co., took most of the losses. The Bloomberg index of billionaires dropped…

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Does The U.S. Lead The World In Carbon Emissions Reduction?

November 8, 2017 Robert Rapier 0

In a recent interview with Fox News, Environmental Protection Agency Administrator Scott Pruitt claimed: “We are leading the nation — excuse me — the world with respect to our CO2 footprint in reductions.” The Washington Post fact-checked this claim and rated it “Three Pinocchios,” which means they rate the claim mostly false. They further wrote that Pruitt’s usage of data appeared to be a “deliberate effort to mislead the public.” I agree that this is a nuanced issue, but the…

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ConocoPhillips Extends Share Buybacks Through 2020

November 8, 2017 Tsvetana Paraskova 0

ConocoPhillips (NYSE:COP) plans to extend share buybacks for another year to boost capital spending to $5.5 billion annually through 2020, based on a flat real WTI price of $50 a barrel, in a sign that it’s targeting higher profits and shareholder returns. ConocoPhillips aims to achieve greater than 30-percent payout of cash provided by operating activities to shareholders annually, including dividends and share buybacks, the largest independent U.S. exploration and production company said on Wednesday ahead of its analyst and investor meeting…

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Is U.S. Biofuel In Jeopardy?

November 8, 2017 Haley Zaremba 0

Last week, DuPont Industrial Biosciences announced that they shut down operations at an Iowa ethanol plant just two years after it opened. As the plant closed its doors, 90 employees were told they had just 45 minutes to evacuate the premises, and any stragglers would be escorted out by the local police. A small skeleton crew remains to maintain the facility until DuPont is able to sell it. DuPont, a branch of DowDuPont Inc, made this decision to shy away from producing ethanol from corn waste at the same time a politics are shifting from biofuels…

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Tajikistan, Uzbekistan Strengthen Energy Relations

November 8, 2017 OilPrice.com 0

A source at a state-run natural gas company in Tajikistan has told media that they are finalizing negotiations to resume the import of gas from Uzbekistan after a five-year hiatus. Asia-Plus news website on November 7 cited the official at Tajiktransgaz as saying a preliminary agreement for gas deliveries was reached during recent talks in the Uzbek capital, Tashkent. No price has been set yet and there is no available information about the volumes to be imported, but the Tajiktransgaz source claimed the cost would be considerably lower than that…

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Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

November 8, 2017 Tsvetana Paraskova 0

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of…

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Oil Prices Slip After Surprise Build In Crude Inventories

November 8, 2017 Irina Slav 0

After Brent and WTI both fell yesterday as traders started taking profit on the latest price rally, the EIA reported that U.S. crude oil inventories went up in the week to November 3, by 2.2 million barrels, rejecting API estimates of a 1.562-million-barrel draw. Analysts polled by S&P Platts had forecast a 2.7-million-barrel draw in crude inventories, as well as a 2.25-million-barrel decline in gasoline stockpiles. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls, especially…

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Bakken Oil Production Rises As Oil Prices Jump

November 8, 2017 Irina Slav 0

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

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Google Gets There First: Autonomous Cars On The Road

November 8, 2017 Irina Slav 0

Google’s self-driving car project, Waymo, has become the first to launch completely autonomous cars, free of humans behind the wheel, on the road. Waymo’s CEO, John Krafcik said yesterday at a conference in Portugal that the company had been testing the driverless vehicles on Arizona roads for the last couple weeks and will soon start offering taxi services using these cars. These cars will drive subscribers to Waymo’s Early Rider program within a 100-square-mile area in Chandler, a Phoenix suburb, and there will be a Waymo employee…

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