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BUENOS AIRES, Argentina (AFP) — Shell has confirmed it will invest $300 million to develop a shale oil and gas reserve in southern Argentina, executives said Friday. Argentina oil company YPF said in a statement it would partner with the Anglo-Dutch company Shell to exploit the huge Vaca Muerta reserve. Exploration of the field has yielded “excellent results,” it quoted Shell Argentina boss Teofilo Lacroze as saying. US and French firms are among the other […]
by David Harding Agence France-Presse RAS LAFFAN, QATAR (AFP) — Perched on a northern tip of Qatar, about an hour’s drive from the gleaming capital Doha and at the end of “Route 77”, stands the secretive city of Ras Laffan. Behind its closely guarded gates, Ras Laffan is home to 30,000 people, the best white truffles in Qatar, apparently, and a turtle conservation project. It is also one of the most significant industrial sites on […]
TOKYO, Japan (AFP) — Tokyo stocks slipped Wednesday morning as an uptick in the yen hit exporters while energy shares dropped on falling oil prices. Japan’s main equity markets opened in positive territory on the back of a rise in New York, where the Nasdaq hit a record higher after Apple reported strong earnings last week. But the dollar edged down to 112.12 yen from 112.46 yen, hitting demand for shares of Japanese exporters, which […]
WASHINGTON, United states (AFP) — US authorities said Tuesday they will approve a permit to complete the controversial Dakota Access pipeline to reduce transportation costs and give US producers a boost as they compete against oil from Canada. The decision comes after months of protests by Native Americans and their supporters led the Obama administration to nix plans to build the pipeline close to native grounds. But President Donald Trump supported the 1,172-mile (1,886-kilometer) oil pipeline, which would snake […]
NEW YORK, United States (AFP) — US stocks began a heavy week of earnings reports on a down note Monday, with a drop in oil prices sending leading oil producers lower. Wall Street stocks were in negative territory much of the day, following declines of one percent or more in Paris and Frankfurt and a modest drop in London. Petroleum-linked shares fell on Wall Street, as oil prices declined due to pressure from the stronger […]
by Marlowe HOOD Agence France Presse PARIS, France (AFP) — Oil companies underestimating the global market for electric vehicles could be caught unaware by weakened demand for petrol within a decade, analysts said Wednesday. Falling costs of electric cars and renewable technology may halt growth in oil demand from as early as 2020, they argued in a report. The current boom in electric vehicles is on track to displace two million barrels of oil per […]
by Marlowe HOOD PARIS, France (AFP) — Expansion of renewable energy cannot by itself stave off catastrophic climate change, scientists warned Monday. Even if solar and wind capacity continues to grow at breakneck speed, it will not be fast enough to cap global warming under two degrees Celsius (3.6 degrees Fahrenheit), the target set down in the landmark 2015 Paris climate treaty, they reported in the journal Nature Climate Change. “The rapid deployment of wind, […]
ABU DHABI, United Arab Emirates (AFP) — Saudi Energy Minister Khaled al-Falih said Thursday he was optimistic about a stabilization of the oil market following an OPEC deal to cut output. “We believe that the agreement that we refer to between us and OPEC and non-OPEC members will hold,” he said at an energy conference in the United Arab Emirates. Falih said Saudi Arabia had exceeded its pledges to cut production, without giving any figures. […]
SINGAPORE , Singapore (AFP) — Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organization of […]
MOSCOW, Russia (AFP) – by Gabrielle Tétrault-Farber The Kremlin on Wednesday said that Russia had finalised a deal to privatise 19.5 percent of state-owned oil giant Rosneft. Rosneft chief Igor Sechin informed President Vladimir Putin “about the completion of a privatisation deal of 19.5 percent of shares of the largest Russian oil company Rosneft,” Kremlin spokesman Dmitry Peskov told reporters. He added that its investors were the Glencore Consortium and Qatar’s sovereign fund and that […]
ISTANBUL, Turkey (AFP) — Saudi Arabia said on Monday it was “not unthinkable” that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to implement its reform […]
HONG KONG, China (AFP) — Tokyo stocks led a broad retreat in Asian markets Wednesday as the yen recovered, while regional energy firms struggled with crude prices on concern about the chances of success at an upcoming producers’ meeting. The OPEC oil cartel and Russia are due to meet later Wednesday in Algeria to discuss a global oil glut and overproduction that has strangled prices for more than two years. However, hopes for a deal […]
