The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was believed to be triggered by latest monthly data released by the US Energy Information Administration (EIA) last week.
In its latest data, the EIA has US oil production running at a new record of Continue reading Oil price dips on record US oil production
Energy company ExxonMobil, which also makes extreme pressure gear oils like Mobilgear 600 XP 68, has acquired a 25% stake in offshore drilling in Pakistan. Prior to the acquisition, Italian energy firm Eni, Oil and Gas Development Company (commonly known as OGDCL), and state-owned Pakistan Petroleum Limited (PPL) all held equal third shares.
On Monday May 28, an agreement was signed at Continue reading ExxonMobil buys into Pakistan’s offshore drilling
There are increasing signs that Russia and Saudi Arabia are moving closer to relaxing the OPEC-led production caps that have been in force since the start of Continue reading Russia and Saudi Arabia edge toward easing production caps
Researchers at the University of Turku in Finland have announced that they have found a new efficient way to use algae to make biofuel. In the new method, the algae uses solar energy to split water into its constituent elements.
According to the researchers, the green algae uses collected solar energy from photosynthesis to convert water into Continue reading Researchers announce new method for making biofuel
ExxonMobil, the energy giant behind Mobil UK distributors, showed a 16% year-on-year rise in profits after posting its first-quarter earnings. The company’s share price dipped slightly, though, amid perceptions that the profit rise had not met the expectations of analysts.
Revenue at the company did beat analysts’ expectations of Continue reading Profits rise at ExxonMobil
ExxonMobil is looking for a quick return on its investment in the tiny South American country of Guyana amid claims from the IMF that its contract was “favourable” to the oil giant.
ExxonMobil, which in addition to being a major upstream oil producer also makes industrial lubricants like Mobil DTE 25, discovered deep-water oil in Continue reading ExxonMobil looks for quick output from Guyana
Following the arrests of two of its workers over a contractual dispute, Reuters reports sources saying that Chevron has evacuated its executives from Venezuela. Other workers have also been instructed to stay away from its facilities, which it operates as a joint venture with PDVSA, Venezuela’s state-owned oil company.
Since Venezuela’s government launched an anti-corruption purge last autumn, more than 80 PDVSA executives and other business partners have been accused of corruption. The arrests at Chevron were the first to involve a foreign oil company, however. The arrested workers reportedly Continue reading Chevron tells executives to leave Venezuela after arrests
Venezuela’s problem-stricken oil industry suffered a new blow as the country reported a fresh drop in production to OPEC Continue reading Venezuela’s oil production continues drop
Speaking in an interview with CNBC, energy expert Tom Kloza, co-founder of the Oil Price Information Service, said that the record US crude oil exports could potentially unbalance the global oil markets.
Kloza Continue reading Energy expert thinks rising US oil exports could reverse crude’s rally
The Iraqi government in Baghdad has given the green light to a plan to boost its oil capacity.
By 2022, the Continue reading Iraq set for large capacity boost