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Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
by Irina Slav
15 Dec 2017 at 9:00am
Petrobras chief executive Pedro Parente said at an event yesterday that the company was preparing to announce a partnership for the development of the prolific Campos Basin that would extend its productive life by over four decades. Keeping an air of mystery, Parente did not add any details about the partner or the nature of the partnership?he said only that it did not involve Exxon. The clarification was necessary as the hint of a new partner comes on the heels of the announcement of a strategic alliance between Petrobras and Exxon. The?

Russia, China Grow Closer As The New Silk Road Unfolds
15 Dec 2017 at 9:00am
China's Belt and Road Initiative heralds a new era with mega infrastructure projects dotting the landscape... If you are looking for the latest breakthroughs in trans-Eurasian geo-economics, you should keep an eye on the East ? the Russian Far East. One interesting project is the new state-of-the-art $1.5 billion Bystrinsky plant. Located about 400 kilometers from the Chinese border by rail and tucked inside the Trans-Baikal region of Siberian, it is now finally open for business. This mining and processing complex, which contains up to 343?

U.S. Shale Looks Beyond The Sweet Spots
by Irina Slav
15 Dec 2017 at 7:30am
Although the start to 2017 saw wavering optimism from U.S. oil and gas, healthier corporate balance sheets, improved well economics, and capital continuing to flow into the sector, are setting the stage for more expansion opportunities beyond just a few select shale plays in 2018, Houston-based investment bank GulfStar Group said in its Capital Perspectives: Oil and Gas Outlook 2018. ?Entering 2018, numerous metrics point to a broadening in the opportunity spectrum, though the most economic basins retain a substantial head start,? Bryan?

Venezuela Sells Oil Refinery Stake To Cuba
by Irina Slav
15 Dec 2017 at 7:00am
Venezuela has sold its stake in the Cienfuegos refinery to its partner in the joint venture, Cuba. Venezuela?s state oil company PDVSA held 49 percent in the refinery, and according to a former government official from the South American country, Cuba took over the stake as payment for debts that had been incurred from tanker rentals and professional services, Reuters reported. Based on reports from Cuban media, it seems that the official takeover was the natural conclusion of a de facto takeover: Cuban daily Granma noted that the Cienfuegos?

Tesla Is ?Headed For A Brick Wall?
by Zainab Calcuttawala
15 Dec 2017 at 1:00am
Short sellers, beware. Famed short trader Jim Chanos believes that Tesla shares are ?headed for a brick wall? in the near future, according to a new report by Bloomberg. ?Every bull market has its poster children,? Chanos, who heads the hedge fund Kynikos Associates Ltd, said at an event in Detroit. ?Tesla is one of the bad ones.? Chanos has been playing the short game with Tesla for a while now. When the Elon Musk-led car manufacturer decided to merge with SolarCity back in September 2016, he deemed the merged?

Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
by Zainab Calcuttawala
14 Dec 2017 at 8:00pm
An Oslo-based pension fund will divest investments made in oil sands and coal extraction ventures, according to a new report by Pensions&Investments. The $70.8 billion investment fund announced the decision on its website on Thursday, promising to remove from its roster companies that make 30 percent or more of their revenues from oil sands and coal extraction. The companies that will barred from Kommunal Landspensjonskasse will be notified by June, but additional information on the size of the fund?s current investments in fossil fuel?

IEA: ?2018 Might Not Be Quite So Happy For OPEC Producers?
by Tsvetana Paraskova
14 Dec 2017 at 4:00pm
While OPEC producers have decided to roll over the production cuts to the end of 2018, non-OPEC supply will increase more than previously expected, and total supply growth could exceed demand growth next year, the International Energy Agency (IEA) said in its monthly Oil Market Report on Thursday. Although the ingenuity and flexibility of the U.S. shale patch are challenging precise forecasts, when IEA?s outlook for U.S. crude oil production is added to the forecasts for other producers, non-OPEC production could increase by 1.6 million bpd?

Goldman: These Are The Hottest Commodities In 2018
by Nick Cunningham
14 Dec 2017 at 4:00pm
Goldman Sachs continues to ratchet up predictions for commodities, laying out a bullish case for commodities of all stripes in 2018. The investment bank said that its forecast a year ago for higher commodity prices ?played out much better than expected.? The bank pointed to industrial metal prices, which are up 24 percent this year, plus the 13 percent increase in oil prices. But looking forward, Goldman sees plenty of room to run. ?The demand backdrop today is now even stronger than a year ago, with robust and synchronous global?

Adapt Or Die: Oil Majors In The New World
by Irina Slav
14 Dec 2017 at 4:00pm
The world?s biggest public oil company is facing a challenge: it needs to continue to grow in a world that is drastically different from what it used to be, back when Exxon reigned supreme and the world had insatiable hunger for its oil. That time is now behind us. Today, we have the Paris Agreement on climate change, a major drop in large new oil discoveries on a global level, sanctions against two of the countries with the biggest oil reserves in the world, and, of course, a shift from oil to gas and renewable energy. All of these are potential?

Goldman Bullish On Oil Markets
by Zainab Calcuttawala
14 Dec 2017 at 3:00pm
Goldman Sachs predicts a banner year for Big Oil in 2018 thanks to a boost in available cash to fund expensive oil exploration projects and pay out dividends to investors, according to a new report by Bloomberg. Oil majors from Royal Dutch Shell to Exxon Mobil can expect higher oil prices over the course of 2018, flushing mergers and acquisitions budgets with cash for the first time since prices fell in September 2014, Goldman?s head of energy research, Michele Vigna, said. Three years of oil prices have also made it impossible for smaller?

Is The Oil Glut Set To Return?
by Nick Cunningham
14 Dec 2017 at 3:00pm
For the second month in a row, the IEA has poured cold water onto the oil market, publishing an analysis that suggests 2018 could hold some bearish surprises for crude. The IEA?s December Oil Market Report dramatically revises up the expected growth of U.S. shale, which goes a long way to torpedoing the excitement around the OPEC extension. Late last month, when OPEC agreed to extend its production cuts through the end of 2018, the U.S. EIA came out with data ? on the same day as the OPEC announcement ? that showed an explosive?

The Most Important Part Of The OPEC Deal
by Irina Slav
14 Dec 2017 at 2:00pm
The OPEC meeting in Vienna last month was, despite all the hype, always going to be a dull affair. The extension of the oil supply cuts had been all but decided before the members met, and only the length of the extension was subject to speculation. But in six months? time, these members will meet again, and this time around there will undoubtedly be drama. Saudi Arabia?s Energy Minister Khalid al-Falih said in Vienna that discussing an exit strategy from the cut agreement was premature, adding that the exit would be gradual. Now, it?s?

OPEC Member Nigeria To Issue Africa?s First Sovereign Green Bond
by Tsvetana Paraskova
14 Dec 2017 at 1:30pm
OPEC oil producer Nigeria will issue next week the first sovereign green bond in Africa, and will use the proceeds to finance renewable energy micro utilities and forestation programs, Nigeria?s Debt Management Office said in a statement. The Green Bond for US$29.7 million (10.69 billion naira) comes after Nigeria?s endorsement of the Paris Climate Agreement in September 2016. The Debt Management Office is holding roadshows for prospective investors in Abuja and Lagos on December 14 and 15, 2017. The offer is expected to close on December?

The Uncertain Future Of Natural Gas
by Stuart Burns
14 Dec 2017 at 1:00pm
Natural gas has long been promoted as a less-polluting alternative to coal and less-costly alternative to nuclear power. Its green credentials are not whiter than white, but relative to coal, modern combined cycle gas turbine power plants (CCGT) are highly efficient, emit low levels of pollution and crucially can be turned on and off quickly to provide intermittent or peak power demands, in addition to balancing more variable sources (such as renewables). The Non-Nuclear Option? After Fukushima, many major economies have moved away from nuclear.?

Key Pipeline Closure Amplifies OPEC?s Efforts
by Tsvetana Paraskova
14 Dec 2017 at 12:00pm
OPEC?s continued efforts to draw the global oil glut down to its five-year average are receiving an unexpected shot in the arm by an oil pipeline outage. But this time, it?s not the usual suspects of Libya, Nigeria, or Iraq. It?s a shutdown of a major oil pipeline in the North Sea, which is expected to last for weeks. The Forties Pipeline System?responsible for carrying 40 percent of the UK?s North Sea crude oil production?was shut down earlier this week after a small hairline crack at Red Moss near Netherley,?

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