Author: omc_admin

(Oil Price) – This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world’s most lucrative oil projects. Guyana’s Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of crude. Exxon is the operator of the block with a 45% stake. Hess holds 30%,…

(Bloomberg) – Ecopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves. Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a “strategic” decision, ending its oil and gas exploration in Colombia. Ecopetrol, which jointly operates the areas, will move forward on its own or seek a new partner, according to Rafael Guzman, vice president of hydrocarbons. “Not only is there a need for gas in Colombia but these…

US electronic design automation software makers were told via letters to stop supplies to China, the FT reported.United States President Donald Trump’s administration has ordered US firms that offer software used to design semiconductors to stop selling their services to Chinese groups, the Financial Times has reported, citing people familiar with the move. Electronic design automation software makers, which include Cadence, Synopsys and Siemens EDA, were told via letters from the US Commerce Department to stop supplying their tech, the report, which was published on Wednesday, said. A spokesperson for the Commerce Department declined to comment on the letters but…

(Bloomberg) – Ecopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves. Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a “strategic” decision, ending its oil and gas exploration in Colombia. Ecopetrol, which jointly operates the areas, will move forward on its own or seek a new partner, according to Rafael Guzman, vice president of hydrocarbons. “Not only is there a need for gas in Colombia but these…

KATHMANDU, Nepal (AP) — Hundreds of climbers and their Sherpa guides scaled Mount Everest this month in Nepal, struggling against harsh weather to make it to the summit of the world’s highest mountain before the climbing season finishes at the end of May. Though several climbers did manage to reach the summit in mid-May, weather conditions deteriorated for days, forcing a retreat to base camp for many, including Kami Rita Sherpa, who was attempting to break his own record by scaling the peak for a 31st time. He did manage to scale the 8,849-meter (29,032-foot) peak on May 27, but…

(Bloomberg) — Exxon Mobil Corp. will keep its capital allocation plans intact even if oil declines toward $50 a barrel, Chief Executive Officer Darren Woods said. Late last year, the Texas oil giant stress-tested its business at “more punitive scenarios” than the current environment and brought the results to the board, Woods said at Exxon’s annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel. Though the company has the ability to be flexible, Wood said, “We don’t…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, by 4.236 million barrels in the week ending May 23 after analysts had estimated a 1-million-barrel build. The API reported a 2.499 million barrel inventory increase in the prior week.So far this year, crude oil inventories are up more than 21 million barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 800,000 barrels to 401.3 million barrels in the week ending May 23. Inventory levels…

Iran is reportedly prepared to halt its uranium enrichment at 60% purity, which is just below weapons-grade, in what media is viewing as a potential breakthrough in indirect nuclear talks with the United States, according to a Reuters exclusive. In exchange, Tehran is seeking formal U.S. recognition of its right to enrich uranium for civilian purposes under the Non-Proliferation Treaty (NPT) and the release of billions in Iranian assets currently frozen abroad.This vague signalling comes as diplomatic momentum appears to be shifting. In a separate development, U.S. President Donald Trump confirmed in an interview with Fox News that he advised Israeli Prime…

Bahrain, the smallest oil producer in the Persian Gulf, is seeking liquefied natural gas imports and considering long-term deals as the market appears well supplied, according to the boss of its state energy company. Bapco Energies this month received an LNG cargo after restarting a floating import terminal and is expecting another in June, Chief Executive Officer Mark Thomas said. The company has already awarded a tender for supplies of the fuel in June and July and could seek more cargoes for later in the year, he said, without naming the seller. “We’ve been pleasantly surprised with the response we’ve…

Oil climbed as the market assessed the risk of additional US sanctions on Russia and the chance that nuclear talks with Iran will fail to produce an agreement. West Texas Intermediate rose 1.6% to settle near $62 a barrel after President Donald Trump said Russian President Vladimir Putin was “playing with fire” by escalating attacks on Ukraine. The US is weighing additional sanctions on the country after aggressive measures against Russia’s oil industry earlier this year sent crude rallying past $80 a barrel. The commodity eased off of intraday highs on news that Russia-Ukraine talks will be held in Istanbul…