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Norway Oil and Gas Exploration Round Attracts Bids From 21 Firms

CDN and International News, Conventional Energy, Latest, Oil / By

Norway’s annual offshore exploration licensing round in mature areas attracted bids from 21 petroleum firms, including Shell, Aker BP and Equinor, the country’s oil and energy ministry said on Friday. “We need further exploration to make new discoveries which in turn pave the way for investments to maintain production,” Energy Minister Terje Aasland said in a …

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Canada Oil Industry Group Calls for Changes to Anti-Greenwashing Laws

CDN and International News, Conventional Energy, Energy Topics & Technology, Environment, Latest, Natural Gas, Oil / By

(Reuters) – The Canadian Association of Petroleum Producers (CAPP) on Thursday urged the country’s Competition Bureau to make changes to anti-greenwashing legislation passed earlier this year, and repeated calls for recent amendments to the law to be scrapped entirely. CONTEXT The Competition Bureau is developing guidance on how companies should interpret recent changes to Canada’s Competition …

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JPMorgan Sees OPEC+ Holding Output Steady for Another Year

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

JPMorgan expects OPEC+ to maintain its current production levels for at least another year, leading to an average price of $75 for Brent crude in 2025, JP Morgan said in a note on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, on Thursday said they agreed to delay a …

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Venezuela’s Oil Exports Climb to Four-Year High in August

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – Venezuela’s August oil exports hit their highest in more than four years, according to shipping data, fueled by expanded shipments to China, the U.S. and Europe as the risk of fresh U.S. sanctions grew amid an electoral dispute. The U.S. Treasury Department last year granted a broad license allowing Venezuela to freely export …

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Russian Deputy Minister says Western Sanctions Will Not Halt LNG Development

CDN and International News, Conventional Energy, Latest, LNG / By

Western sanctions against Russia will not halt the development of its LNG sector, Russian Deputy Energy Minister Pavel Sorokin said on Wednesday. “Those sanctions that have been imposed are illegal… We cannot say that they have gone unnoticed,” Sorokin said at the Eastern Economic Forum in the far eastern port of Vladivostok, adding that they …

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COMMENTARY: Crude Oil Bears Run Rampant as Bullish News Ignored

CDN and International News, Conventional Energy, Latest, Oil / By

By Clyde Russell (Reuters) – The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative. News that should be positive for oil prices is largely discounted and ignored, while factors that add to negative sentiment are embraced and reflected in price movements. Global …

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OPEC+ Discussing Delay to Planned Oil Output Hike in October

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

(Reuters) – OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday. Oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from …

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Canada’s Trans Mountain Oil Pipeline Expansion Pushes Rivals to Cut Rates, For Now

CDN and International News, Energy Topics & Technology, Latest, Pipelines / By

Summary Enbridge cuts tariffs by 11% on Mainline system for September Pipelines to ship alternative grades to offset loss of Canadian supply Canadian output expected to grow, filling excess pipeline space HOUSTON, Sept 3 (Reuters) – Pipelines that historically carry Canadian crude to the U.S. are cutting rates and looking to ship different grades of …

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EU to Tighten Hydrogen Subsidy Rules After China Concerns

CDN and International News, Energy Topics & Technology, Hydrogen, Latest / By

(Reuters) – The European Commission is working on tighter rules to ensure EU funding for hydrogen projects benefits European companies, after local industries raised concerns over cheap Chinese imports, the EU’s head of climate change policy said on Monday. The EU will this month launch its next round of funding for green hydrogen projects, as …

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Salvage Operation of MV Sounion Oil Tanker About to Start, No signs of Oil Spill, EU Naval Mission Says

CDN and International News, Latest / By

(Reuters) – The salvage operation of the oil tanker MV Sounion, which was recently attacked by Iran-aligned Houthi militants, is about to begin, the European Union’s mission in the Red Sea, Aspides, said on Monday. Aspides said in a statement that “several fires” continued to burn on the Greek-registered vessel, which is laden with about …

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