Normal Operations After Failed Attack At Libya’s Es Sider Port

The Libyan oil port of Es Sider saw a failed attack on Tuesday, ending with the perpetrator’s demise via suicide bomb, according to a security official and a witness who both spoke to Reuters. It is unclear whether the attacker acted alone or as part of a plan by one of the local organizations scheming to wrest control of the major port away from the National Oil Corporation (NOC) and its allies. No damage to the port has been reported. Photos of the site of the explosion, which occurred several miles away from the Oil Crescent port, showed…

Bank Of America: Expect $30 Oil

Oil prices hit on Tuesday their lowest levels since mid-November last year, with WTI entering a bear market, and analysts now see the price of oil sliding further down to below US$40 and even into the US$30s, as rising output from Libya and Nigeria adds to the persistent concerns over global oversupply. As of 2:21pm EDT, WTI Crude had tumbled 3.11 percent to US$43.05, while Brent Crude had plunged 2.79 percent at US$45.60. According to analysts, the slide will continue, and oil prices could drop to levels they hadn’t seen in more than a year.…

Is $40 Oil On The Horizon?

Despite a busy week in oil news, prices are hovering around the mid-$40s mark as inventories remain high and production from OPEC members Libya and Nigeria ramps up. (Click to enlarge) (Click to enlarge) (Click to enlarge) • The EIA downgraded its oil production forecasts for this year and next in its most recent Short-Term Energy Outlook, largely due to the OPEC agreement. • But the EIA said that the OPEC agreement could boost prices later this year, which would end up spurring new output from U.S. shale. • Ultimately, that…

These New Cyber-Weapons Could Topple Power Grids

The forced shutdown of one-fifth of the Ukrainian capital’s power grid last December was caused by a new Russian cyber-weapon called CrashOverride, according to a new report by an American cybersecurity firm. The weapon, with modifications, could be used to target the United States’ power grid as well, Dragos’ threat intelligence director Sergio Caltagirone said in the document. His comments reflect months of research completed after a Slovak anti-virus firm shared their analysis on CrashOverride with their American counterpart.…

Exxon Moves Forward With Offshore Guyana Project

Phase 1 will produce 450 MMBO ExxonMobil (ticker: XOM), Hess (ticker: HES) and CNOOC today announced FID for Phase 1 development of the Liza field in offshore Guyana. Initially discovered in May 2015, the Liza field is located about 120 miles offshore from Guyana, in about 5,700 feet of water. Liza is in the Stabroek Area, a large offshore lease block owned by the three partner companies. Hess reports that Stabroek is 6.6 million acres in size, or 1,150 times the size of a standard GOM block. (Click to enlarge)Source: Hess 120 MBOPD peak production…

Tehran Delays Azadegan Oil Field Tender

The tender for the development of Iran’s Azadegan oil field has been delayed by several months, according to Ali Kardor, the managing director of the National Iranian Oil Company, who spoke to news agency ISNA, as quoted by Reuters. Already there are three foreign companies interested in developing the country’s biggest oil field, including Japan’s Inpex, France’s Total, and Malaysian state oil and gas major Petronas. The Azadegan field, which Iran shares with Iraq, has reserves of 37 billion barrels of crude. According…

Big Oil Backing A Tax It Would Have To Pay To US Citizens

Oil supermajors ExxonMobil, Shell, Total, and BP are backing a proposal for taxing carbon emissions created by veteran Republican politicians who have been seeking to raise support for their initiative. The oil giants, as well as GM, P&G, Johnson&Johnson, and Michael Bloomberg and Stephen Hawking, among others, are the founding members of what is known as the Climate Leadership Council, which ran a full-page ad in The Wall Street Journal on Tuesday, proposing a “consensus climate solution that bridges partisan divides, strengthens…

Tehran Delays Azadegan Oil Field Tender

The tender for the development of Iran’s Azadegan oil field has been delayed by several months, according to Ali Kardor, the managing director of the National Iranian Oil Company, who spoke to news agency ISNA, as quoted by Reuters. Already there are three foreign companies interested in developing the country’s biggest oil field, including Japan’s Inpex, France’s Total, and Malaysian state oil and gas major Petronas. The Azadegan field, which Iran shares with Iraq, has reserves of 37 billion barrels of crude. According…

Saudis Overtake U.S. In Recoverable Oil Resources

Saudi Arabia has regained its top position ahead of the U.S. and Russia as the holder of the world’s biggest recoverable oil resources, as reduced tax rates for state giant Saudi Aramco have added 73 billion barrels of recoverable oil, Norway-based consultancy Rystad Energy said on Tuesday in its annual review of global recoverable oil resources. Saudi Arabia’s recoverable oil resources are now estimated at 276 billion barrels, Rystad said, adding that the Kingdom’s “revised fiscal regime should incentivize more aggressive…

Tehran Delays Azadegan Oil Field Tender

The tender for the development of Iran’s Azadegan oil field has been delayed by several months, according to Ali Kardor, the managing director of the National Iranian Oil Company, who spoke to news agency ISNA, as quoted by Reuters. Already there are three foreign companies interested in developing the country’s biggest oil field, including Japan’s Inpex, France’s Total, and Malaysian state oil and gas major Petronas. The Azadegan field, which Iran shares with Iraq, has reserves of 37 billion barrels of crude. According…