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Oil and Gas Energy Equipment and Services

  • SHARARA OIL FIELD, Libya, July 20- When the head of Libya's state energy company visited Sharara oil field in early July, community leaders and workers crowded into a conference room to ask about jobs, training and services for local people. Libya's National Oil Corporation raised output to more than one million barrels per day at the end of June for the first time...

  • *China pushing to liberalise its huge energy sector. BEIJING/ SINGAPORE, July 19- Beijing on Wednesday issued a draft of new regulations for China's growing oil and fuel storage industry, helping loosen the state-owned oil majors' grip on the sector as the nation pushes to reform its vast energy markets. The main change in the draft is that it removes requirements...

  • HONG KONG, July 19- Asia Inc's scramble to lock in low interest rates and investors' thirst for a steady stream of income have boosted perpetual bond issuance in the region to a record this year, led by a clutch of jumbo deals from ChemChina to Japan's SoftBank. Asian corporates outside Japan issued $18.2 billion of perpetual bonds so far this year, compared with...

  • BEIJING, July 19- Beijing on Wednesday issued draft regulations for China's growing oil and fuel storage industry, as the nation pushes on with plans to reform its vast energy sector. Storage companies and wholesalers of crude oil or refined oil products must apply for a permit from the provincial government, which will be subject to approval from the commerce...

  • LONDON, July 18- U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted oil and gas wells across the seven largest shale plays had topped 6,000, according...

  • July 18- BP Plc is considering an initial public offering of its vast U.S. Midwest and Gulf Coast pipeline assets, the company said on Tuesday, a move that would raise cash. The proposed spinoff, which would be called BP Midstream Partners, revives a plan first broached internally about five years ago before slumping crude oil prices caused the company to put the...

  • July 18- BP Plc is looking at spinning off U.S. pipeline assets in the U.S. Gulf and Midwest in an initial public offering, the company said on Tuesday. They include rival Royal Dutch Shell Plc, which raised nearly $1 billion in an IPO of its midstream assets in June, 2014, along with independent refiners like Valero Energy Corp, Tesoro Corp, and Marathon Petroleum...

  • July 18- BP Plc is considering spinning off certain U.S. pipeline assets in the U.S. Media reports in 2015 said BP America was trying to sell North American pipelines and gas storage assets. Last year, BP approached Enbridge Inc in an effort to sell some of BP's offshore Gulf of Mexico pipeline network, known as the Mardi Gras Transportation System, without success,...

  • PHILIPSBURG, St Maarten/ HOUSTON, July 18- A court in the Caribbean island of St. Maarten has ordered Venezuelan state-run oil company PDVSA to cooperate in the sale of 500,000 barrels of crude oil in its dispute with units of Russian shipping firm Sovcomflot, according to a copy of the decision seen by Reuters on Tuesday. In March, the same court ordered the roughly...

  • LONDON, July 18- U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted oil and gas wells across the seven largest shale plays had topped 6,000, according...

  • HOUSTON, July 14- An earthquake with a preliminary magnitude of 4.2 on Friday struck Stroud, Oklahoma, about 20 miles from the key oil storage hub in Cushing, Oklahoma, the Oklahoma Geological Survey said. Oil companies operating the tanks and pipelines around the Cushing hub have reported no damage to their facilities. The Cushing storage hub is the delivery hub...

  • HOUSTON, July 14- An earthquake with a preliminary magnitude of 4.2 on Friday struck Stroud, Oklahoma, about 20 miles from the key oil storage hub in Cushing, Oklahoma, the Oklahoma Geological Survey said. There have been no initial reports of damage from the quake, Oklahoma Corporation Commission spokesman Matt Skinner said by phone, cautioning that it was still...

  • LONDON, July 14- U.S. oil and gas exploration and production companies are paying more to hire drilling rigs as the number of rigs still idle after the slump declines. Drilling costs were up by 8 percent in June 2017 compared with their recent low in November 2016, according to preliminary data from the U.S. Bureau of Labor Statistics published on Thursday.

  • SINGAPORE, July 14- Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity. A shift away from storage could potentially be bad news for tank operators running in the region like the Netherlands'...

  • SINGAPORE, July 14- Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity. A shift away from storage could potentially be bad news for tank operators running in the region like the Netherlands'...

  • LONDON, July 13- Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. crude imports from Saudi Arabia averaged less than 900,000 barrels per day in the four weeks ending on July 7, according to the U.S. Energy Information Administration. Saudi Arabia is cutting...

  • LONDON, July 13- Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. crude imports from Saudi Arabia averaged less than 900,000 barrels per day in the four weeks ending on July 7, according to the U.S. Energy Information Administration. Saudi Arabia is cutting...

  • *OPEC expects demand for its crude to fall by 60,000 bpd in 2018. Brent crude fell 20 cents to $47.54 a barrel by 0730 GMT and U.S. light crude was down 15 cents at $45.34. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, thanks to extra output from Nigeria and Libya.

  • *China imported 8.55 mln bpd of crude in H1 2016, up 13.8 pct. The dips came after the International Energy Agency's chief economist, Laszlo Varro, said that oil markets were still oversupplied. Also, the Organization of the Petroleum Exporting Countries said late on Wednesday that the world would need 32.20 million bpd of crude from its members next year, down...

  • BUENOS AIRES, July 12- Argentina needs oil rigs to develop its vast shale oil and gas resources. But moving that machinery from the plains of Texas to the windswept Patagonian desert is proving complex and costly for global oil majors who say Argentina's protectionist past is slowing efforts to spark its own shale revolution. A move by Argentina's government to...