HANOI, Vietnam — A former Vietnamese oil executive has surrendered to police after a year on the run amid a crackdown on corruption by the country’s communist authorities. Trinh Xuan Thanh, 51, disappeared in July last year after he was accused of mismanagement at a subsidiary of national oil and gas giant, PetroVietnam, resulting in losses …
California Dreamin a 1960’s anthem by The Mamas & The Papas depicted the longing of a generation for the climate and culture of California living. Wikipedia defines the California Dream “as the psychological motivation to gain fast wealth or fame in a new land”. Whichever definition you aspire to the truth remains the same, California …
BP beat analyst expectations on Tuesday, despite profits more than halving from the first three months of the year after a hefty charge from an unsuccessful project in Angola. Here are some of the highlights from the earnings: Underlying replacement cost profit, used as a proxy for net profit, $684 million in the second quarter …
Oil futures traded modestly lower on Tuesday, threatening to halt a string of gains at five, as traders paused following a brisk run-up above $50 a barrel by the U.S. benchmark fed by encouraging signs that efforts to tamp down output are taking hold. On the New York Mercantile Exchange, light, sweet crude futures for …
U.S. oil and gas drillers have cleaned up their balance sheets over the last year, but some analysts worry they are growing production at the expense of financial discipline. Drillers look healthier today after slashing capital spending, putting dollars behind their most productive land and securing discounts from the companies that help them extract oil …
BEIJING (Reuters) – China’s Foreign Ministry has urged a halt to oil drilling in a disputed part of the South China Sea, where Spanish oil company Repsol had been operating in cooperation with Vietnam. Drilling began in mid-June in Vietnam’s Block 136/3, which is licensed to Vietnam’s state oil firm, Spain’s Repsol and Mubadala Development …
SINGAPORE, July 24 (Reuters) – Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in a research note on refining on Monday. Economic expansion in emerging markets – led by India …
At last, Saudi Arabia seems to be doing what it takes to reduce the world’s most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC’s deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group’s oil ministers …
The contested South China Sea has large deposits of oil and natural gas. Perhaps luckily for the environment, drilling for these resources has been discouraged by political tension among nations in the region. In particular, energy companies worry about China’s ongoing insistence that everything within its infamous nine-dash line—which marks off nearly the entire sea—is its …
Oil prices rose to a seven-week high on Tuesday after Saudi Arabia pledged to curb exports next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. U.S. West Texas Intermediate (WTI) futures climbed $1.55, or 3.3 percent, to end Tuesday’s session at $47.89, …