Daily Archives: March 6, 2017

Fitch Predicts Drop In Oil Prices By 2017 As U.S. Shale Output Soars

Oil bigwigs should take a step back before becoming too comfortable with the new oil price range according to Fitch Ratings’ newest market analysis. “The recovery in US drilling activity will drive up shale oil production in the second half of 2017, offsetting a portion of recent oil price gains,” the credit rating agency’s report released on Monday says. “We therefore expect average oil prices for the year to be below those in January and February.” In a stable market scenario, Fitch estimates that by the end…

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IEA Warns Of Supply Crunch As Capex Cuts Bite

By 2020, the limited exploratory capital expenditures of the past two and a half years will make meeting global oil demand difficult, according to a report by the International Energy Agency on Monday. Growing global demand paired with a contraction in new oil projects in 2015 and 2016 will cause a “supply crunch” if new projects do not get approved soon, according to the five-year outlook included in the “Oil 2017” report. A majority of short-term supply growth will come from American shale producers set to increase output…

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Shell Fears Reopening Twice-Bombed Nigerian Pipeline

Royal Dutch Shell fears that reopening a pipeline in Nigeria will cause local separatist groups to re-bomb the facility for a third time, according to reports emerging from the area. The Trans Forcados Pipeline, which takes 400,000 barrels to the Forcados export terminal every day, has been out-of-operation for all but three weeks in the past year, according to risk analysis published by SBM intelligence on Friday. Previously, militants dove underwater to install bombs near the section of the pipeline in the Atlantic Ocean that they aimed to destroy.…

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Iran, South Africa To Study Construction Of GTL Plant In Iran

Iran and South Africa have agreed to start a feasibility study on building a gas to liquids (GTL) conversion plant in Iran with a capacity of 50,000 barrels, Iranian media report after South Africa’s Energy Minister Tina Joemat-Pettersson visited Tehran for energy talks. Iranian Deputy Oil Minister Marzieh Shahdaei and Joemat-Pettersson decided to proceed with finalization of the talks between Iran’s Research Institute of Petroleum Industry and a South African company to build a GTL plant in Iran, semi-official Fars news agency reported…

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After #ExxonKnew Failure, Activists Try Attacking Shell

What do wealthy activists do now that their #ExxonKnew campaign has failed? Choose another oil company to target, apparently. But the sequel is never as good as the original – and in this case, the original was never very good, either.
Last week, The Guardian – the UK “newspaper” that teamed up with 350.org’s Bill McKibben on failed divestment campaigns and credits itself with having started the Keep it in the Ground movement – reported on a video posted by a Dutch blogger, Jelmer Mommers, which reportedly shows Shell “knew” about climate change more than two decades ago. But then –

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