Articles by Tsvetana Paraskova

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Is Papa Too Late To The Permian Party?

Veteran oil industry executive Mark Papa is back in the game and heading to the hottest shale play – the Permian – but he may be a little late to the party and find the room crowded with players both small and big that have been rushing to secure deals in the area. Centennial Resource Development (NASDAQ:CDEV), at which Papa is chief executive, now has 77,000 acres in the Permian and plans to increase production to more than 50,000 bpd in 2020 from around 10,000 bpd currently, Papa tells Forbes’ Christopher Helman in an interview…


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PDVSA’s Latest Misery: Delays In Oil-For-Loan Deals With Russia, China

Venezuela’s state-held oil company PDVSA – which has been barely avoiding default recently – is months behind on shipping crude oil and fuel to China and Russia under oil-for-loan agreements with its key political allies, Reuters reported on Thursday, citing internal PDVSA documents it had reviewed. The shipments that PDVSA has failed to deliver to Chinese and Russian state-held companies are worth around US$750 million, a Reuters analysis has shown. Russia and China have extended at least US$55 billion in credit to Venezuela,…


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ETP: Three Months Till DAPL Goes Online

The Dakota Access pipeline will be operational in three months’ time, according to a spokesperson from Energy Transfer Partners (ETP), who added that construction on the line had begun following a final approval from the Army Corps of Engineers on Wednesday. Spokeswoman Vicki Granado added on Thursday that work on the line resumed “immediately after receiving the easement.” “The estimate is 60 days to complete the drill and another 23 days to fill the line to Patoka, [Illinois],” she added. ETP’s crew had already drilled…


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50 Tankers Idle In Singapore, UAE Ports

Around 50 oil product tankers are idling at the ports of Singapore and Fujairah, in the UAE, on the back of a slowdown in trade and an influx of new vessels, shipping data has revealed. The slowdown is a result of a combination of factors, including celebrations of the Lunar New Year, which are not restricted to China but take place across much of Asia, and a number of unplanned interruptions in the operation of refineries in the region, which have hurt output. On top of this, maintenance season is coming for many Asian and Middle Eastern refineries,…


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Yergin: Expects U.S. Oil Output Will Jump By 500,000 Bpd

Daniel Yergin, the oil analyst vet, told CNBC he expected U.S. crude oil production to increase by more than half a million barrels this year, revising an earlier forecast from December, when he saw the increase at between 300,000 and 500,000 barrels per day. The forecast is based on oil prices staying within the current US$50-55 band, Yergin said. The higher prices have allowed shale producers to increase production indeed, but now drillers and frackers are starting to raise their prices, after suffering a more severe blow from the oil price crash…


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Italian Prosecutors Want Trial For Eni Over Alleged Corruption In Nigeria

Italian prosecutors asked on Wednesday for Italian oil major Eni SpA (NYSE:E), its chief executive Claudio Descalzi, and 10 other people to be sent to trial over charges of alleged international corruption, according to judicial sources. According to Italian daily La Stampa, prosecutors in Milan asked today for trial for Descalzi, Eni’s former CEO Paolo Scaroni, and other people – including managers and mediators – over alleged payment of US$1.3 billion in bribes to the former Nigerian government back in 2011, for which Eni and Royal Dutch…


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OPEC Production Cut May Need to Be Extended: Oil Ministers

The oil ministers of Iran and Qatar have suggested that OPEC’s production cut agreement may have to be extended beyond the June deadline, despite an almost 100-percent compliance rate. The comments come a day after the American Petroleum Institute reported the second-largest crude oil inventory increase in history, at 14.227 million barrels, which added fuel to worries that production cut efforts are not enough to rebalance the market. Iran’s Oil Minister, Bijan Zanganeh, told Iranian media after a meeting with his Venezuelan counterpart…


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Russian Firms Favored To Work In Syria’s Oil, Gas Sector

Russian companies would be the preferred choice to work in oil and gas production in Syria, according to a member of Russia’s Parliament who had met Syrian President Bashar Assad. According to Sputnik, which quoted Dmitry Sablin, Assad told a visiting Russian delegation of lawmakers that neither Iran nor China has companies with a worldwide reputation in the oil and gas sector like Russia has. Therefore, Assad “sees only the work of Russian companies”, Sablin said. According to Sablin – as quoted by Russia’s TASS news…


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Expensive Middle East Crude Could Lose Market Share To U.S. Shale

OPEC’s production cuts have put a floor under oil prices, at least for now. The resulting reduced supplies have also boosted the price of Middle East crude grades, and increased the spread between WTI and Brent. WTI is now trading at a discount of more than $2.20 compared to Brent. The current price differentials have made flows of U.S. crude oil to Asia commercially profitable after the Saudi-led production cuts resulted in higher Dubai and Oman benchmark prices against the U.S. benchmark WTI and the Brent benchmark. Therefore, commodity…


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Australian Driller Finds 1.5B Barrels Off Senegal Coast

Australian exploration company FAR announced it had discovered more than 1.5 billion barrels of crude off the coast of Senegal, as a result of a 3D seismic study. The figure, FAR said, was 50 percent higher than the estimate from an earlier review of the reserves in the SNE field. Of the total, FAR’s share is a net 234 million barrels, proportionate to its 15 percent in the project, which spans three deepwater blocks offshore the West African country. Last month, the company estimated SNE’s reserves at 641 million barrels of oil, saying…