Total Going On The Offensive

Total SA (TOT) is ready to move to the next stage of expansion now that the oil price collapse is showing signs of being finally over. According to Patrick Pouyanne, the CEO of the French oil giant “After two years of being defensive, we are offensive now”. The company is reportedly planning to begin as many as 10 major new projects in the next 18 months to help buoy its production. That view of aggressive expansion is consistent with industry trends across the U.S. as well. Baker Hughes has reported a long string of increases in drilling…

Are Oil Markets Ignoring Demand?

To the surprise of many, the OPEC and NOPEC deal is not only holding but overperforming. The compliance rate stands at 91 percent, with the recent OPEC Oil Market Report declaring a total cut of 890,000 bpd. Saudi Arabia has been cutting more than it initially promised. Russia has reduced some 100,000bpd in the month of January. This would seem to paint a promising picture for the future of oil markets, only a month and a half into the production cut agreement and the prices have been moving to and fro in the $50-$60 band. There is a catch however,…

Russia Sanctions Scandal Only Begins With Flynn’s Resignation

The resignation of General Michael Flynn after only 24 days as national security advisor over secret conversations with a Russian diplomat may only be the beginning of a wider scandal. As the White House considers a new national security advisor, and the debate now is centered on whether Flynn’s undisclosed talks concerned sanctions, and whether he was acting ‘rogue’, the controversy may not simply end with a resignation. National security is in question here. Last week, the Washington Post revealed that Flynn and Kislyak had…

Electric Car Sales Undaunted By Low Gasoline Prices

While oil and gasoline prices have traditionally determined the fate of electrified vehicle sales, plug-in vehicles are seeing other forces shaping global markets. When oil prices plunged in 2014, hybrid vehicles took a hit along with their residual values in several global markets. Plug-in electrified vehicles – battery electric and plug-in hybrid – saw similar trends emerging at first. However, PEVs have seen unit sales rise significantly in the U.S., Europe, and China during the past two years – as gasoline prices have stayed…

Pennine moves ahead on Albania’s Velca block

Pennine Petroleum Corp. has committed to explore and develop the 620-km Velca block in southern Albania near the city of Vlore. The operator has signed a 6-year exploration lease that is convertible to a 25-year production license upon discovery of oil…

Alberta’s ‘Orphaned’ Oil Wells Just Doubled

Canada’s oil-rich Alberta province has just doubled the number of ‘orphaned’ oil wells by suspending the oil and gas licenses of Lexin Resources Ltd., bringing the number of orphan wells to nearly 3,000. On Wednesday, Reuters reported, the Alberta Energy Regulator (AER) suspended all of Lexin’s oil and gas well facility and pipeline licenses, saying the private company must cease production after failing to comply with orders and demonstrating its inability to manage more than 1,600 sites. With this suspension, the number…

Saudis Lose South Korean Market Share To Iran

South Korea doubled its imports of Iranian crude in January this year from the same time last year, when Iran returned on the international oil market and started exporting growing amounts of oil in a bid to regain market share lost to the Western sanctions. According to preliminary South Korean customs data reported by Reuters, the Asian country, which is also the world’s fifth-largest crude importer, last month imported 1.79 million tons of crude from Iran, which is equal to 424,143 bpd, compared to 859,223 tons in January 2016, when sanctions…

Saudis Lose South Korean Market Share To Iran

South Korea doubled its imports of Iranian crude in January this year from the same time last year, when Iran returned on the international oil market and started exporting growing amounts of oil in a bid to regain market share lost to the Western sanctions. According to preliminary South Korean customs data reported by Reuters, the Asian country, which is also the world’s fifth-largest crude importer, last month imported 1.79 million tons of crude from Iran, which is equal to 424,143 bpd, compared to 859,223 tons in January 2016, when sanctions…

Saudis Lose South Korean Market Share To Iran

South Korea doubled its imports of Iranian crude in January this year from the same time last year, when Iran returned on the international oil market and started exporting growing amounts of oil in a bid to regain market share lost to the Western sanctions. According to preliminary South Korean customs data reported by Reuters, the Asian country, which is also the world’s fifth-largest crude importer, last month imported 1.79 million tons of crude from Iran, which is equal to 424,143 bpd, compared to 859,223 tons in January 2016, when sanctions…