Oil Majors Lower Risk: Favor Shale Over Offshore

The first three months of this year have made one thing crystal clear: Big Oil is set on expanding in shale—hardened by the lessons the oil price crisis taught it—and leveraging the experience of oil and gas independents. Shale has lower production costs, at least in the U.S. and possibly in Argentina, and returns come sooner than those from conventional oil and gas projects. That combination is irresistible for Shell, Exxon, and Chevron, who have suffered to varying degrees from their traditional focus on big projects. Shell, for instance,…

Wind Energy Now Directly Competing With Coal On Cost

Last week, Xcel Energy announced a multi-state wind capacity project, anticipated to be the largest in the United States. Spanning seven states, the project covers eleven new wind farms and would generate 3280 MWs at a cost of $3.5-4.4 billion. In its announcement, Xcel emphasized the cost-savings attached to wind power, arguing that it would save Xcel customers in the Midwest $7.9 billion over thirty years. This, rather than the environmental benefits of renewable energy, drove the company’s mission statement: wind was cheap, not just clean.…

Will The Oil Price Slide Lead To A Credit Crunch For U.S. Drillers?

The recent drop in oil prices, which has almost wiped out the price gains since OPEC announced its supply-cut deal, is coming just ahead of the spring season when banks are reassessing the credit lines they are extending to support drillers’ growth plans. WTI front-month futures have been trading below $50 a barrel for a couple of weeks, while Brent crude slipped briefly below $50 on March 22, dropping below that psychological threshold for the first time since November 30, the day on which OPEC said it agreed to curtail collective oil production…

4 Factors Driving Oil Prices This Summer

Uncertainty is dominating today’s oil markets, with production cuts, ballooning inventories and a rising rig count all adding to oil price volatility. And as the summer driving season approaches and oil companies return to their projects here are four key factors to watch closely. Inventory, Rig counts – An significant inventory build on the 7th of March sent oil prices tumbling, ending a period of relative stability for oil markets. The build-up of 8.2 million barrels at Cushing, Oklahoma sent prices below the psychological level of…

Asia’s Top LNG Players Forming Buyers Club

Global oversupply in liquefied natural gas has emboldened buyers to push for more favorable contracts. Korea Gas Corp. (KOGAS), Japan’s JERA and China National Offshore Oil Corp. (CNOOC), which collectively represent about one-third of the world’s LNG purchases, have formed a group to exchange information and “cooperate in the joint procurement of LNG,” according to a report from Reuters. High LNG prices before 2014 left many Asian importers in a painful position and prompted several joint LNG-buying deals, but nothing on…

Italian Officials Call For Investigation Of Soros-Supported NGO Migrant Fleet

Authored by William Craddick via Disobedient Media,

Italian authorities are calling for monitoring of the funding of an NGO fleet bussing migrants into the EU from the North African coast after a report released the European Border and Coast Guard Agency has determined that the members of the fleet are acting as accomplices to people smugglers and directly contributing to the risk of death migrants face when attempting to enter the EU.

The report from regulatory agency Frontex suggests that NGOs sponsoring  ships in the fleet are now acting as veritable accomplices to people smugglers due to their service which, in effect, provides a reliable shuttle service for migrants from North Africa to Italy. The fleet lowers smugglers’ costs, as it all but eliminates the need to procure seaworthy vessels capable making a full voyage across the Mediterranean to the European coastline. Traffickers are also able to operate with much less risk of arrest by European law enforcement officers. Frontex specifically noted that traffickers have intentionally sought to alter their strategy, sending their vessels to ships run by the NGO fleet rather than the Italian and EU military.

On March 25th, 2017, Italian news source Il Giornale carried remarks from Carmelo Zuccaro, the chief prosecutor of Catania (Sicily) calling for monitoring of the funding behind the NGO groups engaged in operating the migrant fleet. He stated that “the facilitation of illegal immigration is a punishable offense regardless of the intention.” While it is not a crime to enter the waters of a foreign country and pick them migrants, NGOs are supposed to land them at the nearest port of call, which would have been somewhere along the North African coast instead of in Italy. The chief prosecutor also noted that Italy is investigating Islamic radicalization occurring in prisons and camps where immigrants are hired off the books.

Italy has for some months been reeling under the pressure of massive numbers of migrants who have been moving from North Africa into the southern states of the European Union. In December 2016, The Express cited comments made by Virginia Raggi, the mayor of Vatican City, stating that Rome was on the verge of a “war” between migrants and poor Italians. The wave of migrants has also caused issues in southern Italy, where the Sicilian Cosa Nostra has declared a “war on migrants” last year amid reports that the Italian mafia had begun fighting with North African crime gangs who entered the EU among migrant populations.

CCTV footage showing an Italian gang leader, Emanuele Rubino, retrieve a handgun (circled) before shooting Gambian Yusapha Susso in a turf war last year

In February 2016, Disobedient Media published research indicating that multiple ships operating in the fleet mentioned by Frontex are sponsored by NGO groups with financial ties to organizations run by George Soros and donors to Hillary Clinton.

Reports have also emerged citing a study by counter-extremism group Quilliam which states that ISIS now controls the human trafficking scene in North Africa and is actively recruiting from the migrant population. In addition to acting as de facto accomplices of human traffickers, the NGO’s criticized by Frontex may also be contributing to the worsening terror situation in Europe though their actions.

The post Italian Officials Call For Investigation Of Soros-Supported NGO Migrant Fleet appeared first on crude-oil.news.

Brazil Invites Turkish Investment As New Rounds Open In 2017 And 2018

Brazil has invited Turkish oil and gas companies to invest in the South American country’s energy sector revitalization process in 2017 and 2018, according to new reporting from Anadolu Agency. Milton Cosa Filho, of the Brazilian Petroleum, Gas and Biofuels Institute (OBP) said his country has developed the technological capability to extract fossil fuels as far as 300 kilometers offshore in “ultra-deep” waters. “I think that 90 percent of the oil and gas production in Brazil comes from offshore. Brazil is doing a good job, but…

Statoil To Invest $2.34B In Norwegian Offshore Projects

Norway’s Statoil plans to invest the equivalent of $2.34 billion on extending the lifetime of a field in the Norwegian Sea and starting production in a new field nearby, the Norwegian oil major said on Monday. Statoil submitted with authorities today plans to invest $2.34 billion (19.8 billion Norwegian kroner) to keep the Njord field – whose production began in 1997 and was halted in 2016 — in operation by 2040 through upgrading the existing platform, and in the new Bauge field. Statoil is committing $1.857 billion (15.7 billion Norwegian…