IDESA expects to soon extract crude from Tecolutla -CEO

 Mexico's Grupo IDESA, along with its Canadian partner, expects to start extracting barrels of crude from the Tecolutla field within months of signing a contract with Mexico's oil regulator,

Alpek to Pay up to $700 mln for Petrobras' Petchem Assets

Mexico's Alpek SA de CV is expected to offer up to $700 million for Brazilian state-run oil company Petroleo Brasileiro SA's petrochemicals units in the northeastern state of Pernambuco,

Libya Government, Oil Guards Reach Deal to Reopen Ports

Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es Sider oil ports to end a blockade and restart exports

Oil Ends July with Worst Monthly Loss in a Year

Oil prices steadied on Friday after touching three-month lows during a week-long selloff fueled by a persistent global supply glut, bringing the monthly decline to nearly 15 percent,

Gulf Petrochem Expands European Operations

 Gulf Petrochem Group, the UAE based global bunker supplier, has today announced that it is now officially offering physical bunker supply in the port of Rotterdam,

China Refineries Enters Global Oil Trade

 During the last year, China’s “teapot” refiners are helping to boost China’s crude import demand and their influence is expanding, says Clarkson Research Services.

First US LNG Shipment Goes to China

The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that

Barra to Study Buying Petrobras Asset Sold to Statoil

Brazil's Barra Energia do Brasil Petróleo e Gás, which owns 10 percent of the giant Carcara offshore oil prospect, will study invoking its right of first refusal

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

OPEC Oil Output to Reach Record High in July

OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional

South Africa's Petrol Price to Decrease in August

The retail price of petrol in South Africa will decrease by 7.4 percent from August 3, while the price of wholesale diesel will go down by 6.3 percent, the energy department said on Friday.

Imperial Oil Posts Loss Due to Impact of Alberta Wildfires

Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a quarterly loss due to the impact of wildfires in Fort McMurray, Alberta.   Imperial,

U.S. Banks Dialed Back Risky Loans Early This Year

U.S. banks are weighted down by loans to the struggling energy industry and risky credits to the commercial sector but underwriting standards improved early this year,

Poland's PGNiG Plans Share Buyback

Poland's dominant gas firm plans to spend up to 750 million zlotys ($192.1 million) on share buyback that it wants to complete by the end of the year, the company said on Friday.

Crude Oil Cleanup Underway after Flowline Spill

An estimated maximum potential of 840 gallons of crude oil reportedly discharged from a flowline, owned by Texas Petroleum Management, into a marsh near Southwest Pass, Thursday.

Chevron Posts Largest Quarterly loss since 2001

Chevron Corp, the second-largest U.S.-based oil producer, posted a second-quarter loss on Friday, its largest since 2001, due to the slump in crude prices and refining income.

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

Exxon Mobil Q2 Profit Dives

Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Friday its quarterly profit tumbled 59 percent due to the slump in crude prices. The company posted net income of $1.

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