Energy

Venezuela's President Nicolas Maduro

Maduro says Venezuela's 2015 budget to put oil at $60 dollars

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

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Europe-Asia summit

Russia and Ukraine reach tentative gas deal in tough Milan talks

Russia and Ukraine made progress on Friday towards resolving a dispute over gas supplies in time for winter, but European leaders said Moscow still had to do much more to prop up a fragile ceasefire and end fighting in eastern Ukraine.

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General Electric (GE)

GE posts higher quarterly profit, helped by aviation, oil and gas

General Electric Co (GE.N) posted higher quarterly net income on Friday, helped by sales of its jet engines and oil and gas equipment.

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Statoil ASA

Statoil exits Shah Deniz gas project with stake sale to Petronas

Statoil (STL.OL) exited Azerbaijan's Shah Deniz gas project on Monday, selling a 15.5-percent stake to Malaysia's Petronas [PETRA.UL] for $2.25 billion as part of asset sales to shore up returns to shareholders.

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Oil refinery

Worrying for Saudi, U.S. oil output cuts could take a while

Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. Slowing a U.S. drilling boom, however, could take more than a year.

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Oilfield

Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide

Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.

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Oil refinery in flame

BoA oil analyst who predicted downturn now sees floor

As Iraqi militants advanced on Baghdad with M-16s and stolen tanks in June, most investors and traders in the jittery oil markets believed oil prices would spike even higher.

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Royal Dutch Shell

Privately, Saudis tell oil market: get used to lower prices

Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.

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Oilfield

New definitions needed for condensate and gas liquids: Kemp

“A rose by any other name would smell as sweet,” William Shakespeare wrote in “Romeo and Juliet”. But he was not working for the U.S. government and trying to define what constitutes condensate and natural gas liquids.

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Saudi Aramco

Oil prices headed still lower even as Saudi curbs output: PIRA's Ross

World oil prices are set to fall further, extending a months-long rout as Saudi Arabia is unlikely to make deep enough production cuts to erase a growing surplus of supply, according to Gary Ross, chief executive of PIRA Energy Group.

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US Oil Drill

As global oil futures tumble, U.S. cash crude traders ask: What glut?

An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing.

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pipeline project

Russia says South Stream gas pipeline is going ahead: Interfax

The Russia-led South Stream undersea gas pipeline is still going ahead, Energy Minister Alexander Novak was quoted as saying on Saturday, following concerns the European Union might be losing enthusiasm for the project.

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Natural Gas

EU plans for Iran gas imports if sanctions go

The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier.

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An Anadarko Petroleum-Led Consortium Discovers 2nd Oil Find Offshore Sierra Leone

Ghana says oil firms can keep working during border arbitration

Oil firms operating on Ghana's disputed maritime border with Ivory Coast can continue working while an arbitration suit filed under a U.N. convention is resolved, Ghana's Attorney General Marrieta Brew Appiah-Oppong told a news conference on Tuesday.

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Natural Gas

Veresen to acquire half stake in Ruby pipeline for $1.43 billion

Veresen Inc (VSN.TO), a Canadian pipeline company developing the Jordan Cove liquefied natural gas facility in Oregon, said on Monday it has agreed to acquire Global Infrastructure Partners' half interest in the Ruby pipeline system for $1.43 billion.

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