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UK sees net oil imports rising to 43% of its oil demand by 2020
The UK will likely see its net oil imports rise to 43% of its oil demand by 2020, from around 30% currently, as output from the country's ageing North Sea fields continues to decline, the UK government said Thursday | Platts
Nigeria spends N679bn on fuel subsidy – PPPRA
Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA, Reginald Stanley, has said the Nigerian government has spent N679.736 billion on fuel subsidy this year | SweetCrude
Japex plans LNG import terminal
Japan Petroleum Exploration Company (Japex) plans to build a liquefied natural gas import terminal at Soma port, north of Tokyo, and a pipeline to connect to its existing network to meet higher demand for the fuel | Upstream Online
Hyundai and IHC face off over Subsea 7 work
South Korea’s Hyundai Heavy Industries is understood to have locked horns with Dutch yard operator and equipment manufacturer IHC Merwede for a newbuild contract with UK-based Subsea 7, covering the construction of up to two offshore construction vessels valued at more than $800 million | Upstream Online
Asian buyers of Iran oil to secure US sanctions waiver extension
SEOUL/NEW DELHI, Nov 30 (Reuters) - Asia's top buyers of Iranian crude are likely to secure U.S. approval to continue imports from the Islamic Republic without incurring sanctions, after cutting volumes sharply in the second half of the year, according to government and trade sources | Reuters
Nigeria 2012 Budget: Petroleum Ministry Implements 93%
30 November 2012, Sweetcrude, Abuja -The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke says about 93% of the 2012 budget appropriated to the Ministry has been utilized based on the amount released to it so far | SweetCrude
Chevron's Argentina subsidiary said Thursday its operations in the country have been compromised by an embargo related to a decades-old legal dispute in Ecuador | Upstream Online
Petrobras pulls plug on Ocean Rig quintet
Petrobras said Thursday it would cancel the process of contracting five drilling units from Ocean Rig | Upstream Online
Ukraine contacts Spanish firm after $1 billion gas deal fiasco
(Reuters) - Ukraine was on Thursday in contact with a Spanish firm after the signing of a $1.1 billion gas terminal deal ended in fiasco, acutely embarrassing the government | Reuters
Anadarko plans JV for Mozambique asset
Anadarko Petroleum Corporation is considering a joint venture to monetise up to a third of its interests in Mozambique, according to Dow Jones Newswires | SweetCrude
Ecuadoreans ask court to seize Chevron Canada assets
Lawyers for Chevron asked an Ontario judge on Thursday to toss out a bid by Amazon villagers to seize its Canadian assets to help pay a $19 billion award granted by an Ecuadorean court in decades-old pollution case, a report said | Upstream Online
Lifting BP ban 'requires more than agreement'
US officials were surprised that BP suggested an agreement would soon be ready to lift a suspension imposed this week on the company's obtaining new federal contracts, a government source said on Thursday according to a report | Upstream Online
ExxonMobil finance boss retiring
Top ExxonMobil Corporation finance executive Donald Humphreys will retire from his post on 1 February after 36 years with the company, the US supermajor said Thursday | Upstream Online
NERC insists no going back on electricity reform
The Chairman, Nigerian Electricity Regulatory Commission, NERC, Dr. Sam Amadi, reacting to the sudden sack of Mrs Bolanle Onagoruwa as Director General of the Bureau of Public Enterprises, BPE, said, in spite of the glitches it will create in the electricity privatisation programme, there is no stopping the sector reforms | SweetCrude
TRANSACTIONS
Sound Oil announces Rapagnano Gas Sales Agreement
Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce a Gas Sales Agreement ("GSA") with Steca Energia Srl ("Steca") | Oil Voice
ARTICLES
Update: Athabasca OKs $536M oilsands project
CALGARY — Athabasca Oil Corp. announced Wednesday it has sanctioned the 12,000-barrel-per-day first phase of its Hangingstone oilsands project, pegging the cost at $536 million | Calgary Herald
An analysis of World Energy Outlook 2012
On 12 November the IEA’s World Energy Outlook report for 2012 (WEO-2012) was presented by the chief economist of that organisation, Dr Fatih Birol. When he did so there was one idea that the journalists in the audience latched on to – that by 2020 the USA would become the world’s largest oil producer. The USA would even produce more oil than Saudi Arabia! The New York Times led with the news, “U.S. to Be World’s Top Oil Producer in 5 Years, Report Says” and in their article they wrote that, “The United States will overtake Saudi Arabia as the world’s leading oil producer by about 2017 and will become a net oil exporter by 2030, the International Energy Agency said Monday.” Of course, I wondered if these were Fatih Birol’s actual words | Energy Bulletin
UK energy plan is dangerous and dated
After 12 years of reviews, white papers and some legislation, the UK government has finally come forward with what it regards as a definitive set of energy policy reforms. | Financial Times
AUDIO
Impact of recent West African force majeure on crude grades
Benno Spencer , managing editor for EMEA crude, Robert Mayer, West African crude editor, and Olivier Lejeune, North Sea crude editor, discuss the impact of multiple force majeure on West African crude grades and the knock-on effect on North Sea crude grades and European refining margins | Platts
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