By Nina Chestney LONDON, Nov 13 (Reuters) - Growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases, but consumption is unlikely to peak in the next two decades, the International Energy Agency said on Wednesday. The Paris-based IEA, which advises Western governments on energy policy, said in its annual … [Read more...]
Offshore Oil Seen Peaking in 2020 Before Joining Shale in Market Drop
By David Wethe and Allison Mccartney (Bloomberg) --Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slowdown that could dramatically rewrite market supply predictions. A report by analysts at Sanford C. Bernstein & Co. sees projects in the Gulf of Mexico and off of South America significantly boosting output next year. … [Read more...]
Big Oil Stuns Brazil in Back-to-Back Auction Flops
By Marianna Parraga, Gram Slattery and Marta Nogueira RIO DE JANEIRO, Nov 7 (Reuters) - Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA. The only block awarded in Thursday's bidding … [Read more...]
Brazil’s Biggest-Ever Oil Auction a ‘Total Disaster’ as Bidders Stay Away
By Sabrina Valle, Peter Millard and Luiza Ferraz (Bloomberg) --Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petroleo Brasileiro SA did most of the bidding while other major oil companies stayed away. Petrobras, as the company is known, joined with China’s Cnooc Ltd. and China National Oil & Gas Exploration & … [Read more...]
Green Groups Return to Court to Stop Arctic Oil Drilling off Norway
By Nerijus Adomaitis OSLO, Nov 5 (Reuters) - Environmental groups urged a Norwegian appeals court on Tuesday to take emissions from the country's oil and gas exports into account when ruling on the government's decision to allow oil firms to explore in Arctic waters in 2016. The session follows the dismissal by a lower court of the lawsuit against the Norwegian state by … [Read more...]