Vietnam has been grappling with gasoline and diesel shortages for weeks after its main refinery cut production...
Vietnam has been grappling with gasoline and diesel shortages for weeks after its main refinery cut production last month and forced the Southeast Asian nation to tap its strategic national reserves to alleviate the supply crunch. Hundreds of gas stations across Vietnam have had to close because they have run out of fuels, while the price of gasoline was raised to a record-high earlier this week as international crude oil prices rallied.
In addition, a power outage at the refinery early this week forced some processing units to shut down, two sources with knowledge of the matter told Reuters on Tuesday.
Shale Producer Ovintiv Considering Sale of Utah Land
Shale producer Ovintiv Inc. is looking to hire an investment bank to consider options...
Shale producer Ovintiv Inc. is looking to hire an investment bank to consider options for its acreage in the Uinta Basin of Utah, as it looks to cash in on a boom in energy prices to cut debt, three sources familiar with the matter told Reuters on Feb. 22.
A full or partial sale would be among the options for Ovintiv, one of the top producers in the Uinta Basin, the sources said, adding that a sale of the assets could fetch around $1 billion.
No final decision has been made about the assets and Ovintiv could still decide to retain them, the sources cautioned. They requested anonymity as the discussions are confidential.
The energy sector is set for a higher start, supported by strength in the major equity...
The energy sector is set for a higher start, supported by strength in the major equity futures but pressured by weakness in the underlying commodities which fell from seven-year highs this morning. Global stock markets rebounded from jitters over Western sanctions on Russia in response to President Vladimir Putin’s authorization to send soldiers into eastern Ukraine.
WTI and Brent crude oil futures were down in early trading after the first wave of U.S. and European sanctions on Russia appeared unlikely to disrupt oil supplies, but are moving back into positive territory.
Natural gas futures rose this morning, supported by forecasts for cooler weather forecasts and higher heating demand over the next two weeks than previously expected.
Nigeria Sues JP Morgan for $1.7 Billion over Oil Deal
A London court will on Feb. 23 begin to hear a lawsuit launched by Nigeria against...
A London court will on Feb. 23 begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal.
The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell Plc and Eni SpA of the offshore OPL 245 oil field in Nigeria, which is also at the center of ongoing legal action in Milan.
In the court documents seen by Reuters, Nigeria alleges JP Morgan was “grossly negligent” in its decision to transfer funds paid by the energy majors into an escrow account to a company controlled by the country’s former oil minister Dan Etete instead of into government coffers.
Diamondback Energy Posts Higher Profit, Boosts Dividend by 20%
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected...
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected fourth-quarter profit and boosted its dividend to shareholders as fuel prices hit multi-year highs on stronger energy demand.
Global crude prices jumped more than 50% last year, rebounding from a pandemic-driven slump in demand. They averaged $80/bbl in the last three months of 2021, nearly double that of a year earlier.
Diamondback Energy said it would increase its annual dividend by 20% to $2.40 per share, mirroring rivals’ moves to increase shareholder returns as oil profits soar.
