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The latest upstream oil and gas news from around the world.

Copyright: Copyright 2016 Inc. All rights reserved.

Aramco CEO Says Studies Several Foreign Exchanges For 2018 Listing

Mon, 26 Sep 2016 00:00:00 GMT

Saudi Aramco continues to look at several overseas exchanges including New York, Hong Kong and London for a listing in 2018 of a part of the state-owned oil company, CEO Amin Nasser says.

Malaysian Banks Brace For Profit Hits As O&G Firms Restructure Debt

Mon, 26 Sep 2016 00:00:00 GMT

Malaysian lenders are bracing for a hit to profits this year as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.

New Banking Regulations Pushed Oil, Gas Bankruptcies, Expert Says

Fri, 23 Sep 2016 00:00:00 GMT

Regulations that tied bankers' hands during the downturn forced some oil and gas companies into bankruptcy, key energy lender says.

Russian Finmin: No Revolutionary Changes To Oil, Gas Tax Regime

Fri, 23 Sep 2016 00:00:00 GMT

Russian Finance Minister Anton Siluanov says any changes in the oil and gas tax regime would not be "revolutionary" but energy taxes were to increase.

Nigeria Lawmakers To Investigate $17B Oil Theft Claim

Fri, 23 Sep 2016 00:00:00 GMT

Lawmakers in Nigeria's lower house of parliament are to investigate whether $17 billion of petroleum and fuel exports were stolen by companies and government agencies.

Petrobras Cuts Spending, Raises Asset Sales Goal In 5-Year Plan

Tue, 20 Sep 2016 00:00:00 GMT

Petrobras cut planned investment by 25% under a five-year plan to reduce its massive debt, and revive investor confidence after a sweeping corruption scandal.

New York Investigating Exxon's Accounting Practices

Fri, 16 Sep 2016 00:00:00 GMT

New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp's accounting practices and why the company hasn't written down the value of its assets.

Funding Nigerian Oil Cash Calls From Debt Key For Economy

Fri, 16 Sep 2016 00:00:00 GMT

Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, says its Finance Minister.

Chesapeake Energy Loses Appeal In $438.7M Bond Dispute

Thu, 15 Sep 2016 00:00:00 GMT

A federal appeals court rejects Chesapeake's effort to avoid having to pay $438.7 million, including interest, to investors in a bond dispute.

Kazakhstan Drafts Economic Outlook Based On $35 Brent

Thu, 15 Sep 2016 00:00:00 GMT

Kazakhstan's economy ministry has based its medium-term economic outlook on a Brent crude price of $35 per barrel.

Azerbaijan's SOCAR Assumes Oil Price Of $40 Per Barrel In 2017 Budget

Thu, 15 Sep 2016 00:00:00 GMT

SOCAR assumes an oil price of $40 per barrel in its 2017 budget, the company's president, Rovnag Abdullayev, tells reporters.

ONGC Videsh Inks Deal with Rosneft to Up Stake in Russia's Vankorneft

Thu, 15 Sep 2016 00:00:00 GMT

India's ONGC Videsh inks agreement with Rosneft to acquire an additional 11 percent stake in Vankorneft, the operator of the Vankor field and North Vankor license in Russia.

Singapore's Marco Polo Marine Seeks To Delay Bond Payment

Wed, 14 Sep 2016 00:00:00 GMT

Singapore's Marco Polo, a marine logistics firm that counts oil and gas firms as clients, wants bond holders' nod to defer payment of notes worth $37 million, the latest oil-related firm in the city-state to show financial strain from crude's drop.

Brazil Launches Massive Privatization Plan To Rescue Economy

Tue, 13 Sep 2016 00:00:00 GMT

Brazil's new government launches a sweeping plan to auction off licenses in an attempt to boost investment and pull the economy out of the deepest recession in eight decades.

The 2015 Oil Bust Was Even Worse Than You Thought

Mon, 12 Sep 2016 00:00:00 GMT

The number of exploration and production bankruptcies filed so far in 2016 is almost twice the number filed in 2015, Moody's Investors Service finds.

Gulf Keystone Petroleum Pays Kurdistan Government $112.5M in 2015

Mon, 12 Sep 2016 00:00:00 GMT

Gulf Keystone Petroleum Ltd made payments worth $112.5 million to the Ministry of Natural Resources of the Kurdistan Regional Government in the year ended December 31, 2015.

SandRidge Overcomes Shareholder Fight To Exit Bankruptcy

Fri, 09 Sep 2016 00:00:00 GMT

SandRidge Energy won court approval for a plan to exit bankruptcy, overcoming opposition from shareholders who had accused the oil and gas producer of misrepresenting its value.

Azerbaijan's SOCAR To Issue $100M In Eurobonds For Azeri Citizens

Fri, 09 Sep 2016 00:00:00 GMT

Azeri state oil company SOCAR will issue $100 million worth of dollar-denominated Eurobonds for Azeri citizens on Sept. 20, the country's financial markets regulator says.