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Cnooc: China’s largest offshore oil and gas producer presents 2016 plans
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OEF REVIEW:The Company’s net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), of which approximately 66% and 34% are produced in China and overseas respectively. The net production targets set for 2017 and 2018 are around 484 and 502 million BOE respectively. The estimated net production for 2015 was approximately 495 million BOE.

OEF Rapid Review Articles. The Company's net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), of which approximately 66% and 34% are produced in China and overseas respectively. The net production targets set for 2017 and 2018 are around 484 and 502 ...
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Launch of the Great Green Fleet
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OEF REVIEW:The Great Green Fleet is a Department of the Navy initiative highlighting how the Navy and Marine Corps are using energy efficiency and alternative energy to increase combat capability and operational flexibility. At the close of the ceremony, the Arleigh Burke-class guided missile destroyer USS Stockdale (DDG 106) left the pier to begin its deployment, becoming the first U.S. Navy ship running on an alternative fuel blend as part of its regular operations.
OEF Rapid Review Articles. The Great Green Fleet is a Department of the Navy initiative highlighting how the Navy and Marine Corps are using energy efficiency and alternative energy to increase combat capability and operational flexibility. At the close of the ceremony, the Arleigh Burke-class ...
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Saudi Arabia presents plan to move away from oil
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OEF REVIEW:Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh hotel was held against a backdrop of low oil prices pressuring the kingdom’s currency and saddling it with an annual state budget deficit of almost $100 billion.
OEF Rapid Review Articles. Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh ...
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BP’s chief economist on oil prices
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OEF REVIEW:Question: BP moved very quickly to say it thought that the oil price would stay low for a long time. What factors fed into that statement? Answer: If you consider the two most recent big drops – 2008/2009 and 1998 – both of those were driven by economic recessions. So, we saw big falls in demand. Those tend to correct themselves relatively quickly. In contrast, the price weakness this time was caused by strong growth in supply, initially as a result of very strong growth in US shale. Normally, world demand for oil grows by about 0.8 million barrels a day per year, but at the end of last year US shale, on its own, grew by 1.6 million barrels a day. Last year, we saw a combination of supply increments from Iraq and Saudi Arabia that added a further 1.5 million barrels a day. What we know from history is that the oil market takes an awful lot longer to adjust to supply shocks than it does to cyclical demand shocks.
OEF Rapid Review Articles. Question: BP moved very quickly to say it thought that the oil price would stay low for a long time. What factors fed into that statement? Answer: If you consider the two most recent big drops – 2008/2009 and 1998 – both of those were driven by economic recessions.
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Exxon Mobil – The outlook for energy: A view to 2040
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OEF REVIEW:Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil said today in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy sources and lower carbon fuels, such as natural gas, are expected to help reduce by half the carbon intensity of the global economy.
OEF Rapid Review Articles. Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil said today in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy ...
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Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040
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OEF REVIEW:These are the key findings of this report on Canadian oil and energy: 1. Recent developments have highlighted numerous uncertainties for Canada’s long-term energy outlook. 2. In the Reference Case, energy production grows faster than energy use and net exports of energy increase. 3. The levels of future oil and natural gas production are highly dependent on future prices, which are subject to considerable uncertainty. 4. Without development of additional oil pipeline infrastructure, crude oil production grows less quickly but continues to grow at a moderate pace over the projection period. 5. The volume of liquefied natural gas exports is an important driver of Canadian natural gas production growth. 6. Total energy use in Canada, which includes energy use in the energy production sector, grows at similar rates in all Energy Future 2016 cases, and Greenhouse Gas emissions related to that energy use will follow similar tren

OEF Rapid Review Articles. These are the key findings of this report on Canadian oil and energy: 1. Recent developments have highlighted numerous uncertainties for Canada's long-term energy outlook. 2. In the Reference Case, energy production grows faster than energy use and net exports of ...
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British Petroleum CEO says flood of crude means “sharp shocks”
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OEF REVIEW:“There is excess supply out there,” the CEO of BP told reporters on Thursday at the World Economic Forum in the Swiss resort. “These are very sharp shocks for countries and the industry. The first mantra of the oil crisis was “lower for longer.” Then “lower for even longer.” Now in Davos, executives are starting to talk—or rather, whisper—about a new nightmare scenario: “A lot lower for a lot longer.”


OEF Rapid Review Articles. “There is excess supply out there,” the CEO of BP told reporters on Thursday at the World Economic Forum in the Swiss resort. “These are very sharp shocks for countries and the industry. The first mantra of the oil crisis was “lower for longer.
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EIA: Changing contract expiration dates will affect crude oil futures comparisons
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OEF REVIEW:A change to the North Sea Brent crude oil futures contract will alter the way prices for Brent futures are compared to futures prices for West Texas Intermediate (WTI) crude oil. Beginning January 29, the Brent contract will expire, or rollover to the next month, approximately two to three weeks before expiration of the WTI contract for delivery in the same month. Prior to the change, the Brent contract rollover was only five to seven days ahead of the WTI rollover.

OEF Rapid Review Articles. A change to the North Sea Brent crude oil futures contract will alter the way prices for Brent futures are compared to futures prices for West Texas Intermediate (WTI) crude oil. Beginning January 29, the Brent contract will expire, or rollover to the next month, ...
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China’s stock-market plunge: Is the economy going down the tubes?
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OEF REVIEW:With the Shanghai Stock Exchange Composite Index down more than 40% since last June, investors worldwide are watching the decline with growing concern – but not because they are invested in the plummeting market (China’s stocks are overwhelmingly held by Chinese). Rather, the fear is that plunging equity prices mean that China’s economy is going down the tubes. But those seeking compelling clues about China’s economic future should look elsewhere.
OEF Rapid Review Articles. With the Shanghai Stock Exchange Composite Index down more than 40% since last June, investors worldwide are watching the decline with growing concern – but not because they are invested in the plummeting market (China's stocks are overwhelmingly held by Chinese).
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U.S. shale firms, struggling to profit with $30 oil, slash spending more
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OEF REVIEW:Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with one of them saying prices would need to rise more than 20% just to turn a profit.
OEF Rapid Review Articles. Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with one of them saying prices would need to rise more than 20% just to turn a profit. SOURCE: worldoil.com. World Oil ...
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Baker Hughes Inc: US rig count drops 18 units; global count could fall 30% in 2016
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OEF REVIEW:With oil-directed rigs representing two thirds of the decline, the US drilling rig count fell 18 units to 619 during the week ended Jan. 29, the latest Baker Hughes Inc. data show (OGJ Online, Jan. 22, 2016). The overall count is down 924 year-over-year and the lowest since Aug. 6, 1999. Martin Craighead, BHI chairman and chief executive officer, forecasted more pain in 2016 for the worldwide drilling industry“. At current commodity prices, the global rig count could decline as much as 30% in 2016, as our customers’ challenges of maximizing production, lowering their overall costs, and protecting cash flows are now more acute,” he said.
OEF Rapid Review Articles. With oil-directed rigs representing two thirds of the decline, the US drilling rig count fell 18 units to 619 during the week ended Jan. 29, the latest Baker Hughes Inc. data show (OGJ Online, Jan. 22, 2016). The overall count is down 924 year-over-year and the lowest ...
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Diversified strategy needed to offset oil price swings
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OEF REVIEW:Given the current circumstances, the impact of China on global markets should not be underestimated. As the world’s largest oil importer, China is one of the countries that benefits the most from low oil prices. The decline in oil prices is generally good for China. But wild swings in oil prices, and a possible price rise in the future, could have a big negative impact on the country’s economy. One of the strategies to offset the impact of wild fluctuations in oil prices is to increase the country’s oil reserves.

OEF Rapid Review Articles. Given the current circumstances, the impact of China on global markets should not be underestimated. As the world's largest oil importer, China is one of the countries that benefits the most from low oil prices. The decline in oil prices is generally good for China.
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