‘It’s becoming more like Libya,’ one trader complains about the most recent shutdown.
Ineos said in a note to customers on Feb. 7 that the latest shutdown was caused by an unexpected closure of the feed control valves on the pipeline supplying the Kinneil gas processing plant.
Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans.
BP's profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn.
Poland, Ukraine, Baltic states also fear that Europe’s dependence on Russian natural gas would increase.
Britain is tightening controls on firms hoping to carry out hydraulic fracking in parts of the country by adding a financial health check to the application process, the government said on Jan. 25.
Seadrill’s main owner, Norwegian-born billionaire John Fredriksen, backed by Centerbridge Partners, and a group of unsecured bondholders have submitted alternative restructuring plans, and started talks earlier in January.
At least one European company has shown interest in the undeveloped Gaza Marine Field but Shell's discussions over the field have ground to a halt due to worsening political tensions in the region.
Uncertainty over whether the crude rally can stick and fears that advances in electric vehicles will undermine longer-term demand for oil still overshadow the sector.
Russia’s gas exports to Europe and Turkey rose by 8.1% to a record high 193.9 billion cubic meters (Bcm) in 2017, Alexei Miller, head of Gazprom, said in a statement on Jan. 3, despite EU efforts to cut its reliance on Russian energy.