Oil Mining News

Glencore posts worst half-yearly profit since listing in London

Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.

Nailing the bottom of oil

Bob Moriarty points investors toward information that accurately captures movement in energy markets.

Saudis ramping up oil output to gain leverage in OPEC talks

Saudi Arabia suggests it may be increasing its August crude output to a new all-time high as it could give it more leverage to influence the September informal talks on a possible production freeze, Reuters reported on Wednesday, citing industry sources.

India to tap into Russia’s undeveloped coal, iron ore deposits

Cooperation agreements between the nations would guarantee India fresh supply of Russian coal, liquefied natural gas (LNG), diamonds and fertilizers.

World’s No. 1 miner BHP Billiton posts $6.4bn annual loss — its worst-ever

Not even counting the $7.7 billion in write-downs and charges, BHP’s underlying profit dropped by a painful 81% to $1.2 billion for the year to June.

Today's downturn sets markets up for a dramatic oil price spike

Oil and gas companies have gutted their capex budgets, necessary moves as drillers went deep into the red following the crash in oil prices. But the sharp cutback in investment means that huge volumes of oil that would have otherwise come online in five or ten years now will remain on the sidelines.

Did oil kill the dinosaurs?

What killed the dinosaurs? It's a question as old as – well the dinosaurs themselves, and one that everyone from school children to scientists have been asking for decades.

Enbridge to pay $61 million fine for 2010 oil spills in Michigan, Illinois

$177 million settlement announced Wednesday requires action to prevent future spills.

Canadians spent over $32bn in mining acquisitions in first half of 2016

Overall, Canadian deal-making in the first half of the year fell in line with the global cooling down trend that has followed the record valuations of 2015.

INFOGRAPHIC: The volatile history of crude oil markets

The infographic serves as the perfect primer for all the questions about oil that you had, yet were afraid to ask.

Oil industry faces huge worker shortage

Bringing back all of that equipment and personnel is no easy task.

Russia gets $813m for stake in diamond company Alrosa

The sum obtained after selling 10.9% of the state-controlled diamond producer will be used to cut budget deficit, the government said.

Bill Gates and other billionaires backing a nuclear renaissance

The positive side of nuclear energy definitely deserves more attention than it's currently getting.

Chinese fund eyes Glencore gold mine in Kazakhstan

China’s state-backed Silk Road Fund is said to be considering a joint $2 billion bid with China National Gold Group for the Vasilkovskoye mine.

Canada oil sands output to grow 1 million barrels daily by 2025

The 42%-growth to 3.4 million barrels per day by 2025 will come from the expansion of existing facilities rather than new projects, IHS says.

BHP hikes exploration spending, to focus mostly on copper, oil

It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.

Brexit: Gold, metals, markets react as Britain chooses to leave the EU

Gold climbs the most in eight years, while copper and oil fall.

Move over oil – lithium is the future of transportation

Just a few years ago, we would have scoffed at the idea that electric vehicles could be mainstream anytime soon, or that the global appetite for lithium-ion batteries and mass power storage would be so voracious, and so sudden.

Increase In U.S. rig count will not cap oil prices

The Catch 22 is if oil prices rise high enough to put drilling and service back to work then it won’t last long.

Oil prices send sell signal

Technical analyst Jack Chan believes a correction in oil prices is underway, and advises investors to use caution in a vulnerable market.

Electric vehicles have the potential to be a significant disruptive force for commodities markets

Tesla Model 3 promises to move electric cars from niche to mainstream, spurring larger electric car adoption in transport, according to Wood Mackenzie’s latest research.

Decision on TransCanada's Energy East closer than ever as federal board begins review

The East Energy pipeline is expected to generate $55 billion in economic benefit for Canada and create over 3,300 operational jobs across the country.

Global upstream investment slashed by US$1 trillion since the oil price drop

Wood Mackenzie expects to see further cuts throughout the year and investment levels continue to shrink as more projects are dropped and companies struggle to breakeven.

Egypt ancient gold mines offer clues on country’s untapped vast mineral deposits

The country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.

Cenovus bumps up caribou protection project with $32M investment

The company aims to replant forests along old access roads and seismic lines in an area covering 3,900 square kilometres — more than 10 times what it accomplished through its early-stage work.