Oil Mining News

BHP's board approves funding for BP-led U.S. oil project

The $696m move comes about a month after London-listed oil and gas major BP discovered further oil prospects in the Gulf of Mexico.

SNC-Lavalin bonds weaken as S&P cuts company to cusp of junk

The company said it failed to reach an agreement with a client in a dispute over a mining project in Latin America, prompting it to slash its profit forecast by more than 40% for the year.

Teck misses Q4 profit estimates on lower copper, zinc and oil prices

Canada’s largest diversified miner saw its quarterly profit drop 41.5 % from the year earlier, amid lower prices for copper, zinc and oil.

Saudi Arabia to spend $3.8B to enhance mineral exploration

"The law allows 100 percent ownership...and you can apply for exploration or mining licenses."

Teck Resources flags fourth-quarter profit coming below estimates

EBITDA will be down by about $148 million.

Oil majors near inflection point as spending rises

Industry leaders now appear to be positive that growth can be achieved after several difficult years.

Saudi Arabia: We'll pump the world's very last barrel of oil

The Saudis have the two key ingredients to continue pumping oil till kingdom come—huge reserves and low production costs.

Azeri state fund to boost share of gold in its holdings this year

SOFAZ held 50.95 tonnes of gold worth $2.1 billion at the end of 2018.

Glencore loses exclusive rights to major Libyan oil grades

Glencore lost exclusivity on Messla and Sarir.

BP launches $3B sale of U.S. onshore assets to fund BHP deal – sources

The entire portfolio generates around $700 million in operating cashflow a year.

Big coal wants consumers to pay for fixing its pollution problem

"CCS is a get-out-of-jail card and a great business opportunity,” - Michael Liebreich, founder of Bloomberg NEF research group.

Brazil launches new mining agency days before Temer steps down

Changes to Brazil’s 50-year-old mining regulations also came in effect Wednesday and include measures that make the country’s industry more competitive and sustainable.

The Saudi dilemma: To cut or not to cut

To cut and push up prices or not to cut and preserve market share.

What to watch in commodities: Trump-Xi, OPEC, iron, Tesla, crops

It’ll be an important week for iron ore, which has been badly beaten up in November.

Navy admiral named Brazil’s Minister of Mines and Energy

Albuquerque, 60, will tackle offshore oil licensing rounds and planned energy privatizations.

Venezuela pays miner $425m in move to safeguard Citgo

If the required steps to fully implement the amended settlement do not take place Crystallex will go back to court to seize assets linked to Citgo.

Goldman predicts commodities will soar in 2019 as oil, gold climb

Many of the political uncertainties weighing on commodity markets have a significant chance of being addressed in Buenos Aires.

Shale boom raises specter of new glut: Gulf Coast oil terminals

The race to export U.S. shale oil overseas is about to get fierce.

Oil heads for seventh weekly loss on signs of global supply glut

Demand for Saudi crude may be lower in January compared with December - Khalid Al-Falih

Saudi Arabia says new mining project to increase non-oil GDP by 3%

King Salman inaugurated the Waad Al-Shamaal mining project, which is expected to boost the kingdom's GDP by $6.4 billion and its non-oil GDP by 3%.

Global oil demand under growing threat from electric cars, cleaner fuel

Analysis shows oil consumption growing in coming decades, due to rising petrochemicals, trucking and aviation demand but meeting this growth in the near term means that approvals of conventional oil projects need to double.

A viable alternative to LNG

Our options are actually quite limited when it comes to the globe’s energy dilemma, the answer is nuclear energy and lithium-ion battery storage technology. Now all we need to do is convince the politicians.

Powell and gold between inflation and global slowdown

Do not expect higher gold prices due to the surge in inflation or dovish revolution within the Federal Open Market Committee.

Can we expect a major rebound in oil prices?

After declining by more than 20 percent from the October peak, oil prices are showing some signs that they have now bottomed out.

Translating the mindset of peak oil to peak gold

The Mercenary Geologist Mickey Fulp discusses with Maurice Jackson of Proven and Probable how peak oil could inform investment in gold miners.