Europe
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
Haldor Topsøe wins diesel hydrotreater deal for Rosneft refinery in Russia
Haldor Topsøe has won the contract for a diesel hydrotreating unit for the Russian Syzran Refinery owned by Rosneft, the largest Russian oil company. The contract is a continuation of Topsøe’s and Rosneft’s collaboration, the companies said.
Suncor Energy suspends Syria oil operations
Suncor Energy declared force majeure under its contractual obligations and is suspending operations with the General Petroleum Corp. (GPC) in Syria, the company said on Monday. Suncor management is not changing total production guidance (2011 or 2012) because Libyan production is ramping up and was not included in the existing guidance.
Outlook bleak for Europe, US refiners at end of dismal year
A dismal year for the European and US refining market is set to end on a sour note as profit margins are squeezed by high oil prices and lackluster product demand.
Russia’s Novatek to double gas output by 2020
Russian natural gas producer OAO Novatek expects to more than double output to around 115 billion cubic meters a year by 2020, according to company officials.
Eni CEO: Italy can cope with EU ban on Iran crude
Italy could cope with a potential European Union ban on Iranian crude imports, the top executive of Italian oil major Eni said Thursday, but added that oil payments from the Islamic republic were more of a concern if an embargo was imposed. The EU is mulling an oil embargo against Iran as a sanction against the country's nuclear program.
Chevron to spend record $32.7 billion on capital projects in 2012
Chevron said it expects to spend a record $32.7 billion on capital projects in 2012 as it continues to invest in massive oil and gas projects worldwide. Rivals ConocoPhillips and Marathon Oil recently announced double-digit capital budget increases for next year, showing major oil companies are confident about the sustainability of high oil prices.
IEA says nations must act independently on climate
With little hope for significant progress on a major international climate agreement at this week's climate negotiations, nations must take it upon themselves to reduce emissions and mitigate climate change, the head of the IEA said Tuesday. To limit rising temperatures to an average of 2 degrees Celsius, global growth would have to come with just a 20% rise in emissions in the years ahead, she said.
Iran says EU ban on crude imports to hurt Europe
Iran doesn't expect Europe to follow through on its threat to ban imports of oil from the Islamic republic because it would hurt the euro zone's energy security.
Shale gas gives rise to era of energy independence
A boom in shale gas output has lifted US gas supplies to record levels, creating an environment to sustain low prices and offering a new era in energy independence.
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