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The Kurdish Oil Gamble Has Backfired

November 8, 2017 Gregory Brew 0

Since September’s independence referendum and October’s dramatic Kirkuk re-capture by Iraqi troops, the drama over Kurdish oil continues, with new developments occurring early this week. On Sunday, the government of the Kurdish autonomous region of Iraq indicated it was prepared to hand over oil facilities, airports, border points and state revenue to Baghdad, provided the central Iraqi government agreed to hand over the Kurdish share of the national budget. The long-running dispute over the country’s oil revenues is at the center…

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Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

November 8, 2017 Tsvetana Paraskova 0

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of…

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Oil Prices Slip After Surprise Build In Crude Inventories

November 8, 2017 Irina Slav 0

After Brent and WTI both fell yesterday as traders started taking profit on the latest price rally, the EIA reported that U.S. crude oil inventories went up in the week to November 3, by 2.2 million barrels, rejecting API estimates of a 1.562-million-barrel draw. Analysts polled by S&P Platts had forecast a 2.7-million-barrel draw in crude inventories, as well as a 2.25-million-barrel decline in gasoline stockpiles. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls, especially…

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Bakken Oil Production Rises As Oil Prices Jump

November 8, 2017 Irina Slav 0

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

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Google Gets There First: Autonomous Cars On The Road

November 8, 2017 Irina Slav 0

Google’s self-driving car project, Waymo, has become the first to launch completely autonomous cars, free of humans behind the wheel, on the road. Waymo’s CEO, John Krafcik said yesterday at a conference in Portugal that the company had been testing the driverless vehicles on Arizona roads for the last couple weeks and will soon start offering taxi services using these cars. These cars will drive subscribers to Waymo’s Early Rider program within a 100-square-mile area in Chandler, a Phoenix suburb, and there will be a Waymo employee…

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