Global energy demand will grow by 25 percent to 2040, requiring more than $2 trillion a year of investment in new energy supply, the International Energy Agency states in its Global Energy Outlook 2018. According to the agency, global energy demand could even double unless consumption efficiency increases. This scenario will encourage a rise of natural gas to being the …

Fracking has been cast adrift in Colombia after the State Council ruled to temporarily suspend the administrative actions by which the government authorized and fixed the criteria for unconventional hydrocarbon exploration and production. This measure affects both the Decree 3004 of December 26, 2013, and Resolution N° 903341 of March 27, 2014. The State Council deemed the conclusions of a …

Falling crude prices could lead the Organization of Petroleum Exporting Countries (OPEC) to implement a new production cut agreement, hoping to convince Saudi Arabia to reduce its output in order to boost prices. On Sunday (11/11/2018), OPEC members will meet to decide the future of the oil market. Sources close to the organization stated that a possible deal would depend …

By Joaquin Robles, XTB Analyst Over the past weeks, we have witnessed the progressive decline of oil prices as fears of a new deceleration rose. Said deceleration could spark a drop in demand. Another determining factor has been the fact that sanctions against Iran will seemingly be less strict than the market had anticipated. The international markets will continue to …

Equinor and its partners were the successful bidders for new exploration parcels in the prolific Jeanne d’Arc basin, offshore Newfoundland and Labrador. Equinor will operate two exploration parcels, NL18-CFB01-14 (Equinor Canada 70 percent, Husky Energy 30 percent); and NL18-CFB01-15 (Equinor Canada 60 percent, Suncor Energy 40 percent). Overall, the area covers 4,126 square kilometers. In addition, Equinor will participate in …

The oil market has managed to rally throughout the year, hitting record highs not seen since before the 2014 market crash; however, this situation could change over the coming weeks. With supply levels growing non-stop thanks to the oil majors – United States, Saudi Arabia, and Russia – there is growing concern that economic weakness may impact global demand. A …

U.S. oil production hit a new record by surpassing 11 million barrels per day in August. This is the first time the nation gas recorded this production levels, standing as the number one producer, with Russia at a close second. The U.S. Energy Information Administration (EIA) reported that the country’s production reached 11.3 million bpd, compared with the 11.2 million …

Royal Dutch Shell announced the commencement of trading in the second tranche of its share buyback program. This second tranche will be carried out in the London Stock Exchange and/or the CBOE Europe Equities. The company is planning to repurchase at least $25 billion of its shares by late 2020; this will be subject to a greater debt reduction and …

Argentina’s state-owned oil company YPF is set to invest $4-$5 billion a year between 2019-2023, according to its new business plan. Also, it sees production increasing between 5 and 7 percent year-on-year. In addition to presenting its 2019-2023 Business Plan, the South American firm also celebrated its 25 years of being listed in the Buenos Aires and New York Stock …

Petrobras could sell an additional $20 billion in assets next year, according to a source familiar with the matter; furthermore, it said that the state-owned oil company expects to maintain the pace of divestments despite recent setbacks. Planned sales of the company’s Pasadena refinery in Texas and two set of oil fields in the Campos basin could be finalized late …

According to the quarterly results published on Wednesday, Repsol increased its net income by 37 percent between January and September from the same period of 2017, obtaining €2.1 billion, boosted by the rise of crude prices in 2018. On the other hand, its adjusted net income, which specifically measures the performance of the company’s businesses, rose by 11 percent to …

Fourteen years after suspending gas exports to Chile, Argentine Secretary of Energy Javier Iguacel and Chilean president Sebastian Piñera announced, on October 30, 2018, that the nations would resume the natural gas export cycle. The gas will be used for power generation at Colbún SA’s Nehuenco facility, located in the region of Valparaíso, as the Secretariat of Energy of the …