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Oil firms expected to increase capital spending in 2017

The oil industry may be ready to open its wallet after two years of slashing investments. Companies will spend 2.5 percent more on capital expenditure next year than they did this year, the first yearly growth in such spending since 2014, BMI Research said in a Sept. 22 report. Spending will increas ...

Cheap gas means U.S. should ease auto efficiency, lawmakers say

The U.S. auto industry got strong backing from Republicans in Congress as it petitions the federal government for an easing of fuel-economy rules that carmakers say they cannot meet with low gasoline prices. Leaders on the House Energy and Commerce Committee Thursday echoed industry calls for relief ...

Top Permian producer says rig count there is about to soar

The biggest player in the Permian Basin, America’s most coveted oil field, thinks rig counts in region are poised for explosive growth. In an interview with Bloomberg, Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield predicted that 100 oil rigs will be added in the area co ...

Venezuela set to start massive Orinoco heavy crude project

With the help of Houston-based Schlumberger, Halliburton and Baker Hughes, Petroleos de Venezuela will start “one of the world’s largest drilling projects” in the Orinoco heavy crude belt. “The project involves contracting integrated services for platform construction, drilling, completion and conne ...

Oil rises on OPEC hopes

Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed U.S. crude inventories declined. November futures rose by as much as 2.5 percent in New York. OPEC ministers can transform the gathering into an extrao ...

InterOil founder abandons fight to derail Exxon’s takeover

InterOil Corp. founder and ex-CEO Phil Mulacek said most of the natural gas explorer’s shareholders will vote in favor of Exxon Mobil’s acquisition on Wednesday, despite his two-month campaign to hold out for a better deal. Mulacek, who founded InterOil in the 1990s and led it until he stepped ...

OPEC may hold formal meeting in bid to cut production, boost prices

OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. OPEC will hold an informal meeti ...

Companies offer to build cheapest solar plant ever

Two companies offered to build the cheapest solar power plant on record in Abu Dhabi, reflecting declining costs for photovoltaic cells and cheaper financing for clean-energy projects. Government-owned Abu Dhabi Water & Electricity Authority received a record-low bid of 2.42 cents a kilowatt-hou ...

India’s oil imports hit record as gasoline demand booms

India’s crude oil imports peaked in August as refineries stepped up purchases to meet record domestic fuel consumption. Indian refiners imported 18.81 million metric tons (about 4.45 million barrels a day) of crude oil during the month, a 9.1 percent increase over last year, according to the oil min ...

Energy Future Holdings clears big hurdle with approval of Oncor sale

Energy Future Holdings Corp. won court approval to sell its Oncor electricity distribution business to NextEra Energy, bringing the biggest U.S. power bankruptcy one step closer to a conclusion more than two years after it began. The approval came after NextEra agreed to increase its offer by $300 m ...

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