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Norway to reduce deductions available to oil industry in bid to shift tax burden

The Canadian PressMay 5, 2013 10:00

OSLO - The Norwegian government is proposing to shift the tax burden more to its large oil industry to stimulate growth in other sectors. Prime Minister Jens Stoltenberg presented a new tax plan Sunday that will increase tax revenues from the oil industry by 70 billion kroner ($12 billion) by 2050 by reducing deductions available to that sector. Meanwhile, he will cut the corporate tax rate to 27 per cent from 28 per cent from 2014. The announcement could affect oil industry stocks when markets reopen Monday.

Surging US oil production strains distribution system

Agence France-PresseMay 4, 2013 13:01

Surging oil production has put the United States on track toward greater energy independence, pushing US reserves to their highest levels in 30 years. But analysts say bottlenecks in the distribution system are keeping oil from reaching markets. US oil stocks reached 395.3 million barrels last week, a level not seen since US authorities began publishing weekly figures in 1982. The Energy Department's monthly figures show it to be the highest since April 1981.

Shell CEO Voser to retire in 2014; company first quarter profit dips on lower oil prices

The Canadian PressMay 2, 2013 03:45

AMSTERDAM - Royal Dutch Shell PLC said Monday Chief Executive Peter Voser will step down in early 2014, and the company reported lower first-quarter profits in the wake of a decline in oil prices. The departure comes as a surprise, as Voser is just 54 years old and is well-regarded within the industry. Shell broke with a longstanding tradition of alternating British and Dutch chief executives with the July 2009 appointment of Voser, a Swiss national.

Harrison says Canadian Pacific proceeding cautiously with oil-by-rail business

The Canadian PressMay 1, 2013 13:15

TORONTO - The head of Canadian Pacific Railway (TSX:CP) says he believes there is enough room in the oil and gas industry for businesses to oil ship by rail and by pipeline. However, Hunter Harrison told the company's annual meeting that the railway is "proceeding cautiously" in the business and doesn't plan to build long-term infrastructure for what could be a short-term boom. "It's an opportunity but it's something we have to be pretty cautious about," Harrison said from the meeting at a Toronto hotel.

USGS nearly doubles 2008 estimate, says 7.4 billion barrels of oil possible in ND and Mont.

The Canadian PressApril 30, 2013 18:01

BISMARCK, N.D. - Government data released Tuesday show that 7.4 billion barrels of oil could be recovered from two massive shale formations spanning parts of the Dakotas and Montana, nearly double the amount previously estimated for the region. The new number from the U.S. Geological Survey is based on data largely from oil company and state drilling records. But unlike the agency's 2008 estimate, it includes more than 3 billion barrels of oil believed held in the Three Forks formation, which is directly below the oil-rich Bakken formation.

Pirates kidnap five foreign sailors off Nigeria

Agence France-PresseApril 29, 2013 12:16

Pirates stormed a cargo ship off Nigeria's oil-producing southern coast, kidnapping five foreign sailors and stealing cash, a watchdog and a security source said Monday. The International Maritime Bureau (IMB) said the April 25 incident was carried out by "14 heavily armed pirates" who boarded the vessel 45 nautical miles off the Nigerian town of Brass. They forced their way into the ship's saferoom, making off with crew and cash, the IMB said in a statement.

Iran parks millions of oil barrels on tankers as buyers retreat

Thomson ReutersApril 24, 2013 12:31

By Jonathan Saul LONDON (Reuters) - Iran is storing millions of barrels of oil on tankers in its territorial waters as Tehran struggles with tougher Western sanctions on its vital seaborne export trade, ship industry sources say. Iran's oil revenues have fallen by about 50 percent since tough EU and U.S. measures were imposed last year, hurting business and cutting living standards for ordinary Iranians.

Keystone failure would send Canadian oil to Asia

Agence France-PresseApril 22, 2013 16:46

A rejection by the US of the Keystone pipeline would accelerate Canadian efforts to diversify its customer base for energy exports beyond the US, a top Canadian official said Monday. "What we will do is intensify our focus on diversifying our markets to the rapidly-growing Asian Pacific area and elsewhere," Canada's Minister of Natural Resources Joe Oliver told reporters on the sidelines of an energy conference. Oliver offered a muscular defense of the Canadian oilsands in an address to a renewable energy conference.

Syrian rebel oil sales at least a month off

Thomson ReutersApril 22, 2013 13:15

By Julia Payne LONDON (Reuters) - The Syrian opposition will not be able to sell its crude oil for at least another month due to a lack of real executive power, even though the EU has eased an embargo to help them, a prominent member of the Syrian National Council said on Monday. European Union governments agreed on Monday to ease sanctions on Syria to allow for purchases of crude from the opposition, in hopes of throwing a financial lifeline to rebels fighting President Bashar al-Assad.

EU eases Syria oil embargo to assist rebels

Agence France-PresseApril 22, 2013 11:01

European Union foreign ministers on Monday eased an oil embargo against Syria with the aim of helping rebels fighting President Bashar al-Assad's regime. Under the deal, European firms seeking to import Syrian crude or invest in the energy sector would ask for authorisation from their government, which in turn would confer with Syria's opposition National Coalition to secure its agreement.