IEA Sees Global Oil Supply Tightening More Quickly In 2019

The global oil market could move into deficit sooner than expected, thanks to OPEC’s output agreement with Russia and others and to Canada’s decision to cut supply, the International Energy Agency said on Dec. 13

Rep. Goodlatte Presses Administration To Support Anti-OPEC Legislation

Rep. Bob Goodlatte, outgoing chair of the House of Representatives Judiciary Committee, pressed the Justice Department’s Makan Delrahim on Dec. 12 to support legislation that would make it easier for the U.S. government to sue to stop OPEC members from pushing up oil prices.

Exxon Mobil Decides To Develop West Barracouta Gas Project

The project will be tied back to the existing Barracouta infrastructure offshore in Bass Strait, the first offshore field ever discovered in Australia.

PetroChina Strikes Large Oil, Gas Flows In Exploration Well At Tarim Basin

PetroChina Co. Ltd. struck sizeable oil and gas flows in an exploration well in the Tarim basin of the remote northwestern region of Xinjiang, marking a breakthrough in exploring an earlier untapped region, parent CNPC said on Dec. 13.

Mexico Flags ‘Delicate’ Pemex Finances, Plans Tight Budget

Addressing lawmakers in a congressional hearing, deputy finance minister Arturo Herrera acknowledged concerns that Pemex risks a credit rating downgrade and said the company would need to be looked after very carefully.

PTTEP Wins Erawan, Bongkot Petroleum Blocks In Gulf Of Thailand

Thailand’s PTT Exploration and Production Public Co. Ltd. has won the production and development rights for the Erawan and Bongkot petroleum concessions in the Gulf of Thailand, Energy Minister Siri Jirapongphan said on Dec. 13.

Nigeria Files $1.1 Billion Lawsuit Against Shell, Eni Over Oilfield Deal

The Nigerian government filed a $1.1 billion lawsuit against Shell and Eni in a commercial court in London on Dec. 13 in relation to a 2011 oilfield deal involving block OPL 245.

Chrysaor Sets Sights On Chevron's North Sea Assets, Sources Say

Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for the bids for Chevron's British North Sea oil and gas fields approaches, the four sources said.

Total Sells 4% Of Ichthys LNG Project For $1.6 Billion

Total remains committed to the Australian Ichthys LNG project and the French company would be holding on to its remaining 26% stake in Ichthys, says a company exec.

Hess Sees Oil Output Growing Driven By Bakken, Offshore Guyana Projects

Hess expects oil output to grow more than 10% per year compounded through 2025, citing higher growth opportunities at its Bakken shale and offshore Guyana projects.

EIA: US Crude Oil Stockpiles Dip; Gasoline Builds

The EIA reported U.S. crude oil stockpiles fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.

OPEC Needs To Cut Output By 700,000 bbl/d More For Brent To Hit $70

Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel (bbl), oil and gas consultancy Rystad Energy said.