News
‘Brexit’ leads to oil-field shutdowns in North Sea
The pace of shutdowns in the North Sea oil-field is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit. Projected spending on decommissioning in the...
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India speeds work on oil reserves that could take in U.S. exports
India, increasingly reliant on oil imports, has finished the first unit of the country’s new strategic petroleum reserve, and is working on two more. The three facilities in southern India will hold a total of...
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Saudis expand tanker fleet to boost exports
A venture between Arab Petroleum Investment Corp., known as Apicorp, and National Shipping Co. of Saudi Arabia will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,...
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Drillers closing financial gap with spending cuts
HOUSTON – After two years of deep spending cuts, U.S. oil companies have reduced a big gap between the cash they spend on drilling and the income from producing oil. Domestic drillers outspent their operating...
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Westlake Chemical takes $40 million hit on plant shutdown
Westlake said Monday it will report a $40 million financial loss for the lost income during the downtime. The Calvert City, Kentucky plant has sat offline since an unexpected shutdown, which began June 1, halted...
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