Energy Majors Face Off To Get A Piece Of This $40 Billion Deal

With the sweltering summer heat advancing, Iraq’s electricity sector is in desperate need of an upgrade. Residents suffer significant daily power outages, which often makes life unbearable in the hottest months of the year. But help may be on the way, as Iraq has allocated more than $40 billion to rebuild its power network. German-based Siemens and U.S. rival General Electric Co. have competed fiercely for Iraq’s business in recent years. The opportunity to upgrade Iraq’s electricity infrastructure would be a major boost for either…

Canada Government Set to Approve Trans Mountain Expansion

The federal government of Canada is set to approve the highly controversial Trans Mountain pipeline expansion project this week, unnamed sources have told Reuters. The project, which would boost the current capacity of the Trans Mountain pipeline from Alberta to the coast of British Columbia three times, to 890,000 bpd, pitted against each other Canada’s oil heartland Alberta and neighbor B.C. whose government is strongly opposed to new oil projects. Ottawa bought Trans Mountain Pipeline (TMP), the Trans Mountain Expansion Project (TMEP),…

Pompeo Makes Hard Claim: Strait Of Hormuz Will Remain Open

The Strait of Hormuz will remain open for all vessels, the U.S. Secretary of State Mike Pompeo told CBS in an interview this Sunday, adding that Washington was considering its options on the evidently firm belief that Iran was behind the attacks on two tankers that stole headlines last week. The Strait of Hormuz is the biggest oil chokepoint in the world, with millions of barrels of oil passing it daily, in addition to other cargos. As tensions between the U.S. and Iran have deepened since the re-imposition of sanctions against Iran, Tehran has…

Canada Government Set to Approve Trans Mountain Expansion

The federal government of Canada is set to approve the highly controversial Trans Mountain pipeline expansion project this week, unnamed sources have told Reuters. The project, which would boost the current capacity of the Trans Mountain pipeline from Alberta to the coast of British Columbia three times, to 890,000 bpd, pitted against each other Canada’s oil heartland Alberta and neighbor B.C. whose government is strongly opposed to new oil projects. Ottawa bought Trans Mountain Pipeline (TMP), the Trans Mountain Expansion Project (TMEP),…

CANADA STOCKS-TSX treads water as energy slips on lower oil prices

June 17- Canada's main stock index opened flat on Monday as the heavyweight energy sector declined tracking lower crude prices, and investors awaited a pivotal U.S. Federal Reserve meeting that could provide clues on the path of future rate cuts. *At 9:34 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 1.28 points, or 0.01%, at 16,303.19.

UPDATE 4-Oil prices slip as economic worries outweigh tanker tensions

*Chinese industrial output sags, India imposes U.S. tarriffs. LONDON, June 17- Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears stoked by attacks on oil tankers in the Gulf of Oman last week. Brent futures fell 35 cents, or 0.56%, to $61.66 a barrel by 1030 GMT, having gained 1.1% on Friday.

UPDATE 1-Oil prices rise after tanker attacks stoke Middle East tensions

Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week. Brent futures had climbed 26 cents, or 0.4%, to $62.27 a barrel by 0314 GMT. Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the…

Why The Oklahoma Shale Boom Isn’t Taking Off

Just three years ago it was the new hot spot in U.S. shale, the “Permian Jr.”, and the place where many pinned their hopes for the next oil boom. Now, oil and gas companies are curbing their operations in the STACK/SCOOP plays in Oklahoma, some are selling, and there is little evidence of the enthusiasm from three years ago. The low cost of production and high yields were among the factors that drove the rush to the STACK (Sooner Trend, Anadarko, Canadian, and Kingfisher) and SCOOP (South Central Oklahoma Oil Province) plays. Devon,…