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ExxonMobil Looks To Build LNG Import Terminal Off Australia?s East Coast
by Tsvetana Paraskova
19 Jun 2018 at 1:00am
ExxonMobil plans to develop a project to import liquefied natural gas (LNG) on Australia?s east coast that has been suffering from gas shortages lately. The U.S. supermajor is planning for the project to start up as early as in 2022, a spokesman for Exxon told Platts in an email on Monday. Exxon?s Australian unit Esso Australia Pty Ltd and a unit of BHP Billiton each hold 50 percent in the Gippsland Basin Joint Venture (GBJV) for oil and gas exploration off the Gippsland coast in the state of Victoria. Earlier this year, ExxonMobil?

Egypt Raises Fuel Prices By Up To 50%
by Tsvetana Paraskova
18 Jun 2018 at 8:00pm
Egypt is hiking gasoline prices by up to 50 percent, as it is seeking to meet reform requirements for funds extended by the International Monetary Fund (IMF), but the gradual removal of the fuel subsidies makes ordinary Egyptians angry with austerity measures. Egypt is raising the prices for most of the gasoline varieties by up to 50 percent, and this is the third fuel price increase since November 2016, when Egypt floated the local pound currency. Back in November 2016, the IMF?s Executive Board approved a three-year extended arrangement?

5 Companies To Watch As Tech Takes Aim At The Finance Industry
by Meredith Taylor
18 Jun 2018 at 4:30pm
Bitcoin and cryptocurrencies exploded onto the scene in 2017 in a big way, and even the most casual investor jumped headlong into the roller coaster ride of digital currencies last year. Digital currencies are the hot topic of the day, but they have yet to prove their staying power. Meanwhile, innovation in financial services and mobile banking is proceeding at a searing pace, even if the massive change and upheaval unfolds beneath the headlines. The $8.5 trillion U.S. financial services industry is going through a dramatic transformation, with?

Israel Arrests, Indicts Former Energy Minister For Spying For Iran
by Tsvetana Paraskova
18 Jun 2018 at 4:00pm
Israeli police and secret services have arrested a former energy minister and charged him with spying for Iran and helping an enemy during war time, the Shin Bet security agency said on Monday. Gonen Segev, a former energy and infrastructure minister in the early 1990s, was arrested in May and was charged last Friday with spying against Israel for Iran, the security service said in a statement cleared for publication by the Israeli media today. The Israeli services have discovered during their investigation that Segev had been recruited by Iran?

Permian Discount Could Rise To $20 Per Barrel
by Nick Cunningham
18 Jun 2018 at 4:00pm
The pipeline constraints in the Permian basin have become a hot topic lately, not least because of the steep discounts that oil producers in West Texas have been forced to accept. But the midstream bottlenecks might not get resolved soon, raising questions about the growth prospects of the Permian, and thus, the entire U.S. shale complex. The Permian pipelines are essentially at full capacity, which means that ongoing increases in output are forcing producers to try to find creative ways to get their oil to market, including shipping oil on trains?

Where Will U.S. Frackers Drill Next?
by Tsvetana Paraskova
18 Jun 2018 at 4:00pm
With WTI oil prices staying above $60 a barrel for several months, U.S. drillers are breaking production records each week, mostly thanks to the Permian in West Texas and New Mexico. In recent months, however, some companies have started to test their fracking capabilities on oil fields that most agree reached their peak production decades ago. Drillers believe that it?s a winning bet. Analysts say it could be a breakthrough for the more challenging chalk formations in East Texas and Louisiana. Authorities and industry officials in Louisiana?

OPEC?s ?Modest? Aims Won?t Be Enough
by Nick Cunningham
18 Jun 2018 at 3:00pm
The OPEC+ meeting is just days away and it seems all but certain that the result will be some sort of increase in production, although the magnitude of the output increase remains to be seen. Another thing that seems all but certain is that the meeting will be incredibly contentious, with Saudi Arabia and Russia likely peeling off from the rest of the group. Russia has proposed an aggressive 1.5 mb/d production increase from the OPEC+ group, but many of the OPEC members oppose any increase at all. The gap between these two positions is so wide?

Teenagers Design ?Electric Rain? Machine To Produce Energy
by Tsvetana Paraskova
18 Jun 2018 at 2:30pm
A ninth-grade Azerbaijani student has come up with an idea to develop a device that will produce energy from rainwater, aiming to solve the problem of access to energy in low-income rainy countries around the world. Reyhan Jamalova, the creator of Rainergy, came up with the idea after her father wondered, ?If you can make energy from wind, why not from rainwater?? Fifteen-year-old Jamalova and a friend, Zahra Gasimzade, have worked for months under the guidance of their physics tutors to build a smart device that will make energy from?

Audi CEO Takes The Fall On VW Emissions Scandal
by OilPrice.com
18 Jun 2018 at 2:00pm
Audi may be Volkswagen?s luxury arm, but it?s still part of the emissions scandal body, and the arrest Monday of the Audi CEO in Germany on fears he might try to evade justice is the highest-profile twist in this ongoing investigation yet. German authorities detained the chief executive of Volkswagen's Audi division, Rupert Stadler, as part of a probe into the manipulation of emissions controls after three years have already seen billions in fines and the arrest and indictment of numerous executives, both in the U.S. and Germany. As?

The Unlikely Solution To The Battery Bottleneck
by Irina Slav
18 Jun 2018 at 2:00pm
Rechargeable lithium-ion batteries have one big problem that researchers are dedicating a lot of time to: their cathodes. Now, a team from the University of Maryland, the Brookhaven National Laboratory, and the U.S. Army Research Lab claims to have made a breakthrough in solving the problem. Cathodes, unlike anodes, tend to have a very limited capacity. As one of the lead authors in the new research puts it, ?Cathode materials are always the bottleneck for further improving the energy density of lithium-ion batteries.? So the team set?

Russia, Saudi Arabia Extend Oil Partnership Indefinitely
by Irina Slav
18 Jun 2018 at 1:00pm
Russia and Saudi Arabia have agreed to extend their oil partnership indefinitely, with the agreement stipulating that they could move to regulate oil production at any moment, TASS reports, quoting Energy Minister Alexander Novak. "I think that the framework is the same (the current agreement). It will simply be institutionalized, and will not specify particular volumes. Most likely it will stipulate the possibility of decision-making if needed,? Novak said. The news is a confirmation of what everyone was expecting from the largest participants?

Goldman Sachs Affirms Bullish View On Oil Prices
by Tsvetana Paraskova
18 Jun 2018 at 1:00pm
Despite expectations that OPEC and Russia will likely decide to boost production this week, Goldman Sachs continues to have a very bullish view on oil prices, with strong demand growth and further supply losses pointing to continued declines in inventories and higher oil prices for the rest of the year. ?Our updated global supply-demand balance continues to point to further declines in inventories and higher oil prices in 2H18,? the investment bank said on Monday, as carried by Reuters. Goldman kept its forecast that Brent Crude will?

LNG Spot Prices In Asia Spike To Four-Year Highs
by Tim Daiss
18 Jun 2018 at 12:00pm
Asian spot liquefied natural gas (LNG) prices continue their upward trajectory, reaching seasonal highs not seen since mid-2014 when global oil prices were trading over $100 per barrel. This time, however, spot prices aren?t spiking on the back of exorbitantly high global oil prices but come as buyers in North Asia compete for cargoes with Mexico and Egypt amid supply outages from global producers. Production setbacks in the United States, Australia and Malaysia also tightened supply, while recent LNG trading volumes in Asia have also been?

Iranian Influence In Iraq Grows
by Yossef Bodansky
18 Jun 2018 at 10:00am
Iran has effectively won the struggle to dominate the future of Iraq. It has done so against the formidable Shi?ite Arab populace, and after nearly a month of raw pressure, manipulations, special operations, threats and cajoling. This victory is a major step in Iran?s determination to consolidate the on-land corridor to the Mediterranean. At the same time, Turkish forces have taken advantage of the momentum to launch a major military operation against Turkish Kurd forces, deep inside Iraqi Kurdistan, with the acquiescence of Baghdad?

Employee Exposed To Radiation At Idaho Nuclear Waste Site
by Irina Slav
18 Jun 2018 at 10:00am
At a time when nuclear power is on the skids in the United States, an employee of Fluor Idaho, the operator of the Radioactive Waste Management facility in the state, suffered exposure to radiation, Yahoo News reports, noting the accident occurred in early June but was not publicly disclosed. A spokesperson for the company told Yahoo News that an investigation of the accident was underway and that ?a stop work has been declared on radiological work in gloveboxes and in other radiologically contaminated locations that involve the use of sharp?

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