Iraq Wants ExxonMobil’s, Petrochina’s Help. If Iraq wants to maintain its daily production of 4.8 million barrels, it might need some outside help – something officials are hoping to get through deals with ExxonMobil and Petrochina. [Oilpro]
Asian Oil Markets Welcome Iranian Crude. Japan, South Korea and India have all boosted crude oil purchases from Iran in 2016 as the country continues to defy skeptics with a 25 percent surge in production with an aim to reach an eight-year high for daily output. [Bloomberg]
Hong Kong Wants More LNG. Billionaires in Hong Kong are joining forces to explore the possibility of building an offshore LNG receiving terminal as officials desire to decrease its reliance on coal and increase natural gas-fired generation. [Bloomberg]
Shell’s Earnings Plunge in 2Q. Royal Dutch Shell posted net income far lower than the $2.1 billion expected by analysts, sitting at $1 billion, with an upstream division which lost $1.3 billion compared with a $469 million deficit last year. [Reuters]
Turkey’s Oil and Gas Sector To Be Hit Hard By Failed Coup. It’s going to be a rough time for Turkey as civil unrest in the region and the potential for more supply disruptions could continue to hamstring oil and gas exports. [Business Insider]
ConocoPhillips Posts Quarterly Loss. Oil producer ConocoPhillips saw its net loss widen to $1.07 billion in the second quarter with a reduced budget down to $5.5 billion.[Reuters]
FERC Rules No Environmental Impact In National Fuel Pipeline. While the Federal Energy Regulatory Commission did not give final approval for a 96.5 mile, $455 million natural gas pipeline, the agency did not find any significant environmental impact across four Western New York Counties. [The Buffalo News]
Shell Makes New GOM Discovery. Shell has made a new exploration discovery in the deepwater Gulf of Mexico. The initial estimated recoverable resources for the Fort Sumter well are more than 125 MMboe. [Oilpro]
Libya’s Oil Plans Suffers Setback. Libya’s plans to increase oil output staggered after state-owned National Oil Corporation opposed a potential deal between the government and Petroleum Facilities Guards. [Platts]
Exxon Negotiating For Mozambique Gas Discoveries. ExxonMobil is setting it sights on acquiring a minority stake in natural gas discoveries off the coast of Mozambique, and is also in talks with Anadarko for a similar deal. [CNBC]
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