(Oil Price) – Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise further in the coming years, to peak at
(World Oil) – LandBridge today announced it has entered into a purchase and sale agreement to acquire approximately 46,000 largely contiguous surface acres in the Southern Delaware Basin known as the Wolf Bone Ranch for total consideration of $245 million in cash from VTX Energy Partners, a subsidiary of Vitol. Located adjacent to LandBridge’s existing surface acreage in Reeves County, Texas,
Yahoo Finance HOUSTON – Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war. The talks in Cairo, also attended by the director
Nasdaq MILAN, March 5 (Reuters) – Vitol-backed energy storage company VTTI is close to acquiring a majority stake in Italy’s biggest liquefied natural gas import terminal from Exxon Mobil XOM.N and QatarEnergy, two sources with knowledge of the matter said on Monday. The deal, which sources previously said could value the entire terminal at about 800 million euros ($868 million), would give VTTI a role in
Nasdaq LONDON – As the world’s top global energy trading houses prepare for their biggest annual industry get-together this week in London they face a growing problem, what to do with their cash. Most trading houses, which are privately owned and controlled by their employees, disclose little about their cash position, equity or dividends. But according to more than 10
World Oil (Bloomberg) — Vitol Group, the world’s largest independent oil trader, is partnering with shale specialists who formerly led Brigham Exploration Co. to expand amid the highest crude prices in seven years. The trader and Austin, Texas-based driller ATX Energy Partners LLC formed VTX Energy Partners LLC to acquire wells in the Permian and Bakken shale regions, according to
Reuters QUITO/RIO DE JANEIRO – Ecuadorian state-run oil company Petroecuador is weighing a lawsuit against Vitol after the world’s largest oil trader admitted last week to bribing officials in the South American country, according to two sources with direct knowledge of the matter. Petroecuador is working with the nation’s attorney general to assess how much the Vitol-led graft scheme cost
Reuters MEXICO CITY – Mexican President Andres Manuel Lopez Obrador said on Thursday his government will investigate allegations bribes were paid by the U.S. subsidiary of the world’s largest independent oil trader Vitol to state oil firm Petroleos Mexicanos (Pemex). Lopez Obrador, speaking at a news conference, said the accusations by the U.S. Justice Department related to bribes allegedly paid
Houston Chronicle The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market. The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Total
From Reuters LONDON (Reuters) – LNG Canada, the $30 billion liquefied natural gas (LNG) export project, has bagged another client after project shareholder Petronas signed an initial sales deal with trading house Vitol. Royal Dutch Shell decided in October to construct the export terminal. It was the first major investment decision in a new North American LNG export project for
Sunoco acquisition of Vitol’s Permian assets expands the company’s midstream infrastructure at the premier plays in the country Netherlands-based energy trader Vitol Group announced last week that its partner in its Permian Basin crude oil system, Pennsylvania-based MLP Sunoco Logistics (ticker: SXL) will purchase an integrated crude oil business in West Texas for approximately $760 million plus working capital. The
1.45 Tcf gas, 5MMBO project is 12% of 2015’s Foreign Direct Investment in Africa: Ghana President The government of Ghana, ENI (ticker: E) and Vitol yesterday signed an agreement to start work on the Offshore Cape Three Points (OCTP) oil and gas project offshore of Ghana. The new project, set approximately 60 km (37 miles) from the Ghanaian Western Region’s
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