Energy Update
Aug 16 (Reuters) - Oil exploration company Cairn Energy Plc
raised its best estimate of reserves at its oilfields
off the coast of Senegal by almost a third on Tuesday, following
successful appraisal of the SNE-4 test well earlier this year.
Aug 16 (Reuters) - Oilfield services company John Wood Group
Plc reported a 26.3 percent fall in first-half core
earnings, hurt by weak demand from oil and gas producers.
(Tue, 16 Aug 2016) The number of countries receiving exported U.S. crude oil has risen since the removal of restrictions on exporting U.S. crude oil in December 2015. U.S. crude oil exports have occurred despite relatively small price spreads between international crude oils and domestic crude oils, as well as other factors that should reduce crude oil exports, such as falling U.S. crude oil production and added cargo export costs.
SYDNEY/WELLINGTON, Aug 16 (Reuters) - Australian shares
moved sideways on Tuesday as gains in the energy and natural
resources sectors were offset by weakness in financials and
discretionary stocks in another busy week of earnings reporting.
SHANGHAI, Aug 16 (Reuters) - China's economic planning
agency said the country should quicken the pace of capacity
reductions in steel and coal, adding that rising prices for the
commodities were weakening the resolve of local governments to
accelerate the cuts.
BEIJING, Aug 16 (Reuters) - China's power consumption
reached 552.3 billion kilowatt hours (kwh) in July, up 8.17
percent from the same period a year earlier, the country's
economic planner said on Tuesday.
SINGAPORE, Aug 16 (Reuters) - Oil prices edged away from
5-week highs on Tuesday, with traders cashing in on a 16-percent
rally since early August that has largely been fuelled by talk
of producers taking action to prop up the market.
SYDNEY, Aug 16 (Reuters) - Australian shares are set for a
firm start on Tuesday, tracking a buoyant session on Wall
Street, with investors focused on more earnings results from
local companies, including giant miner BHP Billiton.
Local share price index futures rose 0.1 percent to
5,494.0, but that was a 37-point discount to the underlying
S&P/ASX 200 index close on Monday. The benchmark inched
Fugro has been awarded a contract by Total E&P Uruguay B.V. to support its drilling campaign offshore Uruguay.
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