Saudi Arabia’s oil giant Aramco valued at 1.7 trillion dollars in IPO

Saudi Arabia’s oil giant Aramco valued at 1.7 trillion dollars in IPO

The valuation exceeds that of Microsoft and Apple and marks the biggest such market move ever.

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Tullow shares slump to 20-year low

Tullow shares slump to 20-year low

Tullow Oil shares plummeted by more than 27% to a 21-year low after the Irish-founded exploration company said production from flagship projects in Ghana has disappointed and that it will reassess the commercial viability of recent discoveries made in South America.

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New oil field found in Iran with estimated 50 billion barrels, says president

New oil field found in Iran with estimated 50 billion barrels, says president

Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil, its president said.

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No halting offshore oil deals

No halting offshore oil deals

The Government has said licence applications that have already been approved will be allowed to proceed and will not be included in its planned phased ban on oil exploration in Irish waters.

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Oil firms to invest more despite drill ban plan

Oil firms to invest more despite drill ban plan

The majority of Irish-focused oil and gas companies are still planning to invest in their operations here despite the Government’s intention to phase out oil exploration, more details of which are expected to be released in the near future.

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BP shares slump 4.5% as weak oil price hits earnings

BP shares slump 4.5% as weak oil price hits earnings

BP’s profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the firm beat expectations even after taking a one-off $2.6bn (€2.3bn) charge linked to asset sales.

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Crude oil predicted to hit $70 next year

Crude oil predicted to hit $70 next year

Crude oil prices will rise to $70 a barrel next year, a leading consultancy predicts.

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London's National Theatre ends Shell partnership as it addresses environmental impact

London's National Theatre ends Shell partnership as it addresses environmental impact

The theatre said Shell’s membership will come to an end in 2020.

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Plan to ban oil explorers slammed as illogical

Plan to ban oil explorers slammed as illogical

A proposed ban by Taoiseach Leo Varadkar on issuing new licenses for oil explorers off the Irish coast is “illogical” and will kill off investments in both oil and gas exploration, Petrel Resources director David Horgan has said.

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Exploration company suggests Irish oil and gas sector 'losing momentum'

Exploration company suggests Irish oil and gas sector 'losing momentum'

The chief executive of one of the most active exploration companies in Irish waters has suggested that Ireland's offshore oil and gas sector may be losing momentum on the back of a slowdown in regulatory approval processes and knocked confidence due to opposition parties attempting to force a ban on offshore drilling.

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Oil drops 5% on upbeat Saudi production outlook

Oil drops 5% on upbeat Saudi production outlook

Oil prices dropped nearly 5% after a top Saudi Arabian source said that production could be fully back on line within weeks, quicker than initially thought following weekend attacks that halved the kingdom’s output.

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Oil at $60 after tumult

Oil at $60 after tumult

Oil prices rebounded slightly from big falls in recent sessions, but Brent crude remained near seven-month lows around $60 a barrel due to escalating trade tensions between China and the US.

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Barryroe drilling 'may be pushed into 2020' due to approval and funding delays

Barryroe drilling 'may be pushed into 2020' due to approval and funding delays

Approval and funding delays could push a long-awaited multi-well drilling campaign at the Barryroe oil and gas field, off the Cork coast, into 2020, a UK broker has said.

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Irish oil firm agrees €14m Egypt purchase and seals BP supply deal

Irish oil firm agrees €14m Egypt purchase and seals BP supply deal

Irish exploration company United Oil and Gas has added to its burgeoning presence in Africa with a $16m (€14.3m) acquisition in Egypt.

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Oil price and shares of Big Oil rise as UK-Iran tension simmers over tanker seizures

Oil price and shares of Big Oil rise as UK-Iran tension simmers over tanker seizures

The tension between the UK and Iran over the seizures of oil tankers in recent weeks pushed the price of oil higher, and helped boost the shares of major oil companies.

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'For Sale' Irish oil firm sees drop in annual production

'For Sale' Irish oil firm sees drop in annual production

Production levels at one of the flagship assets being firmed up for a potential sale by Irish exploration company PetroNeft Resources decreased last year, new figures show.

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Oil firms’ shake-up on Shell green plan

Oil firms’ shake-up on Shell green plan

Greenwashed rhetoric is such a staple of the oil industry that it’s easy to assume every energy executive talking about climate and the transition to a zero-carbon economy is just mouthing words.

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No change likely in oil price levels, says bank

No change likely in oil price levels, says bank

Crude oil prices are likely to remain steady around current levels, as growing macro uncertainties, rising US output, and large availability of core Opec nations’ spare capacity will offset supply constraints from Iran and Venezuela, according to Goldman Sachs.

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Offshore drilling is energy backstop

Offshore drilling is energy backstop

A bill currently before the Oireachtas seeks to ban offshore oil and gas exploration and production.

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Opec holds off on oil output decision

Opec holds off on oil output decision

Saudi Arabia’s energy minister Khalid al-Falih has recommended “gently” driving oil inventories down at a time of plentiful global supplies, saying that Opec would not make hasty decisions about output ahead of its June meeting.

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UK oil and gas firm closing in on development partner for Irish licences

UK oil and gas firm closing in on development partner for Irish licences

British exploration company Europa Oil and Gas is expecting to finalise a development partner for the bulk of its Irish offshore licences in the coming months, enabling drilling work to begin sometime next year.

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Weaker oil and gas prices drag down BP profits

Weaker oil and gas prices drag down BP profits

Strong trading across both oil and gas helped the London-based company to post profits slightly ahead of analyst forecasts.

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Crude oil price falls as pipeline repair boosts supply

Crude oil price falls as pipeline repair boosts supply

The price of crude oil declined after topping $72 a barrel last week as a key Russian pipeline began resuming shipments and global oil flows appeared undisturbed days before tougher US sanctions against Iran kick in.

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Irish explorer PetroNeft mulls sale of Russian assets

Irish explorer PetroNeft mulls sale of Russian assets

Irish exploration company PetroNeft Resources is looking at all options - including the sale of its chief assets - in a bid to return value for its shareholders.

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Norway may turn its back on offshore oil exploration

Norway may turn its back on offshore oil exploration

Western Europe’s biggest oil producer is, seemingly, falling out of love with oil.

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Exploration lobbyist warns of higher energy costs if drilling is banned

Exploration lobbyist warns of higher energy costs if drilling is banned

Consumer energy bills could increase by as much as 23% if Ireland is forced to continue importing its oil and gas requirements by self-imposing a ban on offshore drilling, an industry group has warned.

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Oil price caps best week since 2017

Oil price caps best week since 2017

Crude posted the longest weekly winning streak since November 2017, amid concerns over supply shortfalls from countries like Venezuela and optimism over US-China trade talks.

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Oil price gushes towards $70 a barrel

Oil price gushes towards $70 a barrel

Grant Smith The price of crude oil rose to almost $70 a barrel, a level last breached in November, as global crude supplies tightened, while hopes for an end to the US-China trade impasse lifted financial markets.

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Dáil progresses offshore drilling ban bill

Dáil progresses offshore drilling ban bill

Proposed legislation targeting a ban on companies drilling for oil and gas in Irish waters has progressed in the Dáil.

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Proposed offshore drilling ban legislation criticised ahead of Dáil vote

Proposed offshore drilling ban legislation criticised ahead of Dáil vote

The representative body for the Irish exploration sector has said proposed legislation to ban offshore oil and gas drilling "does not reflect the current or future realities of energy supply and demand in Ireland".

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Groundwork being laid for next oil crisis

Groundwork being laid for next oil crisis

Markets don’t believe Opec’s output plans will work

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United Oil and Gas shares surge on 'bonus' discovery

United Oil and Gas shares surge on 'bonus' discovery

Shares in Irish exploration company United Oil and Gas surged by nearly 10% on the back of drilling at one of its UK licences uncovering a "bonus" discovery.

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Shares rise 4% in Tullow Oil as it returns to net profit, resumes dividend

Shares rise 4% in Tullow Oil as it returns to net profit, resumes dividend

Shares in Irish-founded Tullow Oil rose more than 4% as it reported its first annual net profit in five years.

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Oil market will soon reach balance, CEOs say

Oil market will soon reach balance, CEOs say

The oil market is gradually returning to balance as the Organisation of Petroleum Exporting Countries (Opec) reins in output and the US shale boom slows, according to executives gathered at Davos.

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Oil falls 1.6% on output in US

Oil falls 1.6% on output in US

The price of crude oil tumbled on world markets on a report that US production surged and fuel inventories climbed, but signs that Opec’s plan to drain a global glut is taking hold eased the losses.

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Tullow Oil targets significant ramp-up in production

Tullow Oil targets significant ramp-up in production

Tullow Oil has said its total net production levels could break the 100,000 barrels of oil per day (bopd) mark this year.

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US and China trade talks boost oil price

US and China trade talks boost oil price

Noah Browning Oil prices extended gains, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while Opec-led supply cuts also tightened markets.

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Pressure mounting on Irish oil industry to show its worth

Pressure mounting on Irish oil industry to show its worth

This year, on paper at least, seems as though it could be something of a watershed for the Irish oil and gas exploration industry.

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Oil and stocks fall in tandem

Oil and stocks fall in tandem

Oil prices fell about 3% yesterday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

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United Oil and Gas aggressively targeting ‘game-changing’ acquisition

United Oil and Gas aggressively targeting ‘game-changing’ acquisition

Irish exploration company United Oil and Gas is “aggressively” looking at new investment opportunities and is targeting a “game-changing” acquisition during 2019.

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Tullow confirms dividend return as oil price below $60

Tullow confirms dividend return as oil price below $60

Tullow Oil has confirmed its intention to resume paying dividends to shareholders after a five-year hiatus.

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Oil dips around supply fears

Oil dips around supply fears

Oil prices fell about 1%, heading for a weekly loss of over 6%, with investors worried about oversupply as the US said it will temporarily spare eight jurisdictions from Iran-related sanctions.

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State commits to offshore oil drilling

State commits to offshore oil drilling

The Government has affirmed its support for offshore oil and gas exploration.

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Europa rules out Irish drill next year

Europa rules out Irish drill next year

Europa Oil and Gas has ruled out any prospect of drilling in Irish waters next year, but has said it is making significant progress towards drilling activity in 2020, including on its flagship gas project adjacent to the Corrib field off the west coast.

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Europa Oil to fast-track Irish assets to drill stage

Europa Oil to fast-track Irish assets to drill stage

British exploration company Europa Oil and Gas is looking to fast-track the development of its key Irish-based assets — either through traditional farm-out opportunities or via fresh financial backing — in the next 12 months.

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Saudis to seek other means after scrapping oil IPO

Saudis to seek other means after scrapping oil IPO

Saudi Arabia’s decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say.

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Shell unveils $25bn share buyback as half-year earnings jump

Shell unveils $25bn share buyback as half-year earnings jump

The oil group said half-year earnings surged 37%, but revealed a lower-than-expected 30% rise for the second quarter.

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Oil prices rise as Donald Trump hits out at Iran

Oil prices rise as Donald Trump hits out at Iran

Oil prices were on the rise at the start of the week after Donald Trump launched an attack on Iran via Twitter.

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Oil prices at highest levels since 2014

Oil prices at highest levels since 2014

Oil prices have hit their highest level since 2014, with benchmark Brent crude moving above $74 a barrel. Brent has risen 11.4% since January.

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Bahrain's largest oil find estimated at 80 billion barrels

Bahrain's largest oil find estimated at 80 billion barrels

Bahrain has announced the discovery of 80 billion barrels of shale oil, the island nation's largest oil and gas find ever.

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Oil price drives up UK trade deficit

Oil price drives up UK trade deficit

Last year’s rise in oil prices and higher level of imports drove up Britain’s goods trade deficit to a higher-than-expected £13.6bn (€15.3bn) in December

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Oil prices reach highest level since May 2015

Oil prices reach highest level since May 2015

Oil prices were trading at two-and-a-half year highs today as investors cheered signs of stronger crude demand from China.

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Brent oil price rises as Opec agrees to cut production

Brent oil price rises as Opec agrees to cut production

Opec and its partners, including Russia, agreed to extend oil-production cuts to the end of 2018 and included Libya and Nigeria in the deal for the first time.

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United Oil buys into Jamaican licence

United Oil buys into Jamaican licence

Dublin-based explorer United Oil and Gas is actively looking at further deal opportunities after expanding its asset base via the purchase of a 20% stake in a Tullow Oil licence offshore Jamaica.

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Oil production agreement sees energy firms gain

Oil production agreement sees energy firms gain

Energy companies powered to big gains on Wednesday, leading the broader US stock market higher, after reports Opec nations were moving closer to an agreement to cut oil production.

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Oil production to be curbed after Opec agreement reached

Oil production to be curbed after Opec agreement reached

Members of Opec have reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, immediately pushing up prices.

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Oil price hike sees energy firms help push up US stocks

Oil price hike sees energy firms help push up US stocks

US stocks edged higher overnight as energy companies climbed with the price of oil. Stocks had opened lower but gradually recovered to finish at their highest levels of the day.

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Low oil price sees BP profits plunge 44%

Low oil price sees BP profits plunge 44%

Profits at oil giant BP plunged 44% to US$720m in the second quarter.

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BP posts $583m loss as oil prices decline

BP posts $583m loss as oil prices decline

Embattled oil giant BP posted more hefty losses in the first three months of the year, just two weeks after suffering an investor rebellion over its chief executive's pay deal.

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