The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg

The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg:

BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore U.S. oil and natural gas assets, including in the prized Permian Basin.

The deal gives the London-based energy giant a position in the Permian, a swath of west Texas and New Mexico that’s the world’s fastest-growing major oil region. It’s another sign that BP has mostly rebounded from crude’s price crash and the fatal 2010 accident in the Gulf of Mexico that left it with a more than $60 billion bill. 


“We’ve just got access to some of the best acreage in some of the best basins in the onshore U.S.,” BP’s Upstream Chief Executive Officer Bernard Looney said in a statement. The Permian produces about 3.4 million barrels a day, which would make it the fourth-largest member of OPEC, behind Saudi Arabia, Iraq and Iran.

Oil markets slip after 3 days of gains; U.S.-Europe trade tension eases | ZAWYA MENA Edition

Oil markets slip after 3 days of gains; U.S.-Europe trade tension eases | ZAWYA MENA Edition:

Oil prices slipped on Friday in quiet trading after three days of gains, but took support from Saudi Arabia halting crude transport through a key shipping lane, falling U.S. inventories and easing trade tensions between Washington and Europe.

Brent futures were down 22 cents, or 0.3 percent, at $74.32 a barrel by 0236 GMT, after gaining 0.8 percent on Thursday.

U.S. West Texas Intermediate futures were 7 cents lower, at $69.54, after posting a nearly 0.5-percent gain the previous session.

Saudi stocks could gain 20% in a year says brokerage | ZAWYA MENA Edition

Saudi stocks could gain 20% in a year says brokerage | ZAWYA MENA Edition:

Saudi stocks could gain as much as 20 percent by early 2019, according to a top brokerage.

Jadwa Investment said it was “totally plausible” that the Tadawul All Share Index could breach the 10,000 points barrier by early 2019. It stood at 8,367.70 at Thursday's close.

The Riyadh bourse has gained about 17 percent so far this year, beating other measures including the Nasdaq, S&P 500 and the MSCI World Index.

Factbox: Risks to Middle East oil and gas shipping routes | Reuters

Factbox: Risks to Middle East oil and gas shipping routes | Reuters:

Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen’s Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world’s top oil exporting region.

Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.

Below are facts about region’s shipping routes: