WorldOil Oil traders empty key crude storage hub as global demand booms Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts. Wood Mackenzie study weighs cost of carbon on upstream sector Wood Mackenzie has released Positioning for the Future, the first comprehensive study ever carried out into carbon emissions in the upstream oil and gas sector. Statoil, Techstars launch global accelerator program for energy innovators Statoil is partnering with Techstars to create a global accelerator program for innovators and entrepreneurs who aspire to shape the future of energy. Gazprom Neft undertakes its largest-ever maritime oil shipment Gazprom Neft Badra, operator of Badra field, Iraq, has undertaken the largest-ever maritime shipment of oil for export in the company’s history, with 1.78 MMbbl of hydrocarbons being despatched for the United States in the New Solution crude oil tanker. South Africa minister wants assurance on KPMG investigation of oil sale South Africa’s probe into the sale of 10 MMbbl of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Baker Hughes awarded contract by Nigeria LNG in digital agreement for Sub-Saharan Africa PARIS -- Baker Hughes, a GE company has signed an agreement for the provision of asset performance management software and services for LNG trains and related balance of plant by Nigeria LNG Limited. Two words show why U.S. oil may finally be turning a corner Oil futures have been stuck in glut mode, but that may be starting to change as backwardation, begins to replace contango. OPEC has success at last, but oil revival may be short-lived When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived. BP supplies natural gas to Mexico under energy reform measures BP Energía México, BP’s natural gas marketing and trading arm in Mexico, has started to deliver approximately 200,000 MMBtu a day of natural gas to Mexico, making BP one of the first private companies to supply natural gas to the domestic market under the country’s energy reform measures. Baker Hughes, KBC partner to provide integrated software solutions to oil and gas Baker Hughes, a GE company (BHGE), and KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, have announced a preferred partnership that will provide a combination of process simulation, asset performance management and operational software solutions to the oil and gas industry.