Energy News
US crude settles at $48.37, rising 64 cents with Libyan output disruption
Tue, 28 Mar 2017 19:36:00 +0100
A disruption to Libyan oil supplies and comments suggesting OPEC could extend its output cuts deal boosted oil prices.
Energy stocks winners and losers
Tue, 28 Mar 2017 19:36:00 +0100
Roberto Friedlander, Seaport Global Securities, head of energy trading, weighs in energy stocks after President Trump signed a new energy executive order.
Pres Trump: Administration ending the 'war on coal'
Tue, 28 Mar 2017 19:33:00 +0100
Karen Harbert, U.S. Chamber of Commerce Energy Institute president & CEO, weighs in on President Trump signing a new energy executive order.
Trump signs order to roll back Obama climate actions, power plant emissions rule
Tue, 28 Mar 2017 19:31:00 +0100
President Trump signed an executive order on Tuesday to scale back Barack Obama's efforts to fight climate change.
Venezuela announces a new exchange rate — but this one probably won't matter, either
Tue, 28 Mar 2017 19:13:00 +0100
On the black market, a dollar can fetch around 3,000 Venezuelan bolivars.
PTTEP leases jack up for Montara field production drilling
Tue, 28 Mar 2017 18:54:00 +0100

Thailand’s PTTEP has contracted Noble Corp.’s Tom Prosser jack up drilling rig for use on a production well in Montara oil field in the Timor Sea.

Lukoil seeks improvement of reservoir model in Iraq’s West Qurna-2 field
Tue, 28 Mar 2017 18:42:00 +0100

PJSC Lukoil is seeking to develop an improved reservoir model of the Mishrif formation in West Qurna-2 field in Iraq. The company said it has applied innovative technologies for examination of core samples for improved understanding of reservoir porosity and permeability. In turn, that should lead to better efficiency in the field’s development.

Total’s Port Arthur ethane cracker contract award detailed
Tue, 28 Mar 2017 18:27:00 +0100

CB&I, Houston, has confirmed a previously announced contract award from Total SA’s Houston-based subsidiary Total Petrochemicals & Refining USA Inc. (TPRI) to provide engineering, procurement, and construction services for a 1 million-tonne/year ethane cracker to be built at TPRI’s refining and petrochemical manufacturing site in Port Arthur, Tex.

Trump signs CRA resolution revoking BLM’s Planning 2.0 rule
Tue, 28 Mar 2017 18:18:00 +0100

US President Donald J. Trump signed H.J. Res 44, effectively overturning the US Bureau of Land Management’s Planning 2.0 rule. “[It] took control of land-use decisions away from states and local decision makers and gave it to Washington, and that’s not good,” the president said in a Mar. 27 White House ceremony where he signed three similar bills passed under the Congressional Resolution Act.

Aramco president welcomes tax-rate cut
Tue, 28 Mar 2017 18:06:00 +0100

Saudi Aramco Pres. and Chief Executive Officer Amin H. Nasser welcomed a Mar. 27 tax cut that he said would bring his company’s tax burden “in line with international benchmarks.” In a move seen as preparation for an initial public offering of 5% of the company as early as next year, the government lowered Aramco’s tax rate to 50% from 85%.

PT Medco unit to acquire Inpex Natuna stake
Tue, 28 Mar 2017 18:01:00 +0100

PT Medco Daya Sentosa, a subsidiary of PT Medco Energi Internasional TBK, Jakarta, is acquiring all the remaining shares of Inpex Natuna Ltd., which owns 35% in South Natuna Sea Block B offshore Indonesia.

Futures Now: Crude oil bounces
Tue, 28 Mar 2017 17:54:00 +0100
The "Futures Now" team discusses the move higher in crude, and where the commodity may head from here.
India signs contracts for 31 areas under small fields bid round
Tue, 28 Mar 2017 17:49:00 +0100

India’s government has signed contracts for 31 areas awarded in the Discovered Small Fields (DSF) Bid Round 2016. Twenty-three are onshore and eight offshore.

Like the new EPA chief, Southern Company's CEO doesn't see CO2 as main reason for climate change
Tue, 28 Mar 2017 17:29:00 +0100
Climate change science hasn't proven that carbon dioxide is the primary contributor, Southern Company chief Tom Fanning tells CNBC.
Tesla's China business is booming
Tue, 28 Mar 2017 17:27:00 +0100
Tencent, best known for its WeChat app, disclosed in a Tuesday filing that it's taken a 5 percent stake in Tesla.
This is what's really behind America's sudden oil production boom
Tue, 28 Mar 2017 17:07:00 +0100
Meet the producers behind the recent surge in U.S. oil production — and they aren't shale drillers.
Chinese tech giant Tencent takes 5 percent stake in Tesla
Tue, 28 Mar 2017 16:56:00 +0100
Tesla said on Monday that Chinese tech giant Tencent has invested $1.78 billion in the electric carmaker for a 5 percent passive stake.
Cairn Energy group finds more oil offshore Senegal
Tue, 28 Mar 2017 16:33:00 +0100

A joint venture led by Cairn Energy PLC has made an oil discovery in its VR-1 well offshore Senegal, notching up its eighth consecutive successful well in the region since drilling began in 2004.

A closer look at Trump’s legal options for killing Obama’s Clean Power Plan
Tue, 28 Mar 2017 15:53:00 +0100
Scott Pruitt could pursue many options to replace Obama's clean-air policy, Vox reports.
MARKET WATCH: NYMEX crude oil prices volatile on supply-demand concerns
Tue, 28 Mar 2017 15:46:00 +0100

The light, sweet crude oil contract for May delivery fell on the New York market Mar. 27 to settle below $48/bbl. Before closing, crude oil dipped to a trading session low of $47.08/bbl, which was within 10¢ of a low set in November 2016.

Here are the key points in Trump’s executive order to tear up Obama’s climate policies
Tue, 28 Mar 2017 15:32:00 +0100
Some of President Obama's climate policies may prove harder to uproot than thought, Vox reports.
Op-Ed: The real costs of dumping Obama’s Clean Power Plan
Tue, 28 Mar 2017 15:13:00 +0100
Here's what the Trump administration needs to understand about climate change when creating policy, says Jason Bordoff.
U.S. crude oil exports went to more destinations in 2016
Tue, 28 Mar 2017 14:00:00 +0100
In 2016, U.S. crude oil exports averaged 520,000 barrels per day (b/d), 55,000 b/d (12%) above the 2015 level, despite a year-over-year decline in domestic crude oil production. Even though oil exports have increased, growth in U.S. crude oil exports has slowed significantly from its pace from 2013 to 2015, when annual U.S. crude oil production grew rapidly.
'Major' solar project gets the green light in Northern Ireland
Tue, 28 Mar 2017 13:46:00 +0100
A "major" solar project in Northern Ireland is set to provide more than 32 megawatts of renewable energy to the grid.
Trump is killing Obama's Clean Power Plan. The hard part comes next
Tue, 28 Mar 2017 13:39:00 +0100
The president's rollback of a rule to cut emissions from power plants will be lengthy and face legal obstacles.
Southern Co. CEO: Administration setting energy policy on abundance, not scarcity
Tue, 28 Mar 2017 13:08:00 +0100
Tom Fanning, Southern Company president, CEO & chairman, discusses the energy business under the Trump administration.
President Trump to roll back environment rules
Tue, 28 Mar 2017 12:44:00 +0100
CNBC's Eamon Javers reports on expected executive orders from President Donald Trump on environmental protections for the energy sector.
Surge in oil hedging could worsen US supply glut: Wood Mackenzie
Tue, 28 Mar 2017 06:36:00 +0100
A surge in oil hedges will spur drilling activity in the U.S., Wood Mackenzie said in a report released on Monday.
A closer look at oil market rebalancing
Tue, 28 Mar 2017 02:54:00 +0100
Keisuke Sadamori of the International Energy Agency says OPEC might be complying with the output cut agreement but inventories remain high.
IEA's Sadamori says Asia will lead global demand growth in 2017
Tue, 28 Mar 2017 02:41:00 +0100
The oil market is re-balancing but high inventories and robust U.S. output is offsetting an OPEC output cut and Asian demand growth.
Will OPEC, won't OPEC£
Mon, 27 Mar 2017 23:58:00 +0100
Johnathan Barratt, CIO at Ayers Alliance Securities, says OPEC has to extend the output cut deal if they want to put a floor on oil prices.
Elon Musk is founding another company and it plans to merge human brains with A.I.
Mon, 27 Mar 2017 21:43:00 +0100
Neuralink is expected to develop the "neural lace" Musk has discussed.
US crude settles at $47.73, down 24 cents, resuming slide on doubts over output cut extension
Mon, 27 Mar 2017 19:39:00 +0100
Uncertainty over whether an OPEC-led production cut will be extended beyond June weighed on oil prices.
Expert: All energy infrastructure companies are in really good shape
Mon, 27 Mar 2017 19:31:00 +0100
Rob Thummel, Tortoise Capital Advisors Managing Director, weighs in on energy stocks.
Total partners to expand USGC petchem production
Mon, 27 Mar 2017 18:36:00 +0100

Total SA has signed a preliminary agreement with Nova Chemicals Corp., Calgary, and Borealis AG of Vienna to build a steam cracker and polyethylene production plant at Houston-based subsidiary Total Petrochemicals & Refining USA Inc.’s manufacturing sites along the Texas Gulf Coast.

Hurricane completes Halifax well, confirms oil discovery
Mon, 27 Mar 2017 18:23:00 +0100

Hurricane Exploration PLC has completed drilling the 205/23-3A (Halifax) well. The Halifax prospect lies on West of Shetlands Blocks 205/22b, 205/23, and 205/24 in the UK.

WoodMac: Surge in oil hedging could worsen US supply glut
Mon, 27 Mar 2017 17:46:00 +0100

Due to a surge in oil hedges, the recent oil-price weakness will not prompt US producers to pull back on drilling, research and consulting firm Wood Mackenzie Ltd. says in its latest analysis of oil and gas hedging activity.

Statoil submits development plans for Njord, Bauge fields
Mon, 27 Mar 2017 17:35:00 +0100

Statoil ASA has submitted plans for development and operation to the Norwegian Petroleum Directorate for Njord field and the nearby Bauge discovery, with total capital spending of 19.8 billion kroner. Production is expected to start in both areas in fourth-quarter 2020.

Keystone XL: 'An early Christmas' for Canada but US effect remains unclear
Mon, 27 Mar 2017 17:27:00 +0100
Some analysts and U.S. oil producers fear Keystone XL will depress crude prices by adding to a global oversupply.
Nuclear power is dying, but these innovations could help revive it
Mon, 27 Mar 2017 17:08:00 +0100
In theory, mixing in nuclear plants alongside renewables could make decarbonization cheaper, Vox reports.
If climate science is established, why do more research£
Mon, 27 Mar 2017 16:33:00 +0100
If the science of climate change really is "established", as popular media insist, what's wrong with cutting federal spending on climate research, as President Donald Trump's budget proposes to do£
SOCAR GPC lets contract for PE plant at proposed gas, petchem complex
Mon, 27 Mar 2017 16:31:00 +0100
State Oil Co. of Azerbaijan Republic (SOCAR) subsidiary SOCAR GPC has let a contract to Univation Technologies LLC, Houston, to provide technology licensing and associated design work for a 600,000-tonne/year polyethylene (PE) plant at SOCAR GPC's proposed grassroots gas processing and petrochemical complex to be built in Garadagh, Azerbaijan, 15 km south of Baku (OGJ Online, Jan. 18, 2017).
MARKET WATCH: NYMEX front-month crude oil prices approach $48/bbl
Mon, 27 Mar 2017 15:41:00 +0100

The light, sweet crude oil contract for May delivery rose modestly on Mar. 24 to settle just under $48/bbl on the New York market while the Brent crude contract for the same month settled under $51/bbl in London for a fourth straight trading session.

India's HPCL lets contract for Visakh refinery
Mon, 27 Mar 2017 14:57:00 +0100
Hindustan Petroleum Corp. Ltd. (HPCL) has let a contract to Honeywell International Inc. subsidiary Honeywell UOP LLC, Des Plaines, Ill., to deliver technology licensing and design for process units to be added as part of HPCL's previously announced project to expand and modernize the 8.3 million-tonne/year Vishakhapatnam (Visakh) refinery in Andhra Pradesh, on the country's southeastern coast (OGJ Online, Jan. 19, 2016).
Marathon Oil agrees to second northern Delaware buy this month
Mon, 27 Mar 2017 14:35:00 +0100
Marathon Oil Corp., Houston, has agreed to acquire 21,000 net surface acres primarily in the Permian's northern Delaware basin of New Mexico from Black Mountain Oil & Gas LLC, Fort Worth, and other private sellers for $700 million in cash, excluding closing adjustments.
BLM figures show steep drop in federal onshore oil, gas leasing
Mon, 27 Mar 2017 14:07:00 +0100
US onshore oil and gas leasing activity fell markedly on federally administered lands during US President Barack Obama's presidency in several key respects, US Bureau of Land Management statistics indicate.
Growing global liquefied natural gas trade could support market hub development in Asia
Mon, 27 Mar 2017 14:00:00 +0100
Asia is the world's largest consumer of liquefied natural gas (LNG), accounting for three-quarters of global LNG trade and one-third of total global natural gas trade. However, the region lacks a pricing benchmark that can reliably reflect supply and demand changes in Asia's natural gas markets.
Shell Offshore leads way in more-active US central gulf lease sale
Mon, 27 Mar 2017 14:00:00 +0100
Bidding activity and total value climbed in central Gulf of Mexico Lease Sale 247 following years of declining offshore interest that dates back before the downturn in oil and gas prices.
Watching Government: An Alaska project's progress
Mon, 27 Mar 2017 13:32:00 +0100
The US Bureau of Ocean Energy Management received an exploration plan from Eni US Operating Co. on Mar. 3 relating to the Eni SPA subsidiary's efforts to develop the Nikaitchuq North field in the Beaufort Sea north of Oliktok Point.
GAO report finds BSEE leaders relied more on consultants than staff
Mon, 27 Mar 2017 13:29:00 +0100
The US Bureau of Safety and Environmental Enforcement's leadership has started several key strategic initiatives to improve its offshore safety and environmental oversight, but its limited efforts to obtain and incorporate ideas from within the agency have hindered its progress, a US Government Accountability Office investigation found.
Pruitt stays EPA's risk management plan rule 90 days for review
Mon, 27 Mar 2017 13:25:00 +0100
US Environmental Protection Agency Administrator Scott Pruitt signed an administrative stay to delay the agency's chemical plant risk management rule's effective date until June 17.
US gas prices down a penny over 2 weeks, to $2.34 a gallon
Mon, 27 Mar 2017 11:41:00 +0100
Industry analyst Trilby Lundberg said Sunday that the price drop comes as crude oil prices also slipped during the same period.
Kilduff: Keeping a lid on crude prices is the bottom line
Mon, 27 Mar 2017 11:36:00 +0100
Discussing the Keystone XL Pipeline approval and the outlook for U.S. energy commodities with John Kilduff, Again Captial founding partner and CNBC contributor.
UK's ‘largest undeveloped oil field’ discovered off Scottish coast
Mon, 27 Mar 2017 11:33:00 +0100
A U.K. energy firm has seen shares spike after confirming a large oil find off Scotland's north coast.
Will the Keystone Pipeline further depress oil prices£
Mon, 27 Mar 2017 11:32:00 +0100
CNBC's Jackie DeAngelis reports from Nebraska about President Trump's approval for the Keystone XL Pipeline and how it will affect oil prices.
Fiscal 2018 budget blueprint reflects Trump's energy priorities
Mon, 27 Mar 2017 07:12:00 +0100
The Trump administration's Fiscal 2018 Budget Blueprint would increase or preserve discretionary expenditures for programs connected with fossil energy amid an overall 11.7% year-to-year reduction at the US Department of the Interior. It also would eliminate spending for advanced energy research at the US Department of Energy amid a 5.6% cut overall, and slash Environmental Protection Agency spending by 31.4%.
The Science and CO2
Mon, 27 Mar 2017 07:02:00 +0100
While Republicans have control of Congress and a mandate to change things, they should heed the new administrator of the Environmental Protection Agency and remove carbon dioxide from the political witch list. Doing so would help rescue climate change-and the economy-from extremism.
The context of context
Mon, 27 Mar 2017 06:56:00 +0100
Bob Enright doubted the project would work.
OGJ Newsletter
Mon, 27 Mar 2017 06:00:00 +0100

International news for oil and gas professionals

UK licensing round opens new North Sea frontier
Fri, 24 Mar 2017 21:49:00 +0000

The UK Oil and Gas Authority’s 29th Offshore Licensing Round was the first in 20 years to focus solely on frontier, underexplored areas and included areas of the Rockall basin, Mid-North Sea High, and part of the East Shetland platform. The round, which closed in October 2016, produced 25 licenses for 111 blocks and partial blocks. OGA awarded bids to 17 companies.

Keystone XL nod welcome, but antioil fanaticism lingers
Fri, 24 Mar 2017 20:28:00 +0000

Overdue approval of the Keystone XL pipeline border crossing solves half the problem.

Tesoro, Western Refining shareholders approve proposed merger
Fri, 24 Mar 2017 19:58:00 +0000

Shareholders of US independent refiners Western Refining Inc. and Tesoro Corp. have approved Tesoro’s previously announced plan to acquire Western in a deal valued at more than $6 billion.

Florida lawmakers ask DOI to keep eastern gulf off-limits to oil, gas leasing
Fri, 24 Mar 2017 18:08:00 +0000

US Sen. Bill Nelson (D-Fla.) and 16 members of the US House of Representatives from the Sunshine State urged US Sec. of the Interior Ryan Zinke to keep the eastern Gulf of Mexico closed to oil and gas activity if he decides to develop a new 2017-22 US Outer Continental Shelf management plan.

Statoil wildcat finds oil, gas east of Gimle field
Fri, 24 Mar 2017 18:05:00 +0000

An exploratory well drilled by Statoil Petroleum AS in the Norwegian North Sea was not formation tested, but preliminary calculations indicate recoverable resources of 1-3 million cu m of oil equivalent.

BHI: US rig count records another 20-unit jump, tops 800 mark
Fri, 24 Mar 2017 18:01:00 +0000

The US count of active drilling rigs climbed 20 units to 809 during the week ended Mar. 24, according to data from Baker Hughes Inc.

Moody’s revises outlook on North American R&M to stable
Fri, 24 Mar 2017 17:56:00 +0000

Moody’s Investors Service has changed the outlook to stable from negative on the North American and EMEA (Europe, the Middle East, and Africa) regions refining and marketing (R&M) businesses. This outlook reflects Moody’s expectation for the fundamental business conditions over the next 12-18 months.

Assala Energy to buy Shell’s Gabon onshore interests for $587 million
Fri, 24 Mar 2017 16:27:00 +0000

Assala Energy Holdings Ltd., a portfolio company of global alternative asset manager Carlyle Group, has agreed to acquire all of Royal Dutch Shell PLC’s onshore oil and gas operations and related infrastructure in Gabon for $587 million.

New Zealand opens 2017 exploration permit round
Fri, 24 Mar 2017 16:24:00 +0000

The New Zealand government is hoping for a more positive industry response to its latest exploration permit round than it received in 2016.

US State Department issues long-awaited permit for Keystone XL pipeline
Fri, 24 Mar 2017 15:53:00 +0000

The US Department of State issued a presidential permit for the proposed Keystone XL crude oil pipeline more than 8 years after sponsor TransCanada Corp. originally sought cross-border approval of the project. Under-Secretary for Political Affairs Thomas A. Shannon Jr. signed the permit after President Donald J. Trump reversed his predecessor Barack Obama’s decision and said the project would be in the US national interest.

India approves policy for extension of pre-NELP PSCs
Fri, 24 Mar 2017 15:50:00 +0000

India’s Cabinet Committee on Economic Affairs (CCEA) has approved a policy for the extension of production-sharing contracts for blocks awarded prior to the New Exploration Licensing Policy (NELP), which has been in use since 1999.

EIA: US natural gas storage returning to normal levels
Fri, 24 Mar 2017 14:51:00 +0000

The US Energy Information Administration estimates working gas in underground storage across the Lower 48 was 2.092 tcf as of Mar. 17, marking a net decrease of 150 bcf from the previous week.

MARKET WATCH: NYMEX crude oil prices hovering around $48/bbl
Fri, 24 Mar 2017 14:39:00 +0000

Light, sweet crude oil prices dropped back below $48/bbl on the New York market Mar. 23 while Brent crude settled below $51/bbl in London for a third consecutive day.

Canadian budget nips drilling preferences
Fri, 24 Mar 2017 14:34:00 +0000

Current-year deductibility of exploratory drilling costs succumbs to what the Canadian government describes as a campaign against “inefficient fossil-fuel subsidies” in a federal budget proposed Mar. 22.

Eni discovers oil with first Mexico well
Fri, 24 Mar 2017 14:30:00 +0000

Eni SPA discovered the presence of oil in the Amoca-2 well, the first drilled by an international operator in Mexico since the 2013 energy reform.

Maryland increases renewable portfolio standard target to 25% by 2020
Fri, 24 Mar 2017 13:00:00 +0000
This February, Maryland increased the renewables generation target in its renewable portfolio standard (RPS) to 25% of retail electricity sales by 2020, replacing the earlier target of 20% by 2022. The change occurred as legislators in both houses of the state’s General Assembly voted to override the governor’s veto of legislation they had first passed in 2016.
API: US petroleum demand highest for February since 2008
Thu, 23 Mar 2017 20:14:00 +0000

Total US petroleum deliveries, a measure of demand, moved up 0.1% in February compared with a year ago to average 19.7 million b/d, marking the highest February deliveries since 2008, according to the latest report from the American Petroleum Institute.

Refining NZ floats plan for larger crude shipments into Marsden Point
Thu, 23 Mar 2017 20:05:00 +0000

New Zealand Refining Co. Ltd. (Refining NZ) is seeking public consultation on a proposed project to bring in bigger cargoes of crude oil to its 107,000-b/d refinery at Northland, in Marsden Point, New Zealand, near Whangarei.

Maersk Oil to redevelop Danish North Sea’s Tyra field
Thu, 23 Mar 2017 17:02:00 +0000

Maersk Oil has reached an agreement with the Danish government providing terms to enable the Danish Underground Consortium (DUC) partners to advance a full redevelopment plan for the Tyra field facilities toward a final investment decision by yearend.

Magellan Midstream settles Texas splitter dispute, to build more storage
Thu, 23 Mar 2017 16:57:00 +0000

Magellan Midstream Partners LP has entered into a fee-based, take-or-pay agreement with Trafigura Trading LLC for the exclusive use of Magellan's 50,000-b/d condensate splitter in Corpus Christi, Tex.

Wintershall basing 2017 plans on $55/bbl Brent crude price
Thu, 23 Mar 2017 15:10:00 +0000

Germany’s Wintershall Holding GMBH increased oil and natural gas production 8% to 165 million boe in 2016, with higher production volumes coming primarily from Norway and Russia.

If climate science is established, why do more research£
Thu, 23 Mar 2017 14:44:00 +0000

If the science of climate change really is “established”, as popular media insist, what’s wrong with cutting federal spending on climate research, as President Donald Trump’s budget proposes to do£

Norway’s PSA audits Lundin’s managed pressure drilling plans in Barents Sea
Thu, 23 Mar 2017 14:36:00 +0000

Norway’s Petroleum Safety Authority asked Lundin Norway AS to answer questions by Apr. 6 regarding its drilling plans for production license 492 in the southern Barents Sea, 185 km northwest of Hammerfest. Lundin Petroleum AB is drilling appraisal wells for its Gohta discovery.

MARKET WATCH: Crude oil prices drop modestly on US inventory build
Thu, 23 Mar 2017 14:32:00 +0000

Light, sweet crude oil prices for May delivery fell on Mar. 22 to settle just above $48/bbl on the New York market while Brent crude for May delivery also dropped to settle below $51/bbl in London.

Brazil has the third-largest electricity sector in the Americas
Thu, 23 Mar 2017 13:00:00 +0000
Brazil generates the third-highest amount of electricity in the Americas, behind only the United States and Canada. In 2016, Brazil had an installed generating capacity of 137 gigawatts (GW) and generated 560 billion kilowatt hours of electricity.
Precipitation and snowpack in California expected to increase hydro generation in 2017
Wed, 22 Mar 2017 13:00:00 +0000
For the first time since 2011, California's drought is significantly weakening—a result of one of the wettest winters on record.
U.S. crude oil exports went to more destinations in 2016 (3/22/2017)

In 2016, U.S. crude oil exports averaged 520,000 barrels per day (b/d), 55,000 b/d (12%) more than in 2015 despite a year-over-year decline in production. However, the rate of U.S. crude oil export growth has slowed significantly from its pace over 2013-15 when annual U.S. crude production grew rapidly. Meanwhile, increased crude oil imports in 2016 have substituted for some domestic crude oil at U.S. refineries, allowing for increased refinery runs despite lower production and higher exports. ...
Despite growth late in the year, U.S. crude oil production decreased in 2016 while both imports and exports increased (3/15/2017)

Even with a rising crude oil price throughout most of 2016, total U.S. oil production in 2016 was below its 2015 level. However, monthly production began growing in the fourth quarter of the year after declining over its first three quarters. Total production managed to stay above the five-year average thanks to prior year increases. With the removal of restrictions on exports of domestically-produced crude oil at the end of 2015, crude oil exports increased and the difference between Brent and WTI crude prices narrowed, which made crude imports relatively more attractive. ...
Midwest and Rocky Mountain regions are increasingly self sufficient in production of transportation fuels (3/8/2017)

A new study, commissioned by the U.S. Energy Information Administration (EIA), finds that changes in North American energy markets over the past decade have strengthened the supply of transportation fuels including motor gasoline, distillates, and jet fuel in the Midwest and Rocky Mountain regions. ...
Planned refinery outages through first half of the year not expected to constrain availability of transportation fuels (3/1/2017)

The U.S. Energy Information Administration's (EIA) latest analysis of planned refinery outages during the first half of 2017 finds that such outages are not expected to cause a shortfall in the supply of petroleum products including gasoline, jet fuel, and distillate fuel, relative to expected demand, either nationally or within any U.S. region. This result occurs despite the current high level of U.S. gasoline demand, which in 2016 was as high as or higher than in any past year. ...
EIA: U.S. crude oil exports went to more destinations in 2016

In 2016, U.S. crude oil exports averaged 520,000 bpd, 55,000 bpd (12%) above the 2015 level, despite a year-over-year decline in domestic crude oil production. Even though oil exports have increased, growth in U.S. crude oil exports has slowed significantly from its pace from 2013 to 2015, when annual U.S. crude oil production grew rapidly.
Petrofac awarded $1.3-billion project in Kuwait

Petrofac has been awarded a contract for Kuwait Oil Company’s (KOC) gathering center project, GC 32, located at Burgan oil field, southeast of Kuwait.
Maersk Drilling secures contract for Maersk Gallant

Maersk Drilling has been awarded a contract for the harsh-environment jackup rig Mærsk Gallant, following a competitive tendering exercise by Nexen Petroleum U.K. Limited, a wholly owned subsidiary of CNOOC Limited.
Lundin Norway granted drilling permit for appraisal well 7220/11-4

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/11-4, cf. Section 8 of the Resource Management Regulations.
Lukoil applies innovative core examination technologies at West Qurna-2

LUKOIL has applied innovative technologies for examination of core samples of the West Qurna-2 field.
Schlumberger opens new Production Technologies Center of Excellence

Schlumberger has announced the opening of a new purpose-built Production Technologies Center of Excellence aimed at solving customers’ global challenges related to oil and gas production chemistry, particularly those encountered in deepwater, heavy oil and other extreme environments.
War-ravaged South Sudan draws $500-million Oranto oil bet

Nigeria’s Oranto Petroleum International Ltd. plans to bet half a billion dollars that Africa’s newest nation can end a three-year civil war and create the conditions to revive its oil industry.
Sparrows Group secures lifting, rigging contract for Ichthys LNG project

Sparrows Group has secured a three-year contract to deliver fixed crane maintenance and lifting and rigging services for the INPEX-operated Ichthys liquefied natural gas (LNG) project in Australia.
Sound Energy confirms potential of Morocco's TAGI play

Sound Energy, the African and European focused upstream gas company, has announced the results of its third well at its Tendrara licence, onshore Morocco, which both establishes the Westward extension of the primary hydrocarbon system proven in Algeria into Morocco, and further confirms the potential of the TAGI play in-country.
Genel plummets after cutting reserves estimates at Kurdish field

Genel Energy Plc sank to the lowest since the shares started trading after it reduced estimated reserves at its flagship oil field in Iraqi Kurdistan and scrapped an output forecast for the deposit.
Saudi Aramco valuation topping $1 trillion after tax cut

Saudi Aramco could have a market value of more than $1 trillion, Sanford C. Bernstein and Co. estimates, after the government slashed the oil producer’s tax burden to attract investors ahead of what may be the world’s biggest initial public offering.
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