Energy News
Cramer Remix: The most controversial earnings report next week
Fri, 23 Jun 2017 23:18:00 GMT
Jim Cramer revealed which company could have Wall Street talking next week.
Entergy CEO: Leaving Paris accord doesn't change much
Fri, 23 Jun 2017 23:16:00 GMT
Jim Cramer sat down with Leo Denault, the chairman and CEO of Entergy, to get his take on the president's climate policy.
Entergy CEO says Trump leaving Paris accord does not change much
Fri, 23 Jun 2017 23:14:00 GMT
Jim Cramer sat down with Leo Denault, the chairman and CEO of Entergy, to get his take on the president's climate policy.
Cramer Remix: The most controversial earnings report next week
Fri, 23 Jun 2017 22:59:00 GMT
Jim Cramer revealed which company could have Wall Street talking next week.
Entergy CEO says Trump leaving Paris accord does not change much
Fri, 23 Jun 2017 22:57:00 GMT
Jim Cramer sat down with Entergy Chairman and CEO Leo Denault to get his take on the president's climate policy.
Cramer's game plan: In a market on edge, stick with the bulls
Fri, 23 Jun 2017 22:11:00 GMT
Jim Cramer looks to the stocks and events on his radar next week, including a meeting at Cisco and a key Fed report.
Accelerated changes needed to meet 2050 goals, Statoil economist says
Fri, 23 Jun 2017 22:08:00 GMT

Changes will need to accelerate to meet higher energy demand in 2050 while addressing growing global climate-change impacts, Statoil’s chief economist said.

Lindberg succeeds Cheeseman as SemGroup VP, general counsel
Fri, 23 Jun 2017 21:03:00 GMT

Susan Lindberg has joined SemGroup Corp. as vice-president and general counsel. She succeeds Candice Cheeseman, who previously announced her retirement.

Saudi royal shuffle affirms change in kingdom and region
Fri, 23 Jun 2017 20:56:00 GMT

Among many other things, the promotion of Mohammed bin Salman as crown prince of Saudi Arabia widens a rift in the world’s most important oil-producing region.

Kim promoted to Sunoco president, COO; Owens to retire as CEO
Fri, 23 Jun 2017 20:33:00 GMT

Joe Kim has been appointed president and chief operating officer of Sunoco LP effective immediately. He had served as executive vice-president and chief development officer since 2015.

Dangote lets hydrogen production contract for Lekki refinery
Fri, 23 Jun 2017 20:02:00 GMT

Nigerian conglomerate Dangote Industries Ltd. (DIL) has let a contract to Air Liquide Engineering & Construction, a division of Air Liquide SA, Paris, to provide hydrogen production technology for subsidiary Dangote Oil Refining Co.’s (DORC) 650,000-b/d grassroots integrated refining complex now under construction in southwestern Nigeria’s Lekki Free Trade Zone

Closing Bell Exchange: Tech, materials lead
Fri, 23 Jun 2017 19:01:00 GMT
Discussing the current state of the markets with Sandy Villere, Villere Balanced Fund; Steve Grasso, Stuart Frankel; and CNBC’s Rick Santelli.
US oil climbs 0.6% to settle at $43.01 but still posts weekly loss
Fri, 23 Jun 2017 18:40:00 GMT
Oil rose with a lift from a weaker dollar but remained down for a fifth week in a row.
BHI: US oil rig count jumps by 11, extends hot streak to 23 weeks
Fri, 23 Jun 2017 18:18:00 GMT

The overall US rig count’s streak of consecutive weekly increases reached 23 during the week ended June 26, reflecting a continued surge in oil-directed rigs and more drilling in Oklahoma and North Dakota.

Dangote lets contract for Lekki refining complex
Fri, 23 Jun 2017 18:02:00 GMT

Dangote Oil Refining Co. (DORC), a division of Nigerian conglomerate Dangote Industries Ltd. (DIL), has let a contract to DuPont Clean Technologies, a division of E.I. DuPont de Nemours & Co., to provide a range of technology licensing, design services, and equipment for a series of units at its grassroots integrated refining complex now under construction in southwestern Nigeria’s Lekki Free Trade Zone.

Gazprom Neft starts exploratory drilling on Ayashsky block
Fri, 23 Jun 2017 16:30:00 GMT

Gazprom Neft PJSC reported the start of exploratory drilling on the Ayashsky block in the Sea of Okhotsk by Japan Drilling Co. Ltd.’s Hakuryu-5 semisubmersible drilling rig.

Eni, KMG sign Kazakhstan exploration agreements
Fri, 23 Jun 2017 16:10:00 GMT

Eni SPA and JSC KazMunayGas (KMG) have agreed to renew Eni’s 50% share of subsoil use rights for exploration and production on Isatay block in the Caspian Sea. The initial agreement was signed 3 years ago.

Pemex plans late July restart of Salina Cruz refinery
Fri, 23 Jun 2017 16:06:00 GMT

Pemex Transformación Industrial (PTI), the processing arm of Mexico’s state-owned Petroleos Mexicanos SA, is working to restart its 330,000-b/d Antonio Dovali Jaime refinery in Salina Cruz, Oaxaca, by the end of July following the plant’s complete shutdown in the wake of a June fire caused by flooding from Tropical Storm Calvin.

Newly formed Tanami takes Tap Oil stake in Amulet field
Fri, 23 Jun 2017 15:25:00 GMT

Newly formed private Perth company Tanami Energy Pty. Ltd. has emerged as the buyer of fellow Perth company Tap Oil Ltd.’s 20% interest in the undeveloped Amulet oil discovery in Carnarvon basin licence WA-8-L offshore Western Australia.

API: US petroleum demand last month highest for May since 2007
Fri, 23 Jun 2017 15:13:00 GMT

According to monthly statistics from the American Petroleum Institute, total US petroleum deliveries in May moved up 4.9% from May 2016 to average 20.1 million b/d. These were the highest May deliveries in 10 years and the highest deliveries for any months in more than 9 years.

MARKET WATCH: NYMEX crude oil price gains slightly, settles under $43/bbl
Fri, 23 Jun 2017 14:45:00 GMT

The light, sweet crude oil price for August delivery on the New York Mercantile Exchange gained modestly but stayed below $43/bbl on June 22. It was the second consecutive settlement under that price. The US oil benchmark price climbed again in early June 23 trading.

Commodities tomorrow: Crude ends week under $43
Fri, 23 Jun 2017 14:30:00 GMT
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
U.S. uranium production, prices, and employment all fell in 2016
Fri, 23 Jun 2017 13:00:00 GMT
Production of U.S. uranium concentrate decreased 40% between 2014 and 2016 to 2.9 million pounds U3O8 in 2016, the lowest annual total since 2005. Uranium production has been affected by falling uranium prices, with spot prices falling from $34 per pound (lb) in January 2016 to $18/lb in November, the lowest uranium spot price since May 2004.
Saudi Arabia's spat with Qatar just a distraction to protect the ruling family, political analyst says
Fri, 23 Jun 2017 05:34:00 GMT
Crown Prince Mohammed bin Salman’s biggest test will be whether or not he can satisfy the kingdom's appetite for jobs.
Why sub-$40 oil is 'problematic'
Fri, 23 Jun 2017 04:41:00 GMT
Oil production is loss-making when prices drop below $40 a barrel, says Mathew Kaleel of Janus Henderson.
Qatar's neighbors issue steep list of demands to end crisis
Fri, 23 Jun 2017 03:21:00 GMT
Saudi Arabia and other Arab countries that have cut ties to Qatar issued a steep list of demands to end a three-week diplomatic spat.
BOEM to identify California offshore platform decommissioning issues
Thu, 22 Jun 2017 19:54:00 GMT

The US Bureau of Ocean Energy Management is trying to help identify issues that could arise as 27 offshore oil and gas platforms off southern California—all but three of which are in federal waters—are decommissioned, officials from the agency’s Pacific Region told members of BOEM’s Committee on Offshore Science and Assessment.

ExxonMobil lets contract for Liza FPSO offshore Guyana
Thu, 22 Jun 2017 19:37:00 GMT

ExxonMobil Corp. has confirmed letting various turnkey and lease and operate contracts for the next phase of the Liza project offshore Guyana. Based on one of these contracts, SBM Offshore will construct, install, lease, and operate a floating production, storage, and offloading vessel. ExxonMobil recently completed the front-end engineering studies and the final investment decision on the project.

Commodities tomorrow: Crude's dead cat bounce
Thu, 22 Jun 2017 19:31:00 GMT
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Indonesian firm plans refinery in Nigeria
Thu, 22 Jun 2017 19:29:00 GMT

PT Intim Perkasa Nigeria Ltd., a subsidiary of PT Intim Perkasa, Jakarta, has indicated interest in building a refinery in Nigeria. The proposed 10,000-b/sd modular refinery would be built in Nigeria’s state of Akwa Ibom, Nigerian National Petroleum Corp. (NNPC) said.

Braskem selects La Porte for Delta polypropylene project
Thu, 22 Jun 2017 19:21:00 GMT

Braskem America Inc., Philadelphia, a subsidiary of Braskem SA, Sao Paulo, is investing $675 million to build what will become North America’s largest polypropylene (PP) production line at the company’s existing manufacturing site in La Porte, Tex., about 26 miles outside of Houston.

MARKET WATCH: NYMEX settles under $43/bbl, Brent under $45/bbl
Thu, 22 Jun 2017 19:14:00 GMT

The light, sweet crude oil price for July delivery on the New York Mercantile Exchange fell by nearly $1 to settle below $43/bbl on June 21 while Brent crude oil for August delivery fell more than $1 to reach below $45/bbl on the London market.

US crude bounces back, settles 0.5% higher at $42.74 but glut worries remain
Thu, 22 Jun 2017 18:34:00 GMT
Oil rose but market sentiment remained negative due to ongoing pressure from a persistent supply glut.
Will oil derail the rally£
Thu, 22 Jun 2017 18:19:00 GMT
Discussing the impact of the floundering energy sector on the greater markets and where investors can find value, with Gary Bradshaw, Hodges Capital Management, and Oliver Pursche, Bruderman Brothers.
Analyst: Energy downgrade mostly based on US production outlook
Thu, 22 Jun 2017 18:14:00 GMT
Mike Kelly, Seaport Global Securities senior analyst, discusses the firm's downgrade for oil and energy stocks as crude prices tumble.
Kilduff: Why it's time to short oil
Thu, 22 Jun 2017 15:46:00 GMT
Oil prices have further to fall, says John Kilduff. But traders should watch the geopolitical situation carefully.
Natural gas inventories up 61B cubic feet
Thu, 22 Jun 2017 14:35:00 GMT
CNBC's Jackie DeAngelis reports the latest natural gas inventories from the EIA.
Conservatives, like fossil fuels, subject to liberal exclusion
Thu, 22 Jun 2017 13:06:00 GMT

College-graduation season ends with an insight for the oil and gas industry.

Earthquake trends in Oklahoma and other states likely related to wastewater injection
Thu, 22 Jun 2017 13:00:00 GMT
According to the U.S. Geological Survey (USGS), the number of earthquakes east of the Rocky Mountains has increased dramatically since 2009. More earthquakes in these areas have coincided with the increase in oil and natural gas production from shale formations.
OPEC agreement will collapse next year, predicts Macquarie’s oil research chief
Thu, 22 Jun 2017 12:33:00 GMT
The OPEC-led output cut deal is unlikely to survive into 2019, says Macquarie's oil research head.
Tel Aviv exchange to see largest IPO on gas field sale
Thu, 22 Jun 2017 11:58:00 GMT
The Tel Aviv Stock Exchange is about to see its largest IPO ever.
Scottish tidal park with potential to power 18,000 homes gets approval
Thu, 22 Jun 2017 11:27:00 GMT
A 30 turbine tidal park off the coast Islay, Scotland, has been granted planning consent.
We're thinking of building a 'solar wall' on US-Mexico border, Trump says
Thu, 22 Jun 2017 10:13:00 GMT
President Donald Trump has raised the idea of building a "solar wall" on the border between the U.S. and Mexico.
Rising US crude production
Thu, 22 Jun 2017 04:43:00 GMT
Crude stocks might have drawn down, the markets were focusing on rising levels of production in the U.S., Nigeria and Libya, says Azlin Ahmad, Argus Media.
Energy's down, but it's not out: Expert
Thu, 22 Jun 2017 04:16:00 GMT
There's potential that the energy sector will rally later in the year when oil prices improve, says Rob Thummel, Tortoise Capital.
Will OPEC deepen output cuts£
Thu, 22 Jun 2017 00:59:00 GMT
OPEC could deepen production cuts with Brent below $45 a barrel, although it could play the waiting game, says Vandana Hari, Vanda Insights.
No relief for oil, but...
Thu, 22 Jun 2017 00:13:00 GMT
Oil prices are expected to remain pressured, but a repeat of the 2016 contagion in the broader markets is unlikely, Eric Wiegand, U.S. Bank Private WM.
Gulf operators begin evacuations as Tropical Storm Cindy approaches
Wed, 21 Jun 2017 21:27:00 GMT

Offshore oil and gas operators in the Gulf of Mexico began to evacuate platforms and rigs in preparation for Tropical Storm Cindy, the US Bureau of Safety and Environmental Enforcement announced.

Health-care and tech sectors lead, energy falls behind
Wed, 21 Jun 2017 20:00:00 GMT
CNBC's Mike Santoli talks to Tom Lee, Fundstrat, and Ann Miletti, lead portfolio manager at Wells Capital, about the winners and losers in the markets today.
Commodities tomorrow: Libyans ramp up, Nigerians export more crude
Wed, 21 Jun 2017 19:53:00 GMT
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Slavneft commissions new unit at Yaroslavl refinery
Wed, 21 Jun 2017 18:59:00 GMT

OAO NGK Slavneft subsidiary JSC Slavneft-Yaroslavnefteorgsintez (Slavneft-Yanos) has started a new unit for production of group III base oils at its 15 million-tonne/year refinery in Yaroslavl, Russia.

Why this leading shareholder advisory firm is now studying climate change
Wed, 21 Jun 2017 18:38:00 GMT
Institutional Shareholder Services has been aggressively investing in companies that analyze social and environmental risks to businesses.
Crude oil falls to lowest level since August
Wed, 21 Jun 2017 18:33:00 GMT
Dan Pickering, Tudor, Pickering, Holt & Co. president and head of TPH Asset Managment, discusses the collapse in oil prices and investing in the energy sector.
Oneok to expand Midcontinent NGL gathering system
Wed, 21 Jun 2017 17:13:00 GMT

Oneok Inc. plans to expand its Midcontinent NGL gathering system and its existing Sterling III pipeline.

Survey finds support for gas pipelines in New England
Wed, 21 Jun 2017 16:34:00 GMT

Around half of the registered voters in four New England states support constructing more natural gas pipelines to help reduce power generation costs and consumers’ electric bills in the region, results of a poll that the Consumer Energy Alliance released on June 20 suggested.

DuPont lets contract for Texas ethylene plant
Wed, 21 Jun 2017 16:27:00 GMT

E.I. DuPont de Nemours & Co. has let a contract to CB&I, Houston, to provide engineering, procurement, and construction (EPC) for an ethane-cracking furnace expansion project at DuPont's 680,000-tonne/year Sabine River Works ethylene plant in Orange, Tex.

FAR, Woodside Senegal dispute taken to arbitration
Wed, 21 Jun 2017 16:15:00 GMT

Perth company FAR Ltd. has moved to arbitration to resolve the current joint operating agreement dispute regarding the company’s right to pre-empt the sale of ConocoPhillips’ interest in three blocks, including one containing the recent SNE oil discovery offshore Senegal.

Ferazzi appointed Williams senior vice-president
Wed, 21 Jun 2017 16:08:00 GMT

Frank J. Ferazzi has been named senior vice-president overseeing the Atlantic-Gulf operating area of Williams Cos. Inc.

UK oil and gas survey notes confidence
Wed, 21 Jun 2017 16:03:00 GMT

Confidence is returning to the UK oil and gas industry, according to an annual survey by the Bank of Scotland.

Oil companies in group seeking carbon tax
Wed, 21 Jun 2017 15:57:00 GMT

Four major oil companies have joined a nongovernmental initiative to impose a carbon tax in the US as a precaution against catastrophic climate change.

EIA data show 2.5 million-bbl US oil inventory drop
Wed, 21 Jun 2017 15:44:00 GMT

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 2.5 million bbl to an estimated 509.1 million bbl total for the week ended June 16 compared with the previous week, the Energy Information Administration reported.

ESAI: US shale oil production growth to slow in 2018
Wed, 21 Jun 2017 15:21:00 GMT

ESAI Energy forecasts that US shale oil production will reach 5.6 million b/d by Dec. 31, more than 1 million b/d higher than at the end of 2016. But the pace of growth is expected to slow in 2018 as current oil prices below $50/bbl are likely to hinder the momentum of rig additions.

MARKET WATCH: US oil prices settle under $44/bbl pending inventory
Wed, 21 Jun 2017 14:49:00 GMT

The light, sweet crude oil price for July delivery on the New York Mercantile Exchange fell by nearly $1/bbl to settle at $43.23/bbl on June 20. US futures prices have fallen in four of the last five trading sessions to set a new 2017 low.

Growing octane needs widen the price difference between premium and regular gasoline
Wed, 21 Jun 2017 13:00:00 GMT
The difference between U.S. average retail prices for premium and regular gasoline reached 50 cents per gallon in late 2016, and it has remained near that level so far in 2017. This price difference, or spread, has been generally increasing since 2000. Many factors on both the supply and demand sides are influencing this trend.
Statoil gets okay for Njord, Bauge developments
Tue, 20 Jun 2017 21:54:00 GMT

Statoil ASA has received government approval for its plans for development and operation for Njord field and the nearby Bauge discovery in the Norwegian Sea.

Energean submits development plan for Karish, Tanin off Israel
Tue, 20 Jun 2017 20:38:00 GMT

Energean Oil & Gas SA subsidiary Energean Israel expects the start of gas production from the Karish main development in 2020 after an estimated capital expenditure of $1.3-1.5 billion.

US Chamber refocuses, renames energy advocacy effort
Tue, 20 Jun 2017 20:13:00 GMT

On the 10th anniversary of the Institute for 21st Century Energy’s formation, the US Chamber of Commerce broadened its energy advocacy group’s focus and renamed it the Global Energy Institute.

S-Oil lets contract for Ulsan integrated complex
Tue, 20 Jun 2017 19:42:00 GMT

S-Oil Corp., Seoul, has let a contract to Lloyd's Register Group Ltd. (LR), London, to provide a fully integrated risk-based inspection (RBI) system for its new $4.2-billion residue upgrading complex (RUC) and olefin downstream complex (ODC) under construction in Ulsan, South Korea.

National trade associations urge Senate to confirm FERC nominees
Tue, 20 Jun 2017 19:33:00 GMT

Twenty national trade associations, half of which are directly involved in oil and gas, called on US Senate leaders to schedule votes soon on the nominations of Neil Chatterjee and Robert Powelson to be Federal Energy Regulatory Commission members.

Mexico awards 10 of 15 shallow-water blocks in latest bid round
Tue, 20 Jun 2017 17:52:00 GMT

Mexico’s Round 2.1, held June 19, included shallow-water blocks in the Tampico-Misantla, Veracruz, and Southeast basin areas along the country’s Gulf Coast.

OGA offers data for mature-area licensing
Tue, 20 Jun 2017 17:22:00 GMT

The UK Oil and Gas Authority (OGA) has announced measures to make data openly available and boost interest in the 30th Offshore Licensing Round, which it has not yet launched.

Shanker to succeed Sarraf as CMD of ONGC
Tue, 20 Jun 2017 17:11:00 GMT

Shashi Shanker has been named chairman and managing director of state-owned Oil & Natural Gas Corp., India’s largest oil and gas producer, according to press reports citing the government’s Public Enterprise Selection Board.

Europa advances seismic on Irish licenses
Tue, 20 Jun 2017 16:52:00 GMT

Europa Oil & Gas (Holdings) PLC will advance seismic work for three licenses in the South Porcupine basin offshore Ireland after receiving approval to adjust the terms.

Wood elevated to Tullow chief financial officer
Tue, 20 Jun 2017 16:41:00 GMT

Les Wood has been named chief financial officer for Tullow Oil PLC.

Chevron Phillips Chemical completes US Gulf Coast PE units
Tue, 20 Jun 2017 16:27:00 GMT

Chevron Phillips Chemical Co. LP (CPCC) has reached mechanical completion of two 500,000-tonne/year (tpy) polyethylene (PE) plants in Old Ocean, Tex.

APA Group plans Australian east coast grid pipeline expansion
Tue, 20 Jun 2017 16:20:00 GMT

Sydney-based APA Group is to build a gas pipeline as part of an expansion to its east coast gas grid following the signing of a memorandum of understanding with Brisbane company Blue Energy Ltd.

Australian government to study southern offshore basins
Tue, 20 Jun 2017 16:15:00 GMT

The Australian government has announced a study of Southern Australian offshore basins as part of a $90-million (Aus.) investment in the country’s domestic gas security and supply.

NIOC, Eni sign MOU for Kish, Darquain development studies
Tue, 20 Jun 2017 16:08:00 GMT

National Iranian Oil Co. (NIOC) and Eni SPA of Italy signed a memorandum of understanding for Eni to study the feasibility of developing Kish gas field and Darquain oil field, the Iranian Oil Ministry's official website SHANA reported June 20.

Beach Energy completes Callawonga drilling campaign
Tue, 20 Jun 2017 16:00:00 GMT

The Adelaide duo of Beach Energy Ltd. and Cooper Energy Ltd. has successfully completed a five-well campaign in Callawonga oil field in PPL220 in the South Australian Cooper-Eromanga basins.

Sinopec, Linde form JV to supply industrial gases at Ningbo
Tue, 20 Jun 2017 15:43:00 GMT

Zhenhai Refining & Chemical Co. (ZRCC), a subsidiary of China Petroleum & Chemical Corp. (Sinopec), and Linde AG have formed a €145-million joint venture to boost industrial gas supplies to local petrochemical, steel, and electronics customers operating in the Ningbo Chemical Industrial Zone in eastern China's Zhejiang province.

Two PDVSA loans could give Rosneft control of Citgo, senators warn
Tue, 20 Jun 2017 15:36:00 GMT

Six US senators expressed concern over Russian oil company Rosneft PJSC possibly taking control of Citgo Petroleum Corp. if its owner, Petroleos de Venezuela SA (PDVSA), defaults on two major financial obligations.

Ukraine, other officials cite progress in implementing energy reforms
Tue, 20 Jun 2017 15:24:00 GMT

Ukraine has made significant progress in reforming its energy systems after Russian gas giant Gazprom cut off its supplies in 2014 after the country missed a payment, but continued international support will be essential for it to continue improving its production and transportation systems, speakers agreed at a June 19 Atlantic Council forum.

MARKET WATCH: NYMEX crude oil price drops to 2017 low
Tue, 20 Jun 2017 14:50:00 GMT

Light, sweet crude oil prices on the New York Mercantile Exchange fell to a new 2017 low in early June 20 trading, which analysts attributed to lingering doubts about major oil producers’ ability to reduce world oil supplies with production-cut targets as promised.

U.S. refineries are running at record-high levels
Tue, 20 Jun 2017 13:00:00 GMT
Gross inputs to U.S. petroleum refineries, also referred to as refinery runs, averaged a record high 17.7 million barrels per day (b/d) for the week ending May 26, before dropping slightly to 17.5 million b/d for the week ending June 2 and 17.6 million b/d for the week ending June 9. Product supplied to the U.S. market as well as inventories and exports are also at relatively high levels.
Dishwashers are among the least-used appliances in American homes
Mon, 19 Jun 2017 13:00:00 GMT
Compared with other major home appliances such as clothes washers, dryers, and cooking equipment, dishwashers are both less pervasive and less likely to be used when available. Of the 80 million households that have a dishwasher, 16 million (almost 20%) did not use their dishwasher in 2015, based on data from EIA�s Residential Energy Consumption Survey (RECS).
U.S. exports of crude oil and petroleum products rising, but trends vary across products (6/21/2017)

U.S. total crude oil and petroleum product exports more than doubled from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016. While exports of distillate, gasoline, propane, and crude oil have all contributed to the increase, growth rates and market drivers for each product have varied during this period (Figure 1). ...
Growing octane needs widen the price spread between premium and regular gasoline (6/14/2017)

In late 2016, the difference between U.S. average retail prices for premium and regular gasoline reached 50 cents per gallon. This price spread has been generally expanding since 2000, and the rate at which the spread has grown has accelerated over the past three years (Figure 1). Many factors on both the supply and demand sides are likely influencing this trend. ...
Markets expected to tighten in the third quarter of 2017, then loosen through 2018 (6/7/2017)

World production of crude and liquids has been revised slightly downward from EIAÂ’s May Short-Term Energy Outlook (STEO) for both 2017 and 2018. The Organization of the Petroleum Exporting Countries (OPEC) met on May 25, 2017, and announced an extension to production cuts that were originally set to end this month. The agreed-upon OPEC crude oil production target remains at 32.5 million barrels per day (b/d) through the end of the first quarter of 2018. EIA now forecasts OPEC membersÂ’ crude oil production to average 32.3 million b/d in 2017 and 32.8 million b/d in 2018, about 0.2 million b/d and 0.4 million b/d, respectively, lower than previously forecast. However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017 and lead to a small inventory build in 2018. ...
Oil companiesÂ’ proved reserves decline for second consecutive year as finding costs remain near historical average (6/1/2017)

Information in the 2016 annual reports of 68 publicly-traded oil companies indicates that their aggregate proved reserves declined in 2016 for the second consecutive year. In addition, reported finding costs—which are exploration and development expenditures per barrel of proved reserves added—remain near their historical average. The decline in proved reserves was heavily concentrated in a few companies that wrote down Canadian oil sands projects. However, low extensions and discoveries also contributed to fewer proved reserves additions. Together, the downward revisions, the amount of oil produced (withdrawn), and the lower extensions and discoveries led to a net decline in reserves. ...
ITC Global initiates satellite communication on Brazil FPSO fleet following West Africa deployment

ITC Global, a provider of satellite communications to remote and harsh environments, announced today that it has initiated installations to deliver communications services to seven floating production, storage and offloading (FPSO) vessels located offshore Brazil for a leading oil and gas service company.
Abrado sets double-string section milling record on North Sea well

Abrado announced today that it has completed the first double-string section milled window in the North Sea utilizing the proprietary Medusa cutting technology.
Shale Support honors students with $2,500 STEM scholarships

Shale Support, LLC, a provider of frac-sands and logistical solutions to the oil and gas proppant market, is proud to announce the winners of the 2017 Shale Support STEM Scholarship.
Jones Energy exits Arkoma basin with non-core asset sales

Jones Energy, Inc., has announced that it has entered into definitive agreements to sell several non-core assets, including an agreement to sell its Arkoma basin properties, for a combined total of up to $70 million, subject to closing adjustments.
First riser platform jacket for Johan Sverdrup complete

The riser platform (RP) jacket for the Johan Sverdrup development will be ready for delivery in July and was given the name Ægir at a ceremony held at Kvaerner’s yard at Verdal.
Ministry of Petroleum and Energy announces 24th licensing round

The Ministry of Petroleum and Energy (MPE) has announced the 24th licensing round. In this round, 102 blocks/parts of blocks will be announced, divided among nine in the Norwegian Sea and 93 in the Barents Sea.
Shale tycoon who turned Enron reject into gold builds again

After helping give birth to the U.S. shale boom a decade ago, Mark Papa is starting over at age 70 with a new $3.6-billion oil explorer he built from scrap amid the worst market crash in a generation.
Shell's $1-billion New Zealand sale said to draw OMV, Vermilion

Royal Dutch Shell Plc’s sale of its remaining New Zealand energy assets has drawn interest from companies including OMV AG and Vermilion Energy Inc., people with knowledge of the matter said.
ONGC, Aqualis Offshore match rig move record offshore India

The Oil and Natural Gas Corporation Limited (ONGC), with the support of Aqualis Offshore, has matched its own pre-monsoon rig move record set last year offshore India. Aqualis Offshore has also secured a new contract extension to support ONGC.
World's no. 3 oil reserves tested by rout as Shell decamps

When Shell decided to pull out of the Canadian oil sands, the local producers doubled down with more investment. Crude’s bear market is testing their resolve.
Oil heads for fifth weekly drop as supply climbs

Oil is heading for a fifth weekly decline after sinking into a bear market amid concerns rising supply from the U.S. to Libya would offset production cuts from OPEC and its allies.
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