Energy News
Asia markets nudge higher; bitcoin futures make their big debut
Mon, 11 Dec 2017 07:09:00 GMT
Asian indexes were slightly higher, with bitcoin prices rising as futures of the cryptocurrency began trade.
Oil prices drop on increased US rig drilling
Mon, 11 Dec 2017 00:50:00 GMT
Oil prices fell , pulled down as the rise in the U.S. rig count pointed to a further increase in American production.
OPEC has gotten a 'lead' on the oil market with output cuts
Mon, 11 Dec 2017 00:49:00 GMT
Vandana Hari, founder at Vanda Insights, says OPEC has made solid progress in supporting crude prices.
China looks to nuclear option to ease winter heating woes
Sun, 10 Dec 2017 06:29:00 GMT
China is looking to deploy nuclear power to provide reliable winter heating, raising public safety concerns.
Flawed RFS offers lesson for makers of energy policy
Fri, 08 Dec 2017 22:00:00 GMT

Would-be reformers of energy consumption should heed a message in new discussions about the US Renewable Fuel Standard.

Team Trump's plan to save coal and nuclear plants is likely to fall short
Fri, 08 Dec 2017 20:28:00 GMT
Energy Secretary Rick Perry proposed subsidizing coal and nuclear power plants, but analysts say that rule won't keep plants from closing.
Oil-hungry China imported record levels of US crude in November
Fri, 08 Dec 2017 20:06:00 GMT
U.S. crude oil imports into China hit an all-time high, hitting 289,000 barrels a day, according to ClipperData.
Baker Hughes: US rig count ticks up 2 units to 931
Fri, 08 Dec 2017 19:29:00 GMT

The US drilling rig count climbed for the fifth straight week with a 2-unit gain to 931 rigs working during the week ended Dec. 8, data from Baker Hughes indicate.

Virginia water control board approves Mountain Valley Pipeline permit
Fri, 08 Dec 2017 19:14:00 GMT

Virginia’s water control board approved certification for upland areas of the proposed 300-mile Mountain Valley natural gas pipeline on Dec. 7. The certification followed the most rigorous regulatory process to which a proposed pipeline ever has been subjected in the Old Dominion, the Department of Environmental Quality division said in a statement following the 5-2 vote.


Moody’s: Oil, gas industry to continue recovery in 2018
Fri, 08 Dec 2017 19:10:00 GMT

The oil and gas industry will continue its slow recovery as upstream companies increase production, helping the midstream and services businesses as well, according to Moody’s 2018 outlook. Excess supply will continue to dampen oil prices in the coming year. Natural gas prices, on the other hand, will benefit from higher demand, but price gains will still be limited.

OPEC outlook sees US influencing global crude markets until 2025
Fri, 08 Dec 2017 18:51:00 GMT

The Organization of Petroleum Exporting Countries expects US unconventional crude oil production from tight shale formations to increase the country’s global market influence through 2025, the chief economist for the cartel said on Dec. 7.

Energy officials nudge EastMed gas line
Fri, 08 Dec 2017 18:28:00 GMT

Energy ministers of Cyprus, Greece, Israel, and Italy have set a target completion date of 2025 for the Eastern Mediterranean (EastMed) natural gas pipeline between Israel and Italy. Meeting in Nicosia, the officials signed a memorandum of understanding for the 2,100-km project. 

BLM temporarily suspends, delays parts of venting, flaring rule
Fri, 08 Dec 2017 18:03:00 GMT

The US Bureau of Land Management temporarily suspended or delayed parts of its 2016 venting and flaring rule until Jan. 17, 2019. “By holding off on certain requirements, BLM now has sufficient time to review the final rule while avoiding any compliance costs on industry that may not be needed after the review,” Deputy Director for Policy and Programs Brian Steed said after the Dec. 7 action.

HPCL lets contract for unit at Visakh refinery
Fri, 08 Dec 2017 17:36:00 GMT

Hindustan Petroleum Corp. Ltd. has let a contract to Larsen & Toubro Ltd. subsidiary L&T Hydrocarbon Engineering Ltd. to build a hydrocracking unit to be added as part of HPCL’s previously announced program to expand and modernize its 8.3 million-tonne/year Vishakhapatnam (Visakh) refinery in Andhra Pradesh on India’s southeastern coast.

MARKET WATCH: US, Brent oil prices rise on geopolitical tensions
Fri, 08 Dec 2017 17:06:00 GMT

Brent crude oil for February delivery gained nearly $1 to settle above $62/bbl on the London market Dec. 7. The benchmark continued gaining on Dec. 8. Analysts credited both Brent and US benchmark oil price support to the release of official Chinese data that showed crude imports rose in November to more than 9 million b/d. 

Middle East tensions boost crude
Fri, 08 Dec 2017 15:30:00 GMT
CNBC's Jackie DeAngelis reports on the oil market.
Team Trump's plan to save coal and nuclear plants is likely to fall short
Fri, 08 Dec 2017 14:58:00 GMT
Rick Perry proposed subsidizing coal and nuclear power plants, but analysts say that rule won't keep plants from closing.
Bitcoin mania could ramp up global efforts to dethrone the dollar, analyst says
Fri, 08 Dec 2017 14:03:00 GMT
Bitcoin mania could prompt some of the world's largest oil-producing countries to make a major move against the dollar, according to one commodity analyst.
IndiaÂ’s steel industry, like AmericaÂ’s, is dominated by electric-based processes
Fri, 08 Dec 2017 13:00:00 GMT
India is the third-largest steel producer in the world after China and Japan, having surpassed other large steel-making countries such as the United States, Russia, and South Korea over the previous decade, according to the World Steel Association.
US crude rises 1.2%, settling at $57.36, but still posts biggest weekly loss in two months
Fri, 08 Dec 2017 11:22:00 GMT
Oil prices rose on Friday, helped by rising Chinese crude demand and threats of a strike in Nigeria.
'Self-healing' grids and the future of electrical power
Fri, 08 Dec 2017 07:53:00 GMT
Innovation is changing the way grids are fixed when something goes wrong.
Commodities tomorrow: US production keeps climbing
Thu, 07 Dec 2017 21:00:00 GMT
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Japan’s Tosoh lets contract to expand ethylene capacity
Thu, 07 Dec 2017 20:50:00 GMT

Tosoh Corp., Tokyo, has let a contract to Toyo Engineering Corp. (TEC) to build a naphtha-cracking furnace for an expansion of ethylene production at its Yokkaichi complex in Mie Prefecture, Japan. 

The Chinese are much more positive about autonomous vehicles than Americans
Thu, 07 Dec 2017 20:23:00 GMT
People in China, India and Brazil are more hopeful about autonomous cars than people in some highly developed nations.
Bill Barrett, Fifth Creek to merge into DJ basin-focused E&P
Thu, 07 Dec 2017 20:09:00 GMT

Bill Barrett Corp., Denver, and Fifth Creek Energy Co. LLC, Denver, have agreed to merge in a deal valued at $649 million creating an oil- and natural gas liquids-weighted firm with a combined 151,100 net acres focused on rural areas in the Denver-Julesburg basin. The deal includes shares plus the assumption of as much as $54 million of debt.

State, federal lease sales in Alaska produce contrasting results
Thu, 07 Dec 2017 19:31:00 GMT

The State of Alaska received a record $121 million in winning bids as 143 companies and investors sought leases in its annual North Slope lease sale on Dec. 6. The US Bureau of Land Management offered 900 tracts covering a record 16,100 sq miles within the National Petroleum Reserve-Alaska the same day and received 7 bids totaling $1.16 million for 125 sq miles of acreage.

Pruitt affirms ‘back to basics’ agenda is under way at EPA
Thu, 07 Dec 2017 19:16:00 GMT

US Environmental Protection Agency Administrator E. Scott Pruitt told a House Energy and Commerce Committee subcommittee that EPA is moving forward on refocusing the agency on its core mission: restoring power to states through cooperative federalism and improving policy processes while adhering to the rule of law.

Airborne gravity survey launched for southern Gulf of Mexico
Thu, 07 Dec 2017 19:08:00 GMT

CGG will complete as many as five additional areas in the southern Gulf of Mexico through 2018. The program will total 200,000 line-km of multiclient airborne gravity and magnetic survey. The company completed its first area, AOI 1, in December 2016 and has processed and interpreted about 38,000 line-km over the gulf’s Perdido foldbelt.

Erin Energy targets Miocene offshore Nigeria, Oyo field
Thu, 07 Dec 2017 19:01:00 GMT

Erin Energy Corp., Houston, expects a 60-day drilling and logging window at its Oyo North West (Oyo-NW) well, which the company spudded on Dec. 6 on its oil mining lease (OML) 120 block offshore Nigeria.

Po Valley logs gas producer in Selva field revival
Thu, 07 Dec 2017 18:55:00 GMT

Po Valley Energy Ltd., Perth, plans to complete its Selva gas field Podere Maiar 1 dir (PM1) well in mid-December with production planned for January 2018. As part of the operator’s plan to revive Eni SPA’s former gas field in Northern Italy, Po Valley Energy drilled the PM1 to 1,330 m TD in the Pliocene.

License extended for block off Congo (Zaire)
Thu, 07 Dec 2017 18:50:00 GMT

Muanda International Oil Co., a subsidiary of Perenco, has reached an agreement with the government of Congo (former Zaire) extending by 20 years the license covering the Offshore DR Congo Block, reports partner Inpex Corp., Tokyo.

CNPC, Uzbekneftegaz start Karakul phase
Thu, 07 Dec 2017 18:44:00 GMT

A joint venture of China National Petroleum Corp. and Uzbekneftegaz has commissioned the first phase of its three-field Karakul natural gas development near Bukhara in south-central Uzbekistan. 

Gazprom Neft commissions Badra gas processing plant
Thu, 07 Dec 2017 17:55:00 GMT

PJSC Gazprom Neft subsidiary Gazprom Neft Badra has commissioned its 1.6 billion-cu m/year natural gas processing plant at Badra field in eastern Iraq. The full-cycle gas plant, which entered commercial operation on Dec. 6, processes dry feed gas from Badra field, that will be shipped via a 100-km pipeline to the Az-Zubaidiya power station to supply electric power to provinces throughout Iraq as well as to the country’s capital city of Bagdad.


Sasref lets contract for Jubail refinery revamp, expansion
Thu, 07 Dec 2017 17:34:00 GMT

Saudi Aramco Shell Refinery Co. (Sasref), a 50-50 joint venture of Saudi Aramco and Royal Dutch Shell PLC, has let a contract to CB&I, Houston, to provide engineering, procurement, and construction management for the modernization and expansion of its 305,000-b/d refinery at Jubail, Saudi Arabia.


MARKET WATCH: NYMEX, Brent drop more than $1/bbl
Thu, 07 Dec 2017 17:19:00 GMT

The crude oil benchmarks each dropped by more than $1.60/bbl on the New York and London markets Dec. 6 after a weekly US government report showed a surge in US crude oil production. The US Energy Information Administration said production reached 9.7 million b/d for the week ended Dec. 1, up 25,000 bbl from the previous week. 

GCC balancing financial strain, Qatari quarrel
Thu, 07 Dec 2017 13:27:00 GMT

Financial pressure might keep the Gulf Cooperation Council together.

U.S. liquefied natural gas exports have increased as new facilities come online
Thu, 07 Dec 2017 13:00:00 GMT
In August 2017, total U.S. natural gas liquefaction capacity in the Lower 48 states increased to 2.8 billion cubic feet per day (Bcf/d) following the completion of the fourth liquefaction unit at the Sabine Pass liquefied natural gas (LNG) terminal in Louisiana. With increasing liquefaction capacity and utilization, U.S. LNG exports averaged 1.9 Bcf/d, and capacity utilization averaged 80% this year, based on data through November.
The world's largest sovereign wealth fund just made its first Asia property purchase
Thu, 07 Dec 2017 12:50:00 GMT
Norway's oil cash will pay $820 million for a stake in 5 Tokyo buildings.
A colossal fusion project just hit a big milestone
Thu, 07 Dec 2017 11:45:00 GMT
The complex project is taking place in the south of France.
US crude jumps 1.3%, settling at $56.69, on threatened strike in Nigeria, short covering
Thu, 07 Dec 2017 07:48:00 GMT
Oil rose on Thursday due to a threatened strike in Nigeria and as traders covered shorts after losses the previous day.
Expect oil prices to fall to lower $50s, analyst says
Wed, 06 Dec 2017 23:46:00 GMT
Stephen Schork, editor at The Schork Report, talks about why he thinks oil markets are at their peak and Nymex WTI prices could slide lower.
EIA: US crude oil inventory fell by 5.6 million bbl
Wed, 06 Dec 2017 21:16:00 GMT

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.6 million bbl for the week ended Dec. 1 compared with the previous week. The latest estimate is 448.1 million bbl, which puts oil supplies in the upper range for this time of year, the US Energy Information Administration said.

Norway draws production bids in 24th licensing round
Wed, 06 Dec 2017 21:10:00 GMT

Norway’s Ministry of Petroleum and Energy aims to award new production licenses in the 24th Licensing Round before the summer of 2018. The round covered newly opened, frontier acreage including 102 blocks or partial blocks of which nine were in the Norwegian Sea with the remaining 93 blocks in the Barents Sea.

DOI seeks review of California federal court’s BLM methane ruling
Wed, 06 Dec 2017 20:46:00 GMT

The US Department of the Interior has asked the appeals court for the Ninth US Judicial Circuit in San Francisco to review and overturn a lower court’s decision in October ordering the US Bureau of Land Management to make oil and gas producers comply with certain methane emissions requirements while the rules are being reviewed.

Alberta to help industries cut emissions
Wed, 06 Dec 2017 20:35:00 GMT

Alberta has pledged $1.4 billion over 7 years to help industries cut emissions of greenhouse gases. The oil sands industry is to be the largest recipient. The government is making $440 million available to it to increase production while reducing emissions as it adjusts to new rules for large emitters.

Yamal LNG to load first cargo
Wed, 06 Dec 2017 20:28:00 GMT

PAO Novatek has begun production at its Yamal LNG plant, bringing its 5.5 million-tonne/year first train online. The first cargo is scheduled to load Dec. 8 at Sabetta port onboard the first Arc7 ice-class LNG tanker, Christopher de Margerie, operated by Russian state-owned shipping company Sovcomflot. 

Novatek adds two licenses in Russia
Wed, 06 Dec 2017 17:44:00 GMT

PAO Novatek, Moscow, has acquired holders of two exploration and production licenses in Russia from AR Oil & Gas BV, a joint venture of AO Neftegazholding and Repsol SA.

Lebanese PM stays in job; oil threat eases
Wed, 06 Dec 2017 17:00:00 GMT

A potential disruption to the oil market eased on Dec. 5 when Lebanese Prime Minister Saad Hariri rescinded the resignation he had announced Nov. 4 in Saudi Arabia. The announcement threatened to escalate already high tension between Saudi Arabia and Iran, which together produce 13.9 million b/d of crude oil—14% of global oil supply. 

Indonesia lets contract for gas processing plant
Wed, 06 Dec 2017 16:52:00 GMT

State-owned PT Pertamina (Persero) subsidiary PT Pertamina EP Cepu (PEPC) has let a lump-sum turnkey contract to a subsidiary of JGC Corp., Yokohama, Japan, to provide engineering, procurement, and construction for a grassroots gas processing plant in Bojonegoro, East Java, Indonesia.

Meridian issued draft PTC for North Dakota grassroots refinery
Wed, 06 Dec 2017 16:26:00 GMT

The North Dakota Department of Health’s division of air quality has issued a draft permit-to-construct for Meridian Energy Group Inc.’s two-phased grassroots 49,500-b/sd high-conversion Davis refinery to be built in Billings County in the heart of southwestern North Dakota’s Bakken shale region.

Petrolia enters Indonesia with acquisition
Wed, 06 Dec 2017 15:51:00 GMT

Petrolia Energy Corp., Houston, will gain nonproducing interests in Indonesia by acquiring Bow Energy Ltd., Calgary, in an all-stock deal. 

MARKET WATCH: NYMEX oil gains slightly awaiting inventory
Wed, 06 Dec 2017 15:45:00 GMT

The light, sweet crude oil contract for January delivery gained slightly on the New York market Dec. 5, moving closer to $58/bbl while Brent crude oil for February also gained but still held below $63/bbl.

Crude oil inventories down 5.61 million barrels
Wed, 06 Dec 2017 15:30:00 GMT
CNBC's Dominic Chu reports the latest read on crude oil and gasoline inventories from the EIA.
Nearly half of all U.S. electricity customers have smart meters
Wed, 06 Dec 2017 13:00:00 GMT
Installations of smart meters have more than doubled since 2010—almost half of all U.S. electricity customer accounts now have smart meters. By the end of 2016, U.S. electric utilities had installed about 71 million advanced metering infrastructure (AMI) smart meters, covering 47% of the 150 million electricity customers in the United States.
Millions of babies are breathing in toxic air, UNICEF report says
Wed, 06 Dec 2017 12:31:00 GMT
Air pollution poses many risks to children the world over, United Nations Children's Fund says.
US oil finishes 2.88% lower as fuel inventories build signals easing demand
Wed, 06 Dec 2017 11:06:00 GMT
Oil fell 2 percent on Wednesday after a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging.
Ford betting 'very heavily' China will dominate the electric vehicle market
Wed, 06 Dec 2017 07:12:00 GMT
Ford believes China is poised to become the most favorable market for the development of electric vehicles.
China's drive for cleaner energy is causing a gas shortage for winter
Wed, 06 Dec 2017 06:00:00 GMT
China's push to clean up its environment may have had an unintended consequence: a shortage of heating fuel supply.
DUC okays Tyra redevelopment off Denmark
Tue, 05 Dec 2017 21:33:00 GMT

Continuation of production from Tyra natural gas field in the Danish North Sea has been assured with approval by the Danish Underground Consortium of a $3.34-billion redevelopment plan. Maersk Oil, the operator, had planned to shut in the field in October 2018 until the consortium proposed redevelopment in March.

Statoil submits development plan for Johan Castberg project
Tue, 05 Dec 2017 19:29:00 GMT

Statoil ASA has submitted a plan for the development and operation (PDO) of its Johan Castberg project offshore Norway to Norwegian authorities, and said recoverable resources are estimated at 450-650 MMboe.

Legendary trader Mark Fisher launches a 'modern day' version of the Dow average
Tue, 05 Dec 2017 19:07:00 GMT
"Without these names your life is blank," Mark Fisher said.
Sinopec lets contracts for alkylation units
Tue, 05 Dec 2017 19:04:00 GMT

China Petrochemical Corp. (Sinopec) has let a contract to a division of E.I. DuPont de Nemours & Co. for delivery of grassroots alkylation units to an additional two of its subsidiaries’ refineries in China. 

Chinese firm rescinds AWE takeover offer
Tue, 05 Dec 2017 18:51:00 GMT

China National Petroleum Corp. subsidiary China Energy Reserve & Chemical Group has withdrawn its $430-million (Aus.) takeover bid for AWE Ltd. The unsolicited offer, made last week, proposed 71¢/share for the Australian resource company, a 30% premium on its trading price at that time. 

API launches voluntary program to reduce methane, VOC emissions
Tue, 05 Dec 2017 18:33:00 GMT

The American Petroleum Institute launched a voluntary program that initially will concentrate on reducing wellhead emissions of methane and volatile organic compounds, and ultimately will try to improve other environmental conditions at operations across the US. Twenty-six participating companies will begin to implement the program starting Jan. 1, 2018, API said.

Saskatchewan’s climate plan lacks carbon tax
Tue, 05 Dec 2017 18:19:00 GMT

Saskatchewan has departed from the approaches of neighboring provinces and the government of Canada with a climate-change strategy lacking carbon taxation. Environment Minister Dustin Duncan introduced a plan he called “broader and bolder than a single policy such as a carbon tax.” He said it will “achieve better and more meaningful outcomes over the long term.”

DOT plans to rescind rail tank car pneumatic brake rule
Tue, 05 Dec 2017 18:08:00 GMT

The US Department of Transportation said its Pipeline & Hazardous Materials Safety Administration and Federal Railroad Administration plan to rescind a requirement that electronically controlled pneumatic (ECP) brakes be used on certain rail tank cars. The American Petroleum Institute welcomed DOT’s Dec. 4 announcement.

Dana Petroleum brings Western Isles development on stream
Tue, 05 Dec 2017 17:58:00 GMT

Dana Petroleum Ltd. has brought its Western Isles development on stream in the UK North Sea after project partners invested about $2 billion on the project involving Harris and Barra oil fields in 540 ft of water nearly 100 miles east of the Shetlands.

Lebanon sets 80% local worker requirement
Tue, 05 Dec 2017 17:48:00 GMT

Lebanon will require that the workforce of its prospective oil and gas industry be 80% Lebanese. Energy Minister Cesar Abi Khalil said in a news conference in Beirut that the requirement is part of legislation to be submitted soon to the Cabinet, according to Lebanese press reports. 

Canada Kuwait Petrochemical advances Alberta PP complex
Tue, 05 Dec 2017 17:35:00 GMT

Canada Kuwait Petrochemical Corp., a joint venture of Pembina Pipeline Corp. and Petrochemical Industries Co. KSC, has let a contract to Jacobs Engineering Group Inc. to provide front-end engineering design services for a proposed 1.2 billion-lb/year grassroots, integrated propane dehydrogenation and polypropylene complex in Sturgeon County, Alta.

MARKET WATCH: Brent crude oil drops below $63/bbl
Tue, 05 Dec 2017 17:12:00 GMT

The light, sweet crude oil contract for January delivery fell nearly 90¢ but held above $57/bbl on the New York market Dec. 4 while Brent crude oil for February fell more than $1, setting below $63/bbl—its biggest single-day decline since early October.

Natural gas power generation share grew in Southern states for a decade as coal declined
Tue, 05 Dec 2017 13:00:00 GMT
Coal's share of total electricity generation in the South declined over the past decade, from 50% in 2006 to 29% in 2016. As the use of coal has declined, the use of natural gas has increased. In 2016, southern states used natural gas for 42% of their electricity generation, a bigger share than the U.S. average of 34%.
Goldman Sachs raises 2018 oil price forecast
Tue, 05 Dec 2017 11:59:00 GMT
A stronger than anticipated OPEC-led commitment to extend production cuts will support prices in 2018, Goldman Sachs analysts said.
US crude finishes 0.26% higher as investors anticipate drop in supply
Tue, 05 Dec 2017 11:19:00 GMT
Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories.
Trump may change his mind on withdrawing US from Paris climate agreement, says Rusal CEO
Tue, 05 Dec 2017 11:12:00 GMT
Donald Trump was wrong to withdraw the U.S. from the Paris climate agreement, according to the CEO of Rusal.
JPMorgan: Investors should rotate into these sectors with GOP tax plan
Mon, 04 Dec 2017 21:17:00 GMT
With the Republican tax plan headed to conference committee, JPMorgan is encouraging investors to make some tweaks.
Quantitative analysis shows natural gas projects' benefits outweigh costs
Mon, 04 Dec 2017 19:50:00 GMT

Credible quantitative evidence exists, applicable under the statutory standards of the Natural Gas Act (NGA) and the National Environmental Policy Act (NEPA), to conclude that the benefits of natural gas transportation and liquefaction projects outweigh their costs.

LNG CARGO HANDLING–Conclusion:Tandem pressures between ships during STS transfer cuts gas losses
Mon, 04 Dec 2017 19:47:00 GMT

Applying tandem pressures between discharging and receiving ships in an LNG transfer boosts vapor return, cutting cargo losses and reducing cost. Part 1 of this article described tank pressure and vapor and LNG temperatures' influence on ship-to-ship (STS) transfers (OGJ, Nov. 6, 2017, pp 74-81).

Cole becoming Syncrude managing director
Mon, 04 Dec 2017 18:43:00 GMT

Doreen Cole will become managing director of Syncrude Canada Ltd. on Dec. 11, succeeding Mark Ward, who is retiring as president and chief executive officer. The title of Syncrude’s top operational position has changed. 

ExxonMobil signs PSCs for blocks offshore Mauritania
Mon, 04 Dec 2017 18:38:00 GMT

ExxonMobil Exploration & Production Mauritania Deepwater Ltd. will begin seismic data acquisition and exploration analysis as operator with 90% interest of three deepwater blocks offshore Mauritania following government approval of production-sharing contracts signed with that country’s government.

Oil & Gas UK welcomes tax-history measure
Mon, 04 Dec 2017 16:55:00 GMT

A UK industry group is welcoming changes to UK fiscal policy that will allow buyers of offshore oil and gas fields to benefit from the past tax payments of sellers.

Shell wraps debottlenecking work at Scotford refinery
Mon, 04 Dec 2017 16:34:00 GMT

Shell Canada Ltd. has completed a hydrocracker debottlenecking project to increase processing of heavy Canadian crude feedstock at its 100,000-b/d refinery in Scotford, Alta. 

Saudis invite US firms to develop multi-billion-dollar nuclear power projects
Mon, 04 Dec 2017 15:15:00 GMT
Saudi Arabia has invited U.S. firms to take part in developing its civilian nuclear power program.
Appalachia region drives growth in U.S. natural gas production since 2012
Mon, 04 Dec 2017 13:00:00 GMT
Shale gas production in the Appalachia region has increased rapidly since 2012, driving an overall increase in U.S. natural gas production. According to EIA�s Drilling Productivity Report, natural gas production in the Appalachia region�namely the Marcellus and Utica shale plays�has increased by more than 14 billion cubic feet per day (Bcf/d) since 2012.
Gas prices drop over 7 cents in two weeks
Mon, 04 Dec 2017 12:01:00 GMT
The average price of a gallon of regular-grade gasoline dropped 7 cents nationally over the past two weeks to $2.54.
Oil tumbles 1.5%, settling at $57.47, on profit-taking and signs of rising US output
Mon, 04 Dec 2017 02:13:00 GMT
Oil fell on profit-taking as the market eyed signs of rising U.S. production, but prices remained near mid-2015 highs.
Monthly Midwest crude oil imports surpassed Gulf Coast crude oil imports for first time (12/6/2017)

In August, monthly U.S. imports of crude oil coming into the Midwest (Petroleum Administrative Defense District (PADD) 2) exceeded imports of crude oil into the Gulf Coast (PADD 3) for the first time since the U.S. Energy Information Administration began keeping records in 1981. Although Hurricane Harvey disrupting Gulf Coast port operations and temporarily limiting imports was a primary factor in this reversal, which continued in September, other long-term trends contributed as well. Specifically, imports of crude oil into the Gulf Coast have been decreasing over the past 10 years, and imports into the Midwest have been increasing over the same period. These long-term trends narrowed the difference in imports between the two regions and contributed to the reversal in the historical relationship after Hurricane Harvey (Figure 1). ...
The United States continues trend toward exporting more gasoline than it imports (11/29/2017)

Despite record high gasoline consumption, the United States is on pace to export more gasoline than it imports for the second year in a row. Changes in regional markets, increased demand for exports, and high refinery runs are once again leading to the United States to be a net exporter in 2017. ...
Gasoline prices ahead of the Thanksgiving holiday are higher than last year (11/22/2017)

The weekly average U.S. gasoline price heading into the 2017 Thanksgiving holiday is $2.57 per gallon (gal), 41 cents/gal higher than it was the week before Thanksgiving last year and 47 cents/gal higher than at the same time in 2015. However, gasoline prices are more than 19 cents/gal lower than the previous five-year average for the same date (Figure 1). Although refinery operations have recovered after hurricane outages, higher crude oil prices, tighter inventories, and stronger demand (measured as product supplied) have all contributed to higher current gasoline prices. ...
Exchange-traded funds play an increasing role in oil futures markets (11/15/2017)

Although exchange-traded funds (ETF) are relatively new, their increased positions of oil futures contracts in recent years may have, at times, affected market liquidity and price volatility. ETFs allow smaller capitalized investors indirect access to the oil futures market. Their growth has likely contributed to the increased volume in crude oil futures trading and the number of outstanding contracts (open interest), but the effects on price direction are unclear. ...
Egypt sees pilot production at Eni's Zohr gas field in just days

Pilot production at Egypt’s Eni SpA-operated Zohr natural gas field will begin “in the coming few days,” the oil ministry said, as the country nears its goal of commercial output from the biggest gas discovery in the Mediterranean Sea by the end of this year.
Sonangol's former leader prepares new oil plans after losing post in Angola

Less than a month after being fired as head of Angola’s state-owned oil company, Isabel dos Santos says she is studying new deals.
Polarcus secures funding for 3D broadband project in Australia

Polarcus Limited has announced that the Company has secured significant industry prefunding and has been granted the environmental permit for a broadband 3D marine seismic project in Australia.
Yamal LNG project begins gas exports

Total announces that the first cargo of liquefied natural gas (LNG) from Yamal LNG is ready to leave Sabetta. This first shipment is a major milestone for Yamal LNG, one of the biggest liquefied natural gas projects in the world.
BASF, LetterOne sign letter of intent to merge oil and gas subsidiaries

BASF and LetterOne signed a letter of intent today to merge their respective oil and gas businesses in a joint venture, which would operate under the name Wintershall DEA.
Faroe Petroleum provides update regarding incident at Tambar field

Aker BP has confirmed that one person has died following the serious accident on the Maersk Interceptor drilling rig on Tambar field on Thursday.
Valorem Energy closes on $285-million acquisition of Williston basin assets

Valorem Energy, LLC, announced that it has closed on its acquisition of LINN Energy, Inc.’s Williston basin interests for a purchase price of $285 million.
U.S. shale has a Panama Canal problem that's got no easy fix

It seemed at the time like a somewhat random, and amazingly fortuitous, coincidence.
Arctic refuge drilling to get speedy permit review, U.S. says

The Trump administration has a plan in place to speed up permit reviews for drilling in Alaska’s Arctic National Wildlife Refuge if Congress approves exploration there, an advisor to the U.S. Interior Department said Thursday.
Next U.S. crude export surge may start at a lonely Gulf buoy

A 1,000-ft ship will likely pull up to a buoy floating in the Gulf of Mexico next year, hook up its hoses and usher the U.S. into a new era as a major oil exporter.
Oil rises, paring weekly decline after Chinese imports increase

Oil rose, paring a second weekly loss, as strong Chinese crude imports allayed concerns that U.S. markets may remain oversupplied.
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