Energy News
Russian-Uzbek EOR JV named Andijanpetro
Mon, 18 Mar 2019 17:56:00 GMT

Andijanpetro LLC is the name of the joint venture formed by Zarubezhneft and Uzbekneftegaz to enhance recovery at three old oil fields in the Ferghana Valley of Uzbekistan.

FERC issues final EIS for proposed Brownsville Channel LNG project
Mon, 18 Mar 2019 17:48:00 GMT

Construction of Texas Brownsville LNG LLC’s proposed LNG project could result in adverse environmental consequences, the US Federal Energy Regulatory Commission said in a Mar. 15 final environmental impact statement. Impacts would be less than significant if the project sponsor’s proposed impact avoidance, minimization, and mitigation measures and the FERC staff’s additional recommendations are implemented, it added.

Ukraine announces second, third licensing rounds
Mon, 18 Mar 2019 17:18:00 GMT

Ukraine outlined terms for its second and third licensing rounds. Bidding will be done using an online auction for areas covering more than 2,260 sq km. Licensing rounds are being offered in stages.

Iran commissions four South Pars phases
Mon, 18 Mar 2019 17:14:00 GMT

Iran has commissioned four more phases of offshore South Pars natural gas field. Phases 13 and 22-24 have production capacities of 56 million cu m/day, 75,000 b/d of condensate, and 400 tonnes/day of sulfur each.

Inpex awarded onshore Block 4 in Abu Dhabi
Mon, 18 Mar 2019 16:02:00 GMT

Inpex Corp. has received exploration rights to 6,116-sq km Block 4 in Abu Dhabi from Abu Dhabi National Oil Corp. With a 100% interest in the exploration phase, Inpex will invest as much as $176 million, including a participation fee, to explore the area between Abu Dhabi city and the boundary with Dubai and to assess two undeveloped discoveries, Ramhan and Hudairiat.

Cooper Energy completes offshore phase of Sole field development
Mon, 18 Mar 2019 15:21:00 GMT

Cooper Energy Ltd., Adelaide, has completed the offshore construction phase of its wholly owned Sole gas field development in Bass Strait. The company said installation and testing of the 67-km control umbilical connecting the field’s two subsea production wells to the onshore processing plant near Orbost on the east Gippsland coast was finalized last week.

Sempra LNG makes executive appointments
Mon, 18 Mar 2019 14:51:00 GMT

Lisa Glatch has been named chief operating officer of Sempra LNG, a unit of Sempra Energy. Justin Bird has been named president. Both will report to Carlos Ruiz Sacristan, chairman and chief executive officer of Sempra North American Infrastructure.

MARKET WATCH: Brent holds above $67/bbl despite world economic concerns
Mon, 18 Mar 2019 14:42:00 GMT

Light, sweet crude oil for April dropped modestly on the New York market Mar. 15 but still settled just above $58.50/bbl on Mar. 15 while Brent crude oil for May also dropped modestly in London but again settled above $67/bbl.

The U.S. Gulf Coast became a net exporter of crude oil in late 2018
Mon, 18 Mar 2019 13:00:00 GMT
In the last two months of 2018, the U.S. Gulf Coast exported more crude oil than it imported. Monthly net trade of crude oil in the Gulf Coast region (the difference between gross exports and gross imports) fell from a high in early 2007 of 6.6 million barrels per day (b/d) of net imports to 0.4 million b/d of net exports in December 2018. As gross exports of crude oil from the Gulf Coast hit a record 2.3 million b/d, gross imports of crude oil to the Gulf Coast in December—at slightly less than 2.0 million b/d—were the lowest level since March 1986.
$60-$70 oil is the 'pain threshold' for the US and OPEC, JPMorgan says
Mon, 18 Mar 2019 12:03:00 GMT
An oil price of between $60 and $70 per barrel is both a "sweet spot" and "pain threshold" for rival oil producers in the U.S. and OPEC according to the head of EMEA Oil & Gas Research at JPMorgan.
OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June
Mon, 18 Mar 2019 12:00:00 GMT
OPEC and its allies will not make a decision to extend production cuts in April, giving the group more time to assess the oil market.
Russian billionaire Oleg Deripaska goes on the record about his lawsuit against the US government
Mon, 18 Mar 2019 11:52:00 GMT
In a CNBC exclusive, Russian billionaire Oleg Deripaska sits down with CNBC's Geoff Cutmore to discuss his lawsuit against the United State government. Deripaska, who has strong ties to President Vladimir Putin, claims that the sanctions imposed by the United States back in April 2018 have led to at least $7.5 billion in material loss for him, forcing him to lower his ownership in two companies.
US crude rises 1 percent to 4-month high, supported by OPEC supply cuts
Mon, 18 Mar 2019 11:01:00 GMT
Oil draws support from the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in the United States.
Oil at $67 a barrel feels like a 'sweet spot,' JP Morgan analyst says
Mon, 18 Mar 2019 10:39:00 GMT
Christyan Malek, head of EMEA oil and gas research at J.P. Morgan, discusses OPEC, U.S. oil production, and oil prices.
We may see the oil price above $70, analyst says
Mon, 18 Mar 2019 06:33:00 GMT
If the increase in oil price takes place, it will be 'short-lived', says John Driscoll, chief strategist at JTD Energy Services.
Why Oleg Deripaska is suing the US Treasury department
Sun, 17 Mar 2019 23:59:00 GMT
Russian tycoon Oleg Deripaska launched a lawsuit against the U.S. Treasury department over sanctions placed on him in 2018. He says American action against him took him by "full surprise," and the legal system is his "last resort" for the facts to be assessed.
Putin ally Oleg Deripaska explains why he's suing the US Treasury Department
Sun, 17 Mar 2019 22:00:00 GMT
Russian billionaire Oleg Deripaska said on Sunday he would fight the U.S. government in court for "weaponizing the financial system" against him.
Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says
Sun, 17 Mar 2019 18:57:00 GMT
Russian Energy Minister Alexander Novak told CNBC that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks.
Reform can steer Algeria from ruin like Venezuela’s
Sat, 16 Mar 2019 19:59:00 GMT

Memories of a “black decade” and comparisons with collapsing Venezuela flow inescapably from the political tumult in Algeria that has curtailed the 20-year presidency of octogenarian Abdelaziz Boutefika. Neither fate is inevitable.


Geneva electrifies: From econoboxes to Aston Martin hypercar, new EVs dominate Europe's biggest auto show
Sat, 16 Mar 2019 15:09:00 GMT
Churning out an astounding 1,900 horsepower, Ferrari's Pininfarina Battista is one of the most powerful automobiles ever produced. It also happens to be all electric, one of a score of battery-based vehicles debuting at this week's Geneva Motor Show.
BLM issues modified greater sage grouse habitat management plans
Fri, 15 Mar 2019 20:55:00 GMT

The US Bureau of Land Management issued records of decision amending greater sage grouse habitat management plans covering nearly 60 million acres of sagebrush steppe in seven Western states, several of which have oil and gas activity. “We’re pleased that the final plans are out now and moving forward into implementation,” Western Energy Alliance Pres. Kathleen Sgamma said in Denver following BLM’s Mar. 15 announcement.

Western Australia EPA withdraws revised GHG guidelines
Fri, 15 Mar 2019 20:24:00 GMT

Western Australia’s Environmental Protection Authority has withdrawn its revised guidelines on mitigation of greenhouse gases announced last week, promising instead a greater consultation process with companies potentially impacted. The move follows criticism from industry as well as a statement from Environment Minister Stephen Dawson saying that independent WAEPA guidance is not government policy, nor is it binding on the government.

Green New Deal is a 'solution in search of a problem': Texas Sen. John Cornyn
Fri, 15 Mar 2019 19:14:00 GMT
Texas Republican Sen. John Cornyn calls New York Rep. Alexandria Ocasio-Cortez's Green New Deal a 'solution in search of a problem' at the CERAWeek energy conference in Houston.
Baker Hughes: US rig count edges down single unit to 1,026
Fri, 15 Mar 2019 17:43:00 GMT

The US drilling rig count is down 1 unit to 1,026 rigs working for the week ended Mar. 15, according to Baker Hughes data. The count is up 36 units from the 990 rigs working this time a year ago. With a 3-unit loss over last week, there are 1,001 rigs drilling on land. The number of rigs drilling offshore remains unchanged at 22 units. Those rigs drilling in inland waters added 2 units to reach 3.

IEA: Oil supply cushion insures against Venezuela production loss
Fri, 15 Mar 2019 17:23:00 GMT

Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. In its Oil Market Report for March, the International Energy Agency warned that, as Venezuela’s industry operations were seriously disrupted by the crisis, ongoing losses could present a challenge to the oil market.

Oil-producing communities should prepare for transition, forum told
Fri, 15 Mar 2019 16:42:00 GMT

Communities that have depended economically on coal are facing impacts now that communities that similarly rely on oil and gas will face in the future, speakers suggested at a Columbia University School of International and Public Affairs event. Such communities should consider partnerships with producers to help retrain employees and others who want to stay, they said during the Mar. 14 discussion at Resources for the Future about public policy reactions to oil-producing regions’ economic volatility.

US sanctions necessary to stop Nord Stream 2 pipeline, speakers say
Fri, 15 Mar 2019 16:09:00 GMT

US sanctions will be necessary to stop construction of the proposed Nord Stream 2 natural gas pipeline, speakers indicated at a Mar. 12 Jamestown Foundation (JF) event. “The project is divisive and essentially anti-European. US involvement will be crucial in strengthening European opposition to it,” said Piotr Wilczek, Poland’s ambassador to the US.

Hungary’s MOL lets contract for Duna refinery
Fri, 15 Mar 2019 15:52:00 GMT

Hungary’s MOL Group has let a contract to Frames Group BV, Alphen aan den Rijn, the Netherlands, to provide desalting equipment for subsidiary MOL PLC’s 166,500-b/d Duna refinery in Szazhalombatta, near Budapest.

MARKET WATCH: Crude oil benchmarks close mixed
Fri, 15 Mar 2019 15:00:00 GMT

Light, sweet crude oil for April settled at $58.61/bbl on Mar. 14, marking the highest level so far this year, while Brent crude oil declined slightly in London to settle at $67.23/bbl, marking its second-highest level of the year. The US crude contract for April marked the front month’s highest closing level since Nov. 12, 2018, and a fourth consecutive price gain.

America's energy capital became a battleground over a Russian pipeline to Germany this week
Fri, 15 Mar 2019 14:47:00 GMT
Government officials and executives from the U.S. and Europe square off in tense debates over the Nord Stream 2 pipeline at a major energy conference.
U.S. Gulf Coast refinery demand for hydrogen increasingly met by merchant suppliers
Fri, 15 Mar 2019 13:00:00 GMT
Petroleum refineries in the U.S. Gulf Coast increasingly rely on merchant suppliers, rather than their own production, to provide the hydrogen used to reduce the sulfur content of fuel. As global demand for distillate fuel oil has increased and sulfur content regulations have become more stringent, refineries have needed to use more hydrogen. Hydrogen demand is expected to continue to rise as International Maritime Organization regulations that limit the sulfur content in marine fuels take effect on January 1, 2020.
Oil demand is beating bearish forecasts and will push prices above $70: Goldman Sachs
Fri, 15 Mar 2019 12:15:00 GMT
Goldman Sachs sees global oil demand growing by nearly 2 million barrels per day in the first quarter.
US oil settles down 0.2% at $58.52 a barrel on soaring production
Fri, 15 Mar 2019 10:01:00 GMT
U.S. crude futures briefly hit a 2019 high on Friday but later retreated along with benchmark Brent oil as worries about the global economy and robust U.S. production put a brake on prices.
Venezuela's electricity crisis could trigger 'serious disruption' to the oil market, IEA warns
Fri, 15 Mar 2019 09:00:00 GMT
A nationwide power failure in crisis-stricken Venezuela could trigger "serious disruption" to the oil market, the IEA warned on Friday.
Consumption of renewable diesel could quadruple by 2030: Neste
Fri, 15 Mar 2019 04:26:00 GMT
Peter Vanacker of Neste says there is a "huge amount" of potential growth for renewable diesel because of interest in using it in the aviation industry.
Chevron Australia lets contract for Jansz-Io compression project
Thu, 14 Mar 2019 18:35:00 GMT

Chevron Australia has let a master contract to Aker Solutions for a subsea compression system for the company’s Jansz-Io field offshore Western Australia. The first stage of the contract is the front-end engineering and design of a subsea compression station that will boost gas recovery at the field, which is part of the overall Gorgon region development that supplies gas to the 15.6 million-tonne/year LNG and domestic gas plants on Barrow Island.

Venture Global to expand LNG business to 60 million tpy
Thu, 14 Mar 2019 18:22:00 GMT

Venture Global LNG Inc., Arlington, Va., will expand the scope of its LNG development business to 60 million tonnes/year based on customer demand, expanding its 2016 process equipment supply agreement with Baker Hughes.

PetroChina commissions unit at Jilin refinery
Thu, 14 Mar 2019 18:13:00 GMT

PetroChina Co.—the publicly listed arm of state-owned China National Petroleum Corp.—has started up an alkylation unit at its 200,800-b/d refinery in Jilin City, Jilin Province, China. The 9,000-b/d unit reached commercial startup and production just 17 months following initial design, McDermott International Inc. (formerly CB&I) said.

Chinese firm lets contract for propylene plant
Thu, 14 Mar 2019 18:07:00 GMT

Jiangsu Sailboat Petrochemical Co., a subsidiary of ShengHong Petrochemical Group Co., has let a contract to Honeywell UOP to provide process technology for a project to increase propylene production at its existing operations in Lianyungang City in China’s province of Jiangsu.

Argentina planning gas pipelines, seeking upstream investors
Thu, 14 Mar 2019 17:26:00 GMT

Argentina plans to build natural gas pipelines and hopes to attract more oil and gas investment for the Vaca Muerta shale play in the Neuquen basin, according to Argentina Energy Minister Gustavo Lopetegui. Analysts estimate Vaca Muerta needs investments of $5-10 billion/year to boost production compared with current investments of about $4.3 billion/year.

MARKET WATCH: NYMEX crude oil price reaches 4-month high
Thu, 14 Mar 2019 16:58:00 GMT

Light, sweet crude oil prices settled above $58/bbl on Mar. 13 after the US Energy Information Administration reported crude oil supplies fell by 3.9 million bbl to 449.1 million bbl for the week ended Mar. 8. The drop was unexpected. Analysts surveyed by the Wall Street Journal in advance of the EIA weekly inventory report had expected crude supplies would have risen by 1.9 million bbl for the week.

Shale oil drillers gave stock shareholders what they wanted, then investors punished them anyway
Thu, 14 Mar 2019 15:10:00 GMT
Oil companies drilling in shale basins like the Bakken have cut back on spending to increase return to shareholders as oil prices are pressured, but investors are punishing the stocks anyway, since it is leading to lower production-growth forecasts.
Amazon has a cost-cutting plan for the boom-and-bust oil business
Thu, 14 Mar 2019 14:12:00 GMT
Amazon thinks that volatile price swings in the boom-and-bust oil business are a perfect match for its web services cloud computing division.
Tesla steps into hottest auto segment with Model Y debut Thursday
Thu, 14 Mar 2019 14:08:00 GMT
Tesla dives into one of the hottest auto segments with the long-awaited debut of its Model Y crossover utility Thursday night.
GE shares bounce as CEO Culp sees power business rebound next year: 'Game on'
Thu, 14 Mar 2019 13:08:00 GMT
GE shares rose in trading as CEO Larry Culp gave investors an upbeat long term outlook on the company's struggling power business.
U.S. natural gas production hit a new record high in 2018
Thu, 14 Mar 2019 13:00:00 GMT
U.S. natural gas production grew by 10.0 billion cubic feet per day (Bcf/d) in 2018, an 11% increase from last year. The increase was the largest annual volumetric growth on record and reached a record high for the second consecutive year. U.S. natural gas production measured as gross withdrawals averaged 101.3 Bcf/d in 2018, the highest volume on record. U.S. natural gas production measured as marketed production and dry natural gas production also reached new highs at 89.6 Bcf/d and 83.4 Bcf/d, respectively.
California leads the way as US installs more than 10 gigawatts of solar power in 2018
Thu, 14 Mar 2019 12:25:00 GMT
There's enough installed solar capacity in the U.S. to power more than 12 million homes.
Preserving Hambach Forest will come at a cost, RWE CFO says
Thu, 14 Mar 2019 12:00:00 GMT
RWE CFO Markus Krebber discusses the pushback the company is facing from climate change activists over its plans to expand a German coal mine.
Disorderly Brexit could complicate E.On transaction, RWE CFO says
Thu, 14 Mar 2019 11:59:00 GMT
RWE CFO Markus Krebber discusses the energy firm's merger with rival E.On.
US oil settles 0.6% higher at $58.61 a barrel, hits 4-month high
Thu, 14 Mar 2019 10:57:00 GMT
Brent and West Texas Intermediate crude oil futures hit four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with U.S. sanctions on Iran and Venezuela tightened global supplies.
Trump Energy Secretary Rick Perry 'absolutely' would talk with Ocasio-Cortez about Green New Deal
Wed, 13 Mar 2019 19:24:00 GMT
Perry's stance clashes with comments made by other members of his administration — including his boss, President Donald Trump.
Qatar Petroleum due interest off Morocco
Wed, 13 Mar 2019 18:32:00 GMT

Qatar Petroleum has agreed to acquire a 30% participating interest from Eni in the Tarfaya Shallow Exploration Permit along Morocco’s Atlantic coast.

Eni reports oil discovery off Angola
Wed, 13 Mar 2019 18:09:00 GMT

Eni says an oil discovery on Block 15/06 offshore Angola opens a new play concept.

Futures Now: Crude jumping on low supply
Wed, 13 Mar 2019 18:01:00 GMT
Scott Nations of NationsShares and Brian Stutland of Equity Armor Investments discuss their predictions for the price of crude oil heading into summer with CNBC's Seema Mody.
Gran Tierra Energy obtains three Ecuador blocks
Wed, 13 Mar 2019 17:40:00 GMT

Gran Tierra Energy Inc., Calgary, announced it obtained three blocks in Ecuador’s Orientie basin, marking the firm’s entry into Ecuador, pending regulatory approvals and finalization of participation contracts.

CERAWeek: Technology expected to counter productivity declines of low permeability formations
Wed, 13 Mar 2019 17:35:00 GMT

Shale and other low permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston.

MARKET WATCH: Oil benchmarks rise slightly pending US inventory
Wed, 13 Mar 2019 16:28:00 GMT

Benchmark crude oil prices edged up on both London and New York markets Mar. 12 pending release of the weekly US government report on oil and product inventory levels. The US Energy Information Administration was scheduled Mar. 13 to release its weekly data.

EPC contract let for Algeria’s Ain Tsila gas field development
Wed, 13 Mar 2019 15:59:00 GMT

Groupement Isarene—a joint venture of Sonatrach, Petroceltic International PLC, and Enel Trade SPA—has let a contract to Petrofac Ltd. for engineering, procurement, and construction (EPC) services for the Ain Tsila gas field development in Algeria.

EIA: US crude inventories down 3.9 million bbl
Wed, 13 Mar 2019 15:56:00 GMT

US crude oil inventories for the week ended Mar. 8, excluding the Strategic Petroleum Reserve, decreased 3.9 million bbl from the previous week, data from the US Energy Information Administration showed.

US sees room to be more aggressive on sanctions and take Iran oil exports to zero
Wed, 13 Mar 2019 15:43:00 GMT
A State Department official on Iran says the oil market supply forecast for 2019 will exceed demand globally this year by 400,000 barrels, giving the U.S. more room to be aggressive on sanctions and try to take Iranian crude supply to zero.
Wellesley hits dry well north of Vilje field in North Sea
Wed, 13 Mar 2019 15:06:00 GMT

Wellesley Petroleum AS has plugged exploration well 25/1-13 in PL871, 20 km north of Vilje field in the North Sea. The well encountered only traces of gas in the Frigg formation, and is classified as dry.

EPA proposes year-round sales of E15 gasoline, RIN program changes
Wed, 13 Mar 2019 14:19:00 GMT

The US Environmental Protection Agency formally proposed allowing year-round sales of gasoline with 15% ethanol on Mar. 12, a move which corn ethanol suppliers cheered and oil refiners condemned. It also proposed modifying parts of its Renewable Identification Number (RIN) program which it said would make the biofuel credits more transparent and deter price manipulation.

OPEC, long a villain in America's eyes, is now trying to flip the script
Wed, 13 Mar 2019 14:17:00 GMT
OPEC is seeking to change the way Americans think about the group, under threat of anti-OPEC legislation in Congress.
Uganda approves FEED, EPC contractor for proposed refinery
Wed, 13 Mar 2019 14:10:00 GMT

The government of Uganda has approved a plan by the Albertine Graben Refinery Consortium to have Saipem move forward with both front-end engineering design as well as engineering, procurement, and construction of a grassroots 60,000-b/d refinery in Kabaale, in western Uganda’s Hoima district.

The United States imports and exports substantial volumes of petroleum
Wed, 13 Mar 2019 13:00:00 GMT
U.S. net trade of petroleum, which includes crude oil, petroleum products, and natural gas plant liquids, has fallen in recent years, reaching 2.3 million barrels per day (b/d) in 2018. This level is the lowest level of net petroleum trade (imports minus exports) since 1967. At the same time, total U.S. gross petroleum trade (imports plus exports) have reached an all-time high of 17.5 million b/d in 2018. The result has been a growing role for the United States in world petroleum trade.
Gas finds in East Mediterranean spark partnership between Israel and rival nations
Wed, 13 Mar 2019 12:58:00 GMT
Cypriot, Egyptian, Greek, Israeli, Italian, Jordanian and Palestinian Ministers of Energy established the East Med Gas Forum in January. The countries have been utilizing energy diplomacy to align interests and foster long-lasting relationships.
Brexit is a challenge for Europe, E.On CEO says
Wed, 13 Mar 2019 12:55:00 GMT
Johannes Teyssen, CEO of E.On, says the energy firm will be impacted by the macroeconomic effects of Brexit, although those effects will be limited.
Politicians pander to ethanol as Iowa caucuses approach
Wed, 13 Mar 2019 11:59:00 GMT

With Iowa caucuses less than a year away, presidential hopefuls from both political parties are busy kissing the ethanol baby.

EIA: Oil prices up on lower OPEC, US production
Tue, 12 Mar 2019 19:15:00 GMT

Brent crude oil spot prices averaged $64/bbl in February, up $5/bbl from January and about $1/bbl lower than the same time last year. Declining estimated crude oil production for February from both OPEC and the US contributed to a drawdown of 1.4 million b/d in global liquid fuels inventories, according to the latest Short-Term Energy Outlook from the US Energy Information Administration.

United Oil & Gas acquires option for Benin farmin
Tue, 12 Mar 2019 17:28:00 GMT

United Oil & Gas has entered an option agreement to acquire 20% of the Block B production-sharing contract in Benin from Elephant Oil. The 1.1 million-acre block is in the Dahomey Embayment west of Cotonou. The basin has had no drilling in Benin, but Dahomey Embayment wells along the coasts of Ghana and Nigeria have encountered hydrocarbons.

IOC lets contracts for clean-fuels projects at Indian refineries
Tue, 12 Mar 2019 16:44:00 GMT

Indian Oil Corp. has let multiple contracts totaling $12 million to Emerson Electric Co. to provide services related to a major modernization and upgrade of operations and emissions programs to increase operational efficiency, reduce emissions, and expand production of cleaner fuels at several of its refineries to ensure compliance with India’s looming more-stringent environmental standards.

Vietnamese operator lets contract for PDH unit
Tue, 12 Mar 2019 15:42:00 GMT

Phu My Plastics Production JSC has let a contract to Honeywell UOP LLC to provide process technology for a grassroots propane dehydrogenation (PDH) unit at its operations in Ba Ria, Vung Tau Province, Vietnam.

US House Natural Resources Democrats seek BLM enforcement information
Tue, 12 Mar 2019 15:04:00 GMT

US House Natural Resources Committee Chairman Raul M. Grijalva (D-Ariz.) and Energy and Minerals Subcommittee Chairman Alan Lowenthal asked acting US Interior Sec. David Bernhardt for information about the US Bureau of Land Management’s safety and environmental regulation enforcement efforts.

MARKET WATCH: Crude oil benchmarks gain on Saudi comments
Tue, 12 Mar 2019 14:50:00 GMT

Benchmark crude oil prices gained on markets in both London and New York Mar. 11 after Saudi Energy Minister Khalid al-Falih said production cuts led by OPEC likely will continue until at least June. Speaking before the start of CERAWeek by IHS Markit in Houston, al-Falih told Reuters Mar. 11 that it would be too early to change a production agreement by OPEC and some non-OPEC countries, including Russia, before June.

Increases in natural gas production from Appalachia affect natural gas flows
Tue, 12 Mar 2019 13:00:00 GMT
The 2019 Annual Energy Outlook (AEO2019) Reference case shows continued growth of natural gas production in the Mid-Atlantic and Ohio region from the Marcellus and Utica formations, resulting in increases of natural gas being transported to the Eastern Midwest and, ultimately, into the South Central region, which includes the Gulf Coast and Texas.
Qatar Petroleum farms in to Mozambique exploration block
Mon, 11 Mar 2019 20:16:00 GMT

Qatar Petroleum has reached an agreement with Eni SPA to farm in to Block A5A in the Angoche basin offshore Mozambique. Saad Sherida Al-Kaabi, minister of state for energy affairs and QP president and chief executive officer, said the deal is part of a strategy to expand the company’s exploration portfolio “to ensure diversification of geographies as well as geologies and basins.”

NOAA proposes CZMA changes to improve offshore leasing process
Mon, 11 Mar 2019 20:08:00 GMT

The National Oceanic and Atmospheric Administration announced that it is proposing possible changes in the Coastal Zone Management Act aimed at making the federal consistency process more efficient across all stages of US Outer Continental Shelf oil and gas projects from leasing through development.

Compromise advances Nord Stream 2, but controversy remains
Mon, 11 Mar 2019 19:18:00 GMT

Nord Stream 2, the controversial gas pipeline between Russia and Germany, advanced a step in Europe during February—but only a step.

Watching Government: Mexico’s new kid in town
Mon, 11 Mar 2019 19:16:00 GMT
Mexico’s commercial crude oil production began in 1901. The government agency that Luis R. Vera Morales began to lead soon after President Andres Manuel Lopez Obrador was inaugurated this past December has existed for about 4 years.
IEA chief: Rising demand, climate change are main policy challenges
Mon, 11 Mar 2019 19:13:00 GMT
Meeting rising oil and gas demand while addressing global climate change more meaningfully will continue to be the world’s biggest energy policy challenges in 2019, International Energy Agency Executive Director Fatih Birol predicted.
Repsol makes gas discovery at Sakakemang onshore Indonesia
Mon, 11 Mar 2019 19:12:00 GMT
Indonesian oil and gas regulator SKK Migas confirmed a natural gas discovery at the Repsol-operated Sakakemang PSC onshore central Sumatra.
US Senate, House bills try to ease FERC LNG project review logjam
Mon, 11 Mar 2019 19:10:00 GMT
US Sen. Energy and Natural Resources Committee member Bill Cassidy (R-La.) and two other Republicans on the committee introduced a bill on Mar. 1 aimed at reducing delays in decisions for LNG export terminals and other projects at the Federal Energy Regulatory Commission.
Proposed RIN reforms would only make program worse, API study finds
Mon, 11 Mar 2019 19:07:00 GMT
Changes which the US Environmental Protection Agency proposed to improve the Renewable Identification Numbers biofuel credits program under the federal Renewable Fuel Standard would have the opposite effect, a study commissioned by the American Petroleum Institute concluded.
API: US oil industry broke several records in January
Mon, 11 Mar 2019 19:06:00 GMT
The US natural gas and oil industry broke several records in January, according to the latest Monthly Statistical Report from the American Petroleum Institute.
Marathon Oil sets $2.4-billion capital budget for 2019
Mon, 11 Mar 2019 19:04:00 GMT
Marathon Oil Corp. has earmarked $2.4 billion in development capital for 2019, the majority of which—95%—is to be allocated 60-40 to the four US resource plays: Eagle Ford and Bakken, and Oklahoma and Northern Delaware, respectively.
EIA forecasts relatively flat crude oil prices despite lower global production growth (3/13/2019)

In the March 2019 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) revised its crude oil price forecast to be slightly higher for 2019 because of tighter forecast balances and higher than expected prices during February. EIA forecasts that the Brent crude oil price will average $63 per barrel (b) in 2019 and $62/b in 2020, compared with $71/b in 2018 (Figure 1). EIA expects that West Texas Intermediate (WTI) crude oil prices will average $9/b lower than Brent prices in the first half of 2019 before the discount gradually narrows to $4/b in the fourth quarter of 2019 and throughout 2020. EIA revised down global petroleum and other liquids production growth from the February STEO, largely because of downward revisions to the U.S. and the Organization of the Petroleum Exporting Countries (OPEC) supply forecasts. The production forecast was revised down more than the consumption forecast, and as a result, global stock builds are expected to be lower, indicating a relatively tighter market compared with the February STEO. ...
U.S. retail gasoline prices expected to rise after winter low (3/6/2019)

The U.S. average retail price for regular gasoline on March 4, 2019, was $2.42 per gallon (gal), an increase of 11 cents/gal from the February average of $2.31/gal and 14 cents/gal lower than the price at the same time last year (Figure 1). Most of the fluctuation is the result of changes in crude oil prices. ...
U.S. Gulf Coast crude oil imports from Canada reach record-high volumes (2/27/2019)

The volume of crude oil imports to the U.S. Gulf Coast (Petroleum Administration for Defense District, or PADD, 3) from Canada has increased significantly during the past several years, reaching a record high of 644,000 barrels per day (b/d) in October 2018. Canada’s exports tend to be heavy crude oils, which Gulf Coast refiners are well equipped to process. Increasing volumes of Canadian crude oil have been transported to PADD 3 via rail (a more expensive option than via pipeline) because the existing pipelines have largely reached their capacities. This capacity limitation has created a transportation constraint and contributed to large price differentials between Western Canadian Select (WCS) and West Texas Intermediate (WTI) crude oils. The future levels of crude-by-rail shipments from Canada to the United States and price differentials between WCS and WTI are uncertain, as trade press reports indicate that increased shipping capacity in both rail and pipelines are expected by the end of 2019. ...
Permian and Gulf of Mexico regions expected to drive continued record-high U.S. crude oil production through 2020 (2/21/2019)

The U.S. Energy Information Administration’s (EIA) February 2019 update of its Short-Term Energy Outlook (STEO) forecasts that U.S. crude oil production will average 12.4 million barrels per day (b/d) in 2019 and 13.2 million b/d in 2020. If realized, both of these forecast levels would surpass the record high of 11.0 million b/d set in 2018, keeping the United States as the world’s largest producer of crude oil. Overall U.S. crude oil production increases are largely the result of continued production growth in the tight-oil formations in the Permian region, as well as the expectation for 19 new projects to start in 2019 and 2020 in the Federal Offshore Gulf of Mexico (GOM) (Figure 1). ...
DNV GL has opened an artificial intelligence research centre in Shanghai

DNV GL has opened an artificial intelligence research center in Shanghai as it seeks new solutions to enhance its audit, inspection and survey services.
Gazprom Neft, Politecnico di Torino and the Peter the Great St. Petersburg Polytechnic University sign cooperation agreement

Gazprom Neft has concluded a tripartite Cooperation Agreement with Politecnico di Torino and the Peter the Great St. Petersburg Polytechnic University (Polytech) — the signatories to this document being Vladislav Baryshnikov, deputy CEO for international business development, Gazprom Neft; Vitaly Sergeev, vice-rector for research, the Peter the Great Polytechnic University; and Patrizia Lombardi, pro-rector, Politecnico di Torino.
Oil hits 2019 high as OPEC+ re-commits to cuts in the near term

Oil closed at its highest yet this year as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension.
Libya oil boss sees output gain with hope of BP pumping soon

Libya boosted crude production by a third after restarting its biggest field, and its top oil official sees further gains when companies like BP Plc invest and start pumping oil in the politically divided OPEC nation.
Houston chemical fires to rage for two days until fuel burns out

Petrochemical tank fires that covered the Houston skyline in thick, black smoke will likely burn for two more days or until the fuel runs out, first responders said.
NACE International and SSPC explore unified efforts on behalf of stakeholders

NACE International, The Corrosion Society and The Society for Protective Coatings (SSPC), two non-profit professional associations in the field of corrosion and coating standards, training, and certification, have initiated exploratory discussions about synergistic opportunities that may exist between the two organizations.
OPEC+ affirms commitment to oil cuts, defers decision to extend

Saudi Arabia led fellow members of the OPEC+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs.
Açu Petróleo signs contract with Equinor for ship to ship in Port of Açu

Açu Petróleo (a partnership of Prumo Logística and Oiltanking) and Equinor signed a contract for oil transshipment services at the Petroleum Terminal (T-OIL), located in the Complex of Port of Açu, in the north of the state of Rio de Janeiro.
Johan Sverdrup living quarters topside ready for sail-away

With 560 beds the Johan Sverdrup living quarters topside is the largest of its kind in Norway. The fourth and last platform for the first phase of the giant project is now ready for sail-away from Kværner’s yard on Stord to the Johan Sverdrup field, where it will be installed in a single lift.
Carrizo said to weigh deal with rival explorer SM Energy

Carrizo Oil and Gas Inc. is weighing a tie-up with U.S. energy explorer SM Energy Co., according to people familiar with the matter.
PSA investigates incident on Åsgard B platform

The Petroleum Safety Authority Norway (PSA) has decided to investigate an incident involved a dropped object on the Åsgard B facility on March 13, 2019.
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