No Picture

Pemex Needs Partner For $10.7B Offshore Oil Project

August 31, 2017 Irina Slav 0

Big Oil and independents will have to reach deep into their pockets if they want to win the farm-out rights to Mexico’s Nobilis-Maximino offshore field, as the cost of the project has been estimated at US$10.7 billion. This is what the head of the country’s energy regulator told Reuters in an interview, adding that the National Hydrocarbons Commission will tender the farm-out rights on January 31 next year, along with the auction of several more offshore fields. Juan Carlos Zepeda said the Nobilis-Maximino field, which contains an estimated…

The post Pemex Needs Partner For $10.7B Offshore Oil Project appeared first on aroundworld24.com.

No Picture

Will This Bring Big Oil Back To The Bakken?

August 30, 2017 Irina Slav 0

If shale plays were people, everyone would be jealous of the Permian for getting all the attention. It is the leader in overall national oil output growth, and just last year the USGS announced a new estimate for part of it, the Wolfcamp Basin, which is now thought to contain as much as 20 billion barrels of recoverable oil. It’s perhaps this new assessment that has prompted North Dakota government officials to request a new estimate for the Bakken-Three Forks formation. The last one, from 2013, estimated the recoverable reserves of crude…

The post Will This Bring Big Oil Back To The Bakken? appeared first on aroundworld24.com.

No Picture

Oil Markets React Stoically To Strong Crude Inventory Draw

August 30, 2017 Irina Slav 0

Amid the shutdown of 20 percent of U.S. refining capacity caused by Hurricane Harvey and the pending shutdown of more refineries as the storm moves on to Louisiana, the EIA’s latest weekly inventory report may limit the fall in WTI prices. The authority reported a draw of 5.4 million barrels for the week ending August 25, a day after the American Petroleum Institute estimated these inventories had fallen by 5.78 million barrels in the period. Analysts had expected a decline of 1.75 million barrels. Despite the almost uninterrupted string…

The post Oil Markets React Stoically To Strong Crude Inventory Draw appeared first on aroundworld24.com.

No Picture

Oil Shipments From Louisiana Jump Ahead Of Harvey

August 30, 2017 Irina Slav 0

Traders are scrambling to ship as much oil and oil products from the Louisiana coast before Hurricane Harvey hits it and disrupts loadings, Reuters reports. Oil import and export terminals in Texas were closed earlier, when the storm ravaged the state. It was the strongest hurricane to hit Texas in more than five decades. Now Harvey is moving to Louisiana, expected to reach the coast today. In a statement from 1:30 AM CDT today, the National Weather Service warned that Harvey “continues to bring threat of tornadoes, high tides, and heavy…

The post Oil Shipments From Louisiana Jump Ahead Of Harvey appeared first on aroundworld24.com.

No Picture

Oil Field Disruptions Cost Libya 350,000 Bpd In Output

August 30, 2017 Irina Slav 0

Recent disruptions of oil production in Libya have cost the country 350,000 barrels daily in lost output, the central bank of the country said, adding that the effects of these disruptions will force it to curb spending further even though it has been trying to avoid this. Before the recent string of production disruptions, which were caused by militant blockades on pipelines carrying crude from three fields to export terminals, Libya was pumping over 1 million barrels of oil daily, eyeing 1.2 million bpd in output by the end of the year. But earlier…

The post Oil Field Disruptions Cost Libya 350,000 Bpd In Output appeared first on aroundworld24.com.

No Picture

Lower-For-Longer Drives Leadership Shift In Big Oil

August 29, 2017 Irina Slav 0

When the Wall Street Journal last week reported that Chevron’s chief executive John Watson would step down, the most likely replacement as a “new leadership for a changing oil world” was thought to be vice chairman Michael Wirth. Wirth’s background in refining and his experience in cost efficiency improvement, according to unnamed sources from the company, had tipped the scales. According to a Goldman Sachs note to investors, Chevron’s move is the latest sign that the oil and gas industry is making cost discipline…

The post Lower-For-Longer Drives Leadership Shift In Big Oil appeared first on aroundworld24.com.

No Picture

U.S. Crude Oil Cargo Delays Prompt Turn To Spot Market

August 29, 2017 Irina Slav 0

Delays in the delivery of U.S. crude oil cargoes to Asian refineries are prompting traders to consider buying feedstock for refineries on the spot market, sources from the industry told S&P Global Platts. According to one oil trading manager from North Asia, at least two South Korean refiners and one Chinese plant are expecting their cargoes, consisting of Eagle Ford crude as well as Mexican blends, to arrive with a delay of between one and two weeks. Traders and refiners who had bought Mexican crude are also bracing for delays in…

The post U.S. Crude Oil Cargo Delays Prompt Turn To Spot Market appeared first on aroundworld24.com.

No Picture

Colombia Pipeline Bombing Takes 210,000 Bpd Off The Market

August 29, 2017 Irina Slav 0

A bombing of the Cano Limon oil pipeline in Colombia has led to the suspension of crude flow, sources from Ecopetrol and Colombia’s army told Reuters. Leftist militant group ELN was behind the attack, the sources said, who declined to be identified ahead of an official announcement. Some crude oil spilled as a result of the bombing in a nearby river, the sources added. Cano Limon is Colombia’s second-biggest oil pipeline, with a daily capacity of 210,000 bpd, which carries crude oil from the Cano Limon field near the border with Venezuela…

The post Colombia Pipeline Bombing Takes 210,000 Bpd Off The Market appeared first on aroundworld24.com.

No Picture

China Becomes World’s Third-Largest Shale Gas Producer

August 29, 2017 Irina Slav 0

China has become the world’s third-largest shale gas producer, after only the U.S. and Canada, Iran’s PressTV reports, adding that last year, China pumped almost 8 billion cubic meters of shale gas. The annual result was a 76.3-percent improvement on 2015, China’s Ministry of Land and Resources said – a record amount. Investments in shale gas exploration reached US$1.3 billion. Shale gas production in China has continued to grow this year, as it seeks to move away from crude oil and bets increasingly on gas as the cleaner…

The post China Becomes World’s Third-Largest Shale Gas Producer appeared first on aroundworld24.com.