Tunisia’s long-delayed, $1.2 billion joint venture with Vienna-based OMV AG will start producing natural gas by the end of the year, the country’s industry minister said.
Late last week, on Day 2 of its annual meeting and 90th anniversary, the Independent Petroleum Association of America (IPAA) heard from the respective heads of the EPA and FERC on how Trump administration policies are benefitting both the nation and the upstream oil and gas industry.
The stock sank as much as 23% on the news that crude from two wells in Guyana was found to be heavy, with a high sulfur content. That’s disappointing as the Guyanese discoveries earlier this year had countered concerns over troubled ventures elsewhere.
When New York’s climate change lawsuit against Exxon Mobil went on trial last month in a Manhattan courtroom, the energy giant’s lead lawyer took great pains to emphasize that the state’s allegations weren’t really about climate change.
Rockies LNG Partners, a group of Canadian natural gas drillers seeking new markets for their production, is considering building an export project on barges floating off the coast of British Columbia.
The Trump administration showed support for energy innovation in the United States this week, issuing a report that directly outlines how U.S. shale production is positively impacting both the economy and the environment.
Independent shale producer Concho Resources Inc. said it’s tapping federal acreage for drilling now in case the U.S. elects a president who favors a fracing ban.
America’s two biggest oil majors are leaning on booming shale production in the Permian basin to weather the gathering macroeconomic storm of lower oil demand, weak commodity prices and slowing global growth.
The days of relentless production growth from U.S. shale oil fields are ending, potentially aiding OPEC’s years-long effort to drain a worldwide supply glut, according to industry pioneers Scott Sheffield and Mark Papa.
OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies.
Oxy pledged to slash spending by 40% next year after quarterly profit fell short of forecasts due in part to the oil explorer’s $37 billion takeover of Anadarko.
Gravity’s acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland basin.
U.S. shale production—the chief source of rapid growth that made the United States the world’s largest oil producer—is slowing down fast, says a new report by IHS Markit.
Occidental Petroleum plans to sell a four-story office building in the heart of the Permian basin and move employees into a nearby one owned by Anadarko, the oil producer it bought for $37 billion three months ago.
Hatch announced that Upside Engineering Ltd. has joined Hatch Ltd., bringing together the largest oil and gas process team for complex upstream and downstream flowsheet development in Canada with a well-established firm that specializes in midstream hydrocarbon business.
Husky Energy has commenced production at its Dee Valley thermal project in Saskatchewan, the second of six 10,000 bpd thermal bitumen projects to be brought onstream from 2018 to 2022.
Nearly all of the kingdom’s oil shipments to Canada travel to New Brunswick, home to a single refinery, Irving Oil Ltd.’s Saint John plant, which can process about 299,000 bpd. The refinery relied on Saudi crude for more than 40% of its supplies in July, Statistics Canada data show.
Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.
The move is a boon to explorers constrained by the curtailment program imposed this year to stave off a collapse in western Canadian heavy crude prices brought on by a lack of pipeline space.
Not only will the vote determine the future of carbon taxes, pipeline approvals and environmental regulations, it’s also a referendum on a dispute central to the country’s identity: Is Canada a global oil superpower or is it a leader in fighting climate change?
Clariant Oil Services launches WAXTREAT SubZero Pour Point Depressant technology for cold climate regions
WAXTREAT SubZero is a winterized PPD with customization capabilities, enhancing performance, while mitigating paraffin build-up, in crude oil pipeline systems, at the same time reducing OPEX requirements associated with pipeline cleaning.
A split vote by Texas regulators over the flaring of natural gas indicates the controversial practice may be curtailed.
Two federally-funded projects in the Bakken and Eagle Ford shales strive to improve recovery efficiency in unconventional plays while accelerating their development and generating high-quality data.
The caliche roads cutting through the blackbrush and mesquite of the South Texas brush country are a bit less congested of late, as Eagle Ford drilling and completion activity dips in what is ranked among the most profitable of the unconventional plays.
Lease Sale 254, scheduled to be livestreamed from New Orleans, will be the sixth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Program.
Talos Energy has entered into two separate agreements with BP and Exxon Mobil related to new exploration opportunities in the U.S. Gulf of Mexico.
Based on EIA’s latest Short-Term Energy Outlook’s expected production levels at new and existing fields, annual crude oil production in the GOM will increase to an average of 1.9 MMbpd in 2019 and 2.0 MMbpd in 2020.
The U.S. has forfeited some $18 billion tied to oil and gas production in the Gulf of Mexico since 2000 because of a decades-old law that gave energy companies a break on paying royalties when drilling in deep waters, federal investigators concluded Thursday.
A report by analysts at Sanford C. Bernstein and Co. sees projects in the Gulf of Mexico and off of South America significantly boosting output next year. After that, though, the odds drop for any further growth gains, the report found.
Total announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.
Russia’s Yamal LNG, set to be the world’s biggest Arctic producer of liquefied natural gas, plans to send its debut cargo to China as thanks for its support.
Total SA will take 10% stake in a multi-billion-dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC.
CNOOC Limited has announced that the company has signed a heads of agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
Last weekend, Russia launched the last of a new crew of atomic icebreakers meant to consolidate the country’s dominance of commercial traffic in the Arctic. As much of the rest of the world recognizes climate change as an emergency, Russia is working hard to capitalize on it — and the U.S. appears to be far behind.
Russia’s biggest liquefied natural gas producer expects to be able to mitigate any impact should U.S. sanctions on China prevent it from using a third of its fleet.
Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced that it has commenced its 2019 drilling program in Israel.
The Eastern Mediterranean Gas Conference (EMGC) is gearing up for another must-attend event in Cyprus.
Talks are in progress to build an underwater natural gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep.
Zion Oil and Gas confirmed today that it will move forward with the operational plan in Israel that the firm outlined previously in its Nov. 29, 2018, press release.
The Israeli Ministry of Energy has awarded 12 new offshore blocks in Israel’s Exclusive Economic Zone in its second license round, adding British companies Cairn and Soco to an international roster of oil and gas companies operating in the country’s waters.
The parties to a $15 billion deal to export Israeli natural gas to Egypt are changing the agreement to reduce the risk of disruptions.
Israel is willing to enter U.S.-mediated talks with Lebanon on setting a maritime border, the Energy Ministry said today.
Exxon Mobil is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field.
Egypt expects to begin receiving natural gas from Israel by the end of 2019, the oil minister said, fulfilling a $15 billion deal that will position the North African country as an energy re-export hub on Europe’s doorstep.
The U.S. placed new sanctions on Iran, and a top American official signaled more measures are coming while deflecting questions about French diplomatic efforts meant to help Tehran restart oil sales.
Saudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s oil industry and set the world’s biggest crude-processing plant ablaze.
Saudi Arabia said preliminary findings show Iranian weapons were used in the attack on one of its key oil installations, but stopped short of directly blaming the Islamic Republic for the strikes that cut its crude output by half and rattled oil markets.
The Trump administration sought to offer new evidence to back its claim that Iran conducted the attack on major Saudi Arabian oil facilities, saying the munitions used in the strikes were well beyond the capabilities of the Houthi rebels who claimed responsibility.
President Donald Trump spoke by phone on Saturday with Saudi Crown Prince Mohammed Bin Salman after a swarm of explosive drones hit key oil-industry targets in Saudi Arabia, the state-run Saudi Press Agency reported.
Fires at the plant were brought under control within hours, but the flow of crude from Saudi Arabia, the world’s biggest exporter, will almost certainly be affected, although we don’t yet know by how much or for how long. Traders who have shrugged off tensions in the Middle East for months will respond to this attack when markets open on Monday.
The Pentagon is preparing a report on who was responsible for the weekend attack on Saudi oil facilities and intends to make it public within 48 hours, a U.S. defense official said.
President Hassan Rouhani vowed Monday that Iran would respond to an attack on one of its oil tankers in the Red Sea, saying the evidence suggested it was the work of a government not a terrorist group.
A former oil executive pleaded guilty to five counts of corruption in the U.K. as part of one of the white-collar financial crime prosecutor’s biggest bribery investigations.
President of LUKOIL Vagit Alekperov has met with Thamir Abbas Ghadhban Al Ghadhban, Deputy Prime Minister and Minister of Oil of the Republic of Iraq, at the St. Petersburg International Economic Forum.
Marathon Oil Corporation has announced that it has closed on the sale of its 15% participating interest in the Atrush Block in Kurdistan.
The evacuation of some ExxonMobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister.
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth ton of oil since starting commercial production at its Sarqala field in the Kurdsitan Region of Iraq.
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2019, the highest six-month average since the end of 2015.
Australia is on track to surpass Qatar as the world’s largest LNG exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS). Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019.
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows.
Qatar has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to help expand its part of the world’s largest natural gas field, Energy Minister Saad Sherida Al-Kaabi said.
Shrugging off a global supply glut that’s left liquefied natural gas prices struggling to recover from a three-year low, the world’s biggest producer of the fuel said it’s on track to expand production.
The agreement covers various major sectors, including trade of commodities and services, energy and renewable energy, industry and mining, among others.
Under the terms of the agreement, ADNOC and REA will jointly explore opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions.
The Ghasha mega-project is expected to produce over 1.5 Bcfd of natural gas by around 2025.
Futures advanced as much as 1.8% on Monday in New York. Chinese government officials are considering locations in the U.S. where leader Xi Jinping would meet U.S. President Donald Trump to sign a trade accord, people familiar with the plans said.
Diamondback Energy Inc. said it’s fundamentally changing the way it forecasts future growth after becoming the latest Permian basin shale producer to hit operational hurdles.
Oil fell after a report that the biggest producers in OPEC+ aren’t pushing for deeper oil-supply cuts when the group meets next month.
Oil erased an early loss Friday, capping a weekly gain as investors shrugged off a comment by President Donald Trump that the U.S. hasn’t agreed to fully roll back tariffs with China.
“The prospect of oversupply looms over the market in 2020,” said Martijn Rats, global oil strategist at Morgan Stanley. “Either OPEC deepens its cuts, or prices will fall to about $45/bbl, and force a slowdown in U.S. shale that balances the market.”
Saudi Arabia raised all pricing for November oil sales to Asia as refining margins rose and the country’s state oil producer pulled out the stops to maintain supply after aerial attacks briefly knocked out half its output last month.
This year, the oil market has faced some of the worst supply disruptions in recent times and yet prices remain stuck in the $60s.
A blizzard of data on Saudi Arabia’s oil production, production capacity and exports has painted a picture of an industry that is almost back to normal after the Sept. 14 attacks. That view may be too simplistic, though.
The Islamic Republic’s tanker company initially said the attacks probably came from Saudi Arabia, but later withdrew the claim.
Saudi Aramco says it’s currently pumping 9.9 MMbpd, the same as before the Sept. 14 attacks at Abqaiq, the world’s biggest oil-processing facility, and the field at Khurais.
Saudi Arabia has priced its lighter crude at the widest premium to heavier oil in almost two years as new rules mandating cleaner shipping fuels drive demand for less-sulfurous grades.
Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.
An Indian state-owned refiner is mulling the purchase of American oil from Chinese sellers offering cargoes that would be hit by new tariffs on U.S. supplies.
Asia accounts for more than 70% of Saudi Arabia’s crude exports, with the four biggest economies – China, Japan, India and South Korea – leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar.
An Exxon Mobil oil and gas project off the coast of Vietnam is becoming a test of Beijing’s growing power in the South China Sea.
Chinese oil imports from ship-to-ship transfers surged last month as flows from some traditional suppliers were crimped by the White House’s aggressive trade and foreign policies.
Oil fell again, erasing earlier gains, as economic tensions between the U.S. and China flared ahead of talks aimed at resolving their long-running trade feud.
CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran.
Gazprom reports preparations for the first pipeline supplies of Russian gas to China via the Power of Siberia gas pipeline, among several other eastern Russia gas projects.
Natural gas production has recently grown in China largely because of increased development in low-permeability formations in the form of tight gas, shale gas, and to a lesser extent, coalbed methane.
Forces loyal to Libya’s eastern leader Khalifa Haftar have taken control of the country’s biggest oil field and say the deposit is secure and ready to resume production.
Libya is heading towards mass chaos that puts oil output and exports at risk, just as its oil sector looked set to stage a recovery.
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.
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Libya’s state-run National Oil Corp refused to restart the country’s biggest field after militants seized and declared it secure earlier this month.
Libya’s most powerful military leader said the state oil company in Tripoli has the sole right to sell the nation’s crude, a statement that might ultimately help stabilize production that has swung wildly for almost a decade because of ongoing conflict.
Libyan oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt.
Libya’s oil production dropped to about 950,000 bpd, its lowest in five months, after the unauthorized closing of a valve on a pipeline linking the country’s largest oil field to an export terminal on the Mediterranean Sea.
A corporate tax rate cut in the oil-rich province of Alberta, boosted Exxon’s second-quarter profit by almost $500 million, according to a statement Friday. Chevron noted a $180 million non-cash tax benefit from the measure in its report.
Alberta’s oil production curbs finally appear to be draining inventories, at least for now.
Another mixed outlook awaits the EandP sector
Canadian heavy oil prices have weakened ahead of an anticipated announcement that Alberta will ease production limits in exchange for shipping more crude by rail.
The days when energy stocks and the price of oil moved in lockstep are now few and far between. Oil may go up but stocks still fall, and in Canada it’s the worst divergence on record.
Larger federal deficits and continued uncertainty for the energy sector are in store for Canada after Prime Minister Justin Trudeau won a second term on Monday, investors and analysts say.
Well, it has finally happened. A perfect combination of overly aggressive environmental activism, combined with fumbling by governmental authorities, has incapacitated the Canadian oil industry. (World Oil Editorial)
Heavy Canadian crude fell to the lowest in almost four years against benchmark prices Tuesday as bottlenecks on pipelines and rail networks crimped exports.
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
In an exclusive interview with World Oil Editor-in-Chief Kurt Abraham, ConocoPhillips Chief Technology Officer Greg Leveille discusses the technical issues facing global EandP, particularly as relates to the many U.S. unconventional plays
Petrolia Energy Corporation is pleased to announce that it has acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
The winter drilling season in the diverse shale plays scattered throughout the western Canada sedimentary basin (WCSB), is shaping up to be the busiest in three years.
Hong Kong billionaire Li Ka-shing’s oil sands investment is hurting — and some analysts are calling on him to stop the bleeding.
Capital keeps marching out of Canada’s oil industry, with Kinder Morgan’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.
Regular Gasoline Retail Price
(Dollars per Gallon)
2.615 .. U.S.
2.474 … East Coast
2.535 …. New England
2.629 …. Central Atlantic
2.362 …. Lower Atlantic
2.436 … Midwest
2.262 … Gulf Coast
2.819 … Rocky Mountain
3.591 … West Coast
3.192 … West Coast less California
3.921 …. California
2.765 …. Colorado
2.354 …. Florida
2.545 …. Massachusetts
2.468 …. Minnesota
2.610 …. New York
2.450 …. Ohio
2.259 …. Texas
3.287 …. Washington
2.547 …. Boston
2.618 …. Chicago
2.417 …. Cleveland
2.722 …. Denver
2.194 …. Houston
3.901 …. Los Angeles
2.386 …. Miami
2.556 …. New York City
3.957 …. San Francisco
3.420 …. Seattle
On-Highway Diesel Fuel Retail Price
(Dollars per Gallon)
3.073 .. U.S.
3.050 … East Coast
3.042 …. New England
3.245 …. Central Atlantic
2.919 …. Lower Atlantic
2.972 … Midwest
2.795 … Gulf Coast
3.203 … Rocky Mountain
3.758 … West Coast
3.435 … West Coast less California
4.014 …. California
The U.S. Energy Information Administration (EIA) recently improved multiple data series for hydrocarbon gas liquids (HGL) in its Monthly Energy Review. The updated data series reflect changes in how EIA defines liquefied petroleum gases to better align with industry practice.
Since the introduction of Chemraz, Greene Tweed has released more than 80 compounds for reliability in the most demanding operating conditions, such as rapid gas decompression, and in temperatures ranging from -40°C to 324°C.
Halliburton released its PixStar High-Resolution Ultrasonic Imaging Service, a new logging-while-drilling technology that provides real-time images of the borehole to help operators identify fractures, improve wellbore stability and optimize completion design.
Emerson launches IIoT-enabled Connected Services to support multiphase flow meters in unconventional shale
Oil and gas producers have a new means of optimizing wellhead production that lowers operating costs while increasing safety, thanks to a newly launched service from Emerson that leverages cloud-based technologies to remotely monitor flow meter performance at the wellhead.
Natural gas exploration by global oil companies in Bolivia, key to growing the country’s sagging economy, has stopped amid an escalating political crisis that has left the Andean nation rudderless.
Investments had been picking up in Vaca Muerta, a Maryland-sized shale formation in Patagonia that could turn the troubled nation into a global energy provider. But that was before leftist Alberto Fernandez won the presidential election last month.
Built for every production environment from heavy oil to wet gas, ForeSite Flow provides precise flow measurements for any fluid mixture without separation.
Alberta loosened crude-oil production limits for the second time in two weeks, exempting new conventional wells from output caps in a bid to spur drilling and boost employment.
For years, Europe’s top natural gas conferences focused on the boom in deliveries of the cleanest fossil fuel. Now, the gathering is starting to consider the risks piling up from the green movement.
Celebrating its 90th anniversary, the Independent Petroleum Association of America (IPAA) kicked off the first day of its annual meeting Thursday, with two Capitol Hill insiders sorting out the issues for attendees, along with predictions of a tough 2020 election.
Baker Hughes announced that Apache Corporation’s North Sea subsidiaries have awarded, through a multi-year frame agreement, a suite of subsea equipment and services including six trees, wellheads and an associated service package.
A lawyer for Exxon Mobil said New York’s fraud lawsuit against the oil giant was a “joke” and that the state had falsely accused engineers and scientists of cooking up a scheme to mislead investors about the financial risks of climate change.
French oil giant Total SA said it won’t renew its membership of a key industry lobby group because the organization’s stance on climate issues doesn’t align with its own.
Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petrobras did most of the bidding while other major oil companies stayed away.
Ivory Coast wants more explorers for oil and gas as it seeks to boost economic growth, according to Energy Minister Abdourahmane Cisse.
Chesapeake Energy Corp. collapsed to a 20-year low Wednesday, one day after the shale gas driller warned it may not be able to outlast low fuel prices and issued a “going concern” notice.
“Over $26 billion is to be spent on UK decommissioning by 2030,” said Paul Main, a Wood Mackenzie Ltd. analyst focused on the upstream supply chain. By that time, companies will be spending more on removing redundant oil and gas facilities than developing new fields, he said.
A U.S.-led coalition created to secure sea lines vital to oil shipping in the Middle East formally launched operations in the most concerted international response yet to months of tensions in the region.