Algeria’s cabinet approved a new energy law aimed at boosting investment in the vital hydrocarbon sector, but which has become the latest target for demonstrators demanding the purging of the OPEC member’s old regime.
Total SA is spending $600 million to expand its presence in one of the world’s fastest growing natural gas markets.
Santos Ltd. agreed to buy ConocoPhillips’ northern Australia business for $1.4 billion in a deal that will boost the Adelaide-based oil and gas producer’s position in the growing Asian liquefied natural gas market.
The EIA reports that natural gas spot prices at the Waha hub in western Texas, located near Permian basin production, settled at $1.55/million British thermal units (MMBtu) on August 15, the highest price since March 2019. This price increase coincides with the 2 Bcfd Gulf Coast Express Pipeline (GCX) preparing to enter service.
The U.S. briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more.
Oil producers drilling so-called parent-child wells in the Permian Basin are risking the loss of 15% to 20% of the crude that can ultimately be recovered from those wells by spacing them too close together, according to a Houston-based investment bank.
Through August, Permian employment has grown at an annualized rate of 0.7%, far less than the 11.4% growth of the same period last year, the Dallas Fed said Wednesday in its latest monthly report.
Newly commissioned Permian basin crude pipelines have yet to boost U.S. crude exports, as the ongoing U.S-China trade war weighs on demand from Asia.
Under the terms of the partnership, Henry and Pickering Energy Partners will target to invest at least $500 million in producing asset packages to be operated by the Henry team.
Pembina Pipeline Corp. increased its bet on the future of Canada’s turbulent oil-sands industry, agreeing to buy Kinder Morgan Inc.’s Canadian unit and the U.S. portion of a key pipeline for about C$4.35 billion ($3.3 billion).
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.
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.
Bernie Sanders says the industry is a criminal enterprise. Joe Biden is vowing to take action against it.
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.
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.
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.
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.
A split vote by Texas regulators over the flaring of natural gas indicates the controversial practice may be curtailed.
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.
Eaton collaboration with San Jacinto College advances energy industry workforce development in the Gulf Coast
“The energy industry needs a more skilled workforce and the new Center for Petrochemical, Energy, and Technology is designed by industry for industry,” said Dr. Brenda Hellyer, San Jacinto College Chancellor.
The U.S. House of Representatives is set to vote Wednesday on two proposals for limiting drilling in U.S. coastal waters, including an effort to permanently ban rigs near Florida, as Democrats seek to demonstrate their opposition to fossil fuels and emphasize Republicans’ sustained support for oil.
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.
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.
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.
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.
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.
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.
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 Eastern Mediterranean Gas Conference (EMGC) is gearing up for another must-attend event in Cyprus.
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.
Exxon Mobil is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field.
Israel is willing to enter U.S.-mediated talks with Lebanon on setting a maritime border, the Energy Ministry said today.
The parties to a $15 billion deal to export Israeli natural gas to Egypt are changing the agreement to reduce the risk of disruptions.
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 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.
Iran said it sold an oil cargo on board a contested tanker sailing the Mediterranean Sea but didn’t know where the vessel was going amid U.S. efforts to block delivery of the crude.
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.
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.
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.
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.
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.
Marathon Oil Corporation has announced that it has closed on the sale of its 15% participating interest in the Atrush Block in Kurdistan.
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.
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.
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.
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.
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.
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.
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.
ADNOC plans to grow its conventional drilling activity by 40% by 2025 and substantially ramp up the number of its unconventional wells, as it targets an increase in oil production capacity to 4 MMbpd by the end of 2020 and 5 MMbpd by 2030.
The agreement covers various major sectors, including trade of commodities and services, energy and renewable energy, industry and mining, among others.
Oil gained after its biggest weekly slump since July ahead of the resumption of U.S.-China trade talks that may sway a cloudy demand outlook.
The U.S. Energy Information Administration (EIA) forecasts lower crude oil prices in the fourth quarter of 2019 and in 2020 despite tighter global balances.
U.S. shale oil plays are “riding the edge of profitability” at current prices and the industry faces a significant slowdown in fracking activity if crude falls below $50/bbl for a sustained period, according to BloombergNEF.
Oil jumped back above $60/bbl after reports of a missile strike on an Iranian tanker near the Saudi Arabian port city of Jeddah reignited fears over military escalation in the world’s most important crude-producing region.
Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20/bbl.
Oil short-selling has more than doubled in three weeks, with attacks on oil facilities and tankers unable to push prices higher for very long.
“We are still in a frantic search for spare parts,” an anonymous Saudi official was quoted as saying. The situation is not “as rosy as you might think,” the official said.
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.
The Islamic Republic’s tanker company initially said the attacks probably came from Saudi Arabia, but later withdrew the claim.
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.
Saudi Arabia is recovering faster than expected from the attacks on its oil industry, with total production capacity restored to more than 11 MMbpd about a week ahead of schedule, according to people with knowledge of the situation.
Philippine President Rodrigo Duterte’s much-touted meeting with Chinese leader Xi Jinping does not appear to have yielded an agreement on the South China Sea territorial dispute between the two nations or a plan to explore the area for oil and gas.
China Big Oil wrapped up a first half that rewarded exploration and production and punished refining.
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.
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.
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 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.
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.
Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global output cuts.
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’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.
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.
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.
U.S. refiners want more Canadian oil, and pipeline companies are finding ways to get it to them.
Alberta has relaxed the production limits it imposed on oil producers as it exports more barrels via rail and pipeline.
Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by shelving unused frac gear and cutting jobs in North America.
Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as rail shipments increase.
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.
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.
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.
Heavy Canadian crude fell to the lowest in almost four years against benchmark prices Tuesday as bottlenecks on pipelines and rail networks crimped exports.
Hong Kong billionaire Li Ka-shing’s oil sands investment is hurting — and some analysts are calling on him to stop the bleeding.
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.
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.
“In 50 years, the company has grown from a local supplier to a worldwide actor recognized in the Oil and Gas and Petrochemical fields,” said Giorgio Consolaro, TECHNOR ITALSMEA managing director.
U.S. ambassador to Angola, the Hon. Nina Maria Fite, hosted a delegation of top Angolan oil and gas officials to explore opportunities for the two nations to collaborate on the next phases of Angolan energy development.
“Watching our estimates for the Marcellus rise from 2 Tcf to 84 Tcf to 97 Tcf in under 20 years demonstrates the effects American ingenuity and new technology can have,” said USGS director Jim Reilly.
Equinor made a final decision to invest in floating wind turbines to power offshore oil platforms off Norway after the government agreed to subsidize a large part of the cost.
The head of Norway’s oil regulator, who bows out after 12 years of pushing companies to squeeze out every possible barrel from projects, said she’s leaving an industry in good health despite a growing debate over its future.
Concern on Wall Street has been rising along with Warren’s poll numbers, with sectors such as financials, health care and industrials as well as energy identified among those at risk from her policy proposals.
Kongsberg Digital signed an agreement to digitalize the Nyhamna facility, a gas processing and export hub for Ormen Lange and other fields connected to the Polarled pipeline.
Kimberly McHugh, vice president of drilling and completions at Chevron, kicked off LAGCOE 2019 Wednesday morning in New Orleans with a reminder that, while the rumors of the demise of the oil industry are greatly exaggerated, companies must adapt to continue to meet the world’s evolving energy needs.
Protests in Ecuador over fuel prices have temporarily shut some oilfields, slowing the flow of crude and causing Petroecuador to shut a key pipeline.
Brazil’s efforts to uncover the origin of oil washing up on more than 130 beaches along its pristine northeastern coastline are pointing to Venezuela as the likely culprit.
Jersey Oil and Gas PLC has revealed the findings of a new independent evaluation of its recently acquired Greater Buchan Area project in the North Sea.
In the context of Noia’s Imagine the Potential campaign and data released through its industry economic impact report, Noia believes it is imperative for the political parties to provide information on how they will ensure the industry is able to reach its potential and provide significant benefits to all Newfoundlanders and Labradorians and Canadians.
Exxon Mobil is considering a sale of its offshore Malaysia upstream assets as part of U.S. energy giant’s divestiture program, according to people with knowledge of the matter.
Continental Resources is exploring a sale of a non-controlling stake in its water-infrastructure business that could value the unit at $1 billion or more, according to people familiar with the matter.
Halliburton has been awarded an international license for ExxonMobil’s patented Non-Aqueous Fluid Gravel Packing (NAFPac) technique for gravel pack completions.