Ghana, Equatorial Guinea to Sign LNG Deal
Ghana's President Nana Akufo-Addo plans to sign an agreement to import liquefied natural gas (LNG) from Equatorial Guinea during his three-day visit to the Gulf of Guinea petroleum producer due to begin on Monday, his office said. Though an oil and gas producer in its own right since its flagship Jubilee field came on stream in 2010, Ghana has in the past struggled to ensure reliable power production for a growing domestic market.
Oil Dips as Rally Encourages Profit-Taking
Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 15 cents at $52.57 a barrel at 1214 GMT, after surging more than 3 percent in the previous session. U.S. West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent. The contract had also risen 3 percent in the previous session.
U.S. Biofuels Mandates Under High Stakes Scrutiny
U.S. biofuels regulations, which mandate mixing corn-based ethanol into gasoline, have lately drawn together a diverse cast of political opponents. They include an upstart gas station owners' trade group, a former Obama administration environmental adviser and billionaire activist investor Carl Icahn, who owns a refiner and served as U.S. President Donald Trump's special advisor on business regulation - until he resigned Friday amid allegations of a conflict of interest.
Coal Price Surge Justified by China's Dynamics: Russell
How much of the current surge in thermal coal prices in Asia is because of a fundamental shift in the supply-demand balance, and how much is down to speculative froth? This is a question often asked when a commodity experiences a strong gain - or drop - in price, especially when the fundamentals don't appear to have shifted that much, at least on a casual view. Virtually everybody in the coal industry can agree that the…
MAN’s Subsea Compressors Reach Field Proven Status
Both subsea compression trains at Statoil’s Åsgard field have achieved more than 25,000 operation hours with an availability close to 100 percent. The world’s first subsea gas compression facility features two MAN Diesel & Turbo HOFIM motor-compressor units. The Åsgard subsea compression system has officially reached the highest Technology Readiness Level (TRL) 7 with both trains surpassing 10,000 operating hours. The…
U.S. Drillers Cut Rigs for Second Week in Three
U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 64 weeks since the start of June 2016.
Mexico Raises Pemex Deductions to Continue Oil Output
Mexico's finance ministry on Friday said state oil company Pemex will be allowed to deduct more costs for developing some projects so the firm can maintain production, which has been steadily declining since 2004. The cost recovery adjustments will allow Petroleos Mexicanos, as Pemex is formally known, to continue producing some 150,000 barrels per day of oil and 500 billion BTUs of natural gas per day from so-called…
Oil Jumps as Dollar Dips
U.S. crude still headed for weekly loss. Oil prices rose on Friday as the stock market strengthened and the U.S. dollar weakened, but U.S. crude futures remained on track to close the week down as investors remained worried about the global oil glut. The week's trading was defined by bearish data about Chinese oil demand and rising crude production in the United States. WTI crude futures for September delivery rose $1.18 to $48.27 a barrel, a 2.5 percent gain.
Damen Shiprepair Rotterdam Completes the Refit of Petrojarl 1
On the August 18, 2017, Damen Shiprepair Rotterdam (DSR) has delivered the FPSO Petrojarl 1 to Teekay Offshore following a complete redeployment project taking place over the past 2 ½ years. The Petrojarl 1 has been operated by Teekay for 28 years in the North Sea and is now destined for the Atlanta Field in Brazil. After extensive engineering (over 450,000 engineering hours), more than 50% of the process equipment was removed and replaced by new and additional equipment…
Oil Nudges Higher on Tightening Supplies, Weaker Dollar
Deer Park refinery outage supports WTI prices. Oil prices edged higher on Friday, with investors offered some encouragement from data hinting that oversupply was easing steadily and a weaker dollar. But prices were still on track to close the week 2 to 3 percent lower after concerns about weaker Chinese oil demand weighed earlier in the week. At 1152 GMT, benchmark Brent crude futures were up 6 cents at $51.09 a barrel on the day but still about 2 percent lower on the week. U.S.
Cotemar Invests $200 mln in Oil Projects by 2018
Mexican oilfield services provider Cotemar plans to invest at least $200 million in two oil projects by the end of 2018 as it starts to operate fields on its own, a move made possible by sweeping energy reforms, the firm's top executive said in an interview. Cotemar CEO Alejandro Villarreal told Reuters the company expects to grow output to 20,000 barrels per day (bpd) by next year from two onshore blocks discovered by national oil company Pemex but won by Cotemar's upstart oil unit at auction in 2015.
ZephIR Lidar Expands Engineering Team
ZephIR Lidar has announced the expansion of its Engineering and Supply Chain Team as part of a larger strategy to increase production and meet the growing demand for more accurate wind measurements within the wind energy industry. ZephIR Lidar has invested its own resources and has also applied for and received government-backed ‘Innovate UK’ funding in support of expanding the engineering function for production and manufacturing…
Australia Risks Missing Next LNG Wave: Russell
Should the arrival of the last major piece of kit in Australia's $180 billion liquefied natural gas (LNG) spree be a cause for celebration or for a wake? It may seem that the arrival of the Ichthys Venturer floating production, storage and offloading facility would be worthy of breaking out the champagne. The vessel, which will be moored some 220 kilometres (132 miles) off the northwestern coast as part of Inpex's Ichthys project, is the final piece of the jigsaw that completes eight massive new LNG ventures.
Conoco to Dismantle Historic Norwegian Platform
ConocoPhillips has won permission to prepare for the removal of the first permanent oil platform built off Norway more than 40 years ago, the country's industry regulator said on Thursday. The U.S. company applied in July to remove Ekofisk 2/4 A, which started producing oil from the North Sea in 1974 and shut permanently in 2013. Production at the Ekofisk field began in 1971 from the Gulftide jack-up rig, a temporary installation standing on removable legs.
Oil Steady as U.S. Output Offsets Crude Draw
U.S. crude inventories fall below 2016 levels; but U.S. oil production up 13 pct since mid-2016. Oil prices steadied on Thursday after U.S. data showed a big fall in crude stockpiles but also an increase in production, taking U.S. crude output to its highest in more than two years. Brent crude was down 5 cents at $50.22 a barrel by 1055 GMT. U.S. light crude was 10 cents lower at $46.68. Both benchmarks fell more than 1 percent on Wednesday. Energy Information Administration (EIA) data showed commercial U.S.
Latest Gulf of Mexico Auction Signals Offshore Return
Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review. Some producers have signaled…
EDF Must Review All Creusot-made Components on Nuclear Reactors
French nuclear regulator ASN said on Wednesday that utility EDF must review all components of its nuclear reactors that were made by Areva 's foundry Creusot Forge by the end of 2018. The ASN did not say in its statement that EDF would have to halt its reactors for the review. But its said the examination would have to take place while the reactors are halted for refueling. The regulator said that it had ordered EDF to provide a schedule of the planned reviews by Oct.
Saudi's SABIC Acquires Shell's Stake in its Saudi Plant
Saudi Basic Industries Corp (SABIC) has completed the purchase of the 50 percent that it did not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell, for $820 million, SABIC said on Wednesday. The financial impact of the transaction will be reflected on its third-quarter results, SABIC added. The acquisition which SABIC had said would be carried out before the end of the year is in line with a strategy to develop its successful investments.
Shifting Oil Market Dynamics Key to Tanker Trade Prospects -MSI
The Q3 2017 tanker market is proving vexatious for owners still struggling with the effects of fleet oversupply. But in its latest monthly forecast, Maritime Strategies International (MSI) observes that changing trade patterns could help stabilize the market toward year-end and into 2018. With all-OPEC crude exports setting record highs in July, the cartel’s attempts at lowering production are clearly open to question.
Oil Edges Up as U.S. Stocks Fall
U.S. crude oil inventories drop 9.2 mln barrels - API. Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by excess supply. Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories. Brent crude futures were at $51.14 per barrel at 1010 GMT, up 34 cents, or 0.66 percent, from their last close. U.S.
Saudi Aramco Mulls Bids to Expand Gas Plant
Saudi Aramco has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday as the state oil giant continues spending to expand its core business. The companies that submitted their proposals on Sunday are: South Korean Samsung Engineering, Spain's Tecnicas Reunidas, Taiwan's CTCI, Italy's Saipem , Britain's Petrofac, India's Larsen & Toubro (L&T). South Korea's…
Pullback in Fracking Sand Use Pressures Producers
U.S. shale oil companies are pulling back on the amount of sand they use to hydraulically fracture new wells, responding to rising prices of the material that are driving up costs. Investors worry a slowdown in sand use, combined with new mining capacity coming online, could lead to a glut of the material and bring down prices. The worries have pressured shares of sand companies. Sand prices soared in the last year as oil companies ramped up shale drilling and production.
Goodbye Contango? Oil's Long March Towards Backwardation
“The rebalancing of the oil market desired by the leading producers has been a stubborn process,” the International Energy Agency wrote in its latest monthly oil market report. The agency’s evident frustration about the slow and uneven pace of rebalancing, and the conflicting signals about whether it is happening at all, is shared by many traders, analysts and investors. “The medium-term outlook for oil still looks challenging with…
Asia Could Import more Venezuelan Crude if U.S. Sanctions Hit
North Asian refiners keen to buy; Indian refiners may raise Venezuela purchases as well. Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela's oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions on Venezuela's oil industry…
Oil Slips on Strong Dollar, OPEC and China Weigh
Chinese Demand Falters as OPEC production remains stronger despite promised cuts. Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Benchmark Brent crude was down 30 cents at $50.43 a barrel by 1050 GMT. U.S. light crude was 20 cents lower at $47.39. Chinese oil refineries operated in July at their slowest daily rates since September, official data showed.
Norway's $975 bln Wealth Fund Should Improve Ethical Stance
Norway's $975-billion sovereign wealth fund, the world's largest, should be more forceful in promoting its ethical agenda and influencing the thousands of companies it invests in, a report commissioned by non-governmental organisations said on Monday. The fund, which invests the proceeds of Norway's oil and gas production for future generations, already has rules that stipulate, for example, that it cannot invest in firms that produce landmines or nuclear weapons…
Gas Starts Flowing from BP's New Offshore Fields
BP has started producing gas from two new projects offshore Trinidad and Tobago and Australia, the company said on Monday, further boosting output that is helping the company to turn a corner after a bruising market downturn. Gas has started flowing via BP's $2 billion Juniper gas platform offshore Trinidad and Tobago that is expected to produce around 590 million cubic feet a day (mmcfd) from the Corallita and Lantana fields, BP said.
Oil Slips on Chinese Demand, Rising U.S. Activity
Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world's second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from June and the lowest rate since September 2016. Analysts said the drop was steeper than expected…
North Dakota Oil Production Slips about 1% in June
North Dakota's daily oil production slipped about 1 percent in June amidst tepid crude prices , according to state data released on Friday. The state pumped 1.03 million barrels of oil per day (bpd) in June, down from 1.04 million bpd in May, according to the North Dakota Department of Mineral Resources, which reports on a two-month lag. Natural gas production dipped slightly to 1.85 million cubic feet per day. The state's oil well count hit 13,915 during the month, an all-time high.
US Drillers Add Oil Rigs for Second Week in Three
U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices. Drillers added 3 oil rigs in the week to Aug. 11 bringing the total count up to 768, the most since April 2015. General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
US Shale Output Poised to Keep Rising Despite Investor Concerns
Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results. The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer's oil output miss last quarter and decisions by several other energy companies to trim annual budgets.
Distillates to Boost US Refiners' Bottom Line
U.S. refiners such as PBF Energy and Valero Energy are heading into the winter season on their best footing in years, as months of surprisingly robust distillate demand has eaten away at stubbornly high inventories and boosted margins. Inventories of diesel, heating oil and jet fuel are approaching their lowest seasonal levels in three years, fueling expectations among refining executives, traders and analysts that strong margins will help the bottom line for refiners through year-end.
Tullow Launches Oil, Gas Exploration in Zambia
British company Tullow Oil on Friday started exploring for oil and gas in Zambia, Africa's No.2 copper producer, as the country pushes to diversify its economy and reduce its reliance on the industrial metal. Copper mining earns Zambia more than 70 percent of its foreign exchange but the southern African state has been trying to move into other commodities to insulate itself from price shocks. Zambia does not produce oil, but the government says soil samples sent to European laboratories have shown good traces of crude.
IOC Buys More U.S. Crude; to Lift Eagle Ford Shale Cargo
Indian state-refiner IOC bought 1.9 million barrels of U.S. crude in its second import tender seeking oil from the Americas, making it the first Indian refiner to purchase Eagle Ford shale oil, a senior official said on Friday. IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura, the refiner's finance director, A.K. Sharma, told Reuters.
Protesters Storm Shell's Niger Delta Crude Station
Hundreds of Nigerian protesters stormed a crude oil flow station owned by Shell in the restive Niger Delta on Friday demanding jobs and infrastructure development, a Reuters witness said. The protesters complained they were not benefiting from oil production in their area, a common refrain in the impoverished swampland that produces most of Nigeria's oil. They also demanded an end to oil pollution in the area. Soldiers and security guards did not disperse the crowd as it entered the Belema Flow Station in Rivers State…
US LNG Exports to Increase: EIA
U.S. Energy Information Administration (EIA)'s latest Short-Term Energy Outlook projects that the United States will export more natural gas than it imports in 2017. The U.S. has been a net exporter for three of the past four months and is expected to continue to export more natural gas than it imports for the rest of 2017 and throughout 2018. The nation’ status as a net exporter is expected to continue past 2018 because of growing U.S.
Oil Gains as Inventory Overhang Erodes and Saudi Cuts Exports
Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers. Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production. Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia - the world's biggest oil-consuming region - by up to 10 percent in September.
U.S. Shale Breakeven Price Pegged at $50
U.S. shale producers need a WTI oil price around $50 per barrel to break even, according to an analysis of financial statements for the second quarter. Fifteen of the largest shale oil and gas producers reported total net losses of $470 million for the three months between April and June when benchmark WTI prices averaged $48. Total losses were down from $3.7 billion in the first three months of the year and $7.4 billion in the same period in 2016…
Saudi, Iraqi Talks Focus on OPEC Pact, Possible Investments
Saudi Arabia's Energy Minister Khalid al-Falih said on Thursday that talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output. "The talks... came out with an agreement in the vision between the two countries aimed at ensuring the stability of world oil markets and consolidating the gains made in the recent period," Falih said in a statement. Falih, who is also the minister of industry and mineral resources…
OPEC Sees Higher 2018 Demand, but Output Up Again
Demand for OPEC crude in 2018 raised by 220,000 bpd; OPEC output jumps in July, compliance weakens. OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group's output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its crude next year…
Denmark Reports Maersk Oil for North Sea Discharge
The Danish environmental protection agency (DEPA) said on Thursday it had reported Maersk Oil, the oil unit of A.P. Moller-Maersk, to the police for discharging chemicals into the North Sea in connection with oil production. "Maersk Oil has in several cases, in violation of the regulations of the marine environment law, released so-called 'red' chemicals in connection with oil extraction in the North Sea," said the agency in a statement.
Pemex Seeks Oil Projects in Americas
Mexico's Pemex is looking for oil projects in the United States, Brazil, Colombia and Argentina to keep up output after an energy reform that means it is sharing more domestic production, a top executive from the state-run oil company said on Wednesday. Exploration chief Jose Antonio Escalera mentioned Argentina's giant Vaca Muerta shale play as an interesting project where Pemex could jump into a partnership. "We are willing to participate in projects even with minimum stakes…
Petrobras Authorized to Export Idle LNG Cargoes
Brazil's Petroleo Brasileiro SA has been authorized to export idle liquefied natural gas (LNG) in the spot market, according to the Wednesday issue of the official gazette. According to the text, Petrobras has been given the green light to export up to 6.6 million cubic meters, assuming this would not result in supply problems for the domestic market. As a state-controlled company, some of Petrobras' commercial strategies require energy ministry authorization.
US Oil Stocks Drop, Gasoline Inventories Increase
U.S. crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday, but a surprise increase in gasoline stocks capped gains in oil prices. Crude inventories fell by 6.5 million barrels in the week to Aug. 4, compared with expectations for a decrease of 2.7 million barrels. The decline came as refiners boosted overall utilization rates to 96.3 percent of total capacity…
Energean Bags Gas Sales Contracts for Israel Offshore Project
Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel's coast, market sources said on Wednesday. Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometres off Israel's coast, last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy. It plans to lease its own floating production…
YPF Says 2017 Capex Will Be Below $4 Bln
Argentina's state-run oil company YPF SA's 2017 capital expenditure will be below $4 billion, the previous guidance it had given, an executive told investors during the company's second quarter earnings call on Wednesday. The company should be able to grow hydrocarbon production 3-5 percent in the future with capital expenditures in the $4 billion area, said the executive, who did not identify himself. (Reporting by Luc Cohen)
SBM Offshore Raises Outlook Buoyed by Deepwater Spending
SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014. Due to low production costs…
US Shale Breakeven Price Revealed
U.S. shale producers need a WTI oil price around $50 per barrel to break even, according to an analysis of financial statements for the second quarter. Fifteen of the largest shale oil and gas producers reported total net losses of $470 million for the three months between April and June when benchmark WTI prices averaged $48. Total losses were down from $3.7 billion in the first three months of the year and $7.4 billion in the same period in 2016, according to earnings statements published in the last week.
Oil Rises Toward $53 before US Inventory Report
Oil rose towards $53 a barrel on Wednesday ahead of a U.S. inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with OPEC-led supply cuts. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday before the release of Wednesday's official numbers.
Baker Hughes Clinches Contract for PNG Gas Field
Baker Hughes, now part of General Electric, has won a major contract to provide a wide range of services to develop Papua New Guinea's first offshore gas field which is sees as a new model to help producers adapt to a world of low oil prices. GE Oil and Gas completed its merger with Baker Hughes last month to become the world's second largest oilfield services company, bringing together traditional drilling and pumping gear with technology such as software, sensors and three-dimensional printing.
Oil Prices Slip Despite News of Lower Saudi Supply
Oil prices fell on Tuesday on increasing exports from key OPEC producers despite news of lower crude shipments from Saudi Arabia. Production from Libya's 270,000 bpd Sharara field is returning to normal after a disruption when protesters broke into a control room, the National Oil Corp said. Libya is exempt from limits on production agreed by most other members of the Organization of the Petroleum Exporting Countries designed to bolster oil prices that have been depressed for more than three years by a global glut.
US Interior Department Rescinds Coal Valuation Rule
The U.S. Department of the Interior said on Monday it has rescinded an Obama-era rule that reformed how energy companies value sales of oil, gas and coal extracted from federal and tribal land to protect taxpayers because it caused "confusion and uncertainty" for energy companies. "Repealing the valuation rule provides a clean slate to create workable valuation regulations," Zinke said in a statement. The valuation rule…
Addax Shuts Offices after Swiss Bribery Case
Chinese-owned oil firm Addax Petroleum is shutting its offices in Geneva, Houston and Aberdeen, it said on Monday, a month after it agreed to pay 31 million Swiss francs ($31.85 million)to settle charges of suspected bribery of foreign officials. Confirming a report in the Tribune de Geneve newspaper, Addax said its parent firm Sinopec International Petroleum Exploration and Production Corporation (SIPC) would integrate the three offices into a new technical centre in Beijing.
New Player Enters the Decommissioning Market
A new entrant to North Sea decommissioning, Well-Safe Solutions was established by a group of oil industry stalwarts Alasdair Locke, Mark Patterson and Paul Warwick, setting out to provide a new approach to the safe and cost-efficient decommissioning of subsea wells. The new start company, which aims to attract £200 million ($260 million) in investment and create 400 new jobs, will offer a specialist well abandonment service.
Sentinel Marine Secures Two New Contracts
Sentinel Marine said it has secured two new contracts bringing the Aberdeen-headquartered firm’s contract wins to a total of £26.4 million ($34.4 million) since January this year. The latest contract wins will provide continued employment for 72 seafarers in the North Sea. Sentinel Marine’s contract with Statoil UK Limited will see the provision of an emergency response and rescue vessel (ERRV) Portland Sentinel in the energy producer’s Mariner field from the beginning of August.
Uganda, Tanzania Constructing $3.5 Bln Oil Pipeline
The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. The 1,445 km-project - set for completion by 2020 - will stretch from landlocked Uganda's western region, where crude reserves were discovered in 2006, to Tanzania's Indian Ocean seaport of Tanga. The project will become "the longest electrically heated crude oil pipeline in the world…
Oil Slides From 9-week Highs as Market Looks to OPEC
Oil prices edged down from nine-week highs on Monday, pressured by worries over high production from OPEC and the United States. Global benchmark Brent crude futures were down 67 cents, or 1.28 percent, at $51.75 a barrel at 1344 GMT. They traded as low as $51.56 a barrel earlier in the day. U.S. crude futures were down 67 cents, or 1.35 percent, at $48.91 per barrel, but up from the day's low of $48.78 a barrel. Both contracts stood more than $1 below the levels hit last week…
SK E&C Signs $1.6 Bln Deal to Modernize Iran Oil Refinery
South Korea's SK Engineering & Construction said on Sunday it had signed a deal with Iran's Tabriz Oil Refining Company worth $1.6 billion to renovate the Iranian company's refinery facility. SK E&C said in a statement that the project involves upgrading Tabriz Oil Refining Company's 110,000-barrels-per-day refinery, which opened in 1976 and is located in the northwest of Tehran. Under the agreement, a consortium of SK…
Higher-cost Crude Could Squeeze Margins at US Refiners
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the last weeks of the summer driving season and into the fall if refiners are able to pass along those higher costs to drivers, analysts said.
Keystone XL Pipeline Fate in Balance as Nebraska Opens Hearings
Nebraska regulators will hear final arguments for and against TransCanada Corp’s proposed Keystone XL pipeline this week before deciding whether to approve its route later this year, the last big hurdle for the long-delayed project after President Donald Trump gave it federal approval. The proposed 1,179-mile (1,897-km) pipeline linking Canada’s Alberta oil sands to U.S. refineries has been a lightning rod of controversy for nearly a decade…