Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that…
Oil executives warn of increased costs due to Trump's tariffs
Two oil executives warned this week about the impact of tariffs on the cost of energy production and investment decisions. TotalEnergies' CEO Patrick Pouyanne said at the Energy Intelligence Forum held in London on February 2 that tariffs on metals were driving up costs for LNG projects.
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market.
Woodside's O'Neill says that the LNG market will grow by 50% over the next decade.
Woodside Energy's CEO, who spoke on Tuesday, said that the company expects global demand for liquefied gas (LNG), to increase by 50 percent in the next decade. Over the past decade, the LNG market has grown by 50%. Meg O'Neill, speaking at the Energy Intelligence Forum held in London…
Woodside: LNG Market to Grow by 50% in Next Decade
Australia's Woodside Energy WDS.AX expects the global market for liquefied natural gas (LNG) to grow by 50% in the coming decade, its CEO said on Tuesday."Over the last decade the LNG market grew by 50%. We anticipate it will grow by another 50% in the coming decade," Meg O’Neill…
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division.
Subsea Umbilicals Demand Hit by COVID-19
Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020, down from 1,041 km last year."Umbilical…
Offshore Drillers to Lose $3B Due To COVID-19, Low Oil Prices
Offshore drillings contractors leasing drilling rigs to oil and gas companies are set to lose contracts worth $3 billion in combined revenue in 2020 and 2021, Rystad Energy said Thursday, citing the impact of the coronavirus pandemic and low oil prices.According to Rystad, the estimated contract value in 2020–2021 is $30 billion in total…
Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said, located in Norway…
Rystad: 2020 Biggest Year for Offshore Wind Jackets
The global offshore wind farms (OWF) that are set for start-up this year will make 2020 the year with the highest ever use of steel jacket foundations for new developments, Norwegian energy intelligence firm Rystad Energy said in a report on Thursday.The trend of using this type of foundations - a lattice steel framework…
Gazprom Neft Cuts Output Forecast Iraq Oilield
Russian oil producer Gazprom Neft has made a further cut to its forecast for the level at which output will plateau at the Badra oilfield in Iraq, the company said on its website on Thursday.The post cited comments made by Deputy Chief Executive Vadim Yakovlev in an interview with media outlet Energy Intelligence, saying average production will pla
Phillips 66 Says Alliance, Louisiana, Refinery Shuts After Incident
Phillips 66 on Friday said it began an unscheduled shutdown of its 249,700-barrel-per-day (bpd) Alliance, Louisiana refinery on Thursday as part an on-site emergency response involving a plant worker.* "Phillips 66 continues to work with local emergency responders, including the Plaquemines Parish Sheriff’s Office…
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S.
OPEC is Back in Business, and the Market is Sceptical: Kemp
OPEC's output accord in Algiers last month was initially greeted with enthusiasm by oil market bulls but much of that euphoria is now dissipating as traders question whether it will make an actual difference. The agreement, coming after many observers had written off the possibility of a deal…
Part of Seaway Pipeline Shut After Oklahoma Spill
The Seaway Pipeline Co shut down part of its pipeline system following a leak of crude oil in Cushing, Oklahoma on Monday, said Enterprise Products Partners LP , which operates the pipeline in a venture with Enbridge Inc. The 500-mile, 30-inch diameter pipeline system connects the U.S.
Brent Spreads Signal Long Road to Rebalancing
OPEC's agreement on an new production target has been followed by a bout of renewed optimism about the rebalancing of the oil market. But there are so far few signs of imminent rebalancing in the structure of Brent futures prices for 2017. "Fundamentals are improving and the market is rebalancing…
Fortis Joins Energy Impact Partners Utility Coalition
Energy Impact Partners LP (EIP) today announced the addition of Fortis Inc. to its Nexus strategic partner network. Fortis joins Southern Company (NYSE:SO), National Grid plc (NYSE:NGG), Xcel Energy Inc. (NYSE:XEL), Ameren Corporation (NYSE:AEE) and Great Plains (NYSE:GXP) as strategic…
Prompt WTI Discount Narrows
The discount for prompt WTI relative to the second month contract narrowed by 29 cents per barrel to $1 on Monday, suddenly reversing a trend that last week pushed the spread to a six-month low. It was not immediately clear why the spread narrowed so sharply, but traders said it may…
Alliance Shuts Natgas Pipeline; Chicago Prices Up
Alliance Pipeline shut its Western Canadian 1.6 bcfd pipeline that feeds natural gas to Chicago on Friday after poisonous, flammable gas got into the system, forcing at least five producers to curb output and lifting Chicago prices. The company declared force majeure on the 2,400-mile (3…
Pemex to Modernize System for Monitoring Contractors
Mexican oil giant Pemex says it will implement a new system for registering contractors, amid concerns about abuse in the state-owned oil company's vast contracting budget. Pemex's new centralized system for registering contractors will include more than 9,500 service providers and…