Wednesday, January 27, 2021

Mexico News

U.S. drillers Add Oil and Gas Rigs for 4th week in a Row

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.That was still 467 rigs…

Shell to Shut Its Convent, La. Refinery Amid Pandemic

(Photo: Jiri Buller / Shell)

Royal Dutch Shell said on Thursday it will shut down its refinery in Convent, Louisiana, the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.The shutdown, to occur this month, comes after Shell failed to find a buyer.The refinery is the ninth in North America either to announce a shutdown or to be idled since the pandemic…

Mexico Closes Oil Ports Ahead of Hurricane Delta

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Mexico's naval authorities on Tuesday ordered the closure of oil, cargo and passenger ports in the Gulf of Mexico and Caribbean ahead of Hurricane Delta, expected to sweep the Yucatan peninsula overnight.Ports shuttered to large ships included Dos Bocas in Tabasco and oil installations in Campeche.(Reporting by Lizbeth Diaz; Writing by Frank Jack Daniel; editing by Drazen Jorgic)

Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf

Hurricane Sally (Photo: NOAA)

Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP)…

US LNG Loading Delays Expected as Hurricane Slams Gulf Coast

© Igor Groshev / Adobe Stock

Loadings of liquefied natural gas (LNG) cargoes from the United States likely will be delayed as a powerful storm strikes the heart of the U.S. oil and gas industry on the Gulf Coast, forcing several LNG plants to shut.Hurricane Laura made landfall early on Thursday in southwestern Louisiana as one of the most powerful storms ever to hit the state, with forecasters warning it could push a wall of water 40 miles (64 km) inland from the sea.

Equinor Axing Jobs in US, Canada and UK

Equinor's Houston office (Photo: Ole Jørgen Bratland, Equinor)

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters…

Venezuela's Oil Exports Stagnant in July

© Francis / Adobe Stock

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company.Washington has ramped up pressure this year on PDVSA’s customers, trade partners and shippers aiming to stop the…

Oil Gains, with Brent above $40

Image by think4photop/AdobeStock

Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.U.S.

NOIA: U.S. Offshore Drilling Ban Would Crush Jobs, Govt Revenues

Offshore drilling rigs - Image by wildnerdpix / AdobeStock

A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group said on Tuesday.The report by the Washington-based National Ocean Industries Association comes…

Wintershall Dea Earnings Drop

Image Credit: Wintershall Dea

German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement on Wednesday.Due to a weaker price environment for commodities…

Denmark's Vestas Breaks Wind Turbine Installation Record, Woodmac Says

Image Credit: Vestas

Danish wind farm turbine builder Vestas became the first wind turbine manufacturer to install more than 10 GW of wind capacity in a single year (2019), according to new analysis from Wood Mackenzie.The Danish OEM’s grid-connected capacity of 11.3 GW in 2019 is an increase of 1.5 GW on 2018, with installations completed in over 35 markets. The company’s installations…

Venezuelan Oil Exports Rose in April

© MENZHILIY ANATOLY / Adobe Stock

Venezuela's oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according to documents from state-run PDVSA and vessel tracking data.Venezuela shipped 31 cargoes of crude and refined products last month carrying an average of 848,500 barrels per day (bpd)…

Technology: Greenhouse Gas Emission Capture and Storage to the Fore

Hydrate crusts formed within ocean floor sediments ensure the encapsulation and safe and effective containment of captured CO2. Image: MDC

Greenhouse gas emissions capture and storage may be a more practical alternative to emissions reduction for meeting the IMO’s 2050 CO2 target. Tom Mulligan reports.Shipping emits close to 1 billion tons of CO2 each year and the shipping industry needs carbon-free solutions to achieve the IMO’s 2050 target of a 50 percent reduction, compared to the 2008 level, in these massive emissions.

Pemex Trading Arm Mulls Canceling May-June Cargos

© Vladimir / Adobe Stock

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports…

Diamond Offshore Files for Bankruptcy

Diamond Offshore's Ocean Onyx semi-submersible drilling rig. Image by Stephen Walter Sr. / MarineTraffic

Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and demand for its services…

NOIA Elects Cobb, McCarroll to Board Leadership Roles

The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said…

Oil in Floating Storage More Than Doubles in a Month

© Vladimir / Adobe Stock

The volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels, according to data from oil analytics firm Vortexa.The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month, Vortexa said.With available space on land storage tanks scarce, traders around the world have been rushing to book ta

Equinor Exploration Manager Steps Down to Take New Role

Tim Dodson, executive vice president Exploration since 2011. (Credit: Ole Jørgen Bratland / Equinor ASA)

Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down as executive vice president Exploration, a role he held since 2011.In what Equinor said was a planned change to the leadership of Exploration, Dodson will take on the role as vice president Strategy Execution in Global Strategy and Business Development (GSB) from June 1…

Mexico's Pemex to Receive $313 mln in Hedge Payouts

© Esteban / Adobe Stock

Mexican state oil company Petroleos Mexicanos (Pemex) expects this year to receive some $313 million from oil and financial firms involved in its annual oil hedging program, Chief Executive Octavio Romero said on Wednesday.Pemex's hedge, which this year covers about a quarter of its gross exports volume, protects the company from price variations and helps…

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

An offshore drilling rig - Image by Namthip - AdobeStock

Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect of the COVID-19 pandemic and…