Oil Consumption Tracking is All About Asia
Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness.The challenge is to form an accurate and nuanced picture of the whole market capable of generating useful forecasts…
Ocean LNG Leads in Contracted Capacity
Ocean LNG has dominated in terms of long-term liquefied natural gas (LNG) import volumes for contracts signed by key purchasing companies for the year 2019, with almost 47% of the global contracted capacity.According to a report by GlobalData, Ocean LNG signed the biggest long-term LNG contract for 2019 with Golden Pass Products.
Texas Petrochemical Fire Continues to Burn
Three workers were injured in a massive explosion on Wednesday that sparked a blaze at a Texas petrochemical plant, the latest in a series of chemical plant accidents in the region.An initial blast at a TPC Group complex in Port Neches, Texas, was followed by secondary explosions that shattered windows, blew locked doors…
Cheap LNG from Qatar Imperils N.American Projects
Proposed projects to export liquefied natural gas (LNG) from North America face an uphill battle against Qatar, which announced plans to further ramp up production to hold onto its position as the world's leading LNG exporter.The United States is on track to overtake Qatar and Australia as the top LNG exporter by 2024,…
Three Injured in TPC Port Neches Explosion
Three workers were injured in an early Wednesday explosion that sparked a blaze at a petrochemical plant in Port Neches, Texas, the latest in a series of chemical plant accidents in the region.An initial explosion at the TPC Group plant was followed by secondary blasts, shattering windows and blowing locked doors off their hinges in homes near the facility…
EIA, IEA Grossly Overestimating US Shale: ESAI
ESAI Energy, an oil & energy data provider, believes both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are overly optimistic in their November projections of US crude oil production in 2020, according to the company’s latest North America Watch.ESAI Energy sees a deceleration in growth to about 650…
US Signs Highest LNG Export Contract
US signed highest volume of global long-term liquefied natural gas (LNG) export contracts in 2019, accounting for around a 67% of global share. Abundant shale gas production in the US has enabled the country to export natural gas as LNG. to global markets. According to GlobalData, the US has signed five long-term contracts in 2019 for the export of 22.3 million tonnes per annum (mtpa) of LNG.
Oil Majors to Raise $27Bln in Selling Spree
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with…
APAC to Fuel Global Wind Power
Global wind power market size increased from $71.6bn in 2010 to $96.4bn in 2018. During the 2019–2030 forecast period, significant capacity additions in the Asia-Pacific (APAC) region are expected to drive that market, increasing the market size to $124.6bn by 2030.A report from GlobalData revealed that China is the global…
Aramco Signs 34 EPC Contracts Worth $18bn
Saudi Aramco has signed 34 engineering, procurement and construction (EPC) related contracts (worth over US$18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, during Q3 2019, according to GlobalData.The most important is ADNOC’s US$3.6bn contract for the supply of one…
Mayflower Wins 800MW Massachusetts OWF
Mayflower Wind Energy, a joint venture of Shell New Energies US and EDPR Offshore North America, has been chosen by Massachusetts for an 804-MW offshore wind farm (OWF), located 20 miles south of Nantucket.“Mayflower Wind is proud to have been selected to provide low cost renewable energy to Massachusetts,” said Mayflower Wind President John Hartnett.
Offshore Wind: a Freshening Breeze?
July brought news about offshore wind. There was something for everyone: optimism, disappointment, and construction, too.Finally, starting with Dominion Energy’s Coastal Virginia Offshore Wind Project, a joint venture with Danish wind developer Orsted is underway. True, this is a small project – just two wind turbines to be installed 27 miles east of Virginia Beach.
Baker Hughes Profit Rises on Strong Foreign Demand
Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors.The company's results contrasted with steep falls in revenue reported by some of its rivals in the oilfield services…
B.C. Backs LNG Bunkering
The British Columbia Government has joined Vancouver Fraser Port Authority and FortisBC to establish the first ship-to-ship LNG marine refueling – or bunkering – facility on the west coast of North America.The use of LNG to power the world’s ocean-going vessels is forecast to expand and B.C. is well positioned to benefit from this growth.According to industry standards…
Mitsui, Sempra Energy Sign LNG Deal
North American energy infrastructure company Sempra Energy and Japanese trader Mitsui & Co. have entered into a memorandum of understanding (MOU) under which the latter would take part in the Cameron LNG Phase 2 project in Louisiana.The MoU also encompasses a future expansion of the Energía Costa Azul (ECA) LNG project in Baja California…
Hunting Warns on Profit
British oilfield services firm Hunting Plc warned on Tuesday that annual core profit would be at the lower end of market expectations as it grapples with a slowdown in the U.S. onshore drilling market, sending its shares down as much as 7%.Without giving numbers, Hunting said profit for the third-quarter had declined compared…
Premier Oilfield Group Names Keenan CEO
Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies, including technology startups…
RCG Opens Vancouver Office
Sector-specialist advisory firm The Renewables Consulting Group (RCG) said it has appointed Matthew Irvine as Director and head of a new office in Vancouver, Canada., as the firm looks to strengthen its local presence in North America and deliver long-term market support for technical advisory clients.Irvine will lead a…
Precision Drilling's Quarterly Loss Narrows
Oilfield services company Precision Drilling's loss narrowed for the third-quarter, helped by higher drilling activity across North America, the Canadian company reported on Thursday.Net loss narrowed to C$3.5 million ($2.68 million), or 1 Canadian cent per share, from C$30.6 million, or 10 Canadian cents a share, a year earlier.Revenue fell about 2% to C$376 million($1 = 1.3076 Canadian dollars)(
Qilak LNG, ExxonMobil Pact on Gas Supply
Alaska-based Qilak LNG announced that a Heads of Agreement (HOA) has been entered into with ExxonMobil Alaska Production regarding the potential supply of natural gas from the Point Thomson field to Qilak LNG's proposed Alaska North Slope liquefied natural gas (LNG) export project (Qilak LNG 1 Project).According to the Lloyds Energy company…
