Eni Starts Production at Obiafu 41
Italian oil major Eni said it has started gas and condensate production from the Obiafu 41 discovery, Niger Delta, three weeks after well completion. The discovery contains approximately 28 billion cubic meters of gas and 60 million barrels of condensate, and the gas from this discovery will largely be channeled to the domestic market in order to feed the power sector.This record time-to-market was made possible thanks to an integrated model…
Equinor Eyes Brazil Natural Gas Infrastructure
Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing a prolific oil area off the nation's southeastern coast known as the pre-salt.Many of the region's assets have significant amounts of natural gas…
Gazprom Integrates All Companies in Tax Regime
Russian energy company Gazprom said that six companies of the Group – Gazprom Dobycha Astrakhan, Gazprom Transgaz Samara, Gazprom Transgaz Saratov, Gazprom Transgaz Tchaikovsky, Gazprom Transgaz Ufa, and Gazprom Transgaz Volgograd – will join the tax monitoring regime on January 1, 2020.The conglomerate, which carries on the business of extraction, production, transport, and sale of natural gas, is actively working to…
19 Fields in Production at Norwegian Sea
Norwegian Sea area, which is twice the size of the North Sea, has 19 fields in production and numerous discoveries are being developed and around 350 exploration wells have been drilled over the past 40 years, said Norwegian Petroleum Directorate (NPD).In many ways, the Norwegian Sea is a miniature version of the Norwegian shelf. It consists of a deep seabed with surrounding continental shelves. "The geology in the Norwegian Sea is the reason why we believed early on that there might be oil and gas there…
Halliburton Promises Cost Cuts
Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America, said it would take steps over the next few quarters that will lead to $300 million…
First Oil From Johan Sverdrup Reaches Mongstad
Oil from the giant Johan Sverdrup field in the Norwegian sector of the North Sea has arrived at the Mongstad plant north of Bergen.“This is a great day for Equinor and the Johan Sverdrup partnership, consisting of Lundin Norway, Petoro, Aker BP and Total. First oil to Mongstad only a few days after production start confirms that the field is producing well. This day also marks the start of a new phase as we prepare to bring Johan Sverdrup oil to the international market…
Green Shipping Fuels of the Future
Ammonia and hydrogen are promising potential fuels of the future in a de-carbonized shipping industry, which has to switch to alternative, zero carbon fuels in order to meet the targets set out in the initial International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships, an IMO symposium on sulfur 2020 and alternative fuels heard on Friday (18 October).Setting the scene, IMO's Edmund Hughes said the initial GHG strategy…
Canadian E.Coast LNG Export Plans Progress Shell Deal
Pieridae Energy moved closer to building a liquefied natural gas (LNG) export terminal on Canada's East Coast after taking ownership of fields from Royal Dutch Shell which will feed gas into the plant, the company said.The Goldboro LNG terminal would be the first on Canada's East Coast and compete with the growing number of plants on the U.S. Gulf Coast, hoping its shorter distance to Europe and further west will help…
Petrobras Posts Another Major Production Boost
Brazilian state-run oil firm Petroleo Brasileiro SA posted a significant production boost in the third quarter, as heavy investments in its deepwater, pre-salt zone showed signs of paying off.Investors and analysts have been watching the firm's production figures closely in recent quarters, and the company's ability to swiftly boost output is key to its current strategy.In a Thursday securities filing, Petrobras, as the firm is commonly known…
China Crude Runs Hit Record High
China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance.Refinery runs hit 56.49 million tonnes, or about 13.75 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).The September rate was also up around 8% from 12.72 million bpd in August and beat the previous daily record of 13.07 million bpd set in June.T
BP Raises Asian Profile
BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China's Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives, would be part of ZPCC's refining and petrochemical plant in Zhoushan in eastern China…
EU/IMO Project Drives Energy Efficiency
A global network of maritime technology cooperation centers has completed an impressive array of pilot projects over the past three years, helping to drive forward the changes which are required to reduce GHG emissions from shipping.Five regional Maritime Technology Cooperation Centres (MTCCs) have been established under the Global Maritime Technology Cooperation Centers (GMN) Project, which is funded by the European Union and implemented by the International Maritime Organization (IMO)…
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.In August, the government published an extensive list of assets that will be offered to investors via public offerings…
Santos Posts Record High Output
Australia's number two independent gas producer Santos Ltd on Thursday said third-quarter production and sales volumes peaked to record levels, benefiting from higher output from its Western Australia assets.Revenue of $1.03 billion was the second highest quarterly sales on record, the company said in a statement, while production surged 32% to 19.8 million barrels of oil equivalent (mmboe), beating an estimate of 18.9…
Woodside Targets Scarborough FID in Early 2020
Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap.Woodside, Australia's top independent gas producer, said on Thursday it is now targeting a final investment decision on the $20.5 billion Browse project in the first half of 2021 as it continues to wrangle with its partners.
Kinder Morgan's Elba Island LNG up by mid-2020: CEO
Kinder Morgan expects to bring the remaining nine units of its liquefied natural gas (LNG) export facility at Elba Island into service by the first half of next year, Chief Executive Officer Steven Kean said on Wednesday.The first unit of Kinder Morgan's Elba Island facility began producing LNG natural gas for export last month, and is one of several new U.S. projects adding to global supplies.The Houston pipeline operator plans to bring three more into service this year…
Drilling Activity Buoyant in Norway
The number of wells drilled could challenge all-time high levels by the end of the year in the Norwegian Continental Shelf (NCS), while global offshore exploration activity has been flat year-to-date.Rystad Energy expects that this high activity level will be sustained through the winter season and into 2020. Around 30 to 50 exploration wells will be drilled per year towards 2023.“Our preliminary analysis shows that a total of 130 wells are likely to be drilled this year – a 16% increase compared to 2018.
US Crude Exports Expected to Double by 2022
The U.S. could see its crude oil exports nearly double by 2022, according to energy research firm Rystad Energy. US crude exports could grow from current levels of 2.9 million barrels per day (bpd) to nearly 6 million bpd by 2022.With US production expected to increase by 1.2 million bpd year-over-year (y/y) in 2020, and with domestic refineries already maxing out capacity to absorb shale growth, Rystad Energy expects…
Small Scale FSRU: Think Smarter Not Bigger
The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model…
Activists Climb Shell North Sea Platform
Greenpeace activists boarded two Royal Dutch Shell oil platforms in the British North Sea on Monday in protest against plans to leave parts of the giant structures in place after production shuts down.Pictures provided by Greenpeace show two people in yellow hats scaling one of giant two large, rusty structures and unfurling a banner reading "Clean up your mess, Shell!"Shell confirmed that protesters boarded the Brent Alpha platform and the Brent Bravo concrete legs.Shell is in the process of dismantling the 40-year-old
Santos Acquires ConocoPhillips’ Northern Australia Interests
Santos announced it has acquired ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa.Matt Fox, ConocoPhillips executive vice president and chief operating officer, said, “While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply…
UK to Account for 35% Offshore Wind in Europe
The UK will account for 35% of the growth in offshore wind over the next five years, followed by the Netherlands and Germany, said , according to WindEurope’s new ‘Wind Energy Outlook to 2023’.In the next five years 22 GW of wind energy capacity will reach the end of its normal operational life (20 years). Most of this will get a lifetime extension. Around 2 GW will be repowered.And another 2 GW will be fully decommissioned.
Chestnut Field Extended Up to Three Years
Partners Spirit Energy and Dana Petroleum will invest £140 million ($177 million) to extend the life of the Chestnut field in the UK North Sea by as much as three years.The companies announced on Friday that they reached a deal with Teekay to extend the employment of the Hummingbird Spirit floating production, storage and offloading unit (FPSO) until March 2023 as the partners plan to drill a fourth production well by…
BP Spurs $10 Bln Divestment Target
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S. shale gas.BP shares were down 1.1% by 0948 GMT compared with a 1.3% gain in the broader European energy index.The non-cash…
Global Energy Takes Over Nigg Oil Terminal
Global Energy Group has reached an agreement with Repsol Sinopec Resources UK to take over the long-term operation of the Nigg Oil Terminal jetty under a new lease with Crown Estates Scotland.Since cessation of production from the Beatrice oil field, Repsol Sinopec has been exploring reuse options for the facilities at Nigg Oil Terminal, including the jetty.Under the agreed deal, the jetty will be operated as an extension…
Hammerfest LNG Ships 1000th LNG Cargo
Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”, by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion. In addition, we have the value of liquefied petroleum gas (LPG)…
Novatek Launches Arcticgas
Russia's second-largest natural gas producer Novatek announced that Arcticgas, a joint venture between Novatek and PAO Gazprom Neft, commenced commercial production at the East-Urengoyskoye+North-Esetinskoye field within the Samburgskiy license area.It has an estimated annual production capacity of more than one (1) billion cubic meters of natural gas and 0.2 million tons of gas condensate. The new production capacity is located in close proximity to the Company’s existing infrastructure…
BP Wins Offshore Oil Block in Brazil with $75 mln Bid
BP PLC won the production and exploration rights for Brazil's offshore S-M-1500 block in the Santos Basin on Thursday, paying the government a signing bonus of roughly 308 million reais ($74.6 million).Relatively major blocks in the Santos Basin received no offers in the bidding round in Rio de Janeiro, although there was significant interest in the nearby Campos Basin.(Reporting by Gram Slattery, Marta Nogueira and Rodrigo Viga Gaier; editing by Jason Neely)
Shell Consortium, Petronas Win Oil Blocks Off Brazilian Coast
A consortium of Royal Dutch Shell Plc, Chevron Corp and Qatar Petroleum won oil exploration and production rights in the C-M-713 block off the coast of Brazil on Thursday, paying the government a signing bonus of roughly 551 million reais ($133 million).Shortly before, Petronas won a separate offshore block, C-M-661, with a signing bonus of roughly 1.116 billion reais.(Reporting by Gram Slattery, Marta Noguiera and Rodrigo Viga Gaier, editing by Deepa Babington)
Mozambique Awards Rovuma LNG Project Gig
Mozambique Rovuma Venture (MRV) has awarded an engineering, procurement, and construction contract to a consortium of Fluor, JGC, and TechnipFMC for its Mozambique Rovuma LNG Phase 1 project in Cabo Delgado, Mozambique.MRV, a joint-venture composed of Eni, ExxonMobil and CNPC, holds a 70% interest in the exploration and production concession of Area 4, with Galp, Kogas and Empresa Nacional de Hidrocarbonetos (ENH) each holding a 10% interest.The Rovuma LNG Project will produce…
Angola Seeks to Reduce Gas Flaring to Capture Revenue
Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday.The announcement of efforts to generate more revenues by reducing gas flaring comes as Africa's second largest crude producer faces a fall in output from its mature oil fields."Over the years, Angola has somewhat neglected to capitalize on the natural resources that it has to offer…
Digitalization: Oil Industry Could Save up to $100Bln
The global oil and gas industry can save as much as $100 billion through automation and digitalization in the 2020s, energy research firm Rystad Energy said."As much as $100 billion can be eliminated from E&P upstream budgets through automation and digitalization initiatives in the 2020s. Service companies are reinventing themselves to help operators unlock these savings," said the study by Rystad.In 2018, $1 trillion was spent on operational expenditures…
Sinopec Resumes Production at Sichuan Gas Processing Unit
China's Sinopec Corp last month resumed production at a key natural gas processing plant in southwestern Sichuan province after a planned maintenance, the parent company of the state oil and gas group said on Tuesday.By August-end, Sinopec had completed maintenance at a desulphurising facility at Puguang gas field - the firm's largest gas-producing asset in China - ahead of the heating season, which normally begins at…
Cost Estimates at Equinor Norway Fields Goes Up
The cost of developing two major Norwegian oil and gas fields has increased due to the complexity of the projects, with the start of production delayed for one of them.The Ministry of Petroleum and Energy reports on the status of major projects that are currently undergoing development or have recently started operation.Thirteen of Equinor’s projects are on this list. Eight of the projects have reduced costs since submitting their plans for development and operation…
U.S. Drillers Cut Rigs Again: Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago, there were 861 active rigs.The oil rig count…
Milito Named NOIA President
Veteran energy industry association executive Erik Milito has been named as the new president of the National Ocean Industries Association (NOIA) and will to take the helm of the offshore energy association effective November 1, 2019.“Erik is a strong leader and an effective communicator, qualities that make him a great fit for NOIA President and will serve our membership well. I am confident in his ability to inspire…
BP Names Bernard Looney as Next CEO
Bernard Looney, who will replace Bob Dudley as chief executive of BP when he retires next year, faces the tricky task of navigating the energy major through a rising tide of environmentalism and the move to a low-carbon economy.BP on Friday appointed Looney, head of upstream, to succeed Dudley, who led the oil and gas company back to growth from near collapse in 2010.As CEO, Looney will be charged with continuing to adapt…
"Green" Ammonia's Future as a Marine Fuel
Ammonia, the same pungent solution used in fertilizers and cleaning agents, may one day be the key to transporting renewable energy around the world. There are currently a number of government and corporate projects assessing the feasibility of converting excess renewable energy from sources like wind, solar, tidal and nuclear into ammonia and then back into usable energy.In its purist form, ammonia or NH3 is composed…
Ecuador to Quit OPEC in 2020
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC."The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability…
Norway Sovereign Fund to Divest E&P Firms
Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance ministry said late on Tuesday.The move will partly shift the world's largest sovereign wealth fund away from oil and gas, as called for by the central bank, which had originally sought to remove all petroleum producers to protect…
Europe Looks for Gas as Groningen Folds
Europe’s energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen – Europe’s largest gas field – will be halted in 2022, eight years earlier than initially planned. However, despite the ambitious target of decommissioning the field by 2022, Rystad Energy…
Mayflower Joins Connecticut Offshore Bids
Mayflower Wind has submitted bids to the Connecticut Department of Energy and Environmental Protection in response to Connecticut's Request for Proposals.Mayflower is a joint venture of Shell New Energies US LLC and EDPR Offshore North America LLC. It has submitted two proposals with the state, for an 800MW development and a 400 MW development.“Governor Lamont has outlined a vision for moving Connecticut toward a clean energy future…
PTTEP, Halliburton Ink Automation Deal
PTTEP, a national petroleum exploration and production company in Thailand, selected Halliburton Landmark for joint development of new well design workflow to automate drilling and completion engineering processes across the well lifecycle, the US-based oilfield services company announced.Halliburton said the new workflow is based on PTTEP well design initiative which will be developed using Landmark Digital Well Program…
Oil Search Boss to Retire in 2020
Papua New Guinea's biggest company Oil Search Ltd said on Tuesday long-serving Managing Director Peter Botten will retire from the firm next year after 25 years in the role, just as the company enters a major growth phase in PNG and Alaska.Botten will be succeeded by senior executive Keiran Wulff in February and will step down from the board on Aug. 25."Under his leadership, Oil Search has grown from a small exploration and production company to a regionally significant oil…
Wintershall Dea Trims Norway Portfolio
Wintershall Dea has agreed to sell its stakes in Norway's Nyhamna gas processing terminal and the Polarled gas pipeline to CapeOmega and Solveig Gas to focus on its upstream oil and gas activities, the German oil and gas company said on Tuesday.Cape Omega will acquire a 5% interest in the Nyhamna terminal, while Solveig Gas will buy a 13.3% stake in Polarled, which delivers gas from Equinor's Aasta Hansteen field to Nyhamna…
Petrobras Says Revap Refinery Fire Under Control
Brazil’s state-controlled oil company Petrobras has said that a fire that broke out at its Revap refinery in the city of Sao Jose dos Campos Sunday afternoon is now under control and that this had been achieved without any casualties. The fire started in tanks storing materials used to produce asphalt and fuel. The company has not as yet clarified whether production at Revap had been halted but did add that the cause of the fire was still under investigation. (Source: Reuters)
Eni CEO's Wife Under Investigation in Congo Probe
Italian prosecutors are investigating the wife of Eni's chief executive as part of a wider probe into allegations of corruption involving the oil and gas major in Congo Republic, a prosecution document seen by Reuters showed.State-controlled Eni has previously said it was under investigation by Milan prosecutors for corruption in Congo Republic from 2013 to 2015. The company has denied the allegations.Prosecutors told a court this year that five people were being probed…
Total Closes Mozambique LNG Purchase
Total has completed the acquisition of Anadarko's 26.5% stake in Mozambique's liquefied natural gas (LNG) project for $3.9 billion, the French oil major said on Monday."Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas," Total chairman and CEO Patrick Pouyanne said in a statement.Anadarko, which had led the southern African LNG project, was taken over by Occidental Petroleum Corp.
Chrysaor Acquires Conoco's UK North Sea Assets
North Sea oil producer Chrysaor completed on Monday a $2.675 billion acquisition of ConocoPhillips' British North Sea oil and gas business, cementing the private equity-backed firm's position as one the basin's top producers.The Conoco assets will add around 72,000 barrels of oil equivalent per day to Chrysaor's production, bringing their total output in the first half of 2019 to 195,000 boed, Chrysaor said in a statement. The deal has an effective date of Jan.
BP CEO Dudley Planning to Step Down
BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday.BP's first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him into 2020.His retirement plans were discussed at BP's board meeting in the United States last week…
Oil Prices: Chinese Data Eases Concerns
Oil prices rose today (Monday, September 30) after China’s factories unexpectedly increased production over the past month, easing concerns about demand amid the ongoing trade war with the U.S. Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT and U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel.The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for September increase…
Huge Opportunities in Norwegian Shelf
Even after more than 50 years, the Norwegian shelf still holds vast opportunities, says Norwegian Petroleum Directorate (NPD).According to NPD's 2019 resource report on fields and discoveries, more than half of the estimated remaining resources on the Norwegian shelf have already been discovered. 85 per cent are located in the fields and 15 per cent are located in discoveries that are being considered for development.There…
Malaysia Could List Petronas' Exploration Arm
Malaysia is considering listing the exploration and production arm of state energy company Petronas, the world's third-biggest exporter of liquefied natural gas, state news agency Bernama reported on Friday citing Prime Minister Mahathir Mohamad.Mahathir has previously said that the government was looking to sell or list some state assets to reduce debt. There has been speculation this could include selling a portion of Petronas."At the moment…
Excelerate to Build FLNG Terminal in Philippines
Philippine authorities have given Excelerate Energy LP permission to proceed on plans to develop a floating natural gas import terminal to supply existing and new power generation.Texas-headquartered player in floating LNG regasification solutions, received a notice to proceed (NTP) from the Philippine Department of Energy (DOE) to develop Luzon LNG, which would be a floating liquefied natural gas (FLNG) terminal in the Bay of Batangas.The project…
Rosneft Starts Far East LSFO Bunkering
RN Bunker, the bunkering subsidiary of Russia's Rosneft Oil Company, said it has begun to refuel ships with 0.5% sulfur limit marine fuel at the Far East region.The RMLS 40, a marine fuel that has advanced environmental properties, is in full compliance with the International Convention for the Prevention of Pollution from Ships (MARPOL).The first 200 tons of the new fuel was supplied to a bulk carrier in Nakhodka waters.
Var Energi Buys Exxon's Norway Assets for $4.5 Bln
ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter, includes ownership interests in more than 20 producing fields in the North Sea and Norwegian Sea with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.
US Shale is Not Doomed, Says Rystad Energy
Though bankruptcies among U.S. onshore exploration and production (E&P) companies are on the increase during these days, Rystad Energy doesn’t believe this indicates doom for the shale industry.“In a nutshell, we do not believe the recent bankruptcies that have beset a number of shale players are indicative of an industry-wide epidemic,” says Alisa Lukash, a senior analyst on Rystad Energy’s North American Shale team.During the next seven years…
CPIH, Equinor Team Up on Offshore Wind
Chinese power giant China Power International Holding (CPIH) and Norwegian energy firm Equinor have inked a memorandum of understanding (MoU) to cooperate on offshore wind projects off China and Europe.“China is rapidly increasing its use of renewables and natural gas. The country is set to become the world’s biggest offshore wind market by 2030. As an offshore wind major, Equinor is excited to collaborate with CPIH to develop offshore wind” says executive vice president New Energy Solutions…
Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output
Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery of its oil production.A rally in the dollar index, which moves inversely with oil, also weighed on crude futures as a Democratic-led chamber was launching an official presidential impeachment inquiry.Brent crude futures settled at $62.39 a barrel, shedding 71 cents, or 1.1%, while U.S.
Eagle LNG Project Clears FERC Hurdle
The U.S. Federal Energy Regulatory Commission (FERC) has issued the order granting authorization for siting and constructing of the proposed on-water Jacksonville liquefied natural gas (LNG) Export Facility, developer Eagle LNG Partners LLC announced.The LNG export facility and terminal, planned in Jacksonville, Florida, will have a production capacity of approximately 1.65 million LNG-gallons per day with 12 million…
