Friday, February 23, 2018

Oil News

Enerplus Profit Beats as Oil Focus Pays Off

Photo: Enerplus Corp

Canadian oil and gas producer Enerplus Corp reported a quarterly profit that beat estimates on Friday as the company's strategy to focus on oil assets paid off. Shares of the company, which has historically produced more natural gas than oil, were up as much as 4.5 percent. Enerplus, which has significant operations in the United States, recently entered the Denver-Julesburg Basin in Colorado and has said it expects oil to account for 55 percent of its overall production this year.

Live Oil Discovered Onshore Jamaica

(Photo: David Gold / CGG)

CGG GeoConsulting and Petroleum Corporation of Jamaica Announce First Reported Discovery of Live Oil Onshore Jamaica. CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore Jamaica and will be of particular interest to oil explorationists focused on Central America and the Caribbean.

IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake

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Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping. New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020. "It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said. "(Lower sulphur) marine gasoil has to build ahead of 2020.

Rising Oil Prices Boost Apache Q4 Profit

The Acergy Petrel alongside the Forties Bravo platform undertaking pipeline survey and inspection works. CREDIT: Apache corp.

Oil producer Apache Corp on Thursday posted a fourth-quarter profit, compared with a year-ago loss, as oil prices surged.   Net income attributable to Apache shareholders was $456 million, or $1.19 per share, in the quarter ended Dec. 31, compared with a loss of $182 million, or 48 cents per share, a year earlier.    The Houston-based company's total revenue rose to $1.59 billion from $1.45 billion. Its average realized price of oil per barrel rose 23 percent.   Reporting by Yashaswini Swamynathan 

Libya's El Feel Oilfield Production Unaffected by Protests

Photo: NOC

Oil production at Libya's El Feel has not been affected so far by ongoing protests, and the oilfield is pumping around 70,000 barrels per day, a Libyan oil source told Reuters on Thursday. Some workers at the field were evacuated after guards withdrew in a protest over pay, a local source from the town of Murzuq said on Wednesday. The field is operated by Mellitah, a joint venture between Libya's National Oil Corporation (NOC) and Italy's Eni. Reporting by Ahmad Ghaddar

U.S. Oil Rig Count Rises for Fifth Straight Week - Baker Hughes

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U.S. energy companies added one oil rig this week, the fifth weekly increase in a row, as oil prices hovered at two-week highs. Drillers added one oil rig in the week to Feb. 23, bringing the total count up to 799, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the first time since June that drillers added rigs for five consecutive weeks. The U.S.

Schlumberger, Subsea 7 Mull Oil Services JV

(Photo: Subsea 7)

Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies. In recent months…

Maersk Energy: Uptick in Offshore Oil

(File photo: Maersk Oil)

COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment…

Oil Slips Towards $66 as U.S. Output Trumps OPEC Cuts

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U.S. daily crude output stays above 10 million barrels; Libyan oilfield pumping 70,000 bpd shut. Oil slipped towards $66 a barrel on Friday as rising U.S. oil output and exports countered OPEC-led attempts to erode stockpiles with output curbs and a dip in Libyan production. U.S. oil production last week was steady at 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more than 2 million bpd, close to a record 2.1 million hit in October. "The U.S.

Shale Producers Urge FERC to Deny Pipeline's Rate Request

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Top shale oil producers asked a U.S. regulator this week to reject White Cliffs pipeline's application to charge market-based rates for shipments from Platteville, Colorado, to the storage hub at Cushing, Oklahoma. U.S. shale producers ConocoPhillips Co, Kerr McGee Oil & Gas Onshore LP, a unit of Anadarko Petroleum Corp, Noble Energy Inc along with Bill Barrett Corp told regulators White Cliffs will likely raise fees if given the authority to charge market-based rates.

Hellenic Petroleum Q4 Core Profit Drops 21%

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Hellenic Petroleum, Greece's biggest oil refiner, on Thursday reported a 21 percent drop in fourth-quarter core profit due to weaker refining margins. The refiner said earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for oil inventory holdings, came in at 170 million euros ($209.59 million), down from 215 million euros in the same period a year earlier.   The figure was within the range of analysts forecasts in a Reuters poll.   Reporting by Angeliki Koutantou

Vitol's Bake Sees 'Strong' 2018 Oil Demand

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Vitol executive committee member Chris Bake said 2018 oil demand is looking "fairly strong."   "OPEC remains disciplined and the consequences are visible in track down in inventories...Half a billion barrels of oil has been drawn down in a short period of time," said Blake.   Bake said it was difficult to determine whether the industry had overbuilt incremental storage as reasons other than market structure play a role, such as changing trade patterns.   Reporting by Julia Payne 

PDVSA Escapes Bonaire Restrictions - for now

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A regulatory agency has decided not to impose restrictions on Venezuelan state-run oil company PDVSA's operations at its terminal on the Dutch Caribbean island of Bonaire after receiving new repair assurances, the Dutch Human Environment and Transport Inspectorate (ILT) said on Wednesday. The Caribbean island in December said PDVSA could lose its license to operate the oil storage facility, which is essential to Venezuelan fuel oil exports, if it could not fulfill regulators' maintenance demands.

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

File photo: Transocean

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…

Petrobras' January Output Slips on Maintenance, Sale

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Petroleo Brasileiro S.A. produced 2.1 million barrels of oil per day (bpd) in January, 1 percent below December's levels, due to maintenance and an asset sale, Brazil's state-run oil company said on Wednesday. Petrobras, as the company is known, said the fall was due to maintenance on the Capixaba floating production storage and offloading (FPSO) unit in the Campos basin's Parque das Baleias, and the sale of a 35 percent stake in the Lapa field in Block BM-S-9A in the Santos offshore basin to France's Total .

Oil Falls as Stronger Dollar Eclipses U.S. Inventory Drop

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Stronger dollar makes oil costlier for some buyers; API report showed lower U.S. crude inventories. Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories. Brent crude futures were down 11 cents at $65.31 per barrel by 1218 GMT, while West Texas Intermediate (WTI) futures eased 24 cents to $61.44 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday…

Noble Energy Profit Beats Estimates

Photo: Nobel Energy

U.S. oil and gas producer Noble Energy Inc reported adjusted quarterly profit on Tuesday that easily beat analyst estimates due to cost cuts and higher crude prices, sending shares surging more than 7 percent in morning trading. The results came as Noble's U.S. shale oil production jumped in the fourth quarter through Dec. 31, reflecting the greater attention the industry is giving to improving profit and output. Houston-based Noble plans to spend $2.8 billion each year through 2020…

Brent Crude Eases, as Canadian Supply Drop Boosts U.S. Futures

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Monday U.S. holiday pulls WTI's Friday gain into Tuesday. Brent crude oil prices eased on Tuesday, pulled down by a stronger dollar and a bout of profit-taking, while U.S. futures gained, bringing the discount between the two key futures contracts to a six-month low. Brent crude futures were down 51 cents from Monday's close at $65.16 a barrel by 1253 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 41 cents from their last close on Friday at $62.09 a barrel.

India's Oil Imports Reach Record High in January

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India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners…

U.S. Bill Expands Carbon Tax Credit

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A little-noticed addition to the U.S. budget deal approved last week will help Occidental Petroleum Corp and other oil producers by more than tripling a tax credit for injecting carbon dioxide back into the earth to increase crude output. The tax-credit expansion, although supported by environmentalists and energy producers, had failed to move out of Congress during the 2016 presidential election. Its passage now likely will further boost already surging U.S.