Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook
Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets, together with the prospect of slower crude production growth, were the major drivers behind the rally in oil."The stock market performance is one of the reasons why oil keeps marching higher.
Valero Reports Oil Product Leak in Britain's Milford Haven Waterway
Valero Energy Corp said on Thursday that an unknown amount of oil product had spilled into the Milford Haven waterway in Pembroke in Wales."Valero is working in coordination with response agencies to contain the effects from the release of oil," it said in an emailed statement.Valero operates the 220,000 barrel per day Pembroke oil refinery.(Reporting by Ahmad Ghaddar Editing by Edmund Blair)
Ghana Exploration Licensing Round Attracts Global Majors
Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country's first exploration licensing round, its energy ministry said.The interest is a major vote of confidence in Ghana, which is keen to unlock more resources after it began pumping from its flagship offshore Jubilee field in 2010.The companies that have submitted applications are Tullow Oil, Total, ENI, Cairn, Harmony Oil and Gas Corporation, ExxonMobil, CNOOC , Qatar Petroleum, BP, Vitol , Global Petroleum Group…
Fire Erupts at Manguinhos Refinery
A fire broke out at the Manguinhos oil refinery in Rio de Janeiro on Monday, according to the local fire department, and television footage showed extensive plumes of smoke and fire spewing into the air.Firemen were called at 1:40 p.m. local time, the department said. About 90 minutes later the fire had subsided, but authorities continued to work to put it out completely, according to the department.Refit, the company that operates the refinery, said in a statement that no one was injured in the fire.
Oil Rallies but Oversupply, Economic Growth Weigh
Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent crude oil was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude was 10 cents higher at $51.30."Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials," said Stephen Brennock, analyst at London brokerage PVM Oil.Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilised over the last three weeks…
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent, while WTI was on track to decline 1.9 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Nghi Son Refinery Begins Commercial Production
Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.
BP to Supply Crude to St. Croix Refinery
BP Plc's trading arm on Friday entered a tolling agreement with the owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, cementing plans to bring the plant back online six years after it was idled by previous owners, the company said.Under BP's tolling agreement with Limetree Bay Refining LLC, owner of the idled Hovensa refinery, BP will supply the facility with crude and sell its products, low-sulfur fuels that will meet an International Maritime Organization mandate in 2020, it said in a statement.BP declined to comment further.
Start-up of Turkey's $6 bln STAR Oil Refinery Delayed
The commercial start-up of Turkey's new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the matter said, as tests revealed minor faults.The 200,000-barrel-per-day STAR refinery, built by Azerbaijan's state oil firm SOCAR, is set to be a game changer for Mediterranean oil markets and will increase the country's total refining capacity by just over a third.The plant was officially opened by Turkish President Tayyip Erdogan in October but it is not expected to start processing crude commercially until January…
TechnipFMC Wins EPC Contract with Egypt's MIDOR
Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit, a Vacuum Distillation Unit, a hydrogen production facility based on our steam reforming technology…
Petrofac Consortium Awarded USD 4bn Project in Thailand
Petrofac, the international oil and gas services provider, leading a consortium with Saipem and Samsung Engineering, has received an award notification for Thai Oil Public Company Limited’s (Thai Oil) Clean Fuels Project on the East coast of Thailand.The overall project value is around US$4 billion, of which Petrofac’s share is around US$1.4 billion, and will be completed over a period of approximately four years.The project will transform the existing oil refinery in Sriracha, Chonburi, into an environmentally-friendly facility, which will produce higher quality transportation fuels.
STAR Oil Refinery to Reduce Turkey Dependence on Imports, says Erdogan
A new $6.3 billion refinery set up by the Azeri state oil company in Turkey will reduce Ankara's dependence on imports for processed oil products, President Tayyip Erdogan said on Friday.The new plant could also help to ease some of the pain from Turkey's currency crisis, given that the lira's 35 percent slump this year has driven up costs for the country's energy companies and forced them to increase electricity and natural gas prices for both households and industrial customers.Speaking at the opening ceremony of the SOCAR Turkey Aegean Refinery (STAR) in the Aegean coastal province of Izmir…
Mexico's Salina Cruz Refinery Normal After Electrical Accident - Pemex
Mexico's Salina Cruz oil refinery is operating normally after three people were injured in an electrical accident, a spokesman for state oil company Pemex said on Wednesday.The 330,000 barrel-per-day capacity facility, Pemex's largest, had a short-circuit on Tuesday evening that sparked flames, the spokesman said.Reporting by Ana Isabel Martinez; Writing by Daina Beth Solomon
Worker Found Dead at Bosnia Oil Refinery Hit by Blast
The powerful blast that rocked Bosnia's Brod oil refinery late on Tuesday has left one worker dead, officials said as they raised the figure for the number injured to nine.Firefighters put down the blaze at the plant's oil and gas processing unit shortly after midnight and rescuers later discovered one body inside the facility, said Brod's mayor, Ilija Jovicic on Wednesday. Of the nine people injured, four were in seriously condition.Previous reports said eight people were injured in the blast.Jovicic said the refinery has continued to operate since the explosion…
SOCAR's New Oil Refinery in Turkey to Start Up Next Week
Azeri state energy company SOCAR plans to start up its new oil refinery in Turkey next week, a spokeswoman at SOCAR's Turkish division said on Tuesday.The $6.3 billion Star refinery, the first in Turkey built in 30 years, will supply feedstock to Turkish petrochemicals firm Petkim to help to cut Turkey's dependence on imported refined oil products. It will boost Turkish refining capacity by 30 percent.The plant on Turkey's Aegean coast would have capacity to process about 10 million tonnes per year (200,000 barrels per day) of crude.The plant is expected to produce 1.6 million tonnes of naphtha and 420,000 tonnes of xylenes.
Exxon Mobil Eyes Major Investment at Singapore Refinery
Exxon Mobil Corp is considering a multi-billion dollar investment at its Singapore refinery, the company's largest, ahead of new global shipping fuel regulations starting in 2020, a senior executive said on Wednesday."We are currently assessing a multi-billion project in our integrated manufacturing facility here in Singapore," Matt Bergeron, vice president of Asia Pacific Fuels Business at Exxon, said at a bunkering conference."Should the project proceed, we plan to implement proprietary technologies that will convert lower value by-products…
Ex-Hess Exec to Lead Restart of Idled Caribbean Refinery
The owners of an idled oil refinery in the U.S. Virgin Islands that once ranked among the world's largest have hired a former Hess Corp executive closely acquainted with the facility to oversee its return to service.Brian Lever, who ran the former Hovensa refinery on St. Croix for Hess and partner Petroleos de Venezuela until it filed for bankruptcy in 2012, joined Limetree Bay Refining this month as president and chief operating officer, according to his LinkedIn profile and a person familiar with the matter.Private-equity firm Arclight…
Sinopec Plans to Build Canadian Oil Refinery
China's Sinopec Corp has joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province's heavily discounted crude.State-owned Sinopec, formally known as China Petroleum & Chemical Corp, along with an Alberta indigenous group, China State Construction Engineering Corp and Alberta management company Teedrum, plan to build a refinery to process 167,000 barrels per day of crude into gasoline and other products, the project's consulting firm Stantec Inc said in a statement on Thursday.The SinoCan Global refinery would cost C$8.5 billion…
Exxon Plans $650 mln Upgrade for UK Refinery
Exxon Mobil Corp is planning to spend more than 500 million pounds ($650.00 million) to upgrade the UK's largest oil refinery, the Financial Times reported on Tuesday.The project, to be in Fawley, will be Exxon's biggest investment in UK in almost 30 years, according to the report FT said that while the plan was still awaiting final approval from local authorities and the company's board, work had already started on clearing the site for the proposed upgrade.Exxon did not immediately respond to a Reuters request for comment.Reporting by Debroop Roy in Bengaluru