Monday, November 20, 2017

H-100 Gas Turbine Completes Low NOx Testing

H-100 Gas Turbine (Photo: MHI)

Mitsubishi Heavy Industries, Ltd. (MHI), Mitsubishi Hitachi Power Systems, Ltd. (MHPS) and Mitsubishi Heavy Industries Compressor Corporation (MCO) have completed testing of MHPS’s 2-shaft 120MW H-100 Gas Turbine. The H-100 utilizes the latest combustor technology and is the industry leader in terms of low NOx (single digit ppm) for full-load operations for thermal power plants as well as mechanical drive liquefied natural gas (LNG) applications…

J.v.G. Thoma Introduces the Automatic Robot-LayUp 2020

Photo: J.v.G. Thoma

Solar power specialists J.v.G. Thoma GmbH have completed a further automatic robot lay-up, the result of years of research and development by J.v.G. Thoma into the most efficient ways of harnessing renewable energy from the sun. The company is renowned in the field of photovoltaic energy production for their innovative DESERT+ technology solutions, with solar panels designed for use in extreme climatic conditions.

US Oil Rig Count Steady this Week -Baker Hughes

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U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash.

Gazprom, Mitsubishi Corp. in Talks on LNG Cooperation

Gazprom said on Friday it had held talks with Japan's Mitsubishi Corp. on Friday about cooperation at the Russian gas giant's Sakhalin-2 liquefied natural gas (LNG) plant. The talks, in the Russian city of St Petersburg, were between Gazprom head Alexei Miller and Takehiko Kakiuchi, the president and CEO of Mitsubishi Corp, Gazprom said in a statement. It said the talks focussed on the planned construction of a third production train at the Sakhalin-2 LNG plant.

Distillate Fuel Market to Tighten in 2018: Kemp

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. refineries are struggling to meet booming demand for distillate fuel oil at home and in export markets which will leave the distillate market very tight in 2018. Even if the northern hemisphere winter is only averagely cold, the distillate market looks set to enter 2018 with lower than average stocks and fast-growing demand, which should keep prices and refining margins firm. The gross refining margin for turning Brent into U.S.

Oil Climbs, But Headed for Weekly Loss

File Image (CREDIT: AdobeStock / (c) scanrail)

OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.03, 89 cents up on the day.

Offshore Oil Service Firms Dominate Energy Bankruptcies

(File photo: Ocean Rig)

Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield…

Oil Slips, as US Supply Threatens to Undermine OPEC Cuts

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Oil prices edged lower on Thursday as rising U.S. production and inventories threatened to undermine a rally sparked by tightening world supply as a consequence of OPEC's curbs on output. Brent crude futures were down 14 cents a barrel at $61.75 as of 10:36 a.m. EST (1536 GMT). If Brent ends lower, it would mark a fifth consecutive day of declines. U.S. light crude fell 6 cents to $55.27 a barrel.

Premier Oil Seeks Buyers for Stake in Indonesia Gas Field

Premier Oil is seeking buyers for a 25 percent stake in the Tuna field development in Indonesia after reaching a gas sale deal with Vietnam, Chief Executive Tony Durrant said on Thursday. Premier and SKK Migas signed on Nov. 10 an agreement to sell gas to Vietnam from the Tuna development, Premier said in a trading update. The field holds around 500 billion cubic metres of resource, Durrant said.

Anadarko Petroleum Eyes 2018 Sales Rise

(Photo: Anadarko Petroleum)

Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017. The company expects to spend $4.2 billion to $4.6 billion in 2018…

US to Become Oil and Gas World Leader in Long Term - IEA

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The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide". Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts.

Gorgon LNG Export Plant Shuts Third Unit for Maintenance

Chevron's Gorgon liquefied natural gas (LNG) export facility in Australia shut down its third production unit on Wednesday for a planned maintenance lasting up to Dec. 25, trade sources said. Chevron declined to comment on operational matters. Several traders said the plant would resume output on Dec. 25 but some sources said the maintenance period could vary, with a potential return after one week.

Oil Prices Slide after IEA Casts Doubt over Demand Outlook

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Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show U.S. crude inventories rising after this week's gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude was at $55.08 per barrel, down 62 cents.

BW Group, Mitsui Form FSRU Joint Venture

FSRU BW Integrity is on charter to provide LNG regasification services at Pakistan’s second LNG import terminal for 15 years (Photo: Mitsui & Co.)

A joint venture agreement between Japan’s Mitsui & Co. and Singapore’s BW Group Limited will see Mitsui purchase a 49 percent share in the floating storage and regasification unit (FSRU) BW Integrity, while BW will maintain a 51 percent share. The deal is expected to close as soon following payment for the acquisition. BW Integrity is currently in Port Qasim on a 15-year charter to PGP Consortium Limited (PGPC)…

Four GoM Platforms Shut after Enchilada Fire

File Image (CREDIT: AdobeStock / (c) xmentoys)

Royal Dutch Shell said on Tuesday that production at four oil platforms in the Gulf of Mexico has been shut in the wake of a Nov. 8 fire at its Enchilada platform. "Production is shut in at the Shell-operated Enchilada and Salsa platforms, as well as the associated Hess-operated Conger field," in which Shell has a 37.5 percent share, it said in a statement. Production from Auger flows back to Enchilada for transport to shore.

LNG Over-Supply Narrative Still Valid?: Russell

file Image: an LNG tanker transits the Med (CREDIT: Robert Murphy)

Liquefied natural gas (LNG) is supposed to be a deeply over-supplied market, but it doesn't appear to be behaving as such in the major consuming region of Asia with strongly rising prices amid robust demand growth. In fact LNG currently looks much more like an under-supplied market, where spot buyers are forced to bid more for increasingly difficult to source cargoes ahead of the peak winter demand period in the northern hemisphere.

Port Corpus Christi to benefit from LNG partnership with China

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Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump on his tour to China and signed a Memorandum of Understanding with the Chinese company. CNPC…

Saudi Arabia Limits US Crude Shipments, Iraq Steps In

Photo courtesy of Motiva Enterprises

Saudi Arabia's efforts to reduce a worldwide crude supply glut by cutting shipments to the United States means others are now filling in, most notably Iraq, in a trend that is set to accelerate in coming months. Over the summer, normally one of the busiest periods for crude shipments, U.S. imports of crude from Iraq rose by 41 percent from a year ago, while similar shipments from Saudi Arabia have dropped by 22 percent.

Venezuela Oil Output Hits Near 30-year Low

Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in nearly three decades, global producer group OPEC said on Monday. The Organization of the Petroleum Exporting Countries' latest monthly data showed Venezuela reporting production of 1.955 million bpd in October, versus 2.085 million in September. The figure was even lower based on secondary sources rather than what the government reports…

Coal's Future Remains Uncertain

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

A year after Donald Trump was elected president on a promise to revive the ailing U.S. coal industry, the sector’s long-term prospects for growth and hiring remain as bleak as ever. A Reuters review of mining data shows an industry that has seen only modest gains in jobs and production this year - much of it from a temporary uptick in foreign demand for U.S. coal rather than presidential policy changes. U.S.

Hess Shutters GoM Assets After Enchilada Fire

U.S. oil and gas producer Hess Corp said on Monday it had halted production at its Baldpate, Conger and Penn State fields due to a fire at Royal Dutch Shell's Enchilada platform in the Gulf of Mexico. Last week, Shell shut its Enchilada platform after a fire caused injuries to two people. Production is also shut in at the Shell-operated Llano field, where Hess has a 50 percent stake, Hess said. The fields produce about 30,000 barrels of oil equivalent per day.

Oil Steady Near Two-Year Highs

File Image (CREDIT: AdobeStock / (c) scanrail)

Middle East tensions raise risk of supply disruptions; Increase in U.S. oil drilling caps prices. The Brent oil price was steady at close to two-year highs on Monday, with support from Middle East tensions and record long bets by fund managers balanced by rising U.S. production. Benchmark Brent crude futures were down a modest 5 cents at $63.47 a barrel by 1228 GMT but up 14 percent so far this month. U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $56.68.

U.S. Wind Firms Cheer Senate Tax Bill Provisions

File Image (CREDIT: Siemens)

The U.S wind energy industry on Friday cheered a Senate tax proposal that, unlike the House version unveiled last week, preserves the tax credit that helps wind farms compete with plants fired by fossil fuels. The Senate plan brought relief to an industry that has spent the last week warning lawmakers on Capitol Hill that changes to the credit would put $50 billion in planned investment at risk.

U.S. drillers Add Most Rigs since June -Baker Hughes

File Image (CREDIT: AdobeStock / (c) Shamtor)

U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. report on Friday. price crash. over the summer. The U.S. of a 380,000 bpd increase. U.S. 8.9 million bpd in 2016, the EIA said. million bpd in 1970. The largest U.S. long as oil prices stay above $50 per barrel. U.S. week, their highest since July 2015. year's $43.47 average.

LOI for Johan Castberg Hull Construction is Signed

File Image (Statoil)

Statoil is signing a letter of intent with Sembcorp Marine Rigs & Floaters Pte. Ltd in Singapore for the construction of the hull and integrated living quarters for the floating production, storage and offloading (FPSO) vessel that will be located on the Johan Castberg field in the Barents Sea. The contract will be signed at the final investment decision scheduled before Christmas.

U.S. NatGas Ticks Up as Traders Reassess Market

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U.S. natural gas prices have bounced by almost 10 percent since the start of the month as traders reassess their earlier bearish view this winter amid signs sentiment had become far too gloomy. Futures prices on the New York Mercantile Exchange for gas delivered to Henry Hub in January 2018 have risen to almost $3.30 per million British thermal units from $3.00 on Nov. Prices for January…

S.Korean Refiners Look to Cash in on 2020 Mandate

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations…

Asian Floating Storage Declines as Crude Market Tightens

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia…

Oil Markets Creep Higher on OPEC Pact Hopes

File Image (CREDIT: AdobeStock / (c) Scanrail)

Strong demand and OPEC-led supply cuts support market. Crude oil markets were slightly higher on Friday, supported by continuing supply cuts and expectations that an output deal will be extended at the end of the month. Brent crude was at $64.22 a barrel at 1017 GMT, up 27 cents from the previous close and 43 cents off a more than two-year high of $64.65 reached this week. U.S. West Texas Intermediate (WTI) crude was at $57.26…

North West Shelf LNG Export Plant in Partial Outage

File Image (CREDIT: AdobeStock / (c) Fotmart)

Australia's North West Shelf liquefied natural gas (LNG) export plant suffered a partial outage on Friday morning after several production units were taken offline, though at least one is in the process of restarting, trade sources said. The outage has the potential to lift Asian spot LNG prices <LNG-AS> in an already tightening market. One trade source said three production units, or trains, may have been affected, but immediate confirmation was not possible.

Oil Prices Rise on Supply Cuts, Tensions

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Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel.

Sonatrach, Baker Hughes Form JV

Lorenzo Simonelli (Photo: BHGE)

State energy company Sonatrach and Baker Hughes, part of GE (BHGE), will set up a joint venture and build an oil equipment plant in Algeria at a cost of $45 million under a deal signed on Thursday, Sonatrach said. Algeria's Sonatrach will hold a 51 percent stake and BHGE the remaining 49 percent in the project which will be based in Azrew in western Algeria, it said in a statement. The site is due to start production in December 2019.

Fire Shuts Shell Platform in GOM

Royal Dutch Shell Plc's Enchilada oil platform in the Gulf of Mexico has been shut and all associated production has been stopped after a fire on Wednesday, the U.S. Coast Guard (USCG) said. The Coast Guard said the fire has been reduced to a small flame from a pipe on the platform, located about 112 nautical miles south of Vermilion Bay, Louisiana. Two people were injured and the crew of 46 were evacuated to a nearby platform…

Encana's Q3 Profit Down 7%

Photo: Encana

Canadian oil and gas producer Encana Corp on Wednesday posted a third-quarter profit above analysts' estimates but 7.3 percent below the same period last year as a result of lower production. Encana also joined other producers in the country in hedging more of its future production, taking advantage of an eight-month high in crude prices and a weak Canadian dollar to lock in production for 2018 and beyond.

U.S. to Export Large Ethanol Volume to Brazil

The United States will export a large volume of ethanol to Brazil in 2018 despite the 20 percent import tax implemented by the Brazilian government this year, analyst Platts Kingsman said on Wednesday. Platts estimates the United States will ship around 1.7 billion liters of ethanol to Brazil in 2018, compared to a projected 1.8 billion liters this year. "Brazil will continue to be a net importer of ethanol next year…

Shell to Hand Over Iraq's Majnoon Oilfield

Oil major Royal Dutch Shell has agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018, two oil officials close to the deal said on Wednesday. A letter signed by Iraqi oil minister Jabar Luaibi, dated Aug. 23 and seen by Reuters, gave approval for the Anglo-Dutch company to quit Majnoon, a major oilfield near Basra which started production in 2014.

Oil Steadies, Middle East Tensions Rise

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Oil eased slightly on Wednesday as Chinese crude imports fell to a one-year low, but losses were partly offset by investor caution over rising political tensions in the Middle East. Traders said they were closely watching escalating tensions in the Middle East, especially between regional rivals Saudi Arabia and Iran. Brent futures were at $63.49 a barrel at 1305 GMT, down 20 cents, while U.S. West Texas Intermediate (WTI) futures eased 13 cents to $57.07 a barrel.

ConocoPhillips Aims to Spend $5.5 bln/year

Photo courtesy of ConocoPhillips

ConocoPhillips said it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices stay above $50 per barrel. The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion. Continuing a theme of focusing on profits and not production, ConocoPhillips said it would generate a 20 percent cash return on capital employed by the end of the decade.

Well-Centric Develops Compact Milling Tool

Gate Valve Milling Tool (Photo: Well-Centric)

Well-Centric, an independent specialist in well integrity and production technology solutions for the oil and gas industry, will launch a new compact milling tool at the SPE ICOTA Well Intervention Conference this month. The Well-Centric Gate Valve Milling Tool is a milling tool designed to provide access to restricted wells by drilling through stuck gate valves or other blockages.

BP, Shell Helping Mexico Execute Oil Hedge

Oil majors make foray into the $1.26 bln programme, but Mexico unlikely to see any income from 2017 hedge. BP helped Mexico execute its 2018 oil hedge, the biggest in the industry, becoming the second major after Shell to participate in the highly coveted programme and challenging the traditional role of banks in the operation. Three industry sources said BP has become a participant…

Oil Eases but Saudi Tensions Support

File Image (CREDIT: AdobeStock / (c) scanrail)

Brent slightly up, WTI a fraction lower after Monday surge. Oil eased on Tuesday, after having posted its largest gain in six weeks the previous day, while tension flared between Saudi Arabia and Iran, just as the Saudi crown prince tightened his grip on power. Brent crude futures were down 32 cents at $63.95 a barrel by 1250 GMT, having closed 3.5 percent higher on Monday, marking the biggest percentage gain in about six weeks. U.S.

Eni Could Restart Arctic Goliat Oilfield 'Within Weeks'

(Photo: Eni)

Italy's Eni could restart the Goliat oilfield in the Barents Sea "within weeks" after completing an inspection and repairs, an Eni spokesman said on Monday. Norway's Petroleum Safety Authority on Oct. 6 ordered a production halt at the 100,000 barrel per day oilfield, which has experienced a series of incidents, due to faults of its explosion-proof electric engines. PSA said on Monday…

Oil Rises on Saudi Purge, Tighter Markets

Saudi crown prince cements power with high-level arrests; U.S. rig count falls to lowest level since May 2016. Oil prices hit their highest since July 2015 on Monday as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures were trading 26 cents higher at $62.33 a barrel by 1012 GMT, after hitting a session peak of $62.90, a 28-month high. U.S.

Hedge Funds Go All-in on Oil: Kemp

File Image (CREDIT: AdobeStock / (c) scanrail)

Hedge funds have built record or near-record bullish positions in almost all parts of the petroleum complex anticipating that prices will keep rising. Hedge funds and other money managers had amassed a net bullish position in crude and refined products amounting to more than 1 billion barrels of oil as of Oct. 31 (http://tmsnrt.rs/2hgNlvd). Portfolio investors held a net long position in the five major petroleum futures and options contracts amounting to 1…

US Shale Producers Promise Higher Output and Returns

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U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders. Investors have pushed top U.S. shale companies to focus on returns, rather than higher output, a move that threatened to slow the breakneck growth in supply sparked by the shale revolution in the world's top oil consumer.

Total Opens Washington Office as Iran Risks Loom

Total has opened an office in Washington in a bid to strengthen relations with the U.S. administration as the French oil and gas company prepares to invest billions in Iran. In July, Total became the first Western energy firm to sign a deal with Iran since the easing of international sanctions in 2015, agreeing to develop Phase 11 of the South Pars offshore gas field with a total investment of $5 billion.

Oil Near Two-Year Highs as Market Tightens

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OPEC to meet this month to discuss production cut pact. Oil prices rose on Friday, nearing their highest levels in more than two years, with buyers attracted by expectations of an extension to a global pact to cut output that has reduced oversupply. Global benchmark Brent futures traded up 45 cents at $61.07 a barrel at 0914 GMT, approaching levels around $61.70 a barrel last seen in July 2015. Brent has risen around 38 percent since its low in 2017 reached in June. U.S.

Shell Opens Lubricants Plant in Singapore

Photo: Shell

Shell said it has opened an integrated lubricants and grease production facility in Tuas, Singapore, its third largest lubricants plant in the world and second largest in Asia-Pacific, capable of producing up to 430 million liters of lubricants and greases every year - enough to change the engine oil of over 12,000 cars, every hour, every day. At 10 hectares, the site size is equivalent to almost 25 football pitches.

Shell Backtracks on Convent Refinery Closing

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Royal Dutch Shell Plc has canceled a plan to permanently close the gasoline-producing unit at its 227,586 barrel-per-day (bpd) Convent, Louisiana, oil refinery, two sources familiar with plant operations said on Thursday. A spokesman for Shell's U.S. operations was not immediately available for comment early on Thursday. Shell has decided to overhaul the 92,000 bpd gasoline-producing fluidic catalytic cracking unit (FCCU) in 2018…

NAFTA Doubts Impact Mexico Oil Tenders

File Image (CREDIT: AdobeStock / (c) Mike Mareen)

Uncertainty about the fate of the North American Free Trade Agreement (NAFTA) and investor protections it guarantees could crimp future investment in Mexico's oil industry, including a high-stakes January deepwater auction. Ahead of a fifth round of NAFTA talks in Mexico City in mid-November, Washington's tough demands that partners Canada and Mexico resist has clouded the future of…

Oil Steady on OPEC-led Cuts, Tighter U.S. Market

File Image (CREDIT: AdobeStock / (c) scanrail)

U.S. inventories fall 2.4 mln barrels in week to Oct. 27, as domestic crude production rises to 9.6 million bpd. Oil prices steadied on Thursday as supply cuts by OPEC and other major exporters tightened the market despite higher production in the United States. Benchmark Brent crude was unchanged at $60.49 a barrel by 1005 GMT. On Wednesday, Brent reached $61.70, its highest intraday level since July 2015. The contract is up more than a third since its 2017-lows in June.

Booming Demand Erodes Oil Inventories: Kemp

File Image (CREDIT: AdobeStock / (c) Leeylutung)

Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at all.

Chesapeake Energy Beats Street

Oil and gas producer Chesapeake Energy Corp reported on Thursday a quarterly adjusted profit that beat analysts' estimates on tight cost controls and higher oil prices. Oklahoma-based Chesapeake had warned last month that average daily production would fall 15 percent in the third quarter ended Sept. 30, partly due to Hurricane Harvey that hit the U.S. Gulf Coast late August. The company's…

More Competitive US O&G Lending Drives Down Pricing

A renewed willingness to lend to US oil and gas companies, as oil prices stabilize well above lows, is driving down pricing for borrowers after two straight years of steep increases. The volume of credit lines provided to exploration and production companies, using their oil and gas reserves as collateral, so far this year has already topped full-year 2016, although it is a shadow of the 2014-2015 tallies reached before oil and gas prices tanked…

Pioneer Natural Swings to Q3 Loss on Hedging Charges

Pioneer Natural Resources Co , one of the largest oil producers in the Permian Basin of West Texas and New Mexico, said on Wednesday it swung to a quarterly loss due to hedging charges. The company posted a third-quarter net loss of $23 million, or 13 cents per share, compared to a net profit of $22 million, or 13 cents per share, in the year-ago period. Production rose about 15 percent to 275,711 barrels of oil equivalent per day.

Rising Oil Prices Lift Occidental to Q3 Profit

U.S. oil and natural gas producer Occidental Petroleum Corp said on Wednesday it swung to a quarterly profit due to a rise in commodity prices.   The company posted third-quarter net income of $190 million, or 25 cents per share, compared to a loss of $241 million, or 32 cents per share, in the year-ago period.   Production fell about 1 percent to 605,000 barrels of oil equivalent per day. (Reporting by Ernest Scheyder; Editing by Bill Rigby)

Chrysaor to Begin Oil Drilling in 2018 after Shell Purchase

(Photo: Chrysaor)

North Sea producer Chrysaor plans to begin drilling for oil and gas in early 2018 after completing a $3 billion acquisition from Royal Dutch Shell, Chrysaor Chairman Linda Cook said on Wednesday. Chrysaor became the largest independent oil and gas producer in the Britain's North Sea following the deal, as new private equity-backed firms gradually take over from long-standing producers in the ageing offshore basin.

Expanded US Sanctions May Affect Russia's Foreign O&G Expansion

Newly updated sanctions introduced by the United States against Moscow for its role in the Ukraine crisis may put a brake on Russia's future efforts to increase its exposure to the global oil and gas industry, analysts said on Wednesday. However, the punitive measures will have little immediate effect on the operations of Russian energy companies abroad, they said. The U.S. Treasury's…

Awaiting Trump's coal comeback, miners reject retraining

© Jim / Adobe Stock

When Mike Sylvester entered a career training center earlier this year in southwestern Pennsylvania, he found more than one hundred federally funded courses covering everything from computer programming to nursing. He settled instead on something familiar: a coal mining course. "I think there is a coal comeback,” said the 33-year-old son of a miner. Despite broad consensus about coal's bleak future…

Total Postpones Investment Decision on Absheron Gas Field

French oil company Total has postponed an investment decision on development of the Absheron gas and condensate field in the Azeri sector of the Caspian Sea until spring 2018 from December, the company official said on Wednesday. Total and Azeri state energy company SOCAR formed a joint venture in 2009 to explore and develop the Absheron field area, which has estimated reserves of 350 billion cubic metres (bcm) of gas and 45 million tonnes of condensate.