Thursday, April 26, 2018

U.S. Crude Up, Shrugs Off Domestic Crude Stock Rise

© Sergiy Serdyuk / Adobe Stock

U.S. crude rose on Wednesday, shrugging off data showing rising domestic fuel inventories and production, and both U.S. crude and Brent held within sight of three-year highs reached the previous day.Supplier cutbacks, steady demand growth, geopolitical tensions and a favorable structure in the futures market have attracted record investment in oil this year.A rise in U.S. government…

Kuwait Energy Starts Producing Natural Gas in Southern Iraq

Photo: Kuwait Energy

Kuwait Energy PLC <IPO-KEC.L> started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive told Reuters.Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of the year, said Kareem Abd Oda, the director general of the joint venture established by Iraq and Kuwait Energy to develop the field.Siba…

Output at Libya's Waha Oil Co Normal After Fire

Production at Libya's Waha Oil Co returned to normal levels of around 270,000-280,000 barrels per day (bpd) on Wednesday after damage from a fire was repaired, an engineer from the company said.The fire, the result of a suspected act of sabotage on Saturday, had stopped flows from Waha's fields to the export terminal of Es Sider.Reporting by Ayman al-Warfalli Writing by Aidan Lewis

Cenovus Energy Posts Q1 Loss as Shipping Deadlock Drags

File Image (CREDIT: AdobeStock / © Roger Asbury)

Cenovus Energy Inc posted a first-quarter loss on Wednesday, hurt in part by maxed-out pipelines that hampered efforts to move crude to the United States and weighed on prices of Canadian heavy oil. The differential between Western Canada Select (WCS) and U.S. crude hit $25 in the first quarter ended March 31, much higher than the usual discount. Cenovus, which said in March it was…

Oil Nears $74/bbl even as U.S. Bonds, Supplies Cast Shadow

File Image (CREDIT: AdobeStock / © Scanrail)

Oil prices in April hit highest levels since Q4 2014 but rising U.S. supplies dragging on markets. Oil eased on Wednesday, but held in sight of three-year highs reached the previous day, as rising U.S. fuel inventories and production weighed on an otherwise bullish market. Overall, the environment for oil is bullish. Supplier cutbacks, steady demand growth, geopolitical tensions and…

Pemex CEO: We Must Move to IPO, but Will Take Years

IPO can protect against politicians' influence -CEO. The chief executive of Mexico's national oil company Pemex said on Wednesday it must move towards a stock exchange listing like Saudi Arabia's Aramco <IPO-ARAM.SE> has done but that such a step would take years. Speaking at an oil conference in London, Carlos Trevino pointed to a call by the head of Mexico's National Hydrocarbons Commission to float a minority stake in Pemex. "I think he is right," Trevino said.

Lebanon Prepares for Second Offshore Oil and Gas Licensing Round

Oil Tops $75, Highest Since November 2014

File Image (CREDIT: AdobeStock / © Kasto)

Oil also buoyed by threat of U.S. sanctions on Iran; U.S. crude inventories expected to have fallen. Oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran. Brent crude, the global benchmark, rose to its highest level since OPEC on Nov.

Agreement Paves Way for South African Offshore Supply Base

(left to right – Alan Winde, Minister of Economic Opportunities in the Western Cape; Jeffrey Phang, Managing Director of Saldehco; Eric Hennet, Managing Director of Altus France (back); Sophie Masipa, Chairperson of Saldehco; Siyabonga Gama, Transnet Group Chief Executive; Mlamuli Buthelezi, Transnet Group Chief Operating Officer (back); Shulami Qalinge, Transnet National Ports Authority Chief Executive; and Alderman Marius Koen, Executive Mayor of Saldanha Bay Municipality (Photo: TNPA)

South Africa’s first dedicated and customized facility supporting offshore oil and gas activities will be introduced at the Port of Saldanha. This follows the conclusion of an agreement between Transnet National Ports Authority (TNPA) and Saldehco Pty Ltd, which was signed off at an official ceremony at the port on Monday, 23 April 2018.Saldehco is a privately owned South African company…

Canada Moves Crude One Truckload at a Time

File Image: A Crude oil train moves alongside an inland river in the U.S. heartland. (CREDIT: Dagmar Etkin)

At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's fifth largest…

Hedge Fund Oil Bulls on Rampage as Bears Vanish

File Image (CREDIT: AdobeStock / © Kasto)

Hedge fund managers have never seemed so convinced that oil prices are set to rise rather than fall in the near term, according to the latest positioning data published by regulators and exchanges. Fund managers remain super-bullish even though benchmark Brent prices have almost tripled over the last two years and are now trading at the highest level since November 2014. Hedge funds…

Halliburton Revenue Jumps 34 pct

File Image: Credit DNV GL

Oilfield services provider Halliburton Co reported a 34 percent jump in first-quarter revenue on Monday as rising oil prices prompted North American companies to boost oil and gas production. Net income attributable to Halliburton was $46 million, or 5 cents per share to shareholders, for the three months ended March 31. The company posted a net attributable loss of $32 million, or 4 cents per share to shareholders, in the same quarter a year earlier.

Oil Dips as Rising U.S. Yields Steer Bulls

File Image (CREDIT: AdobeStock / © Gear STD)

U.S. rig count rises to 820, highest since March 2015; but strong demand, OPEC cuts still support prices overall. Oil prices were little changed at around $74 a barrel on Monday on rising U.S. borrowing costs and the prospect of further output rises after another increase in the weekly rig count, although the overall picture for crude remained bullish. Brent crude futures were down 1 cent at $74.05 a barrel by 1145 GMT, while U.S.

Petrobras starts production of Búzios field, Santos Basin

PHOTO ANDRE RIBEIRO  PETROBRAS IMAGE BANK

Petrobras started (20/4) the production of the Búzios field, in the pre-salt of the Santos Basin, through the platform P-74. Búzios is the first field in production under an Onerous Assignment regime. The P-74 is located about 200 km off the coast of the state of Rio de Janeiro, at a water depth of 2,000 meters and is the thirteenth platform to enter into operation in the Brazilian pre-salt.

Petrobras March Production Dips

GerarNova Image courtesy Petrobras

Petrobras reports that, in March its total production of oil and gas, including natural gas liquids (NGL), was 2.66 million barrels of oil equivalent per day (boed), with 2.56 million boed produced in Brazil and 99 thousand boed produced abroad. Total production operated by the company (Petrobras and partners’ share) was 3.31 million boed, with 3.17 million boed in Brazil. The average oil production in the country was 2.07 million barrels per day (bpd)…

Trump Rails Against Oil Prices, OPEC Pushes Back

© Igor Groshev / Adobe Stock

U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S.

US Drillers Add Oil Rigs for Third Consecutive Week

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U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs.Drillers added five oil rigs in the week to April 20, bringing the total count to 820, the highest level since March 2015, General Electric Co's        Baker Hughes energy services firm said in its closely…

Novatek: Yamal's First Train Plans Maintenance in May

(File photo: Novatek)

Russia's Novatek said on Friday the first train of its Yamal LNG plant will suspend production some time in May due to planned maintenance.The company also plans to choose partners for a liquefied natural gas complex in Russia's Kamchatka region in coming months, Chief Executive Leonid Mikhelson told reporters.(Reporting by Oksana Kobzeva, writing by Maria Kiselyova Editing by Alexander Smith)

Newbuild Kreuz Challenger Mobilized for Brunei Shell Contract

Photo: Kreuz Subsea

Subsea services company Kreuz Subsea has mobilized the recently delivered newbuild dive support vessel, Kreuz Challenger, as part of its seven-year contract with Brunei Shell Petroleum Company Sdn. Bhd. (BSP).The contract, which runs until 2022, includes supporting BSP with inspection, repair and maintenance services to be carried out on offshore oil and gas structures in Negara Brunei Darussalam's territorial waters.Typically located in water depths of up to 80 meters…

Baker Hughes Profit Beats on Oilfield Services Growth

File Image: An offshore Gulf of Mexico energy operation and OSV (CREDIT: BSM)

Baker Hughes, the oilfield services company controlled by General Electric, posted a quarterly profit that beat Wall Street estimates on Friday as improving oil prices prompted companies to ramp up production. The cost of a barrel of U.S. crude rose 7.5 percent in the first quarter, energizing oil producers to step up investments after holding back over the past few years to counter a steep drop in prices.

Oil Falls After Trump Criticizes OPEC

File Image (CREDIT: AdobeStock / © scanrail)

Russia committed to cuts until end of year as 2018 demand looks strong (Goldman Sachs). Oil prices fell on Friday after U.S. President Donald Trump criticised OPEC and said oil prices were artificially high, but they were still set for a weekly gain. Brent crude oil futures were at $73.26 per barrel at 1139 GMT, down 52 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 48 cents at $67.81 a barrel.

Oil Climbs on Saudi Ambitions, U.S. Stock Draw

File Image (CREDIT: AdobeStock / © Leeylutung )

Saudi Arabia seen seeking oil price of $80-$100 a barrel as U.S. commercial crude stocks decline towards five-year average. Oil prices kept rising to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that top exporter Saudi Arabia aims to push prices even higher. Brent crude futures reached $74.73 a barrel, the highest since Nov.

To Frack or Not to Frack? Australia's NatGas Dilemma

File Image (CREDIT: AdobeStock / © Shamtor)

The decision by the government of Australia's Northern Territory government to allow the resumption of fracking for natural gas will do little to immediately solve the country's energy woes, but will likely sharpen political battle lines. The territory's government said on April 17 that it has lifted a near two-year moratorium on hydraulic fracturing, known as fracking, accepting the recommendations of its own commission of inquiry into the practice.

BP, Reliance Move Ahead in Deep Water

Photo courtesy BP

BP and Reliance Industries Limited (RIL) today announced the sanctioning of the ‘Satellite cluster’ project in Block KG D6. The companies are moving forward to develop the Block’s discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development.

Life Extension for FSO Njord Bravo

 Conract to Aibel for upgrading of the Njord Bravo floating storage and offloading (FSO) vessel Photo courtesy Statoil

Statoil, on behalf of the Njord license, awarded a NOK 1.3 billion ($168 million) contract to Aibel to upgrade the Njord Bravo floating storage and offloading (FSO) vessel in the Norwegian Sea.The FSO will be prepared for extended operation of the Njord and Hyme fields, as well as tie-in of two new field developments in the Norwegian Sea, Bauge and Fenja.The job involves extensive vessel upgrades and maintenance…

Tax Change Could Boost Russian Oil Output

© ping han / Adobe Stock

The Russian energy ministry has proposed changes to a draft oil production law that it says could boost production by around 900,000 tonnes per year, First Deputy Energy Minister Alexei Texler said on Wednesday.Debate about the law has dragged on for years, as the Finance Ministry expressed concerns the changes could reduce state revenues.Oilfields, especially in West Siberia, have…

Oil Breaks Above $72 as Supply Concerns Build

File Image (CREDIT: AdobeStock / © scanrail)

Supply risks in Middle East, Venezuela also buoy crude. Oil prices extended gains on Wednesday, lifted by a reported decline in U.S. crude inventories and the risk of supply disruptions. Brent crude oil futures rose 87 cents to $72.45 a barrel by 1143 GMT, while U.S. WTI crude futures rose 95 cents to $67.47. "Yesterday evening saw the API report a surprising decrease in U.S. crude oil stocks and a reduction in oil product stocks that was sharper than anticipated…

Oil Plus bags $1.5 mi Middle East Deals

 Clarke Shepherd, global business development director at Oil Plus. Photo courtesy Oil Plus

Oil Plus has secured contracts worth more than $1.5m over the past three months and has significantly expanded its footprint in the Middle East. The company has also reported a strong start to the year with sales up by 285% compared to the last quarter of 2017. Due to the surge of new business, the Newbury-based company, which employs in excess of 30 people, plans to recruit another eight over the next 12 months.

Venezuela Arrests Two Chevron Execs

Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing…

Flintstone Sets Its Sights on Floating Wind

Andrew Clayson, managing director of Flintstone (Photo: Flintstone Technology Ltd)

Flintstone Technology Ltd said it plans to diversify its mooring operations to help drive down costs for the offshore floating wind industry.The company has developed a set of mooring system solutions to match specific project requirements in oil and gas and marine renewable energy.With decades of experience in the oil and gas industry, this knowledge combined with the mooring solutions…

Royal Dutch Shell to Resume Deepwater Exploration off Egypt

File Image: Adobestock / © DonvictoriO

Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt's Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday. Egypt is looking to production from recently discovered fields to halt energy imports by 2019. A petroleum ministry official said last month that new production at Shell's West Nile Delta field 9B is expected to reach 350-400 million cubic feet per day by 2019.

China's Coal Import Restrictions may Pressure Pricing

Fil Image: Adobestock / © Leonid Eremeychuk

The price of seaborne thermal coal in Asia may come under pressure as China moves to impose some import restrictions on imports of the polluting fuel. Several ports in southern and eastern China have introduced controls on coal imports, ranging from bans on unloadings to tightening customs clearances. Among ports banning imports is the Chuanshon anchorage at Ningbo port, according to a manager at a coal trading house quoted by Reuters on Monday…

Under Military Rule, PDVSA Workers Quit in Stampede

Chauffeured around in a sleek black pick-up, the head of Venezuela's oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. Flanked by other trucks carrying security guards, Quevedo passed a handful of workers waiting by an oil well cluster. They wanted a word with the OPEC nation's oil minister and president of its state-run oil firm, PDVSA, about the sorry state of the company. Quevedo and his caravan drove on by.

Oil Supported as Investors Factor in Risks

File Image (CREDIT: AdobeStock / © Shamtor)

Risk of supply disruptions seen from Iran to Venezuela; Syria conflict has also helped push up prices. Oil edged up on Tuesday, supported by investors' growing concern over the potential for disruptions to crude supply, especially in the Middle East. Brent crude oil futures were up 4 cents at $71.46 a barrel by 1145 GMT, while U.S. crude futures edged up 8 cents to $66.30 a barrel.

ConocoPhillips' Alaskan Venture a Success

The polar adventure-valdez alaska Photo courtesy ConocoPhillips

ConocoPhillips announced it has concluded its 2018 winter exploration and appraisal program in Alaska. The company’s original plan was to drill five wells on the Western North Slope comprising two appraisal wells of the Willow Discovery announced in January 2017, plus three exploration wells. Due to improved drilling efficiencies, the company was able to drill a total of six wells, including an additional Willow appraisal well.

Thompson takes over from Founder Heavey, Tullow Oil

Appointment of Dorothy Thompson CBE as non-executive Chair of Tullow Oil plc Photo Tullow Oil

Tullow Oil plc (Tullow) announced the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow with effect from the conclusion of the Group’s Annual General Meeting (AGM) on 25 April 2018. It is anticipated Thompson will succeed Aidan Heavey, Tullow’s current Chairman and Founder, as Chair at the conclusion of the Board meeting scheduled for 20 July 2018. Aidan will retire from the Board at the same time.

Proserv Secures $5.5 Mln Repsol Contract

Photo: Proserv

Energy services company Proserv has secured a contract worth over $5.5 million (45 million Norwegian Kroner) with Repsol to upgrade and build new subsea production control equipment for the Yme field redevelopment in the Norwegian North Sea. The award scope initially covers the refurbishment and upgrade of the existing subsea control system. Using Proserv’s unique technology and expertise…

Fortum Contracted to Raise Finland's Solar Power Capacity

Photo: Fortum

Finland's Fortum, a majority state-owned utility company, won a tender to increase Finland's total solar production capacity by nearly 30 percent, the firm said on Monday. Fortum will install a solar electricity system on rooftops of about 40 commercial buildings across Finland. Even though their combined output will be of only 10 megawatts (MW), the project will be the biggest ever of its kind in the Nordics.

Zambia Short-lists Five Firms for Majority Stake in Oil Refinery

© Cobalt  / Adobe Stock

Zambia has short-listed five companies including Britain's Glencore Energy Ltd. and Sahara Energy Resources Ltd. to buy a majority stake in its only oil refinery, a state-owned firm said on Monday. The government-owned Industrial Development Corporation (IDC) has said it wants a strong strategic equity partner that will improve the production capacity of Indeni Oil Refinery to a level that will meet the nation's future petroleum demand.

Papua New Guinea LNG Project Resumes Exports

© Toni_MNE / MarineTraffic.com

A liquefied natural gas (LNG) tanker has left Papua New Guinea laden with the first export cargo of the supercooled fuel since the country's giant LNG project resumed production after a major earthquake triggered a shutdown in February, Thomson Reuters Eikon shiptracking data showed on Monday. The tanker's destination wasn't immediately clear, but the resumption of shipments could put pressure on spot LNG prices, traders said.

Goliat Field Output Resumed After Fire

Goliat FPSO (© Eni Norge)

Oil firm Eni said output from Norway's Goliat field has resumed after being shut since Friday morning following a small fire. The platform has a capacity to produce almost 100,000 barrels per day (bpd) of oil. "Production resumed Sunday morning," a Eni spokeswoman told Reuters. (Reporting by Ole Petter Skonnord Editing by Edmund Blair)

BP to Keep Carbon Footprint Flat into 2025

(File photo: BP)

BP to reduce CO2 emissions by 3.5 mln tonnes per year by 2025 even as it plans to sharply increase oil and gas output in coming years. BP said on Monday it will keep carbon emissions flat over the decade to 2025 even as its oil and gas ouput is set to grow, responding to rising investor pressure to help tackle climate change. The London-based company said it plans to reduce emissions of CO2 gases by 3.5 million tonnes by 2025 through higher production of gas…

Eneco seeks new CEO as Privatization looms

(Photo: Eneco)

Eneco, the Dutch energy company on the verge of being privatized, is looking for a new chief executive to replace Jeroen de Haas who will step down on Sept.

First Cove Point LNG Lifting Departs Maryland

File Image: CREDIT Dominion Energy

The first contractual liquefied natural gas (LNG) cargo from Dominion Energy Inc's newly constructed Cove Point LNG export plant in Maryland in the United States left the facility on Monday, Thomson Reuters Eikon ship tracking data showed. The cargo is expected to act as a drag on spot LNG prices <LNG-AS> as it coincides with the resumption of exports of the fuel from the Papua New Guinea LNG plant, which had been shut following a powerful earthquake.

Statoil Eyes Future Projects with Pemex

Norway's Statoil will evaluate new offshore projects in Mexico, including potential tie-ups with state oil company Pemex, the firm's top executive said, adding that a first deepwater well in an existing Gulf project will likely be drilled next year. Statoil is focused mostly on future deepwater opportunities in Mexico but does not rule out others, CEO Eldar Saetre said in an interview late on Thursday.

IEA: "mission accomplished" for OPEC as Oil Stocks Shrink

File Image (CREDIT: AdobeStock / © mikesjc)

IEA says stocks could reach five-year average by May; OPEC still planning to extend supply cuts into 2019. OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the markets could become too tight if supply remains restrained. The IEA, which coordinates the energy policies of industrialised nations…

Kenya's National Oil, Schlumberger Ink Field Development Deal

File Image (CREDIT: AdobeStock / © Diter)

Kenya's National Oil Corporation and U.S. oil services company Schlumberger have agreed to finalise a field development plan on behalf of the government for oil blocks in the northwest of the country. The East African nation discovered commercial oil reserves in its Lokichar basin in 2012. National Oil said in a statement seen by Reuters on Friday that the agreement with Schlumberger would create a development blueprint for the field in the next year.

OPEC Switches Focus From Inventories to Investment

File Image (CREDIT: AdobeStock / © MELCAL)

OPEC appears to be reformulating its target in terms of upstream investment rather than oil inventories, according to an analysis of recent statements made by ministers from member countries. “There is no such thing as a target price by Saudi Arabia,” the kingdom’s energy minister, Khalid al-Falih, told reporters on Wednesday (“Saudi Arabia happy with oil market, won’t let another glut form”, Reuters, April 11). “We’re seeing (production in) many regions declining.

Britain: Biofuel Targets Will Reduce Diesel Reliance

File Image (CREDIT: AdobeStock / © scanrail)

British biofuel targets coming into force this weekend will double the use of renewable fuels in the UK transport sector in 15 years and reduce reliance on imported diesel, the government said on Friday. The new targets, which take effect on April 15, will compel transport fuel suppliers who sell at least 450,000 litres a year or more to make sure the mix is at least 12.4 percent biofuel by 2032, the government said.

Fire in Sauna Shuts World's Northernmost Oilfield

Goliat FPSO (© Eni Norge)

The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers off the coast of Norway and inside the Arctic Circle. The platform has floating production, storage and offloading facilities and can produce close to 100,000 barrels of crude per day.

ExxonMobil Resumes Production in Papua New Guinea

Natural gas environment and safety Photo ExxonMobil

ExxonMobil said that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon. One train is currently operating at the LNG plant near Port Moresby. The plant’s second train is expected to restart as production is increased over time.

Gellert elected Chairman, NOIA

NOIA President Randall Luthi Photo NOIA

The National Ocean Industries Association (NOIA) Board of Directors has elected John Gellert as Chairman and Richard Clark as Vice Chairman for the upcoming 2018-2019 term. Gellert and Clark assumed their positions at the NOIA Annual Meeting today in Washington, D.C. NOIA President Randall Luthi said, “John and Richard come into their roles at a time when the offshore industry is starting a new chapter.

EnVen bags NOIA Safety in Seas Culture of Safety Award

The National Ocean Industries Association (NOIA) presented EnVen Energy Corporation with the 2018 NOIA Safety in Seas (SIS) Culture of Safety Award today during the association’s annual meeting in Washington, DC. EnVen Energy won the Culture of Safety Award in recognition of its remarkable safety culture transformation between 2013 and 2017. David Carmony, Chief Operations Officer for…

Fieldwood Hungry for US Offshore Output

© eaumstocker / Adobe Stock

The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25…

OPEC: Oil Markets Tightening Even as U.S. Shale Booms

File Image (CREDIT: AdobeStock / © Edelweiss)

The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices. U.S. shale oil output has been booming over the past year since OPEC reduced its own production in tandem with Russia to prop up global oil prices. But as…

OPEC Sees Higher 2018 Supply from Rivals, Stronger Demand

OPEC on Thursday revised its forecast for supply growth from its rivals for 2018 by nearly three times more than its revised projection of growth in global oil demand. It said growth in non-OPEC oil supply was forecast to rise by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.

Maersk Establishes Decomissioning Company

(Photo courtesy Maersk Supply Service)

A 50/50 joint venture (JV) between Maersk Drilling and Maersk Supply Service will provide decommissioning services to oil and gas operators. After decades of production, an increasing amount of offshore oil and gas fields are approaching the end of their economic life. In the North Sea alone, more than 400 fields are expected to cease production by 2026 at an estimated cost of $56 billion. Globally, more than 700 fields are expected to require decommissioning.

US Crude Hits Highest Since 2014

© R Carner / Adobe Stock

Oil prices jumped on Wednesday, hitting their highest in more than three years on Wednesday after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned Russia of imminent military action in Syria.Both U.S. crude and global benchmark Brent traded at the highest levels since 2014 as geopolitical concerns overshadowed a surprise build in U.S. crude…

Crude Stocks Post Surprise Rise as Imports Surge -EIA

© GalinaSt  / Adobe Stock

U.S. crude stocks rose unexpectedly last week as imports jumped and production increased to another weekly record, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week ended April 6, compared with analysts' expectations for a decrease of 189,000 barrels. Net U.S. crude imports rose last week by 1.7 million barrels per day to 8.65 million bpd. However, the overall four-week average of U.S.

Indian, Chinese Oil Companies Look to Invest in Ecuador

Photo: ONGC Videsh

Indian oil company ONGC Videsh is looking at buying a stake in oil fields in Ecuador and may also participate in an upcoming tender for the Intercampos blocks, Ecuador's oil minister Carlos Perez said on Wednesday. "We will be signing a confidentiality agreement with them (ONGC Videsh) in the following weeks and we will provide them with information in new blocks," he said on the sidelines of the International Energy Forum.