Saturday, March 23, 2019

Texas News

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay…

GoM Lease Bids Hit $244mln

Image: U.S. Department of the Interior

Oil and gas Lease Sale 252 generated $244.3 million in high bids for 227 tracts covering 1,261,133.85 acres in federal waters of the Gulf of Mexico (GoM). According to Bureau of Ocean Energy Management data, that’s still way below the $405 million generated by the December Massachusetts offshore wind sale, but…

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells…

US Lease Sale a Test for Drilling Demand

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flyingrussian / Adobe Stock

The Trump administration will hold its fourth major auction for oil and gas leases in the U.S. Gulf of Mexico on Wednesday, in a fresh test of demand from drillers that have lately been shying away from the region.The outcome of the lease sale will provide the last big signal from the industry about their interest in U.S.

Oil Prices Reach 2019 Highs

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Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.U.S. West Texas Intermediate (WTI) futures were at $59.17…

Oil Edges Above $67

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Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.OPEC and non-OPEC ministers who met in Azerbaijan to monitor their oil supply-cut accord said they planned to exceed their commitments.

Large Oil Firms Invest in Shale

Image: Rystad Energy

Oil majors are readying themselves for the energy transition by investing in shale and waiting for renewable technology to be economical, said Rystad Energy, energy research and business intelligence company.A recent review of 2019 capital budgets reveals that oil majors are the only group to increase shale…

AAL's Mega Size MPV Delivers 22 Modules

Photo: AAL

Specialist breakbulk and project heavy lift carrier AAL has successfully shipped 22 petrochemical plant modules from the Wilson Heavy Industry Company in Nantong, to the Ethylene Glycol II Expansion Project in Point Comfort, Texas on behalf of the Pacific Ocean Group Limited.The shipment of 22 modules – 26,000 cbm in total and weighing 1…

Cheniere Completes 5th LNG Train at Sabine Pass

Sabine Pass LNG Terminal. Image: Cheniere Energy

Texas-based Cheniere Energy Partners said that that Substantial Completion of Train 5 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on March 7, 2019."Commissioning has been completed and Cheniere Partners’ EPC partner Bechtel Oil, Gas and Chemicals has turned over care…

NextDecade in Rio Grande LNG Site Lease Deal

Pic: Rio Grande LNG

US LNG export project developer NextDecade Corporation signed a lease agreement with the Brownsville Navigation District (BND) for its Rio Grande LNG project.The proposed $15 billion Rio Grande LNG export terminal and pipeline at the Port of Brownsville, Texas, was considered and approved during a meeting of the BND Board of Commissioners.The lease agreement…

U.S. Drillers Cut Rigs to Lowest Level since May

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U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834…

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets, Brent crude futures fell $1.85, or 2.8 percent, to $64.45 a barrel by 10:42 a.m. EST (1542 GMT).

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift.

Oil Edges Up

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Oil prices edged higher on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.Brent crude futures gained 26 cents, or 0.4 percent, to $66.25 a barrel by 11:43 a.m. EST (1643 GMT).U.S.

ExxonMobil Plans Big 2020 Capex Boost

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Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company told analysts attending…

Chevron Expects 3-4% Annual Output Growth

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U.S. oil major Chevron Corp said on Tuesday it expects its annual production to grow in the range of 3 percent to 4 percent through 2023, boosted by strong performance in the country's top shale region, the Permian basin.The company expects shale production from the basin to reach 600,000 barrels per day (bpd) by the end of 2020…

Oil Dips on U.S. Manufacturing Data

Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel by 11:15 a.m. EST (1615 GMT).

Oil Steady, Supported by OPEC Cuts

File Image / CREDIT: AdobeStcok / © Mikesjc

Record U.S. output, exports offset some of OPEC's cuts.Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday's settlement.U.S.

US Offers Oil from Emergency Reserve

(Photo: U.S. Department of Energy)

The U.S. Energy Department said on Thursday it is offering up to five million barrels of sweet crude oil from the national emergency reserve in a sale mandated by previous laws to raise funds to modernize the facility.Laws passed by Congress in previous years require the department to hold sales to pay for improvements…

Senate Confirms Wheeler to lead EPA

The U.S. Senate on Thursday confirmed President Donald Trump's candidate, a former coal lobbyist, to lead the nation's top environmental regulator, infuriating Democrats and conservation groups who said his policies were endangering public health.Environmental Protection Agency Acting Administrator Andrew Wheeler…