Gazprom hires semi for Sea of Okhotsk

Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft, leased a semisubmersible rig from Hakuryu 5 Inc. to drill on Ayashsky block on the Sea of Okhotsk continental shelf. Japan Drilling Co. Ltd. owns Haburyu 5. Source: News


MARKET WATCH: Front-month NYMEX oil price drops below $54/bbl

Light, sweet oil prices for April delivery dropped back under $54/bbl on Feb. 22 but rallied again in early Feb. 23 trading before release of the oil and product inventory report from the US Energy Information Administration. The US Feb. 20 Presidents Day holiday delayed the report a day later than usual. Source: News


Moody’s: Oversupply to keep LNG prices low beyond 2020

Moody’s expects global LNG prices to remain low beyond 2020 as a wave of fresh supply comes online while demand from the world’s largest importers is weakening. Global oversupply will peak at about 55 million tonnes/year in 2019, according to the rating agency’s report, “Global Liquefied Natural Gas Industry: Market Imbalance Will Continue Beyond 2020, […]


API would back EPA rejection of call to move RFS obligation point

The American Petroleum Institute would support a decision by the US Environmental Protection Agency to not change the obligation point for compliance with the federal Renewable Fuel Standard (RFS) because API believes that making the change would create more problems than it would solve, an API official said on Feb. 22. Source: News