Global liquid fuels production will average 101.8 million b/d in 2019 and 103.5 million b/d in 2020, and consumption will average 101.5 million b/d in 2019 and 103.1 million b/d in 2020, which will contribute to modest inventory builds in both years, according to the US Energy Information Administration’s latest Short-Term Energy Outlook. The STEO […]
Equinor reports gas, condensate discovery south of Kristin field
Equinor has, together with partners ExxonMobil, Total, and Norway’s Petoro, made a natural gas and condensate discovery with the Ragnfrid North (6406/2-9 S) exploration well in the Norwegian Sea. The well, drilled in production license 199 about 20 km south of the Kristin platform, will be evaluated for development and tie-in to Kristin field and […]
Baldridge elected chairman of TPA
Don Baldridge, president of commercial for DCP Midstream, has been elected chairman of the Texas Pipeline Association (TPA). Source: News
Woodside lets contracts for Scarborough project
Woodside Petroleum Ltd., Perth, has let four contracts for the front-end engineering and design phase of its proposed Scarborough gas development on the Exmouth Plateau off Western Australia. Source: News
Rystad Energy: Offshore service market growth to outpace shale in 2019
Rystad Energy forecasts offshore spending will outgrow spending on onshore shale activities this year. Service companies exposed to the offshore subsea market and the maintenance, modifications, and operations (MMO) sector are set to benefit from this trend reversal. Source: News
EIA: US crude inventories down 2.7 million bbl
US crude oil inventories for the week ended Jan. 11, excluding the Strategic Petroleum Reserve, decreased by 2.7 million bbl from the previous week, data from the US Energy Information Administration showed. At 437.1 million bbl, US crude oil inventories are about 8% above the 5-year average for this time of year, the report indicated. […]
CNOOC starts production from Huizhou development project
CNOOC Ltd. reported the start of production from the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in the south-central part of the eastern South China Sea. Source: News
MARKET WATCH: NYMEX oil price tops $52/bbl, Brent tops $60/bbl
Crude oil benchmarks jumped more than $1/bbl on the New York and London markets Jan. 15 with light, sweet crude oil prices for February and March settling above $52/bbl while Brent crude for March and April settled above $60/bbl in London. Source: News
Oil Search expands Alaskan portfolio
Oil Search Ltd., Port Moresby and Sydney, has expanded its acreage position on the North Slope of Alaska following the recent 2018 Alaska Lease round with the acquisition of interests in prospective blocks close to and adjacent to its existing position in the Pikka Unit east of Prudhoe Bay. Source: News
Preem advances Lysekil refinery restart, VDU project
Swedish refiner Preem AB, a wholly owned subsidiary of Corral Petroleum Holdings AB, Stockholm, has restarted the bulk of operations 228,900-b/d at its refinery at Lysekil, Sweden, following a late December 2018 production disruption caused by an electrical power failure. Source: News