The light, sweet crude oil price for February rose Jan. 8, settling just under the $50/bbl mark on the New York market while the Brent crude oil price for March settled just below $59/bbl on rising hopes of a trade dispute resolution between the US and China. Source: News
API’s new president cites progress, outlines challenges for 2019
Responsible operations and steadily improving technology have combined to make the US the world’s leading oil and gas producer, said American Petroleum Institute Pres. Mike Sommers in his first major public address on Jan. 8. But carefully conceived policies and improved permitting processes will be necessary to keep the progress going, he told more than […]
Oil market to be relatively balanced amid heightened complexity in 2019
Source: News
US Supreme Court rejects ExxonMobil bid to block Mass. AG’s subpoena
The US Supreme Court rejected ExxonMobil Corp.’s effort to block Massachusetts Atty. Gen. Maura Healy’s (D) subpoena for documents related to the multinational oil company’s research into global climate change. The nation’s highest court denied certiorari in the case of ExxonMobil Corp. v. Healey without comment on Jan. 8. Source: News
BP approves expansion at Atlantis field in Gulf of Mexico
BP PLC approved a $1.3-billion expansion at Atlantis field in the Gulf of Mexico and said recent seismic imaging identified 1 billion bbl of additional oil in place at Thunder Horse field. Elsewhere in the gulf, two discoveries near Na Kika platform provide additional development opportunities. Source: News
Hanwha Total lets contract for Daesan integrated complex
Hanwha Total Petrochemicals, a 50-50 joint venture of Hanwha Group and Total, has let a contract to W.R. Grace & Co. to provide technology licensing for a grassroots polypropylene unit at its Daesan petrochemical complex in Chungnam Province, South Korea, about 145 km from Seoul. Source: News
MARKET WATCH: Higher oil prices attributed to production-cut compliance
The light, sweet crude oil price for February rose above $48/bbl on the New York market Jan. 7 while Brent crude oil price for March settled above $57/bbl, which analysts attributed to production-cut plans by the Organization of Petroleum Exporting Countries and others. OPEC officials told the Wall Street Journal that Saudi Arabia plans to […]
New market variables
Upheaval in the Middle East confounds forecasts of energy markets, such as Oil & Gas Journal’s annual Forecast & Review (p. 18). The political nature of that upheaval is well-documented and important. Less reported but no less important is its economic dimension. Source: News
Watching energy in 2019
What should industry expect to happen this year relating to oil and gas? That is a million-dollar question if ever there was one. It’s also a question that analysts and think tanks alike ponder about this time every year. Source: News
Energy transition strongly subject to politics of climate
Political developments this year and last will influence the much-discussed energy transition in little-discussed but powerful ways. Source: News