Oil and gas operators may submit bids until Mar. 12 for 14 blocks in India offered under the government’s second round in its Open Acreage Licensing Program (OALP). The Ministry of Petroleum and Natural Gas opened OALP-2 bidding on Jan. 7. Source: News
MARKET WATCH: NYMEX ends week at nearly $48/bbl
Crude oil prices ended the week higher overall on New York and London markets Jan. 4, with light, sweet crude oil and Brent reporting their first weekly gain in a month. On a daily basis, crude oil price futures had gained for five consecutive days as of the Jan. 4 closing. Source: News
Aramco, Petronas near startup of Malaysia’s RAPID refinery
The jointly held Saudi Aramco-Petronas $27-28 billion Pengerang Integrated Complex in southeastern Johor, Malaysia, is preparing for official startup of Pengerang Refining & Petrochemical subsidiary Pengerang Refining Co.’s 300,000-b/d refinery and petrochemical integrated development (RAPID) project. Source: News
Baker Hughes: US rig count falls 8 units to 1,075
The US rig count fell 8 units during the week ended Jan. 4 to reach 1,075 units working, according to Baker Hughes data. This count was up 151 units from the 924 units working in the US this week a year ago. US rigs drilling on land fell 6 units to 1,050 vs. last week. Offshore […]
Michigan’s new governor seeks review of pipeline replacement plans
Michigan’s new governor, Democrat Gretchen Witmer, has asked Atty. Gen. Dana Nessel (D) for a legal opinion of recent legislation to replace Enbridge Inc.’s pipeline in the Mackinac Straits and the new Mackinac Straits Corridor Authority (MSCA) created by her predecessor, Republican Rick Snyder. Source: News
US crude inventories end year at estimated 441 million bbl
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, remained virtually unchanged for the week ended Dec. 28, 2018, compared with the previous week, the US Energy Information Administration reported on Jan. 4 in its weekly report. Source: News
US FERC commissioner McIntyre dies
Kevin J. McIntyre, a member of the US Federal Energy Regulatory Commission who cut short his tenure as chairman for health reasons in October 2018 but remained a member, died on Jan. 2. He was diagnosed and treated for brain cancer in 2017 before US President Donald Trump nominated him to chair the commission. […]
IOC lets contracts for units at Indian refineries
Indian Oil Corp. Ltd. (IOC) has let contracts to McDermott International Inc. to provide proprietary technology and catalyst for new units at IOC’s 125,300-b/d Barauni refinery in Begusarai District, Bihar, and its 277,400-b/d Koyali refinery at Vadodara in India’s western state of Gujarat. Source: News
MARKET WATCH: NYMEX, Brent crude prices settle higher for fourth straight session
Both light, sweet crude oil on the New York market and Brent crude oil in London settled higher Jan. 3, marking the benchmarks’ fourth consecutive session of gains. The Wall Street Journal reported it was the longest streak of higher settlements since August 2018 when oil prices rose 5 days in a row. Source: […]
HPCL, Rajasthan let contract for Barmer integrated complex
HPCL Rajasthan Refinery, a 74-26% joint venture of Hindustan Petroleum Corp. and the state government of Rajasthan, has let a contract to McDermott International Inc. to provide technology for new units at the JV’s proposed 181,000-b/d integrated refinery and petrochemical complex now under construction at Pachpadra Tehsil, Barmer District, Rajasthan. Source: News