Bill to repeal foreign tax credit introduced in US House

US House Rep. Julia Brownley (D-Calif.) has introduced a bill that would repeal the foreign tax credit, a provision US multinational oil companies consider essential for them to compete with overseas enterprises that receive government subsidies. Source: News

IHS Markit: Sanctions to push Venezuelan output below 1 million b/d

New US sanctions against Venezuela’s national oil company Petroleos de Venezuela SA (PDVSA) could push the South American country’s crude oil production to a 700,000-900,000 b/d range for 2019, IHS Markit said in a Jan. 30 report. “It is uncertain how much of the 500,000–600,000 b/d of US imports will be absorbed by other buyers […]

MARKET WATCH: NYMEX crude oil settles above $54/bbl

Light, sweet crude oil for March delivery rose nearly $1 to settle above $54/bbl on Jan. 30 as analysts continue to monitor political struggles in Venezuela. A weekly US government inventory report showed US gasoline supplies fell for the first time in 9 weeks. Source: News

PSAC lowers outlook for Canadian drilling by 15%

Deteriorating investor confidence “weighs heavily” on the drilling industry in Canada, according to the Petroleum Services Association of Canada (PSAC). In the first update of its 2019 drilling forecast, the trade group lowered its forecast for wells drilled, which it measures as rigs released, to 5,600 from 6,600 in the November 2018 revision—a 15% decline. […]

Magellan, Navigator extend open season for Voyager crude line

Magellan Midstream Partners LP and Navigator Energy Services have extended the open season to solicit transportation commitments for the Voyager pipeline to transport various grades of light crude oil and condensate from Cushing, Okla., to Houston. Source: News

Aramco signs deal to advance crude-to-chemicals technology

Saudi Aramco has signed a joint development and collaboration agreement (JDCA) with Axens SA and TechnipFMC PLC to accelerate development and commercialization of subsidiary Saudi Aramco Technologies Co.’s catalytic crude-to-chemicals (CC2C) technology. Source: News

Chaparral Energy adds to leadership team

During the last 18 months, Chaparral Energy Inc., Oklahoma City, has added to its senior leadership team. Source: News

AGIG to expand Tubridgi onshore gas storage facility

The Australian Gas Infrastructure Group has reported plans for a further expansion to its Tubridgi gas storage facility in northwest Western Australia. The group has followed its $74-million (Aus.) redevelopment and commissioning of the Tubridgi facility in 2017 with a final investment decision in the last week to complete a seismic survey and expansion of […]

EIA: US crude inventories up 900,000 bbl

US crude oil inventories for the week ended Jan. 25, excluding the Strategic Petroleum Reserve, increased by 900,000 bbl from the previous week, data from the US Energy Information Administration showed. At 445.9 million bbl, US crude oil inventories are about 7% above the 5-year average for this time of year, the report indicated. […]

ExxonMobil, partners advance 1 million-b/d Wink to Webster crude line

ExxonMobil Corp., Plains All American Pipeline LP, and Lotus Midstream LLC have formed the Wink to Webster Pipeline LLC joint venture and ordered nearly 650 miles of US-sourced 36-in. line pipe to construct a common-carrier pipeline to transport more than 1 million b/d of crude oil and condensate from multiple locations in the Permian basin […]