Crude oil prices moved upward on New York and London markets Jan. 18 as the US and China continue trade negotiations and indications of a path to a supply-trade rebalancing emerge. Discussions between the US and China continue. Late last week, Chinese Vice-Premier Liu He confirmed he will visit Washington, DC, Jan. 30-31 for continued […]
US needs to improve its energy innovation process, speakers suggest
The US will need to improve its energy innovation process if it expects to reach the Trump administration’s goal of achieving global energy dominance, speakers agreed at a Jan. 17 Bipartisan Policy Center event. The key will be finding ways to more effectively commercialize innovative research under way at the US Department of Energy’s National […]
WoodMac: 150,000 b/d of Chinese refining capacity could close by 2020
About 150,000 b/d of refining capacity could close in China by 2020, due to tight operating environment, according to a recent analysis from Wood Mackenzie. “Chinese refineries did not face crude supply issues in 2018 but there were other challenges,” said WoodMac consultant Rui Hou. Source: News
India’s small-field bid round extended
India’s Directorate General of Hydrocarbons has extended for the second time the close of bidding for its second round of licensing of discovered small fields. Bidding remains open through Jan. 30, DGH said. Source: News
Baker Hughes: US rig count falls 25 units to 1,050
The US drilling rig count dropped 25 units to reach 1,050 rigs working for the week ended Jan. 18. The count is up 114 units from the 936 rigs working this time a year ago, according to Baker Hughes data. Source: News
IEA: Rebalancing of global oil market to be gradual
Despite the signing of a new Vienna Agreement, the journey to a balanced global oil market will take time and is more likely to be a marathon than a sprint, according to the International Energy Agency’s first Oil Market Report in 2019. On the supply side, IEA said, “While Saudi Arabia is determined to protect […]
Aramco taps Saipem for Berri, Marjan work
Saudi Aramco has let contracts to Saipem for offshore work expanding Berri and Marjan oil fields. The contracts, totaling $1.3 billion, cover design, engineering, procurement, construction, installation, and implementation of subsea systems and the laying of pipelines, subsea cables and umbilicals, platform decks, and jackets. Source: News
Rystad Energy: Global gas output hit highest growth in a decade in 2018
The worldwide oil and gas industry achieved a net production increase of 164 billion cu m (bcm) in 2018, representing the highest production growth since 2010, according to research by Rystad Energy. Source: News
East Timor approves use of petroleum fund for Sunrise acquisition
East Timor President Fransisco Guterres has approved a decree allowing use of the country’s petroleum fund for the $650-million acquisition of the Royal Dutch Shell PLC and ConocoPhillips’s interests in the Greater Sunrise gas-condensate fields in the Timor Sea. Guterres had previously vetoed the proposal, saying at the time that it could allow the petroleum […]
Costs, energy needs discredit ‘keep it in the ground’ agenda
Preemptive opposition to oil and gas projects by “keep it in the ground” activists promises needless hardship in two broad areas. Source: News