The Ukrainian government has launched a public tender for the Dolphin offshore block under a production-sharing agreement, covering 9,496 sq km of the northwestern part of the Black Sea’s continental shelf. Source: News
API, AFPM oppose Senate bill increasing EV tax credits
The American Petroleum Institute and American Fuel & Petrochemical Manufacturers separately criticized US Senate legislation that would expand to 200,000 the number of electric and hydrogen fuel cell vehicles eligible for a $7,500 federal tax credit. Sen. Deborah A. Stabenow (D-Mich.) introduced S. 1094 on Apr. 9, with Rep. Dan Kildee (D-Mich.) introducing a companion […]
Short-lived oil price rally to wane in 2020, researcher says
As oil prices approach $70/bbl, Rystad Energy expects that a short-lived price rally through the first half of 2020 will then lose momentum and be replaced by a need for additional production cuts by the Organization of Petroleum Exporting Countries and Russia (OPEC+). Source: News
Barclays report points to five signs offshore industry is recovering
Five signs that the offshore oil and gas industry is recovering are starting to become clearer, with 2019 seen as a transition year and with offshore embarking on a multiyear trajectory starting in 2020. These were among the findings in a recent research report from Barclays. Source: News
Mills to serve an interim CEO of Roan Resources
Joseph A. Mills has been appointed executive chairman of Roan Resources Inc. and has assumed the duties of principal executive officer on an interim basis following the resignation of Tony Maranto as chairman, chief executive officer, and president, for personal reasons. Source: News
Qatar Petroleum advances LNG expansion of North field project
Qatar Petroleum reported it has issued the invitation to tender package for engineering, procurement, and construction of the four LNG megatrains of its North field expansion project. The package has been issued to three EPC joint ventures: Chiyoda and Technip France; JGC and Hyundai Engineering & Construction Co.; and Saipem, McDermott Middle East, and CTCI. […]
Oil market guesswork
Serious guessing must start soon in a market sensitive to guesswork. Ministers of the Organization of Petroleum Exporting Countries and cooperating nonmembers will meet on June 26 to decide whether to extend production restraint in effect since the start of 2017. Source: News
Zydeco launches binding open season
Zydeco Pipeline Co., jointly owned by Shell Midstream Partners and Shell Pipeline Co., launched a binding open season seeking commitments for non-firm capacity crude transportation service on its 350-mile pipeline from Houston and Nederland, Tex., to St. James and Clovelly, La. Source: News
Marathon to acquire terminal, retail outlets in New York
Marathon Petroleum Corp., through subsidiaries including Speedway LLC, agreed to acquire a 900,000-bbl capacity light product and asphalt terminal and 33 NOCO Express retail outlets in Buffalo, NY, from NOCO Inc., building on prior investments to “maximize refinery utilization,” the company said. Source: News
Aramco unit buys stake in Hyundai Oilbank
Aramco Overseas Co. BV, a subsidiary of Saudi Aramco, will purchase a 17% stake in South Korean refiner Hyundai Oilbank, supporting Aramco’s oil placement strategy by providing a dedicated outlet for Arabian crude to South Korea. Source: News