Total SA has started production on Kaombo Sul, the second floating production, storage, and offloading vessel of the Kaombo oil development offshore Angola. Operated by Total E&P Angola, the project lies on Block 32 in 1,400-2,000 m of water about 260 km offshore Luanda. Source: News
MARKET WATCH: NYMEX oil price gains on strong US, China manufacturing reports
Light, sweet crude oil prices on the New York market gained on Apr. 1 to settle more than $1/bbl higher with both May and June contracts closing above $61/bbl. Brent prices in London also rose by more than $1/bbl for June and July. The Brent contract for June delivery closed above $69/bbl, marking Brent’s highest […]
Gazprom, partner advance LNG-chemical plan
Gazprom and RusGasDobycha have begun implementing plans for a large natural gas liquefaction and processing complex on the Gulf of Finland near Ust-Luga, Russia. The companies decided on final configuration of the complex, which will process 45 billion cu m/year of gas and yield 13 million tonnes/year of LNG, as much as 4 million tpy […]
Israel expands offshore exploration opportunities
Israel launched its second offshore licensing round in late 2018 in hopes of attracting international investors capable of finding oil and natural gas resources to rival or surpass previous discoveries. Source: News
US producers’ 2018 results improved on higher prices, volumes
A group of 58 US-based oil and gas producers and refiners reported full-year 2018 net earnings of $54.75 billion on revenues of $1,012 billion compared with full-year net earnings of $44.38 billion on revenues of $835.21 billion in 2017. Source: News
A mired transition
Feverish, centrally managed energy transition works against itself. The dash for energy-related response to climate change has slowed, and political resistance where it has occurred makes reacceleration doubtful. US lawmakers posturing over the Green New Deal should pay attention. Source: News
Range-bound gas prices
Now in the books, 2018 was a remarkable year for US oil and natural gas production. With record-breaking shale development across the US came a 10-bcfd increase in gas production for the year, according to recent US Energy Information Administration data. With growth expected to continue, this abundant gas will likely keep prices muted over […]
Trump exceeded authority in canceling Obama withdrawals, judge rules
President Donald J. Trump overstepped his authority when he canceled his immediate predecessor’s withdrawals of three federal offshore areas from oil and gas leasing consideration toward the end of his second term, a federal court judge in Alaska ruled on Mar. 29. Source: News
Borr Drilling buys jack up
Borr Drilling Ltd. bought and took ownership of the jack up newbuild, Hull No. B378 (formerly named Hakuryu-15), for $122 million from Bot Lease Co. Ltd. Source: News
Aramco lets contract for new unit at Riyadh refinery
Saudi Aramco has let a contract to KBR Inc. to provide technology for a supercritical solvent deasphalting (SDA) unit as part of a residue upgrading and clean fuels project at its 126,000-b/d refinery in Riyadh, Saudi Arabia. Source: News