Crude oil benchmarks settled down by more than $1.60/bbl on Dec. 10 in a market correction to an initial surge in oil prices on Dec. 7 following news that the Organization of Petroleum Exporting Countries and 10 non-OPEC countries agreed to cut production by 1.2 million b/d. Source: News
China ZhenHua Oil buys interest in onshore concession from ADNOC
Abu Dhabi National Oil Co. (ADNOC) reported that a 4% stake in its onshore concession has been acquired by North Petroleum International Co. Ltd., a subsidiary of China ZhenHua Oil Co. Ltd. Previously, the stake was held by CEFC China Energy Co. Ltd. Source: News
Equinor granted drilling permit in North Sea
Equinor Energy AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 36/1-3 in production license 885 in the North Sea. The well will be drilled about 40 km east of the Peon discovery using the Transocean Spitsbergen semisubmersible drilling rig. Source: News
Virginia AG, DEQ sue Mountain Valley Pipeline over alleged violations
Virginia Atty. Gen. Mark R. Herring (D) announced that the state’s Department of Environmental Quality (DEQ) and Water Quality Board sued Mountain Valley Pipeline LLC (MVP) for alleged repeated environmental violations in five southwestern Virginia counties over the past year, particularly during major rain events. Source: News
Bakken, Guyana earmarked for 75% of Hess’s $2.9-billion budget in 2019
Hess Corp. will allocate some 75% of its $2.9-billion 2019 exploration and production capital and expenditure budget to high-return growth assets in the Bakken and in Guyana. Net production is forecast to average 270,000-280,000 boe/d in 2019, excluding Libya, compared with 245,000 boe/d in 2018. Bakken net production is forecast to average 135,000-145,000 boe/d in […]
ConocoPhillips sets $6.1 billion capex budget for 2019
ConocoPhillips has set a capital expenditure budget for 2019 of $6.1 billion, which is flat to its expected full-year 2018 capex, excluding acquisition costs. The 2019 budget does not reflect potential dispositions that may occur in 2019. Source: News
Iran’s oil exports likely to remain 1.1-1.3 million b/d
Iran’s oil exports likely will remain at 1.1-1.3 million b/d for the rest of this year despite waivers the US government granted to eight countries after imposing US sanctions on Iranian oil sales, said Sara Vakhshouri, president of SVB Energy International in Washington, DC. Source: News
MARKET WATCH: Crude benchmarks jump more than $1/bbl after OPEC meeting
Crude oil benchmarks on the New York and London markets climbed by more than $1/bbl on Dec.7 after the Organization of Petroleum Exporting Countries and a group of 10 non-OPEC countries, led by Russia, agreed to cut production by a total 1.2 million b/d effective Jan. 1, 2019. Source: News
Efforts to control
As US President Donald Trump pressed Saudi Arabia, before last week’s meeting of the Organization of Petroleum Exporting Countries, to keep oil production high and prices low, the government of Alberta moved the opposite way. At this writing, OPEC had not yet met, and Trump had not yet tweeted disparagingly about Alberta Premier Rachel Notley. […]
US oil production peaking?
The shale insurgency in the US continues to defy the doubters, producing more than 11.7 million b/d of crude oil at the end of November, according to the US Energy Information Administration. Source: News