The US drilling rig count increased by 17 during the week ended Jan. 27 to 712 active units, according to data collected by Baker Hughes Inc. The overall rise continues to reflect a resurgence in units targeting crude oil, drilling horizontally, and based in the Permian basin. Source: News
ADNOC to store crude in Indian facility
India’s government and Abu Dhabi National Oil Co. have signed an agreement allowing ADNOC to store 5.86 million bbl of crude at an Indian Strategic Petroleum Reserves Ltd. underground facility in Mangalore, Karnataka. Source: News
Lebanon reopens offshore licensing round
Lebanon has reopened its first offshore licensing round after a 3-year delay, including in its offering three blocks along the disputed boundary with Israel. Source: News
Chevron recorded $415 million in fourth-quarter 2016 earnings
Chevron Corp. reported fourth-quarter 2016 earnings of $415 million compared with a loss of $588 million in fourth-quarter 2015. Full-year 2016 results were a loss of $497 million compared with earnings of $4.6 billion in 2015. Source: News
Trump's ‘America First’ policy will help Trinidad and Tobago, official says
US President Donald Trump’s “America First” policy can assist Trinidad and Tobago in its efforts to become a regional energy hub. That is according to Wendell Motley who heads the Trinidad and Tobago government Energy Task Force, established in part, to help realize the island’s move to be a conduit for energy products in the […]
Conference: Liza to flow at 100,000 b/d, ExxonMobil official says
ExxonMobil Corp.’s giant Liza discovery will have an average production of 100,000 b/d of oil when it begins flowing in 2020 according to the company’s Country Manager Jeff Simons. It also expects to produce 165 MMscfd of natural gas that will be mainly used for reinjection into the wells. Source: News
Algeria lets contract for revamp of Skikda ethylene plant
State-owned Sonatrach SPA has let a contract to Engineers India Ltd. to perform studies and provide project management consultancy (PMC) services for rehabilitation of an ethylene unit at its petrochemical complex in Skikda, Algeria. Source: News
Range Resources completes three North Louisiana extension gas wells
Range Resources Corp. has completed three wells in the extension area of North Louisiana, south of Terryville. The three wells were drilled on the north, east, and west sides of Vernon field. Each encountered natural gas in multiple zones across the Upper and Lower Red intervals. Source: News
MARKET WATCH: NYMEX, Brent crude prices jump by about $1/bbl
Light, sweet crude oil prices for March delivery climbed by more than $1/bbl on Jan. 26 to close at nearly $53.80/bbl while the Brent March contract also rose by more than $1/bbl on the London market to close above $58/bbl. Source: News
TransCanada submits Keystone XL Presidential Permit application
TransCanada Corp. has submitted a Presidential Permit application to the US Department of State for approval of the Keystone XL (KXL) crude oil pipeline. Source: News