The Trinidad and Tobago government said it will divest part of state-owned Petrotrin as it tries to increase crude production, increase efficiency, and return the company to profitability. Source: News
UAE targets increased clean-energy role
The United Arab Emirates wants nearly half the energy consumed in the federation to be “clean energy” by 2050. Source: News
NNPC restarts refineries, resumes production of diesel, kerosine
Nigerian National Petroleum Corp. (NNPC) subsidiaries Port Harcourt Refining Co Ltd. (PHRC), Warri Refining & Petrochemcial Co. Ltd. (WRPC), and Kaduna Refining & Petrochemical Co. Ltd. (KRPC) have restarted operations and resumed stable production of diesel and kerosine at the country’s four state-owned refineries as part of NNPC’s commitment to meet Nigeria’s growing demand for […]
Parsley Energy reorganizes management structure
Parsley Energy Inc., Austin, has reorganized its management structure by creating executive officer, senior vice-president, and vice-president tiers, effective Jan. 5. Source: News
Oryx continues development in Iraq’s Kurdistan region
Oryx Petroleum Corp. Ltd., Calgary, is moving ahead on a third appraisal well at Zey Gawra field in the Kurdistan region of Iraq. The company said its third well will appraise both the Tertiary and Cretaceous reservoirs at Zey Gawra, but it will be completed as a second Cretaceous producer. Source: News
Hess increases capital budget by 15% for 2017
Hess Corp. has set its 2017 capital expenditure budget at $2.25 billion, up from the $1.9 billion spent in 2016. Source: News
McDade to assume chief executive post at Tullow Oil
Paul McDade will be appointed chief executive officer of Tullow Oil PLC following its annual general meeting on Apr. 26. He currently serves as chief operating officer. Source: News
CNOOC starts oil production at Penglai 19-9 in Bohai Bay
China National Offshore Oil Corp. Ltd. reported startup of oil production from Penglai 19-9 field in the northern Bohai Bay. Two wells are producing 750 b/d. Source: News
MARKET WATCH: NYMEX February crude prices climb despite inventory gain
The light, sweet crude oil contract for February delivery gained more than $1.40/bbl on the New York market Jan. 11. Analysts said evidence of supply cuts by major producers offset a stronger-than-expected climb in US oil inventories. Source: News
EIA: Global stock builds to keep oil prices below $60/bbl through 2018
Global petroleum and other liquid fuels inventory builds averaged 900,000 b/d in 2016, marking the third consecutive year of gains. According to the US Energy Information Administration’s Short-Term Energy Outlook, issued this month, the pace of stock builds is expected to slow considerably to an average of 300,000 b/d in 2017 and 100,000 b/d in […]