US light, sweet crude oil prices gained in Oct. 13 trading after a weekly government inventory report showed declining gasoline and diesel fuel supplies, which offset an unexpectedly large build in crude oil inventories. Source: News
Yasref taps CLG technology for Yanbu refinery
Yanbu Aramco Sinopec Refining Co. Ltd. (Yasref)—a joint venture of Saudi Aramco (62.5%) and China Petrochemical Corp. (Sinopec) (37.5%)—has implemented technology licensed by Chevron Lummus Global (CLG)—a joint venture of CB&I and Chevron Corp.—in the hydrocracker of its 400,000-b/d refinery along the Red Sea in Saudi Arabia’s Yanbu Industrial City. Source: News
API outlines initial concerns with BOEM’s draft gulf PEIS
Mitigation measures that would require halting of oil and gas operations when dolphins are in the vicinity and proposed minimum separation distances for seismic surveys running simultaneously are among the American Petroleum Institute’s biggest initial concerns with the US Bureau of Ocean Energy Management’s draft programmatic environmental impact statement (PEIS) for the Gulf of Mexico. […]
Goodrich emergence from bankruptcy, sends capital to Haynesville
Goodrich Petroleum Corp., Houston, says it has emerged from bankruptcy “with the same assets and having substantially reduced its total long-term debt and cost structure.” Source: News
Indiana biofuel firm’s owners plead guilty to tax, renewable fuel fraud
Owners of a biofuel company in Waterloo, Ind., pleaded guilty to conspiracy, fraud, and false statements in a scheme that generated more than $60 million of fraudulent tax credits and renewable fuel credits, the US Department of Justice, Internal Revenue Service, and Environmental Protection Agency jointly announced on Oct. 12. Source: News
EIA: US oil production, global oil inventory revised upward for 2017
In its October Short-Term Energy Outlook, the US Energy Information Administration forecasts US crude oil production to average 8.7 million b/d in 2016 and 8.6 million b/d in 2017. Forecast production in 2017 is almost 100,000 b/d higher than in the previous forecast, as a result of changes in modeling methodology applied to the Lower […]
Bahrain advances project to expand gas processing capacity
Bahrain National Gas Expansion Co. (BNGEC), a subsidiary of the National Oil & Gas Authority (NOGA) of Bahrain’s business development and investment arm NOGA Holding Co. (Nogaholding), has let a contract to an affiliate of JGC Corp., Yokohama, Japan, to build additional gas pipelines and storage tanks as part of a capacity expansion under way […]
EIA: US crude oil inventories rise 4.9 million bbl
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 4.9 million bbl during the week ended Oct. 7 compared with the previous week’s total, according to data from the US Energy Information Administration. Source: News
Texas firms settle federal air pollution charges
Four Texas companies agreed to enter guilty pleas and pay $3.5 million to settle federal charges that they violated the Clean Air Act at two oil and chemical processing facilities in the state, the US Department of Justice and Environmental Protection Agency jointly announced on Oct. 12. Source: News
BP farms into giant North West Shelf prospect
Just days after announcing its withdrawal from the Great Australian Bight, BP Australia has acquired an 80% equity and operatorship of offshore Western Australian permit WA-409-P, which contains a giant Triassic-age Mungaroo formation prospect in the Carnarvon basin named Ironbark. Source: News