Bangladesh Petroleum Corp. (BPC) has let a contract to Engineers India Ltd. (EIL) for work related to a project designed to triple crude oil processing capacity at subsidiary Eastern Refinery Ltd.’s (ERL) 1.5 million-tonne/year refinery at Chittagong, Bangladesh. Source: News
Statoil’s first-quarter earnings down 71%
Reflecting lower prices for liquids and natural gas, Statoil ASA reported first-quarter earnings of $857 million, a decline of 71% compared with $2.945 billion in the same period in 2015. Source: News
EIA: US crude inventories rise 2 million bbl
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2 million bbl during the week ended Apr. 22 compared with the previous week’s average, according to data from the US Energy Information Administration’s Petroleum Status Report. Source: News
MARKET WATCH: NYMEX crude oil price rebounds $1/bbl on future supply concerns
Light, sweet crude prices for June delivery jumped by more than $1/bbl in Apr. 26 trading. The momentum continued in early Apr. 27 trading with benchmark prices on the New York market reaching above $45/bbl for the first time this year. Source: News
Oil, gas issues minimal but polarized in 2016 elections, forum told
Depressed prices have made oil and gas a very minor issue in the 2016 US election campaigns, but candidates’ few references to the industry are so polarized that they reveal unusual and discouraging ignorance, speakers agreed during an Apr. 26 discussion at the Center for Strategic and International Studies. Source: News
Spraberry-Wolfcamp results boost PNR’s 2016 output growth target
Pioneer Natural Resources Co. says it expects 2016 production growth of more than 12% compared with the company’s previous target of 10%, reflecting improving Spraberry-Wolfcamp well productivity. Second-quarter production is forecast to average 224,000-229,000 boe/d. Source: News
ADNOC opens Shah sour gas plant
Abu Dhabi National Oil Co. (ADNOC) subsidiary Abu Dhabi Gas Development Co. (Al Hosn Gas) and joint-venture partner Occidental Petroleum Corp. have formally commissioned the Al Hosn Sour Gas Development Project (SGDP) at Shah sour gas-condensate onshore field, southwest of Abu Dhabi City, UAE. Source: News
Petro Rabigh commissions expanded ethylene unit
Rabigh Refining & Petrochemical Co. (Petro Rabigh), a joint venture of Saudi Aramco and Sumitomo Chemical Co., has completed mechanical works for a project designed to increase ethylene capacity at Petro Rabigh’s refinery and chemicals complex in the port city of Rabigh on the Red Sea. Source: News
EIA: LNG exports to be the driver of Canadian gas production growth
The US Energy Information Administration reported that Canada’s National Energy Board (NEB), in a recent publication projects that both Canada’s natural gas production and consumption will increase through the next decade. Source: News
BP posts $583-million first-quarter loss
BP PLC reported a loss of $583 million for this year’s first quarter compared with a $2.6-billion profit in the same quarter in 2015. The company reported an underlying replacement cost profit of $532 million for this year’s first quarter compared with a profit of $196 million for the previous quarter and a profit of […]