Excelerate Energy LP’s Northeast Gateway Deepwater Terminal, about 13 miles offshore Boston, reported that it reached a peak send-out rate of more than 800,000 MMbtu/d of regasified LNG a week earlier. The Feb. 1 volume was a record for the facility, officials said. Source: News
McFadyen to assume exploration role at Murphy Oil
Michael K. McFadyen, executive vice-president, offshore, of Murphy Oil, will assume responsibility for exploration following the Feb. 28 retirement of Eugene T. Coleman, executive vice-president, exploration and business development. The responsibility for business development will be assumed by David R. Looney, executive vice-president and chief financial officer. Source: News
SOCAR’s Turkish refinery delivers first product to Petkim
STAR Rafineri, a subsidiary of SOCAR Turkey Energy—the Turkish arm of State Oil Co. of Azerbaijan Republic—has achieved integration of its recently commissioned 200,800-b/d SOCAR Turkey Aegean Refinery (STAR) in Izmir, Aliaga, Turkey, with Petkim Petrokimya Holding’s (Petkim) nearby 3.6 million-tonne/year petrochemical complex. Source: News
MARKET WATCH: NYMEX crude oil price drops on global economic concerns
Light, sweet crude oil prices fell to their lowest level in more than a week on the New York market Feb. 7 on what analysts called concerns about world economics that could slow oil demand. The Bank of England warned of a world economic slowdown. Meanwhile, a White House economic adviser told Fox Business Network […]
Shell Australia lets contract for Crux gas-condensate project
Shell Australia let a multimillion-dollar contract to global engineering groups Wood and KBR to deliver integrated front-end engineering and design for Shell’s Crux gas-condensate development project in the Browse basin off Western Australia. Source: News
Total reports record production in 2018
Total SA reported increases in adjusted net income for the fourth quarter and full year 2018 as production reached a record level for the year. With a 10% increase from the previous quarter, Total reported adjusted net income of $3.2 billion in fourth-quarter 2018. Source: News
Seadrill, Sonangol form Sonadrill combine
Seadrill Ltd. and Sonangol EP affiliate Empresa de Servicos e Sondagens de Angola Ltda. will each bareboat two drillships into Sonadrill—a 50-50 joint venture focused on opportunities in Angolan waters. Seadrill will manage and operate the drillships for the partnership for an initial 5-year term. Source: News
BLM reports record-breaking onshore oil, gas lease revenue in 2018
US Bureau of Land Management state offices generated more than $1.1 billion of revenue from onshore oil and gas lease sales during 2018, a record amount nearly triple the previous record of $408 million for the comparable period in 2008, Acting Interior Sec. David Bernhardt announced on Feb. 6. Source: News
Cuadrilla reports initial flow tests from Bowland shale
Cuadrilla Resources Ltd. said drilling, hydraulic fracturing, and flow testing of the UK’s first horizontal shale gas well indicated a rich reservoir of recoverable high-quality natural gas from the Bowland shale in northwest England. Cuadrilla CEO Francis Egan reported a complex fracture network was created in the shale and sand injected into the fractured stayed […]
Rystad Energy: Large-scale projects a factor for profitable shale drilling
As US crude oil production is set to rise substantially over the next decade, analysts still debate whether shale drilling is an actual profitable endeavor. Some skeptics claim operators overstate their well production profiles, while others say operational cash flow from shale wells will never be enough to cover corporate costs and old debt. […]