Pakistan Refinery Ltd. (PRL) has commissioned an isomerization plant at its 47,110-b/d hydroskimming refinery along the coastal belt of Karachi, Pakistan. Source: News
MARKET WATCH: NYMEX, Brent oil prices jump by more than $2/bbl
Crude oil prices soared by more than $2/bbl on both the New York and London markets Feb. 3, which analysts attributed to a sliding dollar. The oil price rally came despite a bigger-than-expected gain in US crude oil supplies. Source: News
PHMSA issues advisory bulletin on underground gas storage facilities
The US Pipeline and Hazardous Safety Administration issued an advisory bulletin for natural gas storage facility operators. It urged them to closely monitor operations to identify the potential for leaks and failures caused by corrosion, chemical or mechanical damage, or other material deficiencies in piping, tubing, casing, valves, and other associated facilities. Source: News
Pemex’s steady output declines continued in 2015
Petroleos Mexicanos (Pemex) reported liquid hydrocarbons production in 2015 of 2.59 million b/d, down 7% compared with the 2014 total and 10% compared with the 2013 total. Source: News
Statoil lets contracts for North Sea projects
Statoil ASA has let a combined $240 million in contracts covering work at Oseberg Vestflanken 2, Johan Sverdrup, and Gina Krog in the North Sea. Source: News
MARKET WATCH: NYMEX oil prices fall below $30/bbl, gasoline price dips
Light, sweet crude for March delivery settled under $30/bbl on the New York Mercantile Exchange Feb. 2 but prices were on the rise in early Feb. 3 trading awaiting release of the weekly government inventory, which showed a bigger-than-expected gain. Source: News
Decision looms for gas fields off Poland
Plans to develop two natural gas and condensate fields offshore Poland have advanced with the award of a preliminary contract for an onshore gas plant. Source: News
Total, Pertamina sign long-term LNG supply deal
Total SA has signed long-term agreements with Indonesia’s state-owned PT Pertamina for LNG supply over a period of 15 years starting in 2020. Source: News
Cabot slashes 2016 capital budget by 58%
Cabot Oil & Gas Corp., Houston, has set its 2016 capital budget at $325 million, down 47% from its preliminary budget reported in October and 58% from its 2015 capital program. Source: News
BP trims spending, plans to cut 7,000 jobs
BP PLC reported plans for organic capital expenditures of $17-19 billion for each of 2016 and 2017, with 2016 falling into the lower end of that range. The company spent $18.7 billion in 2015. Source: News