ExxonMobil Corp. reported estimated 2018 earnings of $20.8 billion compared with $19.7 billion a year earlier. Excluding US tax reform and asset impairments, earnings were $21 billion compared with $15.3 billion in 2017. Source: News
Petrobras restores full operations at Replan refinery
Petrobras has resumed full production rates at the operator’s 434,000-b/d Replan refinery in Paulinia, Sao Paulo, following a late August 2018 fire that led to a temporary suspension of operations at the complex. The refinery’s return to 100% of its nominal production capacity follows restart of the complex’s atmospheric distillation unit (U-200), which was back in […]
Petrobras starts production from Lula North in Santos basin
Production of oil and natural gas has started from the Lula North presalt area in Brazil’s Santos basin from Petroleo Brasileiro SA’s P-67 floating production, storage, and offloading vessel, reported BM-S-11 consortium partner Shell Brasil Petroleo Ltda. The FPSO, which is 260 km off Rio de Janeiro in 2,130 m of water, will produce through […]
MARKET WATCH: NYMEX down slightly as Trump talks trade
Light, sweet crude prices for March delivery fell slightly to settle just above $54/bbl on Jan. 31 with trade concerns again in the spotlight. In a session to sign an executive order that recommends federal money earmarked for infrastructure projects be directed to American companies, US President Donald Trump told reporters at the White House […]
GEI: US energy security improved for sixth straight year
US energy security improved for a sixth consecutive year in 2017 and neared a modern-day best, the US Chamber of Commerce’s Global Energy Institute reported as it released its 2018 Index of US Energy Security Risk. In 2017, the most recent year of actual available data, the risk score fell to 77.5, the lowest score […]
IOC lets contracts for Paradip refinery
Indian Oil Corp. has let contracts to Larsen & Toubro subsidiary L&T Hydrocarbon Engineering to provide engineering, procurement, construction, and commissioning on two units at IOC’s more than 300,000-b/d full-conversion refinery at Paradip in India’s state of Odisha on the country’s northeastern coast. Source: News
Alberta eases month-old production cut
The government of Alberta is easing the production cut in effect since Jan. 1 to address historic price discounting due to pipeline congestion. Saying it is responding to “new storage data,” the province will allow production to increase to 3.63 million b/d in February and March from the January limit of 3.56 million b/d. […]
AGL calls off north Queensland asset sale
AGL Energy Ltd., Sydney, has ended the agreement to sell its natural gas assets in north Queensland to the Order Moranbah Holdings group that was originally announced in August 2017. Order Moranbah is a consortium of Chinese gas distribution company Shandong Order Gas Co. and Australian energy investment company Orient Energy Pty. Ltd. Source: […]
ExxonMobil to streamline upstream organization
ExxonMobil Corp. will streamline its upstream organization and centralize project delivery across the company to support its plans to double operating cash flow and earnings by 2025. Effective Apr. 1, three new upstream companies will be created: ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co., and ExxonMobil Upstream Integrated Solutions Co. […]
India’s small-field round nets 145 bids
India’s second round of bidding on licenses encompassing discovered small fields attracted 145 bids for 24 of the 25 blocks on offer. Vedanta Ltd. submitted the most bids by a single company, 21. Source: News