Featured News
Russia Not Joining OPEC – But Still Cooperating
Does it really matter if you’re an official member of OPEC, or just a non-OPEC cooperating country? On the recent comment by Russian Energy Minister Alexander Novak, he told Reuters on Tuesday a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Russian Energy Minister Alexander Novak also also told Reuters that he and his Saudi Arabia counterpart, Khalid al-Falih, discussed long-term cooperation and that the current “mechanism of interaction” has proved to be effective. “We are now thinking about a format for cooperation which could be for the longer-term, which would include the possibility of market monitoring, information exchange and if needed the implem...
ExxonMobil Liberian oil deal went ahead despite anti-corruption concerns
ExxonMobil worked with a company connected to a senior Conservative party figure to transfer an oil asset in Liberia despite “concern over issues regarding US anti-corruption laws”, the Guardian can reveal. Documents seen by the Guardian show that ExxonMobil proposed a complex financial arrangement to move the rights to a Liberian oil block through two financial transactions on the same day, after concerns were raised about the original allocation of the rights. Under the arrangement, a company called Peppercoast sold rights in a west African oil block to a company called Canadian Overseas Petroleum Limited (COPL). Viscount Astor, the father-in-law of David Cameron, the former prime minister, is a director of COPL, which is registered in Bermuda. […] Read Full Article Here: https://w...
U.S. shale output seen hitting record 6.95 million bpd in April – EIA
U.S. crude production from major shale formations to hit a record high 6.95 million bdp in April. This is the result of an estimated rise in 131,000 barrels per day, the U.S. Energy Information Administration (EIA) said in a monthly productivity report on Monday. That expected increase would top the 105,000 bpd increase in March from the previous month to what was then expected to be a record high of 6.82 million bpd, the EIA said. The expected increase in April is largely driven by gains in oil production in the Permian and Eagle Ford formations, according to the report. With this increase the U.S. shale oil industry is increasingly being seen as a disruptive, and potentially dangerous, producer related to the global supply balance. It’s unclear on how much OPEC and Russia can cut p...
Offshore Oil Recovery Begins in the World
Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told analysts and investors in a conference call on Wednesday. Thigpen said he’s excited about opportunities to drill off the coast of Norway, the U.K. and Canada. It’s all thanks to the continued climb in crude prices after a three-year crash. Brent crude, the international benchmark, touched $71.28 a barrel late last month, the highest since December 2014… Read Full Article Here: https://www.bloomberg.com/news/articles/2018-02-21/offshore-oil-recovery-beginning...
BP profits surge as oil major leaves downturn behind
LONDON – BP’s profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn. The London-listed company saw one of the strongest output increases in its history last year, lifting production to levels not seen since the 2010 Deepwater Horizon spill. Production is set to continue growing into the end of the decade thanks to more field start-ups this year. BP would generate profits in 2018 at an oil price of $50 a barrel, Chief Financial Officer Brian Gilvary told Reuters, as years of spending cuts kicked in and as it slowly shakes off a $65 billion bill for penalties and clean-up costs of the 2010 spill. BP was the first among its European peers to resume shar...
Texas oil trade group sees investment pickup in 2018
A trade group in Texas said 2018 looked good for the oil and gas business, with investments trickling down to the coastal and manufacturing sectors. Texas is the No. 1 oil producing state in the country and home to some of the most lucrative shale basins, notably the Permian reservoir. The state’s economy was hobbled by the downturn in the energy sector that hit bottom in early 2016. In a survey for fourth quarter 2017, the Federal Reserve Bank of Dallas said Hurricane Harvey, which hit the largest density of refineries on the southern Gulf Coast in late August, caused $70 billion in direct damage and left around 22,000 people without a job. Read Full Article Here: https://www.upi.com/Energy-News/2018/01/03/Texas-oil-trade-group-sees-investment-pickup-in-2018/7071514978556/
The $40 Billion Oil And Gas Shot ‘Heard Around The World’
If you own oil and gas stocks, you need to make yourself familiar with Norway’s sovereign wealth fund, because they are about to sell $40 billion worth. Seeking Alpha had a great take on why this decision is important and why it matters to everyone… Read Full Article Here: https://seekingalpha.com/article/4126342-40-billion-oil-gas-shot-heard-around-world
Chemists synthesize a new catalyst for oil and gas processing
A team of scientists from the Research Institute of Chemistry (RIC) of RUDN University and colleagues from major scientific centers have created a new catalyst, a substance that activates oxidation processes in low-reactive components of oil and gas. The new method of hydrocarbon processing will efficiently produce valuable organic substances such as acids and alcohols using a reaction that requires only minor heating and no increased pressure. The results of the team’s work were published in the Journal of Organometallic Chemistry. https://phys.org/news/2017-11-chemists-catalyst-oil-gas.html
Women in Energy Conference Highlights Growing Role of Women in Oil and Gas Workforce
https://www.albawaba.com/business/pr/women-energy-conference-highlights-growing-role-women-oil-and-gas-workforce-1049042 The closing day of ADIPEC has put the spotlight on the growing importance of women in the oil and gas workforce, with industry role models leading the Women in Energy conference. Held as part of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), more than 200 delegates attended Women in Energy, offering a full day of discussions aimed at promoting diversity and inclusion within the global oil and gas industry…
Untapped: The New West Texas
The Texas standard has put together a great mini series about The Permian Basin in West Texas, and it’s nation leading oil adn gas production. Worth a read and listen. http://specials.texasstandard.org/untapped/