Industry News
Brent Pipeline Closure Confuses Oil Markets | OilPrice.com
In one of the most significant unplanned crude shortages of the year, the Forties pipeline system was closed due to a crack, sending oil prices soaring The closure of one of the most important pipelines in the oil market sent Brent prices soaring on Monday, with one analyst claiming it was “one of the most significant unplanned crude oil shortages we have seen this year”. Oil prices have since lost those gains, with markets apparently recovering from the original price shock. Read Full Article Here: https://oilprice.com/Energy/Energy-General/Brent-Pipeline-Closure-Confuses-Oil-Markets.html
The Oil And Gas Industry Is Under Attack | OilPrice.com
The global oil and gas industry is more vulnerable to cyberattacks than you might think, a threat that is going to be one of the industry’s key challenges in 2018. Almost two-thirds of oil and gas companies have recently had a serious cybersecurity incident, and only a small minority of them felt confident that their defense capabilities match the threats, a new survey from EY has revealed. The survey, which involved 40 respondents from the oil and gas industry, found that 60 percent had recently had a significant cybersecurity incident, but only 15 percent have what EY calls a robust incident response program. Even more discouraging was the finding that just 17 percent of respondents felt they are very likely to detect a sophisticated cyberattack in the future. Read Full Article Here: htt...
Exclusive: Exxon eyes Egypt’s offshore oil and gas – sources
Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Read Full Article Here: https://www.reuters.com/article/us-exxon-mobil-egypt/exclusive-exxon-eyes-egypts-offshore-oil-and-gas-sources-idUSKBN1DY009
What’s Affecting Oil Prices This Week (Dec. 4, 2017)?
For the upcoming week, Stratas Advisors expect prices to be range-bound at about .50/bbl with few factors for forward momentum present. For the upcoming week, Stratas Advisors expect prices to be range-bound at about $63.50/bbl with few factors for forward momentum present. Stratas Advisors also expects the Brent-West Texas Intermediate (WTI) differential to average $5.75/bbl. Read Full Article Here: https://www.oilandgasinvestor.com/videos/whats-affecting-oil-prices-week-dec-4-2017-1672336
Enter the ‘petro’: Venezuela to launch oil-backed cryptocurrency
Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!” “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The petro, he said, would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.” Read Full Article Her...
Tax Bill Supports Oil And Gas Industry, API President Says | OilPrice.com
The U.S. Senate passing the tax reform bill is pro-growth legislation that would help the domestic oil and gas industry, Jack Gerard, President and CEO of the American Petroleum Institute (API), said after the Senators passed the sweeping tax reform on Saturday. “Proposals to lower the corporate tax rate and strengthen cost-recovery provisions can allow the oil and natural gas industry to continue investing billions of dollars in the U.S. economy and add to the 10 million U.S. jobs our industry currently supports,” said Gerard, as carried by The Maritime Executive. “Pro-growth tax reform can support forward-looking energy policies to ensure our nation continues its global energy leadership. We encourage the House and Senate to move forward without delay to bring tax reform legislation to t...
DUG Eagle Ford: Marathon Oil Leverages The Digital Oil Field
The company’s technology director discussed how digital technology and innovation acts as a competitive differentiator. Marathon has adopted video surveillance, real-time notifications and decision-making capabilities to its field operations. Suarez noted that once those new process improvements were added to the company’s control center, it was able to introduce a safer and more efficient way of operating. “Thanks to the digital oil field enhancements in our Eagle Ford assets we’re adding two to three barrels of production to every well per day, which could ultimately result in several thousands of additional barrels annually at virtually zero cost,” Suarez said. Read Full Article Here: https://www.ugcenter.com/dug-eagle-ford-marathon-oil-leverages-digital-oil-field-1671186
OPEC poised to extend oil production cuts to support prices
Benchmark crude prices are now close to $60 a barrel, up almost 20 percent since a year ago, when the Organization of the Petroleum Exporting Countries and their non-OPEC partners agreed to reduce supply by a daily 1.8 million barrels to push up prices. Even bitter rivals Saudi Arabia and Iran appeared on the same page going into Thursday’s meeting. “My preference is to go for a 9-month extension,” Khalid Al-Falih of Saudi Arabia told reporters, while Bijan Namdar Zanganeh, his Iranian counterpart, said the meeting will “reach agreement about rolling over” the supply cuts. Read Full Article Here: http://abcnews.go.com/International/wireStory/opec-oil-ministers-poised-extend-production-cuts-51479058
Oil giant Shell buys electric car charging company
An few months old but with the recent Tesla Semi and all of the talks of electric vehicles, makes a ton of sense for Shell to be an energy company, not just “oil”.– Royal Dutch Shell (RDSA) revealed a deal on Thursday to acquire NewMotion, one of Europe’s largest electric vehicle charging providers. NewMotion specializes in converting parking spots into electric charging stations. The Dutch firm has more than 30,000 electric charge points in Europe. The acquisition, Shell’s first in this space, shows how Big Oil is being forced to confront the long-term threat posed by electric cars and efforts to phase out gasoline and diesel vehicles. Read Full Article Here: http://money.cnn.com/2017/10/12/investing/shell-oil-buys-electric-car-charging/index.html
U.S. crude pares gains after stockpile data
BOSTON (Reuters) – Oil pared gains on Wednesday, retreating slightly from a more than two-year high after U.S. crude stockpiles fell less than an industry group suggested on Tuesday. Still, U.S. crude prices remained elevated near a $58 two-year high after sources said the Keystone pipeline will cut deliveries by 85 percent or more through the end of November.. Read Full Article Here: https://www.reuters.com/article/us-global-oil/u-s-crude-pares-gains-after-stockpile-data-idUSKBN1DM04O?il=0
Majors move out, minors move in to British North Sea
The sale of gas fields in the British North Sea could be a sign that bigger companies are losing interest in an area with a bit of a future, analysis finds. Read Full Article Here: https://www.upi.com/Energy-News/2017/11/21/Majors-move-out-minors-move-in-to-British-North-Sea/7131511272204/
U.S. oil and gas ‘resurgence’ expected as global demand grows
LONDON — Oil will continue growing as a source of energy for over two decades, with the U.S. set to become the undisputed leader in crude and gas production, the International Energy Agency said last week. The report from the Paris-based agency will come as grim news for officials attending global climate talks in Bonn, Germany, as they grapple with ways to contain carbon emissions. Scientists last week said emissions of the heat-trapping gas rose this year after three years of not growing. The IEA said oil production will be driven by continued growth in energy-hungry industries. Though solar power is set to become the cheapest source of new electricity generation and the boom years for coal are over, oil and gas will continue to meet the bulk of the world’s energy needs, the ...