Sinopec Starts Up $6B Zhanjiang Refinery Complex
Top Chinese state refiner Sinopec Corp said on Tuesday it had started up a $6 billion new refinery and petrochemical plant in south China, making it the country's third integrated complex to start operations in the past 18 months or so.The Sinopec venture, situated in coastal city of Zhanjiang, comprises a 200,000 barrel per day (bpd) crude oil refinery and an 800,000 tonne-per-year ethylene facility, built at a cost of 44 billion yuan ($6.2 billion), Sinopec said in a statement.Two other complexes with combined refining capacity of 800,000 bpd have started up since early 2019, one built by privately-controlled Hengli
Energy Transfer to Buy SemGroup
Oil and gas pipeline company Energy Transfer LP said on Monday it would buy smaller rival SemGroup Corp for $1.35 billion and build a 75-mile oil pipeline to strengthen its oil transportation, terminalling and export operations.Energy Transfer will gain control of SemGroup's crude oil terminal on the Houston Ship Channel, and to connect it with its Nederland, Texas terminal, Energy Transfer said it will construct a pipeline between the two terminals.Energy Transfer will also add SemGroup's crude oil gathering assets in the DJ Basin in Colorado and the Anadarko Basin in Oklahoma and Kansas, as well as crude oil and nat
Enterprise, Chevron to Build Offshore Port
Pipeline operator Enterprise Products Partners signed long-term agreements with Chevron Corp to develop Enterprise’s Sea Port Oil Terminal (SPOT) in the Gulf of Mexico.The American midstream natural gas and crude oil pipeline company said in a release that its SPOT project consists of onshore and offshore facilities, including a fixed platform located approximately 30 nautical miles off the Brazoria County, Texas coast in approximately 115 feet of water.SPOT is designed to load Very Large Crude Carriers (VLCCs) at rates of approximately 85,000 barrels per hour, or up to approximately 2 million barrels per day.
BW Offshore Recycling FSO Belokamenka
The provider of floating production services to the oil and gas industry BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.The Oslo-listed company said in a press release that the FSO Belokamenka is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980.The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters. It is flagged and registered in Panama and classed by DNVGL…
Hibiscus Petroleum to Double Production
Malaysian oil and gas exploration and production company Hibiscus Petroleum is aiming to double its oil output in the United Kingdom and Malaysia to 20,000 barrels per day (bpd) by 2021, a senior company executive said on Thursday.It needs an additional $50 million by 2020 to boost production from about 10,000 bpd now, Kenneth Pereira, managing director of the company, told reporters."That's our maximum negative cashflow for projects already identified and that's based on a $60 per barrel oil scenario…
Vitol Says US Assets May Have Become Too Pricey
Trading house Vitol believes physical oil assets in the United States may have become a bit too pricey, potentially cooling appetite for them among trading houses that once viewed the U.S. oil industry as a prime acquisition target. Two years ago, as the U.S. shale oil boom flooded the world with excess oil and the country's drivers began fuelling up in record numbers on the cheaper gasoline, trading houses described U.S. assets as a "Klondike" gold rush. "Private equity and U.S. finance will continue to make the United States a place where a lot of money is invested…
Sunoco Logistics Sees no Impact to Texas Terminal Ops
A fire on Friday night that injured seven workers had no significant impact on operations at Sunoco Logistics' giant crude oil terminal on the Texas Gulf Coast, a company spokesman said on Saturday. "This hasn't significantly impacted our operations," said Sunoco Logistics spokesman Jeffrey Shields by telephone. The U.S. Occupational Safety and Health Administration opened an investigaton into the accident on Saturday, Shields said. An OSHA spokesman was not available on Saturday. The seven workers…
Seven Injured in Flash Fire at Texas Oil Terminal
An apparent flash fire injured seven workers working on a construction project at Sunoco Logistics crude oil terminal in Nederland, Texas on Friday, a company spokesman said on Saturday. "Seven employees of a contractor working on site were injured, four of them critically, in what appeared to be a flash fire involving a crude-oil pipeline connection," said Sunoco Logistics spokesman Jeffrey Shields. Marcus McLellan, a spokesman for Jefferson County Sheriff's office told 12NewsNow.com that the fire broke out while the workers were welding. Shields said the injured workers were employed by L-Con Inc.
San Leon's Nigerian Onshore Production Deal
San Leon Energy Plc, the AIM listed company focused on oil and gas exploration and production in Europe and Africa, has announced its proposed entry into Nigerian onshore oil and gas production. US$180 million transaction to finance the acquisition of Mart Resources, Inc. and an additional interest in MartWestern Energy Limited, and to restructure the assets and liabilities of these acquisitions with Midwestern Oil and Gas Company Limited. The acquisition and restructuring will result in San Leon securing a 9.72% indirect economic interest in the world-class OML 18 block, onshore Nigeria.
PES to Begin Operating Benzene Terminal in November
Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said. While most U.S. refiners are either selling benzene or refining it further, Philadelphia Energy Solutions is using the new terminal to help bring the chemical into the facility, according to an IPO document filed last month. The benzene facility is the latest step in building up infrastructure at a plant that was nearly shuttered in 2012.
UK's Hound Point VLCC Jetty Down Until Sept. 15
The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday, making sending excess cargoes to Asia more difficult for traders. The Hound Point jetty has two berths, but only Jetty 1 is large enough for the Very Large Crude Carriers (VLCC) that traders normally use to send cargoes to Asia. "Hound Point 1 berth will be closed to carry out maintenance. The berth won't be available for loading from 26th August 2014 until the work is complete, which we estimate as 15th Sept 2014," BP said in a statement.
