Oil Minister: India ready to handle any oil shortages caused by Middle East conflict
Hardeep Singh Puri, the oil minister of India, said that India would be able navigate any potential disruption to its oil supply from a possible expansion of the Middle East conflict. India, which is the third largest oil consumer and importer in the world, imports 85% of their daily oil requirements of over 5 million barrels. A large part of this oil comes from Middle East producers. Brent oil is now nearing $80 per barrel due to concerns about a larger Middle East conflict. "We are very closely monitoring the situation." Puri stated…
Russian Oil Production up 5%; Seaborne Exports up 9.5%
Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June, 68,000 tonnes more than May levels, the news agency reported.Russian oil companies, led by Rosneft ROSN.MM, were expected to re-open wells in June which they had shut due to Western sanctions as the companies bank on a pick-up in seasonal demand and sustained Asian buying, Reuters sources said previously.
CNPC Finds Reserves From Pre-salt Field at Tarim
China National Petroleum Corp (CNPC) said it has found oil and gas reserves from a pre-salt area, where the resources are trapped under a layer of salt, for the first time in the country.Daily oil production from the area, located at Tarim oilfield in the northwestern region of Xinjiang, is estimated to be 133.46 cubic meters and daily gas output to reach 48,700 cubic meters.The pre-salt oil is found from a 8,882-metre well, the deepest onshore well in Asia, CNPC said in a statement on Monday.CNPC expects total oil reserves at the pre-salt oilfield in the Tarim Basin region to reach 310 million tonnes and gas reserve to reach 3.3 trillion cubic meters.(Reporting
Lukoil: No Need to Cut Output in 2019
Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.On Monday, Saudi Energy Minister Khalid al-Falih said OPEC and its allies agreed that technical analysis showed a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels.Vagit Alekperov…
Rosneft Nearly Triples Net Profit
Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution, with domestic fuel prices lagging behind surging crude oil prices. Russian oil companies have also been forced by the authorities to cap politically sensitive retail fuel prices.Despite the big profit jump from the same period last year, Ronseft fell just short of analyst expectations.
U.S. Crude Rises as One-fifth of Oil Production Lost Ahead of hurricane
U.S. crude prices were modestly higher on Tuesday as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp have evacuated personnel from 13 platforms as the storm made its way through the central Gulf on the way to landfall Wednesday on the Florida Panhandle.Companies turned off about 324,200 barrels of oil and 284 million cubic feet of natural gas by midday on Monday. An update on shut-ins Tuesday…
Brazil Becomes Core Ares for Equinor
With daily oil production of over 90 000 barrels per day from current fields and with expected investments of more than 15 billion USD until 2030, Brazil has become a core area for Equinor.A press release said that Brazil stands out globally as one of the most promising offshore oil and gas basins with a significant remaining resource base. In addition, the country has a huge potential within renewable energy.Brazil is a great fit with Equinor’s strategy, using the strengths from the experience on the Norwegian Continental Shelf. Currently Equinor has activity across the value chain…
New Water Booster Pumps for Polvo FPSO
As part of the life extension project for the Polvo Floating production storage and offloading (FPSO) vessel, operator BW Offshore has contracted Norwegian based liquid handling and pump specialist PG Flow Solutions to supply new water booster pumps.PG Flow Solutions said its scope of work includes the engineering, procurement, assembly of pump skid and commissioning of two produced water booster pumps in super duplex materials, with 150kW electrical motors, variable frequency drives and pressurized seal system.“After a couple of challenging years for the Brazilian offshore industry…
Oil Backs off 2014 Highs ahead of Trump Iran Decision
Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear program, Iranian crude exports might be affected, but analysts said it would also fan the flames of geopolitical tensions in the Middle East, which is home to a third of the world's daily oil supply.Brent crude futures were down 69 cents at $75.48 a barrel by 1143 GMT, while U.S.
Brazil Daily Oil Output to Double by 2026
Brazil's daily oil production should rise 3.8 percent this year over last and double by 2026, the director of a research arm of the government said on Tuesday. Output should pick up to 2.7 million barrels per day (bpd) in 2017 from 2.6 million bpd last year and surge to 5.2 million bpd by 2026, Jose Mauro Coelho, head of the Energy Research Company (EPE), said at an event in Rio de Janeiro. "You have fields going into production, new equipment, but growth now and in the short term is slow," he said, adding that the ramp-up should accelerate from 2022, as more fields begin producing.
U.S. DoJ to Prosecute Energy Activist Vandals
The U.S. Department of Justice on Friday pledged to prosecute protesters who damage energy infrastructure in a move that could escalate tensions between climate activists and the administration of President Donald Trump. The DOJ said it was committed to vigorously prosecuting those who damage "critical energy infrastructure in violation of federal law." Attempts to "damage or shut down" pipelines deprive communities of services, and can put lives at risk, cost taxpayers millions of dollars, and threaten the environment, a department official said in a statement sent to Reuters.
North Dakota Oil Production Slips about 1% in June
North Dakota's daily oil production slipped about 1 percent in June amidst tepid crude prices , according to state data released on Friday. The state pumped 1.03 million barrels of oil per day (bpd) in June, down from 1.04 million bpd in May, according to the North Dakota Department of Mineral Resources, which reports on a two-month lag. Natural gas production dipped slightly to 1.85 million cubic feet per day. The state's oil well count hit 13,915 during the month, an all-time high. North Dakota's drilling rig count, a closely watched barometer of the state's oil industry's health, has been steadily rising.
US Oil Rig Count Continues to Rise
U.S. energy firms added oil rigs for a record 22nd week in a row in a year-long drilling recovery but the pace of those additions has slowed in recent months as crude prices dropped to 2017 lows despite OPEC-led efforts to end a global supply glut. Drillers added six oil rigs in the week to June 16, bringing the total count up to 747, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That compares with 337 rigs in the same week a year ago. The pace of those additions, however, has slowed over the past two months with the decline in crude prices. U.S.
Anadarko Shares Dive as Wells Close
Shares of Anadarko Petroleum Corp plunged on Thursday after the oil and natural gas producer said it would temporarily close more than 3,000 wells in Colorado in the wake of an explosion that killed two. The company's stock fell more than 5 percent to $56.69 in Wednesday afternoon trading, touching six-month lows. A recently built home in Firestone, roughly 30 miles (48 km) north of Denver, exploded on April 17. Local media reported that two men were killed while repairing a water heater when the explosion took place. A women and boy were injured but were treated and released from a nearby hospital. The cause of the explosion has not been determined.
Oil Jumps on Chance of Another U.S. Draw, Norway Strike Supports
Oil prices were up as much as 2 percent on Wednesday, reacting to the possibility of another surprise weekly drop in U.S. inventories amid an industry strike in Norway that threatened to cut North Sea crude output. The American Petroleum Institute, a trade group, reported a 7.5 million barrel drop in U.S. crude inventories for the week ended Sept. 16, versus a 3.4 million-barrel drop forecast by oil market analysts polled by Reuters. The U.S. Energy Information Administration (EIA) will issue official inventory data for last week at 10:30 a.m. EDT (1430 GMT).
Oil Hits Two-Week Lows on Growing Supplies
Brent, WTI down 9-10 pct in one week. ExxonMobil prepares Nigerian cargo for end Sept. Oil prices fell to roughly two-week lows on Friday as news of rising Iranian exports and returning supplies from Libya and Nigeria fuelled concerns that the global glut will persist. Benchmark Brent crude futures fell below the $46-a-barrel mark, trading down 1.7 percent at $45.79 a barrel, down 80 cents, at 1045 GMT. U.S. West Texas Intermediate futures were down 73 cents, or 1.7 percent, at $43.18 a barrel, a two-week low. Both contracts have fallen 9-10 percent in one week, underlining how volatile the oil market currently is.
North Dakota Daily Oil Production Drops 2% in June
North Dakota's daily oil production fell 2 percent in June, the victim of low crude prices weighing on the energy industry. Daily output fell to 1.03 million barrels of oil per day, according to the state's Department of Mineral Resources, which reports on a two-month lag. (Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)
Canada Economy to Rebound After Energy Slump
Canada's economy should rebound "over the course of the year" from the impact of a wildfire in its energy heartland, Finance Minister Bill Morneau said on Saturday on the sidelines of a G20 meeting in Chengdu, China. The fire in the province of Alberta is estimated to have cut daily oil production by more than 1 million barrels and the Bank of Canada estimates it will shave 1.25 percentage points off economic growth in the second quarter. "We were approximately right in our expectations in our budget," he said of Canada's fiscal plan introduced in March, which promised growth spurred by government spending.
Norway Oil Workers Ink Wage Deal, Avert Strike
Norwegian offshore oil workers and employers signed a new wage deal on Saturday, avoiding a strike that would have cut the output from western Europe's top oil and gas producer by about six percent, employers and unions said. Some 755 workers at fields operated by Statoil, ExxonMobil and Engie had threatened to strike if the talks had failed. A conflict would initially have capped Norway's daily oil and natural gas output by 229,000 barrels of oil equivalents. "We've beaten back all attempts at weakening our terms," Safe union leader Hilde-Marit Rysst told Reuters. "On pay, we got a deal we can live with for this year," she added.
Pertamina picks Shell to process Iraqi Crude
Indonesia's Pertamina has selected Shell to process a million barrels per month of Iraqi crude at a Singapore refinery, a senior official at the state-owned company said on Wednesday. The quest for oil-processing capacity abroad is partly spurred by a lack of investor interest in building domestic refineries because of unfavourable investment conditions set by the government. "We've selected Shell because they are the most competitive," said Daniel Purba, senior vice president of Pertamina's Integrated Supply Chain unit. Purba added…
