Subsea Umbilicals Demand Hit by COVID-19
Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020, down from 1,041 km last year."Umbilical…
Offshore Drillers to Lose $3B Due To COVID-19, Low Oil Prices
Offshore drillings contractors leasing drilling rigs to oil and gas companies are set to lose contracts worth $3 billion in combined revenue in 2020 and 2021, Rystad Energy said Thursday, citing the impact of the coronavirus pandemic and low oil prices.According to Rystad, the estimated contract value in 2020–2021 is $30 billion in total…
Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said, located in Norway…
Rystad: 2020 Biggest Year for Offshore Wind Jackets
The global offshore wind farms (OWF) that are set for start-up this year will make 2020 the year with the highest ever use of steel jacket foundations for new developments, Norwegian energy intelligence firm Rystad Energy said in a report on Thursday.The trend of using this type of foundations - a lattice steel framework…
Gazprom Neft Cuts Output Forecast Iraq Oilield
Russian oil producer Gazprom Neft has made a further cut to its forecast for the level at which output will plateau at the Badra oilfield in Iraq, the company said on its website on Thursday.The post cited comments made by Deputy Chief Executive Vadim Yakovlev in an interview with media outlet Energy Intelligence, saying average production will pla
Phillips 66 Says Alliance, Louisiana, Refinery Shuts After Incident
Phillips 66 on Friday said it began an unscheduled shutdown of its 249,700-barrel-per-day (bpd) Alliance, Louisiana refinery on Thursday as part an on-site emergency response involving a plant worker.* "Phillips 66 continues to work with local emergency responders, including the Plaquemines Parish Sheriff’s Office…
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S.
OPEC is Back in Business, and the Market is Sceptical: Kemp
OPEC's output accord in Algiers last month was initially greeted with enthusiasm by oil market bulls but much of that euphoria is now dissipating as traders question whether it will make an actual difference. The agreement, coming after many observers had written off the possibility of a deal…
Part of Seaway Pipeline Shut After Oklahoma Spill
The Seaway Pipeline Co shut down part of its pipeline system following a leak of crude oil in Cushing, Oklahoma on Monday, said Enterprise Products Partners LP , which operates the pipeline in a venture with Enbridge Inc. The 500-mile, 30-inch diameter pipeline system connects the U.S.
Brent Spreads Signal Long Road to Rebalancing
OPEC's agreement on an new production target has been followed by a bout of renewed optimism about the rebalancing of the oil market. But there are so far few signs of imminent rebalancing in the structure of Brent futures prices for 2017. "Fundamentals are improving and the market is rebalancing…
Fortis Joins Energy Impact Partners Utility Coalition
Energy Impact Partners LP (EIP) today announced the addition of Fortis Inc. to its Nexus strategic partner network. Fortis joins Southern Company (NYSE:SO), National Grid plc (NYSE:NGG), Xcel Energy Inc. (NYSE:XEL), Ameren Corporation (NYSE:AEE) and Great Plains (NYSE:GXP) as strategic…
Prompt WTI Discount Narrows
The discount for prompt WTI relative to the second month contract narrowed by 29 cents per barrel to $1 on Monday, suddenly reversing a trend that last week pushed the spread to a six-month low. It was not immediately clear why the spread narrowed so sharply, but traders said it may…
Alliance Shuts Natgas Pipeline; Chicago Prices Up
Alliance Pipeline shut its Western Canadian 1.6 bcfd pipeline that feeds natural gas to Chicago on Friday after poisonous, flammable gas got into the system, forcing at least five producers to curb output and lifting Chicago prices. The company declared force majeure on the 2,400-mile (3…
Pemex to Modernize System for Monitoring Contractors
Mexican oil giant Pemex says it will implement a new system for registering contractors, amid concerns about abuse in the state-owned oil company's vast contracting budget. Pemex's new centralized system for registering contractors will include more than 9,500 service providers and…
Petrobras is World’s 12th largest
Petrobras is now the world’s 12th largest oil and gas company, according to the 2014 edition of the Petroleum Intelligence Weekly (PIW) ranking, published by the Energy Intelligence Group. This annual ranking lists the 50 largest companies in the sector, based on facts such as oil and gas reserves, and production and refining capacity.
BP- First Shah Deniz II Gas to Reach Europe in 2020
The first gas from Azerbaijan's Shah Deniz II project will be delivered to Europe in the first quarter of 2020, a BP spokesman said on Friday. Shah Deniz, Azerbaijan's biggest gas field, is operated by BP with partners TPAO of Turkey, Azerbaijan's SOCAR, Russian oil firm Lukoil and Iran's Nico (Naftiran Intertrade Co).
Canadian Crude-by-rail Export Volumes Dip
Strong Canadian crude prices and loading terminal maintenance have slowed down the oil sands' crude-by-rail boom, industry players said on Monday, after government data showed crude exports by rail dipped in the second quarter of 2014. Figures from the National Energy Board released…
Exxon Shutting FCC at Baytown TX Refinery for Work
Exxon Mobil Corp began shutting down a 125,000 barrels-per-day (bpd) fluid catalytic cracking unit (FCCU) and a 21,000 bpd alkylation unit this week for planned work at its 560,500 bpd refinery in Baytown, Texas, according to energy market information firm IIR Energy. IIR said on…
ExxonMobil in Talks With Turkey Over Shale Gas Exploration
U.S. oil firm ExxonMobil is in talks with state-run Turkish Petroleum Corporation over a venture to explore for shale gas in the country's southeast and northwest regions, a Turkish energy official said. Exxon held talks with TPAO in 2012 to over a partnership in shale, but the negotiations were inconclusive.
