Heavy Crude Demand Boosts Mitsui Profits
Higher demand in low-sulphur heavy crude ahead of new rules on shipping fuel is helping to boost the profit of Mitsui & Co as the Greater Enfield project in Australia began production in August as scheduled, the Japanese trading house's CEO said on Thursday."The timely start of production of fine-quality low-sulphur heavy crude at the upstream project had also a ripple effect to our energy trading unit in Singapore…
Higher Output Cushions BP's Profit Fall
BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks the first significant dent in BP's steady recovery over the past 18 months following the sector's 2014 downturn."We produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds…
US to Overtake Saudi in Oil Exports
United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is…
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion…
Investigators Work to Determine Cause of Wisconsin Refinery Blast
Investigators on Friday searched for the cause of a blast at a Husky Energy refinery that injured at least 15 people and rocked a northern Wisconsin city, sending smoke billowing into the sky and prompting tens of thousands to evacuate. A massive explosion shook Superior, Wisconsin, a city of about 27,000 people, at about 10 a.m. local time (1500 GMT) on Thursday, local authorities said. At least 15 people were injured…
Bids for second phase Development of Iranian oilfields
Iran plans to ask international oil companies to bid for the second phase of development of its Yadavaran and North Azadegan oilfields, a senior official said on Saturday. That means Chinese firms China National Petroleum Corp (CNPC) and Sinopec, which have played a leading role in developing the fields until now, will have to compete with other firms if they want to maintain that position. "CNPC would like to extend its North Azadegan contract…
Iran aims to boost oil output capacity by 160,000 bpd
Iran aims to boost its crude oil production capacity by 160,000 barrels per day following the completion of expansion projects at its North Azadegan and Yadavaran oilfields, a senior Iranian oil official was quoted as saying. The two oilfields are both operational and ready to be officially inaugurated after the Feb. 26 parliamentary elections, Abdolreza Haji-Hosseinnejad was cited as saying by Iran's oil ministry news agency Shana on Saturday.
Keystone XL Pipeline Prospects Dimming
Faced with dimming prospects for approval, the Canadian company behind the proposed Keystone XL pipeline chose to plead with the U.S. government for a delay on its fate, signaling that prolonged uncertainty is preferable to rejection of the $8 billion project. Monday's appeal by Calgary-based TransCanada Corp has been widely interpreted as an attempt to avert an impending "no" from President Barack Obama to the nearly 1,200-mile (2,000-km) cross-border pipeline.
Judge Approves Exxon Mobil Settlement Over 2013 Spill
A federal judge on Wednesday approved Exxon Mobil Corp's $5.07 million settlement of charges that it violated the federal Clean Water Act and state environmental laws in connection with a 2013 oil spill in central Arkansas. U.S. The rupture of Exxon's Pegasus pipeline led to a March 29, 2013 spill that caused about 3,190 barrels, or 134,000 gallons, of oil to flow through Mayflower, Arkansas and nearby waterways, including Lake Conway, which flows into the Arkansas River.
US Orders Owner to Clean Up Ruptured Pipeline
The U.S. Environmental Protection Agency and the U.S. Coast Guard issued a joint federal Clean Water Act order to ensure the cleanup of heavy crude oil leaked from a pipeline near Refugio State Beach, Santa Barbara County, Calif. The order requires Plains Pipeline, L.P. (a.k.a. Plains All American Pipeline), the pipeline owner and operator, to continue its cleanup work inland, beachside, and in the ocean, to contain the oil and prevent further shoreline contamination.
A History of U.S. Oil Export Controls
On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war. Faisal's decision led directly to the introduction of a ban on U.S. crude exports, which remains in force in a slightly modified form and is now the focus of an intense struggle for reform. Following the U.S. mid-term elections next month…
Chicago Wholesale Gasoline Prices Rise on BP Whiting Refinery Fire
Wholesale gasoline prices surged in Chicago on Thursday after a fire hit a piece of equipment used to produce gasoline at BP Plc's refinery in nearby Whiting, Indiana, trade and industry sources said. BP said the fire was extinguished at its biggest U.S. plant and it expects little impact on production. The 413,500 barrel per day (bpd) refinery, which BP spent $4 billion expanding to handle more heavy Canadian crude, was still operating.
BP Reports Better Second Quarter 2014 Results
BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3.2 billion result for the first quarter of 2014. The company also announced a quarterly dividend of 9.75 cents per ordinary share, the same level as the previous quarter but 8.3% higher than a year earlier.
BP's Whiting Refinery Processing 270,000 bpd in Heavy Crude
BP's 405,000-barrel-per-day Whiting refinery reached a record heavy crude oil processing level of 270,000 bpd in the second quarter, the oil and gas company said on Tuesday. The Indiana refinery could process as much as 300,000 bpd of heavy crude, BP Chief Executive Bob Dudley told reporters, without providing a specific timeframe. "We believe it will have the capability of going up to around 300,000 barrels (per day) of production," Dudley said.
Brazil: Exports to Exceed Imports in 2014
Brazil will export more crude oil in 2014 than it will import, Magda Chambriard, director general of Brazil's oil regulator, the ANP, said on Tuesday. If her prediction comes true, the oil-trade surplus will be Brazil's first since 2012, when the country exported $20.3 billion of crude oil and imported $13.4 billion, according to Brazil's commerce and trade ministry. Brazil had an oil trade deficit in 2013, importing $16.3 billion of crude oil and exporting $13 billion, the ministry said on its website.
Brazil Says to Export More Oil in 2014 Than Will Import
Brazil will export more crude oil in 2014 than it will import, Magda Chambriard, director general of Brazil's oil regulator, the ANP, said on Tuesday. If her prediction comes true, the oil-trade surplus will be Brazil's first since 2012, when the country exported $20.3 billion of crude oil and imported $13.4 billion, according to Brazil's commerce and trade ministry. Brazil had an oil trade deficit in 2013, importing $16.3 billion of crude oil and exporting $13 billion, the ministry said on its website.
Ecospeed to Coat EXMAR Caribbean FLNG
In order to tap into Colombian stranded gas reserves, Pacific Rubiales Energy Corporation and EXMAR nv have partnered in a project to build and operate a floating LNG liquefaction, and storage unit, the Caribbean FLNG, which will be stationed at a jetty several kilometers off the Caribbean coast of Colombia for at least 15 years. In order to protect the hull of the Caribbean FLNG, keep it clean and facilitate…
