Tendeka Appoints BD Manager for S. America
Tendeka has appointed a new business development manager for South America as the company increases its support for oil and gas operators in the region.Renato Barbedo will work with operators across the continent to deploy Tendeka’s broad range of products and technologies.Barbedo brings over two decades of global experience in upstream projects to the position. He previously worked with Schlumberger and Emerson and has vast experience in the areas of sand control, well construction and completions…
Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.
Exxon Resumes Seismic Survey in Guyana
Exxon Mobil Corp has resumed seismic exploration for oil and gas off of the coast of Guyana after halting work in December due to a run-in with the Venezuelan navy, a Guyanese government official said on Tuesday.Vessels have been able to travel unimpeded since the incident, said Minister of Business Dominic Gaskin in an interview at Rice University in Houston where he addressed a group of business executives."That was a one-off on Dec. 22 and we haven't heard any reports of a recurrence," Gaskin said.
China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said.Dropping crude oil from the final tariff list on $16 billion in U.S. goods announced late on Wednesday underscores the growing importance of the United States as a key global producer and critical alternative supply source for top importer China…
Ecuador to Offer Oil Block Terms in January
Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbors for foreign investment, the oil minister said. The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries, said Carlos Perez at a conference at Rice University in Houston on Friday. "Ecuador needs to be able to compete now that Brazil and Colombia have changed their contract terms to encourage foreign investment," he said.
Ecuador Still Exceeding OPEC Production Target
Ecuador remains out of compliance with its OPEC oil output reduction target, Carlos Perez, the country's oil minister said on Friday. Perez made the comments during a presentation on investment in the country's energy sector at Rice University. Ecuador's oil production was 548,400 barrels per day (bpd) in 2016, and its output has declined in 2017. However, the South American country has not hit its 26,000 bpd OPEC reduction target, he said. Reporting by Gary McWilliams
New Offshore Oil Investments Needed to Avoid Shortages -Hess
Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University's Baker Institute.
As Saudis Prepare for IPO, Some Have Misgivings
Many Saudis support oil firm Aramco's share offer, but some express concern in rare public criticism. Jamil Farsi, a prominent Saudi Arabian jewellery tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. "I don't know anything about economics but I beg you, and I beg the officials in the country, not to sell Aramco - not 5 percent, not 1 percent," he said. Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil giant Saudi Aramco.
OTC Names 2016 Award Winners
The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston. As part of the OTC Distinguished Achievement Awards Luncheon, the conference will recognize Robert (Don) Vardeman of Anadarko Petroleum Corporation for individual achievement, the Marine Technology Society Dynamic Positioning Committee for institutional achievement, and both George Hirasaki and Yuri Makogon with its Heritage Award. Founded in 1969, OTC brings together industry leaders and professionals from more than 120 countries.
Energy Drives Houston's Growth
Hidden in the haze of the petrochemical plants and beyond the seemingly endless traffic jams, a Texas city has grown so large that it is poised to pass Chicago as the third biggest in the United States in the next decade. Houston has been one of the fastest-growing U.S. cities for years, fueled by an energy industry that provided the backbone of the economy, low taxes and prospects of employment that have attracted job seekers. But Houston also embodies the new, urban Texas…
The Benefits of U.S. Crude Exports Explained
Researched by Industrial Info Resources (Sugar Land, Texas) -- In a paper published in late March, Dr. Kenneth Medlock III of Rice University's James A. Baker III Institute for Public Policy highlights many of the benefits that lifting the existing ban on crude oil exports would have for the U.S. Medlock believes that a lack of trading opportunities, coupled with lowered incentives to build transmission infrastructure, is causing North American crude to trade at much lower values than it is worth when compared with other globally traded oils.
Acorn Appoints Oxman as Partner
Acorn International, an environmental and social risk management service provider, has appointed Michael Oxman as partner within its Houston office. In this role, Oxman will be the cornerstone in taking Acorn International to a new level of client service and leadership in the professional services industry, the company said. The world’s largest and most advanced extractive industries turn to Acorn International for help in managing social and environmental risks when operating in challenging environments.
Money To Burn: OPEC's Wasteful Energy Subsidies
Fossil fuel subsidies cost governments in emerging markets more than $500 billion every year and are a major contributor to climate change, according to the International Energy Agency (IEA) and International Monetary Fund (IMF). The biggest subsidies are concentrated in the Middle East, North Africa, Asia and parts of Latin America, according to the IEA's Fossil Fuel Subsidy Database (http://www.iea.org/subsidy/index.html). Moreover energy-exporting countries accounted for three quarters of all consumption subsidies in 2012…
Money to Burn: OPEC's Wasteful Energy Subsidies
Fossil fuel subsidies cost governments in emerging markets more than $500 billion every year and are a major contributor to climate change, according to the International Energy Agency (IEA) and International Monetary Fund (IMF). The biggest subsidies are concentrated in the Middle East, North Africa, Asia and parts of Latin America, according to the IEA's Fossil Fuel Subsidy Database (http://www.iea.org/subsidy/index.html). Moreover energy-exporting countries accounted for three quarters of all consumption subsidies in 2012…
