Energy News

Source: Reuters

Trafigura forms venture with Phillips 66 for deepwater Texas oil port

Reuters


LONDON – Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 (PSX.N) to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing …

February 28, 2020 - 2:30 pm Closing Bell Story‎, Energy News, Marine Shipping
Source: Reuters

Oil prices on track for biggest weekly fall in four years

Reuters


LONDON – Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in four years as the global spread of the coronavirus stokes demand fears.

Investors are increasingly …

February 28, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Trump ready to end Chevron’s sanctions waiver in Venezuela

Trump ready to end Chevron’s sanctions waiver in Venezuela

Houston Chronicle


The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime.

While no decision has been made, it’s increasingly unlikely that …

February 28, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, People
Source: CNBC

‘The new frontier of oil’: Latin America’s newest crude-producing nation to hold pivotal election

CNBC


An upcoming election in one of the smallest and poorest countries in South America is set to decide on a new government to oversee the highest amount of oil per person of any country in the world.

Guyana, a

February 28, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Offshore
Source: Reuters

OPEC leaning towards larger oil cuts as virus hits prices, demand: sources

Reuters


LONDON – Several key OPEC members are leaning towards a bigger than previously expected oil output cut, four sources with knowledge of the talks said, as oil prices fell to $50 per barrel on fears the coronavirus outbreak will …

February 28, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Houston Chronicle

Occidental Petroleum reports $965 million loss in 2019

Houston Chronicle


Costs related to Occidental Petroleum’s acquisition of Anadarko Petroleum last year drove losses for the Houston oil and gas producer in 2019, the company said Friday.

Oxy said it lost $965 million or $1.22 per share in 2019, …

Source: Houston Chronicle

Apache calls it quits on Alpine High after $3 billion charge

Houston Chronicle


Apache Corp. is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the prospect for about three years.

The Houston-based company posted a roughly $3 billion writedown on its …

February 27, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Houston Chronicle

NRG earnings recharged in 2019 as CEO hints at going private

Houston Chronicle


NRG Energy, one of the state’s biggest power generators and power retailers, said it strengthened its balance sheet last year, reduced its debt and is on the path to an investment grade rating.

“The company has never been …

February 27, 2020 - 2:00 pm Closing Bell Story‎, Energy News, Power Generation
Source: Reuters

Colombia’s Ecopetrol to increase exploratory wells, roll over debt due in 2020

Reuters


BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will look to increase the number of exploratory wells it has planned through 2022 to up to 45 in a bid to further bolster reserves, company executives said on Wednesday.

Ecopetrol …

February 27, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: usatoday.com

Wind has become the ‘most-used’ source of renewable electricity generation in the US

CNBC


Last year saw wind generation in the U.S. overtake hydroelectric generation for the first time, according to data from the U.S. Energy Information Administration (EIA).

Released Wednesday, the figures from the EIA’s “Electric Power Monthly” report show that yearly …

February 27, 2020 - 12:00 pm Closing Bell Story‎, Energy News, Renewable Energy
Source: Houston Chronicle

Tellurian rattled as Indian buyer seeks competing deal

Houston Chronicle


Houston-based Telluraian, along with its $28 billion export project, has been rattled by the attempts of a potential major customer in India to probe the market for competing supplies, highlighting mounting pressure on sellers amid a global glut …

February 27, 2020 - 11:00 am Closing Bell Story‎, Energy News, LNG, Natural Gas News
Source: Reuters

Oil prices slide for fifth day to lowest in a year as virus fears grow

Reuters


NEW YORK – Oil prices plunged more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global …

Source: Reuters

Guyana government launches search for company to market its crude

Reuters


Guyana’s government on Wednesday launched a search for a company to market its share of crude produced at the offshore Liza well, where an Exxon Mobil Corp-led consortium began producing oil in December.

The government is entitled to a …

February 26, 2020 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Oil inches up on U.S. crude inventories, coronavirus limits gains

Reuters


NEW YORK – Oil prices edged up on Wednesday after U.S. crude in storage grew less than expected and gasoline inventories dropped, but hundreds of new coronavirus cases reported in Asia, Europe and oil-producing countries in the Middle East …

February 26, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Houston Chronicle

Shell plans major drilling in Mexico, but oil may take years

Houston Chronicle


Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.

The global oil major plans to drill four wells this year, and …

February 26, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Source: Reuters

BP to quit main U.S. refining lobby over carbon policy

Reuters


LONDON – BP (BP.L) will leave the main U.S. refining lobby and two other trade groups as new Chief Executive Bernard Looney spurs some of the oil sector’s most ambitious targets for curbing carbon emissions.

BP said …

Wind has surpassed hydro as most-used renewable electricity generation source in U.S.

Wind has surpassed hydro as most-used renewable electricity generation source in U.S.

EIA


Oil & Gas Publishers Note: Interesting news from the EIA regarding wind surpassing hydroelectric, but is this a time to celebrate? We are looking at the statistics on renewable energy and the CO2 impact to the environment. The impact

Exxon drops to 15-year low ahead of annual strategy presentation

Exxon drops to 15-year low ahead of annual strategy presentation

Houston Chronicle


Exxon Mobil Corp. fell to a 15-year low on Monday amid a broad selloff in equity and commodity markets and just over a week before Chief Executive Officer Darren Woods is scheduled to present the oil explorer’s long-term …

Source: Reuters

U.S. shale oil output growth will slow in 2020: Schlumberger CEO

Reuters


RIYADH – The growth in U.S. shale oil production will slow to 600,000 to 700,000 barrels per day in 2020 and to 200,000 bpd in 2021, the chief executive of U.S. oilfield services giant Schlumberger said on Tuesday.

U.S. …

February 25, 2020 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
General Electric Oil & Gas and Petroleos Mexicanos (PEMEX), Mexico's state-owned oil and gas company, have signed a technology collaboration to help PEMEX improve its oil and gas production. Pictured here is an aerial photo of a PEMEX deepwater platform in the Gulf of Mexico.

Fight over Mexico’s Zama oil field is holding up Premier Oil’s effort sell its share

Houston Chronicle


The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process.

Some international oil companies operating in …

February 25, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Source: Houston Chronicle

Oil slips for 3rd day as virus fears outweigh supply cuts

Reuters


LONDON – Oil slipped towards $56 a barrel on Tuesday, falling for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

Crude fell …

Source: Houston Chronicle

‘Nail in the coffin’: Era of big oil sands mines may be over

Houston Chronicle


Canada’s oil sands industry may have already built its last big mine.

The cancellation of Teck Resources Ltd.’s Frontier project in northern Alberta — which envisaged producing more crude than OPEC member Gabon — epitomizes the struggles of …

February 25, 2020 - 11:00 am Canada News, Closing Bell Story‎, Energy News, Oil Sands
Potential Mismeasurement of Mining Limits Official Texas Real GDP Data

Potential Mismeasurement of Mining Limits Official Texas Real GDP Data

Dallas Fed


Oil & Gas 360 Publishers Note: Outstanding research by Keith Phillips and Christopher Slijk from the Dallas Fed. One of the key talking points is the volatility of the oil and gas industry on the Texas economy, and

U.S. crude oil production increases; imports remain strong to support refinery operations

U.S. crude oil production increases; imports remain strong to support refinery operations

EIA


In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050.

United …

Cimarex Ties Exec Compensation to Reducing Emissions, Natural Gas Flaring

Cimarex Ties Exec Compensation to Reducing Emissions, Natural Gas Flaring

NGI


While rhetoric by fossil fuel opponents “can be a bit extreme, our industry must demonstrate real commitment to a cleaner future, if we’re to be taken seriously in energy policy discussions,” he said. “The world needs the products that

Processing of aoil and gas from Skogul will take place on Alvheim FPSO. Credit: Aker BP.

Aker BP receives approval for Skogul oil field start-up in North Sea

Offshore Technology


Norwegian oil firm Aker BP has received approval from the Norwegian Petroleum Directorate (NPD) for the start-up of the Skogul oil field in the North Sea. Situated in the centre of the Norwegian North Sea, Skogul oil field

Construction of the Salt Tanks which provide efficient thermal energy storage[80] so that electricity can be generated after the sun goes down, and output can be scheduled to meet demand.[81] The 280 MW Solana Generating Station is designed to provide six hours of storage. This allows the plant to generate about 38% of its rated capacity over the course of a year.[82]

WoodMac: Energy storage to accelerate global energy transition in 2020s

BIC Magazine


Finn-Foley said: “The energy storage industry is in the enviable position of juggling growth gamechangers from multiple directions. Plunging costs drove speculation in the first scaled markets but as price declines enter a steadier rate, further recognition of

EIA forecasts natural gas inventories will reach record levels later this year

EIA forecasts natural gas inventories will reach record levels later this year

EIA


In the U.S. Energy Information Administration’s (EIA) February Short-Term Energy Outlook (STEO), EIA forecasts that the Lower 48 states’ working natural gas in storage will end the 2019–20 winter heating season (November 1–March 31) at 1,935 billion cubic feet …

Capital Power reports excellent fourth quarter and year-end 2019 results

Capital Power reports excellent fourth quarter and year-end 2019 results

Excellent year highlighted by record cash flow generation

EDMONTON, Alberta, Feb. 24, 2020 (GLOBE NEWSWIRE) — Capital Power Corporation (TSX: CPX) today released financial results for the quarter ended December 31, 2019.

 Fourth Quarter and Annual Highlights

  • Completed the 202-megawatt
Source: Houston Chronicle

Studies: Water reuse key to the future of shale

Houston Chronicle


Reusing oil field wastewater for hydraulic fracturing operations will be critical to maintaining productivity in U.S. shale plays, a pair of studies reveals.

In a pair of studies releases earlier this month, scientists with the University of Texas …

February 21, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Fracing, Water