OPEC and its allies have recommended a production cut, but have not decided on a specific size, according to reports Wednesday. Ministers from OPEC will meet on Thursday to determine the specifics of the cut, including who should reduce output and by how much. Markets are, of course, watching closely for any signs of the scale of the cut. A
Apache’s U.K. North Sea Garten well delivers 16.3 MBOEPD eight months after discovery, 84% oil, 778 feet of net oil pay – Apache has 100% working interest Apache Corporation (NYSE: APA) has placed onto production its Garten discovery well on Block 9/18a Area-W in the United Kingdom sector of the North Sea. The discovery well, which is six kilometers south
From Reuters The recent nosedive in crude prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world’s top oil producer
From Reuters Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan’s largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the
SemGroup (ticker: SEMG) and DCP Midstream (ticker: DCP) have announced open season for a new pipeline system called Gladiator. The new Gladiator pipeline would run from SemGroup’s Cushing, Oklahoma terminal to Gulf coast markets, terminating near Houston, bringing producers the ability to transport segregated, light batches of crude oil all the way to the Gulf coast region. Conversion of Southern
From Bloomberg OPEC and its allies gather in Vienna this week to discuss production cuts after the biggest monthly drop in oil prices in a decade. They have the broad outlines of a deal after Russia and Saudi Arabia agreed over the weekend to extend their cooperation into 2019, but details are lacking. Whether the group brings about the end of the
From Reuters Several oil companies in Canada pushed back on Monday against Alberta’s mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd),
Cut will remove 375 MBOPD, or 8.7% OPEC isn’t the only group planning an oil production cut for 2019. Alberta Premier Rachel Notley announced temporary production cuts on Sunday as part of an effort to shore up pricing for ailing oil producers in her province. Canadian producers are grappling with punishing differentials, with the WCS-WTI differential reaching a staggering $50/bbl
Qatar, OPEC member since 1961, says it’s time to split Just three days before the opening of its 175th “Ordinary Meeting” in Vienna, OPEC appears to be splintering. Even as the group works toward a second production cut, Qatar announced it will leave the cartel in January. Qatar joined OPEC in 1961, only one year after the cartel was formed.
From Bloomberg A new threat looms for Canada’s largest oil producing province, even as it imposes mandatory output cuts to ease a glut that has driven down crude prices. A rule taking effect in 2020 aimed at reducing pollution by cutting the sulfur content of maritime fuel will make sulfur-heavy oil sands crude less desirable. The change may dampen the
From The Wall Street Journal Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week. Russia has yet to decide on how much production it would cut, Mr. Putin said, underscoring the remaining challenges ahead.
From Reuters The U.S. State Department will conduct another environmental review of TransCanada Corp’s long-pending Keystone XL oil pipeline, a U.S. official said on Friday, a move that could lead to additional delays of the project. The so-called supplemental environmental impact statement was ordered by Judge Brian Morris of the U.S. District Court in Montana in his ruling on Nov.
