From Reuters Canadian energy company Enbridge Inc said the section of its Texas Eastern pipeline in Kentucky that exploded on Thursday, killing one person, will remain shut through at least Aug. 12. Enbridge said in a notice to customers Monday afternoon it is working with federal and state officials investigating the incident and has not estimated when the damaged section
By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to
From Reuters OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down
From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
From Bloomberg The promise of the Permian is shrinking. Producers in the nation’s oil-rich shale basins are dialing back growth plans in the face of a growing panoply of problems that’s killing returns and keeping skeptical investors at bay. The constraints are manifold: pipeline limits, reduced flow from wells drilled too close together, low natural gas prices and high land
Largest crude oil demand growth came from Asia, Pacific regions and North America By Bevo Beaven, Editor, Oil & Gas 360 The OPEC oil cartel published its Annual Statistical Bulletin this week. The book highlights some interesting facts from the group’s 14 member countries’ crude oil exploits in 2018: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya,
From Reuters MOSCOW (Reuters) – Russian oil output fell to 11.11 million barrels per day (bpd) in May, its lowest level since June 2018, from 11.23 million bpd in April, Energy Ministry data showed on Sunday. The production fall resulted mainly from the closure due to oil contamination of Russia’s Druzhba pipeline, which usually ships 1 million bpd, or 1
By Tyler Losier, Energy Reporter, Oil & Gas 360 Natural gas consumption is on the rise in the kingdom Saudi Arabia burns more crude oil for the purposes of power generation than any other nation in the world, tripling the consumption of Iraq between 2015 and 2017, who at the time was the second highest country on the list. Recently,
The Federal Reserve Bank of Dallas has released its slide show updating leading indicators in the oil and gas industry. The bank’s upstream survey respondents pegged breakeven prices for new wells in the nation’s basins in a range from $47 to $55 per barrel. The Midland Basin ranked lowest at $47. The category for Other U.S. non-shale was the highest
From Arab News The state-run company responsible for oil projects in mid-stream had “a spotty execution track record” LONDON: Growth in Iraqi oil production will be squeezed for the next decade despite the country being the second largest OPEC producer after Saudi Arabia and the fourth biggest in the world, according to a report by US consultancy IHS Markit. The
From CNBC A sustained upswing in U.S. shale growth is likely to offset global production problems over the coming months, energy analysts told CNBC on Wednesday. The mood music in the energy market has been heavily influenced by a flurry of demand-side developments of late, with investors continuing to monitor an escalating trade war between the U.S. and China, the financial crisis in
“The competition for capital investment in the global marketplace is fierce and Canada is losing,” Canadian Association of Petroleum Producers (CAPP) CEO Tim McMillan said in a statement this week. McMillan said that a lack of regulatory clarity, and the inability to see federally-approved pipelines get built, sends the signal that Canada is closed for business. CAPP released its 2018
