Commodities: Oil & Gas for February 7, 2018


Various PDVSA News

  • Tillerson Says US Weighing Sanctions On Venezuelan Oil Industry
    on 2018-02-07 at 01:52Citing sources, Reuters reported last June that the Trump administration was considering sanctions on Venezuela’s energy sector, including state oil company PDVSA, responsible for most of the country’s exports. The opposition-led National Assembly said in early January that the country’s annual … […]

  • Venezuela Invites OPEC Countries to Jointly Develop Oil-Backed Crypto Platform
    on 2018-02-07 at 01:18In addition, “The use of petro will be promoted by PDVSA and other public and joint ventures, as well as national public entities and regional and local governments,” the whitepaper also revealed. On Tuesday, the Superintendency of Cryptocurrencies announced that the “PDVSA will use the petro in its … […]

  • Trump administration eyes Venezuela oil sanctions
    on 2018-02-06 at 22:41… sanctions due to the expected impact on the Venezuelan people and the US refining industry, including Valero and Citgo, PDVSA’s US subsidiary. … the US Treasury imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA. […]

  • Venezuela’s US oil sales rebound in January, still below year ago
    on 2018-02-06 at 21:00The country’s oil exports to the United States were 476,550 barrels per day (bpd) last month, 29 percent lower than in January 2017, according to the data. But state-run PDVSA’s oil exports recovered slightly versus the previous month due to larger sales of upgraded crude from Venezuela’s Orinoco Belt. […]

  • Venezuela’s Amuay refinery partially resumes operations
    on 2018-02-06 at 09:22Reuters reported that Venezuela’s Amuay refinery partially resumed operations during the week, although some units are still not working, a union leader and a worker said. The 645,000 barrel-per-day facility was completely halted in mid-January when the distillation units and the catalytic cracker … […]

  • Venezuela: Former PDVSA Execs Accused of Siphoning Off US$60m
    on 2018-02-05 at 21:58Three former directors of state-owned oil company Petroleos de Venezuela SA (PDVSA) allegedly transferred US$60 million to offshore accounts in Andorra between 2008 and 2014, El Pais reports. Through various bank statements acquired by the Latin American publication, the newspaper was able … […]

PennEnergy Oil Exploration & Production News

Oil & Gas Journal

  • US DUC inventory stabilizes, depletion rates accelerate
    on 2018-02-07 at 00:26The number of drilled but uncompleted (DUC) oil wells stabilized in US unconventional plays during 2017.Meanwhile, some Eagle Ford wells showed higher initial production (IP)rates but faster decline rates. […]

  • Midstates Petroleum proposes merger with SandRidge
    on 2018-02-06 at 21:38Midstates Petroleum Co. Inc. has proposed to combine with SandRidge Energy Inc. in an all-stock merger to create a Mississippian Lime play-focused company with a 456,000-net acre operating footprint in the play with a 75,000-net acre position in the NW STACK. […]

  • Pennsylvania governor renews call for lawmakers to pass severance tax
    on 2018-02-06 at 20:30Pennsylvania Gov. Tom Wolf (D) renewed his request to the commonwealth’s legislators to enact a severance tax, arguing in his Feb. 6 budget address that it would be paid “by people mostly outside of Pennsylvania to use our natural resources” to support state programs and improve the economy. […]

  • Long Son Petrochemical lets contract for Vietnamese petchem complex
    on 2018-02-06 at 20:18Siam Cement Public Co. subsidiary Long Son Petrochemical Co. has let a contract to a consortium of SK E&C Co. and TechnipFMC for work on a long-delayed project to build Vietnam’s first petrochemical complex on Long Son Island in Vung Tau City, Ba Ria Province, about 100 km southeast of Ho Chi Minh City. […]

  • Stampede comes on stream in Gulf of Mexico
    on 2018-02-06 at 19:00Stampede, a Gulf of Mexico deepwater oil and gas development, has come onstream, said CNOOC Ltd. whose subsidiary Nexen Petroleum Offshore USA is a partner. Hess Corp. operates Stampede, which is 185 km south of Fourchon, La., in about 1,066 m of water with a reservoir depth of 9,100 m. […]

  • Deep potential confirmed in far-north Russia
    on 2018-02-06 at 18:06A joint venture of Rosneft and Gazprom Neft has confirmed the potential of deep strata in Vostochno-Messoyakhskoye oil field in northern Yamalo-Netets Autonomous Okrug of Russia, 340 km north of Novy Urengoy.&nbs […]

World Oil – US Onshore

Various Oil & Gas News

  • Petrol, diesel price hike takes a pause as crude oil prices dip to a month low
    on 2018-02-07 at 06:33The Brent crude oil price, however on Wednesday, up 43 cents after falling for three continuous days to $67.29 per barrel. On Tuesday, the price was recorded $66.88 per barrel, nearly a month low. Brent crude oil price surged on Wednesday as a report stated that the US crude inventories fell last week, … […]

  • Forecasts for Brent, WTI prices up
    on 2018-02-07 at 06:22Brent crude oil spot price is expected to average $62 per barrel in 2018 and 2019 both, according to February Short-term Energy Outlook (STEO) released by the US Energy Information Administration (EIA). This is while in its previous report, EIA forecasted Brent price to average $60 per barrel in 2018 … […]

  • Bangladesh eyes 5.75 million mt/year in long-term LNG contracts from 2018
    on 2018-02-07 at 05:48The prices of the three preliminary deals have been negotiated with a three-month average of Brent crude oil prices, said Md Quamruzzaman, managing director with state-owned Rupantarita Prakritik Gas Company Ltd, a wholly owned subsidiary of Petrobangla in charge of Bangladesh’s LNG … […]

  • US crude oil output to surpass 10 mln barrels per day through 2019: EIA
    on 2018-02-07 at 04:41Meanwhile, the EIA forecast Brent spot prices will average about 62 U.S. dollars a barrel in both 2018 and 2019 compared with an average of 54 dollars a barrel in 2017. It also expected the West Texas Intermediate (WTI) crude oil prices to average 4 dollars lower than Brent prices in both 2018 and … […]

  • US crude oil inventories decrease again as oil prices fall
    on 2018-02-07 at 04:30U.S. crude oil stockpiles in the previous week added 6.8 million barrels, the biggest gain in almost 11 months. Oil slid to a two-week low and is headed for its longest losing streak in two months as a plunge in global equities dragged other markets lower. Meanwhile, the West Texas Intermediate (WTI) … […]

  • Oil rises on report of lower US crude inventories, stock market recovery
    on 2018-02-07 at 01:50SINGAPORE (Reuters) – Oil prices rose on Wednesday amid a share market recovery and supported by a report that U.S. crude inventories fell last week, although analysts warned that … Brent crude futures were at $67.44 per barrel at 0235 GMT, up 58 cents, or 0.9 percent, from the previous close. […]

  • Oil prices rise on report of decline in US crude stocks(Update)
    on 2018-02-07 at 00:54Brent crude futures were at $67.29 per barrel at 0135 GMT, up 43 cents, or 0.6 percent, from the previous close. U.S. West Texas … SINGAPORE: Oil prices rose on Wednesday amid a recovery in global stock markets, supported by a report that U.S. crude inventories fell last week. Brent crude futures … […]

  • Is This The End Of The Oil Rally?
    on 2018-02-07 at 00:01“The rise in risk aversion that this expresses is prompting speculative financial investors to get out of their crude oil forward contracts,” Commerzbank analysts wrote in a note on Tuesday. “Speculative net long positions in Brent and WTI were at or close to a record level in the last reporting week, meaning … […]

  • Crude to exert upward pressure on policy rate
    on 2018-02-06 at 23:43The upward trend in crude oil prices in the recent past will also exert immense weight on Monetary Policy Committee’s (MPC) decision on policy rate today, said economists. Consistent inventory drawdowns in the past few weeks had pushed crude prices to dangerous levels with benchmark Brent crude … […]

  • The World’s Biggest Oil Benchmark Could Change Forever
    on 2018-02-06 at 23:03For more than a month already, the Brent benchmark has been sourced from five, not four, North Sea Fields. Eleven years after Platts added Ekofisk to Brent, the 200 kbpd Troll is the latest addition to the family, which, however, seems unwilling to take up the BFOET abbreviation. Despite the recent … […]

Oil & Gas 360

Economic Times

Hellenic Shipping News Worldwide – General Energy News

  • Chinese state-owned energy companies to form coal, power trading JV
    by hellenicshippingnews.. on 2018-02-07 at 10:00Six Chinese state-owned energy companies will form a joint venture to trade coal and electricity and invest in an electric transmission system to better connect Shanxi and Jiangsu provinces. The announcement follows the Chinese government’s plans to streamline its state-owned coal industry by consolidating coal miners and encouraging coal companies to undertake more tie-ups with … […]

  • Egypt to offer 11 concession areas in gas exploration bid round -Shorouk
    by hellenicshippingnews.. on 2018-02-06 at 22:00Egypt’s state gas board EGAS will hold an international bid round for exploration in 11 concession areas by the end of June, local newspaper Al-Shorouk said on Tuesday, quoting an EGAS official. The official, who was not named, said that the concessions would include eight sea areas and three land areas. EGAS said in January … […]

  • India: Western region to top crude oil refining capacity by 2030 at 242 mn tonnes
    by hellenicshippingnews.. on 2018-02-06 at 22:00The western region of the country is likely to witness maximum addition of crude oil refining capacity by 2030. The refining capacity in the western part of the country is likely to touch 242 million tonne per annum (mtpa) almost double the capacity of 121.4 mtpa. According to the report of ‘Working Group on Enhancing … […]

  • ADNOC signs 15-year gas sales agreement with Dubai
    by hellenicshippingnews.. on 2018-02-06 at 22:00Abu Dhabi National Oil Co (ADNOC) signed a 15-year gas sales agreement on Tuesday with the Dubai Supply Authority to supply the city’s natural gas needs, a statement from the company said. The deal replaces a similar agreement signed in 1998, from which ADNOC built the Taweelah–Jebel Ali pipeline and the first gas deliveries from … […]

  • BP’s European natural gas price realization jumps to $5.56/Mcf in Q4
    by hellenicshippingnews.. on 2018-02-06 at 22:00BP said Tuesday its average realized gas price in Europe jumped to $5.56/Mcf ($5.41/MMBtu) in the fourth quarter of 2017, a rise of 9% on the previous quarter and of 16% year on year, as wholesale prices rallied due to periods of cold weather and a number of unplanned outages across the continent. BP’s global … […]

  • Largest U.S. refinery shuts key crude unit, starts overhaul-sources
    by hellenicshippingnews.. on 2018-02-06 at 18:00The largest U.S. refinery began a planned one-month overhaul of its key crude oil processing unit, said three sources familiar with plant operations. Motiva Enterprises finished shutting down the large crude distillation unit (CDU) at its 603,000 barrel-per-day (bpd) Port Arthur, Texas, refinery on Sunday night to start the work on Monday, the sources said. … […]

Hellenic Shipping News Worldwide – Oil & Companies News

  • Oil steadies, as lower inventories offset by higher U.S. output
    by hellenicshippingnews.. on 2018-02-07 at 10:00Oil held mostly steady on Wednesday, as the boost from a report showing a drop in U.S. crude inventories last week was offset by evidence of soaring U.S. output. Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased 12 cents to … […]

  • U.S. Crude Output to Jump Above 11 Million Barrels a Day Sooner Than Expected
    by hellenicshippingnews.. on 2018-02-07 at 10:00The U.S. government sees nationwide oil production jumping above 11 million barrels a day much quicker than anticipated. After oil output already topped 10 million barrels a day back in November, output will climb above the 11 million mark this November, the Energy Information Administration said in its monthly Short-Term Energy Outlook on Tuesday. It … […]

  • Why oil could follow energy stocks lower
    by hellenicshippingnews.. on 2018-02-07 at 10:00Oil is hovering around the $65 level, but one technician warns that a sell-off in the commodity is imminent based on what he sees in the chart. Energy stocks continued to fall Monday, and the group was on track for its worst two-day performance since August 2015. But things could get even worse for energy … […]

  • Surgutneftegaz CEO says favors maintaining global oil cut pact
    by hellenicshippingnews.. on 2018-02-07 at 10:00Vladimir Bogdanov, chief executive of Russian oil company Surgutneftegaz, said he took a positive view on maintaining a global deal on cutting crude production. Bogdanov was speaking to reporters after a meeting in the Russian energy ministry between oil company executives and ministry officials to talk about the production cut deal and other topics. Source: … […]

  • LOOP Sour becomes lighter, more sour for January: In the LOOP
    by hellenicshippingnews.. on 2018-02-07 at 10:00The US crude blend LOOP Sour was lighter and more sour in January, according to a monthly assay posted by the Louisiana Offshore Oil Port. As LOOP Sour crude became lighter, LOOP imported 4 million more barrels of Iraqi Basrah Light and 1.5 million more barrels of Kuwait Export crude than in December. Because not … […]

  • Angola oil minister sees no further OPEC cuts, expects to become gold producer
    by hellenicshippingnews.. on 2018-02-06 at 22:00Angola sees no further OPEC cuts in 2018 and Africa’s No. 2 crude exporter hopes to join the ranks of gold producers next year as it strives to diversify an economy long based on oil and diamonds, its minerals and petroleum minister said. Angola, where oil wealth has failed to translate into wider prosperity, has … […]

The Barrel

  • LOOP Sour becomes lighter, more sour for January: In the LOOP
    by Mary Hogan on 2018-02-06 at 08:00The US crude blend LOOP Sour was lighter and more sour in January, according to a monthly assay posted by the Louisiana Offshore Oil Port. As LOOP Sour crude became lighter, LOOP imported 4 million more barrels of Iraqi Basrah Light and 1.5 million more barrels of Kuwait Export crude than in December. Because not […] The post LOOP Sour becomes lighter, more sour for January: In the LOOP […]

  • The challenge facing US shale companies as oil prices recover: Produce more crude or more cash?
    by Starr Spencer on 2018-02-05 at 06:10As oil prices recover from the lows of 2014, US shale producers face a choice: continue to invest in record production or start returning cash to investors who helped them weather the downturn. It used to be that investors rewarded US upstream operators that could quickly grow production. More crude output growth per quarter separated […] The post The challenge facing US shale companies as […]

  • Gaspirations: In pursuit of an LNG freight derivatives market
    by Eric Yep on 2018-02-01 at 12:00The commoditization of the global LNG market has had implications across several associated industries, ranging from the gas-fired power sector to seaborne gas transportation. Hence, it came as no surprise that the venerable Baltic Exchange, probably the world’s oldest source of shipping information, set out to build an LNG freight index in January that could […] The post […]

  • Beijing locks sights on green dividend
    by Ross McCracken on 2018-02-01 at 11:30It might seem odd to speak of China’s economy as green when the country is far and away the world’s largest producer and consumer of coal, but there is no question that Beijing is combining industrial and environmental policies in a way that is more radical than most, if not all, Western governments. Moreover, given […] The post Beijing locks sights on green dividend appeared […]

Energy and Capital

  • Stocks to Buy Following a Crash
    by Christian DeHaemer on 2018-02-06 at 08:00It’s been almost impossible to find anything to buy for over a month now. Thank the gods of the Dow for this market sell-off… […]

  • Pad Your Wallet Like Big Pharma
    by Alexandra Perry on 2018-02-05 at 08:00Our medical system is broken. Patients are struggling to keep up with expensive treatment options and looking for an alternative. The CRISPR gene-editing method could be this alternative. […]

  • 2018: A Breakout Year for Gold Prices
    by Luke Burgess on 2018-02-02 at 08:00It’s time to get very excited about gold again. 2018 is going to be a breakout year for the yellow metal. Energy and Capital editor Luke Burgess shows you how to get started investing today. […]

  • Chinese Stocks are on Fire
    by Christian DeHaemer on 2018-02-01 at 08:00Emerging markets are becoming more valuable… particularly China. Energy and Capital editor Christian DeHaemer tells you why you must buy this company now. […]

Energy Business Review – Exploration & Development

Energy Business Review – Drilling & Production

Oil & Gas iQ

  • Controlling Contract Growth
    on 1970-01-01 at 00:00In this webinar, 30-year project contracts professional, Ian Foster, analyses findings from the recent contract growth industry survey. In his discussion, Ian will address each issue and offer real-world methods that can be applied today to avoid these problems on current and future projects.Learn […]

  • Why is oil and gas so slow to upgrade?
    by Oil & Gas IQ News on 2018-02-07 at 13:01Hexagon PPM has been undertaking deep research into the progress of the oil and gas industry in its journey to transform into a digitised industry – one that embraces new technologies that include cloud computing, augmented reality, 3D printing and artificial intelligence.The results of the current […]

  • Infographic: Digital transformation for oil and gas
    by Oil & Gas IQ Surveys on 2018-02-07 at 13:01Survey reveals what’s important to the industryIn this infographic, OpenText and Oil & Gas IQ take a look at how the industry is progressing on the digital transformation journey. Following a survey of almost 400 oil and gas professionals, we discover what matters most to those seeking new […]

  • Oil & Fuel Theft – Global Report
    by Oil & Gas IQ News on 2018-02-07 at 13:01Global oil and fuel theft is an underreported and relatively unexplored issue, but it is one that is causing untold threat to local and regional prosperity and stability. The problem is both broad and systematic, impacting operations in upstream, midstream and downstream. In some nations the issu […]

Arabian Oil And Gas  – News