Aqueos Supports South Texas-Tuxpan Gas Pipeline
constructed by a joint venture between TransCanada (60%) and Sempra Energy’s Mexican unit IEnova (40%), also known as Infraestructura Marina del Golfo (IMG). The $3.1 billion project is being sponsored by the Federal Electricity Commission (CFE) of Mexico.Carrying U.S. natural gas to Mexico from west Texas, this 42-in. pipeline is ~800km in length and runs offshore from Brownsville, Texas to a shore-end approach and pump station in Altamira, Mexico back offshore then making landfall in Tuxpan, Mexico. The pipeline will deliver natural gas to power the Mexican electrical power grid and has a capacity
BP Doubles Down on Deepwater
About 300 BP workers commute 150 miles here by helicopter, from the Louisiana coast to a deep-sea drilling platform that can produce more oil in a day than a West Texas rig can pump in a year. On the deck of Thunder Horse, they work two-week shifts, drink seawater from a desalination plant, and eat ribs and chicken ferried in by boat. On the ocean floor, robots provide remote eyes and arms as drills extract up to 265,000 barrels per day. "There's a whole city below us," said Jim Pearl, Marine Team Leader on the platform. This is just one of the four Gulf of Mexico
EIA Release Short-Term Energy Outlook
; • North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018. • NYMEX contract values for August 2017 delivery traded during the five-day period ending May 4 suggest that a range of $37/b to $63/b encompasses the market expectation
Oil Steady, Supply Outlook Unclear
to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0.4 percent, at $54.97 a barrel by 11:43 a.m. EST (1643 GMT). U.S. West Texas Intermediate crude for January rose 6 cents, or 0.1 percent, to $51.96 per barrel on its last day as the front-month. "Implied U.S. output increases...will offset a significant portion of the planned OPEC production cuts especially since we don't anticipate sustained strong compliance,"
Oil up 2%
, trader in crude oil spreads at Tyche Capital Advisors in New York, said referring to total U.S. crude stocks that stood record seasonal peaks of nearly 505 million barrels. Brent crude futures were up 84 cents, or 1.8 percent, at $46.72 per barrel by 12:44 p.m. EDT (1644 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.05, or 2.4 percent, at $45.10. Some market participants were puzzled by the U.S. crude draw when imports as a whole rose and refinery runs fell. U.S. crude imports rose last week by 77,000 barrels per day, but the rate dropped sharply
Oil Extends Gains, Saudi Minister sees Market Balance
balance. London Brent crude for September delivery was up 17 cents at $50.52 a barrel by 2247 GMT on Sunday, after settling up 64 cents at $50.35 on Friday. NYMEX crude for August delivery was up 5 cents at $49.04 a barrel, after closing up 66 cents, or 1.4 percent, on Friday. There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the Independence Day holiday. The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading towards a balance
Struggling U.S. O&G Companies Eye Rare Financing Deals
lien lenders may protest because the new layer of debt would come above theirs. Companies considering such deals may have an uphill battle trying to convince investors that the new liens would be worth anything, since oil and natural gas prices have fallen so far in the past year. U.S. benchmark West Texas Intermediate crude oil fell 77 percent in the past 12 months before seeing some recovery in recent weeks. Samson Resources Corp, which is owned by private equity firm KKR, proposed to raise new money by issuing 1.25 lien debt, and swapping out old debt into a 1.5 lien layer, before it filed
U.S. Oil Rig Count Hits Lowest Since April 2011
rate on record over the past four months, dropping more than 40 percent from a record high of 1,609 in October. Texas, the state with the most rigs, again lost the most this week, shedding 32 to 537, the lowest since 2010, Baker Hughes said. The shale play with the biggest losses was Permian in West Texas and New Mexico, the nation's biggest and fastest growing shale oil play. The Permian lost 24 oil rigs to 328, the least since 2011, according to data going back to 2011. Horizontal rigs, the most efficient type of rig most often used to extract oil or gas from shale, fell by 51 to 895, the
SGS Fishing for Marine Acquisition as Growth Slows
expanding market share with new testing laboratories at existing mine sites, which were not reliant on new exploration expenditure, he said. SGS is investing 50 million francs to expand into opportunities from the U.S. shale oil boom, and has about 100-150 people working in the Bakken field and in West Texas. "We're putting a lot more in there," Kirk said. But the switch from coal to gas was eroding SGS's U.S. coal business and causing a worldwide slowdown in coal exploration. Another potential boon could be a global agreement on "trade facilitation" at the World Trade
February 2024
