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US needs to improve its energy innovation process, speakers suggest

January 18th, 2019

The US will need to improve its energy innovation process if it expects to reach the Trump administration’s goal of achieving global energy dominance, speakers agreed at a Jan. 17 Bipartisan Policy Center event. The key will be finding ways to more effectively commercialize innovative research under way at the US Department of Energy’s National Energy Technology Laboratories, they said.

WoodMac: 150,000 b/d of Chinese refining capacity could close by 2020

January 18th, 2019

About 150,000 b/d of refining capacity could close in China by 2020, due to tight operating environment, according to a recent analysis from Wood Mackenzie. “Chinese refineries did not face crude supply issues in 2018 but there were other challenges,” said WoodMac consultant Rui Hou.

India’s small-field bid round extended

January 18th, 2019

India’s Directorate General of Hydrocarbons has extended for the second time the close of bidding for its second round of licensing of discovered small fields. Bidding remains open through Jan. 30, DGH said.

Baker Hughes: US rig count falls 25 units to 1,050

January 18th, 2019

The US drilling rig count dropped 25 units to reach 1,050 rigs working for the week ended Jan. 18. The count is up 114 units from the 936 rigs working this time a year ago, according to Baker Hughes data.

IEA: Rebalancing of global oil market to be gradual

January 18th, 2019

Despite the signing of a new Vienna Agreement, the journey to a balanced global oil market will take time and is more likely to be a marathon than a sprint, according to the International Energy Agency’s first Oil Market Report in 2019. On the supply side, IEA said, “While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner.”

Aramco taps Saipem for Berri, Marjan work

January 18th, 2019

Saudi Aramco has let contracts to Saipem for offshore work expanding Berri and Marjan oil fields. The contracts, totaling $1.3 billion, cover design, engineering, procurement, construction, installation, and implementation of subsea systems and the laying of pipelines, subsea cables and umbilicals, platform decks, and jackets.

Rystad Energy: Global gas output hit highest growth in a decade in 2018

January 18th, 2019

The worldwide oil and gas industry achieved a net production increase of 164 billion cu m (bcm) in 2018, representing the highest production growth since 2010, according to research by Rystad Energy.

East Timor approves use of petroleum fund for Sunrise acquisition

January 18th, 2019

East Timor President Fransisco Guterres has approved a decree allowing use of the country’s petroleum fund for the $650-million acquisition of the Royal Dutch Shell PLC and ConocoPhillips’s interests in the Greater Sunrise gas-condensate fields in the Timor Sea. Guterres had previously vetoed the proposal, saying at the time that it could allow the petroleum funds to be misused. He called for the proposal to be revised.

MARKET WATCH: NYMEX, Brent crude prices drop slightly

January 18th, 2019

Crude oil prices dropped slightly on New York and London markets Jan. 17 on rising US crude production, less-than-robust global demand, and the continuing trade dispute between the US and China. The Petroleum Status Report issued by the US Energy Information Administration Jan. 16 showed US crude production rose to a record 11.9 million b/d. In a separate report earlier this week, EIA said US production in 2019 is expected to reach a record of more than 12 million b/d.

Costs, energy needs discredit ‘keep it in the ground’ agenda

January 18th, 2019

Preemptive opposition to oil and gas projects by “keep it in the ground” activists promises needless hardship in two broad areas.

 

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