Nigeria Approves Petroleum Industry Bill After 17 Long Years

A 17-year-old effort by the Nigerian government to stimulate growth and transparency in the petroleum industry is taking a step forward in the country’s legislature, according to a new Reuters report. The lower house of the Nigerian parliament passed a version of the bill identical to one approved by the Senate in 2017. This marks the first time the same version of the bill has been passed by both houses. Now the president just needs to ink the Petroleum Industry Bill to make it a law. “The PIGB, as passed yesterday, is the same as…

Venezuelan Output Drops To 28-Year Low In 2017

Venezuelan oil output dropped 13 percent in 2017, falling to a 28-year low, official figures released by the Organization of Petroleum Exporting Countries (OPEC) said on Thursday. The Latin American country produced an average of 2.072 million barrels per day last year, compared to 2.373 million bpd in the year before, Reuters reports. The 300,000-bpd drop is the highest recorded amongst the OPEC nations, which agreed to collectively cut 1.2 million barrels per day of production. Unlike Saudi Arabia or its allied Gulf nations, Venezuela’s…

$70 Oil Cripples European Refiners

In the latest indication of the strength of the recovery of global oil prices, European refineries are struggling to pay their crude bills as margins decline and demand weakens for some of their products, Bloomberg reports. The profit curve for fuel oil, used by shippers and power stations, has fallen the most dramatically. High inflows of diesel in the Middle East are making that fuel difficult to bank on as well. As a result of the capital crunch, refinery runs could become shorter, KBC Advanced Technologies, a research firm in the sector, says,…

OPEC Revises Up Non-OPEC Production Estimates For 2018

U.S. shale suppliers are forcing OPEC to revise upward its estimates for supplies originating outside the bloc’s member nations, according to the latest data released by the bloc. Non-OPEC production will increase by 1.15 million barrels per day in 2018, up from a previous estimate of a 990,000-bpd jump for the year in last month’s report. American oil exports, which gained market share over the course of 2016 and 2017, have been offsetting cuts made by OPEC and its band of allies over the past year. “Higher oil prices are bringing…

WCS-WTI Spread Narrows As Exports-By-Rail Pick Up

Volume constraints on the Keystone pipeline system levied by U.S. regulators have widened the spread between Western Canadian Select crude prices and benchmark American crude prices, but the steep discount is set to moderate, according to emerging reports. Growing volumes from Alberta’s oil sands have had trouble getting to U.S. markets since federal regulators ordered TransCanada to curtail the line’s capacity by 20 percent after a spill in South Dakota in November. So while WTI climbed, oil prices from Alberta’s oil sands fell.…

Norway Grants Record 75 New Offshore Exploration Leases

Norway awarded a record seventy-five new offshore oil exploration leases to companies in its latest bidding round, according to a new report by Reuters. “The number of licenses is the highest ever awarded in a licensing round on the Norwegian continental shelf. Access to new, prospective exploration acreage is a central pillar in the government’s petroleum policy,” Energy Minister Terje Soeviknes said in a statement. Forty-five were in the North Sea, 22 in the Norwegian Sea, and eight others in the Barents Sea. Thirty-four firms…

China’s Growing Appetite For Renewables

The Chinese appetite for clean energy has boosted international investments in solar energy, according to a new report by Bloomberg. Renewables and clean energy innovators won $333.5 billion in investments in 2017 – an increase of three percent from 2016 figures, Bloomberg New Energy Finance figures show. Half of it went to solar projects and 40 percent came from China. Solar panels and wind turbines get cheaper by the day, thanks to Chinese mass manufacturing.  “The 2017 total is all the more remarkable when you consider that…

ELN Attacks Another Colombian Pipeline As Ceasefire Ceases

Colombia’s Transandino pipeline stopped operating on Sunday after a bomb planted by ELN rebels caused a crude spill into a nearby river, according to a joint announcement by Ecopetrol and the military. The National Liberation Army (ELN) is reported to be restarting its militancy against state forces and oil infrastructure after the end of a critical ceasefire to facilitate talks that would end 53 years of war. The bomb on the 306-kilometer pipeline exploded late Saturday in the Narino provice, but has not affected exports so far. Crude production…

Shell Buys 43.8% Stake In Silicon Ranch Solar

Royal Dutch Shell approved a deal on Monday to buy a 43.8 percent stake in Silicon Ranch Corp, a solar energy company currently owned by the Partners Group’s energy portfolio. A second agreement signed by Shell also gives it an opportunity to increase its stake in Silicon Ranch after the year 2021. The deal should officially close by March, Reuters reports. Shell has made an active effort to curb its carbon dioxide output, pledging in November to cut emissions in half over the next 50 years. Its portfolio will soon include more biofuels,…

Is Venezuela’s Oil Industry Bouncing Back?

Oil production in Venezuela has jumped to nearly 1.9 million barrels per day, suggesting the Latin American nation’s output is on the road to recovery despite a lack of access to global credit markets. Venezuela’s November production was 1.834 million bpd, according to OPEC secondary sources. State-run PDVSA has previously vowed that 2018 would bring total output to over 2.4 million barrels per day, but the progress on meeting this goal is difficult to evaluate. Maduro has made a pattern out of grandstanding as protests against his…

Russia To Discuss Possible Exit From OPEC Deal

Russia may be on its way out of the OPEC output reduction deal, according to the country’s Energy Minister, Alexander Novak. Reuters reports that Novak might discuss the country’s potential exit from the pact in Oman next week. Russia had vowed to cut output by 300,000 barrels per day under the agreement as part of a group of non-OPEC producers who elected to coordinate the bloc’s market stabilization initiative.  “We see that the market is becoming balanced. We see that the market surplus is decreasing, but the market…

Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On

The Iranian oil tanker that collided with another vessel in the East China Sea is now drifting towards the Japanese exclusive economic zone due to strong winds, according to emerging reports, which say the fuel on the ship continues to cause small explosions and fires. The Japanese coast guard told reporters that the ship, named Sanchi, stood 186 miles northwest of the city of Sokkozaki, located in the northern part of the country, as of Thursday. A new report from the Wall Street Journal also notes that the Chinese freighter and the Iranian tanker…

Trump’s Plan Makes 65 Billion BOE Available For Drilling

Rystad Energy expects the Trump administration’s new oil and gas leasing plan to make 65 billion barrels of oil equivalent newly available to fossil fuel exploration and production companies, according to a new report by Reuters. “Looking purely at areas that are potentially going to come out of restriction, we are talking about something closer to 65 billion boe,” Rystad senior analyst Sonia Passos said in a note. The proposal, officially announced last week, has met with severe resistance in Florida, where the coastal tourism sector stands…

NYC Sues Five Oil Majors For Contributing To Climate Change

Five major oil exploration, production, and refining companies face lawsuits in the city of New York over allegations that they contributed to global warming, according to a new report by the Orlando Sentinel. Mayor Bill de Blasio says the suit was an effort to recover funds the city has used to defend against the effects of climate change in recent years. BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell are named in the original filings. New York City also recently announced plans to delink its pension funds from investment in the…

Iranian Protests Will Not Impact Oil Prices

In Iran, as it is in many Persian Gulf states, oil is the sole economic backbone. It provides federal revenues for basic goods and services and employs large swaths of the population. A recent round of protests has industry analysts concerned that violence will roll over onto prized oilfields, but the government has largely preempted this scenario. Iran’s Revolutionary Guard officially put an end to over a week of deadly protests in the country on Sunday, the government said, though social media apps continue to be banned in the nation, which…

Oil Companies Respond Slow To New U.S. Lease Plan

Analysts are saying that the oil and gas industry’s response to the Trump administration’s announcement last week—that almost all of the U.S. continental shelf may soon be open for drilling leases—is due to be slow. The draft program, which would replace President Barack Obama’s leasing plan through 2022, which restricted drilling in the Arctic and other federal waters, fulfills the White House’s promise to encourage the American fossil fuel sector, even as the international community opts for renewable and alternative…

Maduro To Issue First 100 Million Petros Despite Skeptics

Venezuelan President Nicolas Maduro said that he ordered the first 100 million units of its new oil-backed Petro—Venezuela’s cryptocurrency creation. Each Petro unit will be backed by one barrel of oil, and the 100 million units, at current value of $59.07 per barrel, should be worth almost US$6 billion. While this sounds good on paper, the move is largely seen as a fanciful idea by analysts, and opposition politicians have said of the project that it is doomed to fail, according to Reuters. A lack of rule of law and falling production…

Exxon Treats Guyana To 6th Offshore Discovery Since 2015

Guyana’s nascent oil and gas industry just gained a new discovery: ExxonMobil’s drilling team found 230 feet of high-quality, oil-bearing reservoir just outside the Liza phase one project, according to a newswire by Dow Jones. Exxon’s first discovery off of Guyana’s coast occurred back in 2015. This new announcement constitutes the company’s sixth since that initial find. The American major’s Guyanese subsidiary, Esso Exploration and Production Guyana Ltd., began drilling the Ranger-1 well northwest of Liza back…

Canadian Crude Oil Exports Decline On Keystone Pipeline Leaks

Canadian crude oil exports fell 2.4 percent in November as the United States dropped imports from its northern neighbor to 3.26 million barrels per day, according to a new report by Reuters. An 80,000-bpd drop came as the Keystone pipeline was forced to shut down following a leak in South Dakota a couple of months ago. Since then, the TransCanada line has resumed operations, but capacity has been curtailed 20 percent owing to orders by U.S. regulators. Canada has also ramped up its purchases of American crude, tallying a 127,000-bpd increase in…

Gas Pipeline Fire Causes Blackouts In Nigeria

A gas pipeline fire has caused parts of Nigeria’s electric grid to shut down, according to an announcement by the ministry of power on Wednesday. The incident at the Escravos Lagos Pipeline caused power cuts at several stations near the major southern city of Edo, an official statement read. “The sudden loss of generation due to interruption in gas supply from these stations caused the national transmission grid to trip off around 20:20 on 2nd January,” it said. The affected areas are accustomed to bouts of blackouts, so the unique…

Sunoco’s Mariner East 2 Pipeline Gets A Halt Construction Order

Sunoco received a halt construction order from Pennsylvania environmental officials on Wednesday for a natural gas pipeline the southern half of the state due to a myriad of spills and leaks that officials say amount to a violation of state law. The $2.5 billion Mariner East 2 pipeline will not progress until the parent company complies with existing terms of a permit granted by Pennsylvania’s department of energy. The regulators say Sunoco has shown a “lack of ability or intention” to meet compliance with environmental laws for…

Small Portion Of Alaska Wildlife Refuge Opens For Drilling

Alaska’s Arctic National Wildlife Refuge (ANWR) is now open for drilling as a result of a recent congressional vote on the issue, which ended over forty years of debate on the future of the conserved lands. The House voted 224-201 in favor of allowing drilling in the ANWR, mostly along party lines. The provision was part of the Republicans’ tax overhaul bill, which President Donald Trump is expected to sign into law. “After decades and decades in this chamber, we are opening up a small non-wilderness area of the Alaska National…

Iraq Begins To Rebuild Largest Refinery

Iraq began to rebuild its largest oil refinery this week, jumpstarting an effort to reconstruct the country after a three-year war with the terroristic Islamic State, an announcement from the oil ministry said.  The Baiji complex should produce 70,000 barrels of oil per day upon completion, ministry spokesman Assem Jihad told reporters on Thursday. The facility, originally constructed in 1975, is currently completely offline and refined between 250,000 to 300,000 barrels per day before it was seized by ISIS in 2014. “The rehabilitation will…

Canadian Producers Struggle To Find Transport Oil Cargo

Oil producers in Canada are having trouble finding rail space for their commodity due to a pipeline shutdown that caused a backup in Alberta tank farms. “It’s hard for the railroads to change their operating plan really quickly,” Steve Owens, rail analyst at IHS Markit, said in a phone interview with World Oil. “There are equipment constraints and crew constraints.” Heavy oil prices dropped to a four-year low this week, causing a boost in demand from American buyers. But the pipeline shut down and a preexisting grain…

Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures

An Oslo-based pension fund will divest investments made in oil sands and coal extraction ventures, according to a new report by Pensions&Investments. The $70.8 billion investment fund announced the decision on its website on Thursday, promising to remove from its roster companies that make 30 percent or more of their revenues from oil sands and coal extraction. The companies that will barred from Kommunal Landspensjonskasse will be notified by June, but additional information on the size of the fund’s current investments in fossil fuel…

Goldman Bullish On Oil Markets

Goldman Sachs predicts a banner year for Big Oil in 2018 thanks to a boost in available cash to fund expensive oil exploration projects and pay out dividends to investors, according to a new report by Bloomberg. Oil majors from Royal Dutch Shell to Exxon Mobil can expect higher oil prices over the course of 2018, flushing mergers and acquisitions budgets with cash for the first time since prices fell in September 2014, Goldman’s head of energy research, Michele Vigna, said. Three years of oil prices have also made it impossible for smaller…

Venezuela “Can’t Even Write A Check For $21.5M Dollars.”

Venezuela’s PDVSA and China’s Sinopec settled a five-year dispute just a week after the legal proceedings became public, according to a new report by The Financial Times. State-run PDVSA filed a document to a U.S. district court in Houston on Tuesday that said the company had agreed to pay the defendant $21.5 million “without implying acknowledgment of fault or responsibility but for the sole purpose of ending the controversy [between Sinopec USA and PDVSA].” The contract to supply $43.5 million worth of steel rebar, which…

EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd

Top federal energy analysts lowered their estimates for oil demand growth in 2018 by 40,000 barrels per day, according to the Energy Information Administration’s newest monthly forecast. Still, oil demand growth in 2017 received an 80,000-bpd boost to 1.39 million bpd in the Short Term Energy Outlook, suggesting the sector should expect an enthusiastic energy market in the coming months. “EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level,”…

US Geological Survey To Reevaluate Bakken Oil Reserves

Federal geologists will lead a push to reevaluate the total amount of recoverable oil near North Dakota’s Bakken formation, according to the state’s Senator John Hoeven. Hoeven requested the new analysis from the U.S. Geological Survey in an attempt to attract new investors to the shale play. The survey will now include 17 other formations in the state that could be commercially exploited using newly developed extraction technology. USGS deputy director William Werkheiser said the federal agency would work with “appropriate state and…

Brazil Cuts Local Content Requirements to Attract Oil Investors

Brazil is looking to cut local content requirements for future oil E&P contracts in a bid to satisfy the demands of local suppliers and allow new customs breaks for oil majors active in the South American country. “The proposal is already in place, it should be voted on this week and it will be compensation for the absence of tariff barriers from Repetro,” Cesar Prata, Vice President of the local supplier union Abimaq, said, referring to the Brazilian tax program for oil and gas companies. Tough local content requirements have stifled…

Forties Pipeline Could Remain Shuttered For Weeks

The Forties oil and gas pipeline shutdown on Monday, caused energy prices in the United Kingdom to spike in the afternoon, according to a new report by Reuters. Brent Crude, which Forties carries, also spiked to a two-and-a-half-year high on news of the stoppage. Wholesale gas prices for immediate delivery dates rose by 28 percent to the highest rate since the beginning of 2013. The jump brought domestic gas prices almost to parity with Asian LNG rates. Brent crude was trading up 1.96% on the day at $64.64. A spokesman for Ineos, the pipeline’s…

The Super Basin Behind U.S. NatGas Dominance

Natural gas production in the United States has skyrocketed over the past five years, making the carbon-light fossil fuel cheaper to access and plentiful for export, according to a new report by the Energy Information Administration. Production in the Appalachia region alone has seen a jump of 14 billion cubic feet per day since 2012, driving the bulk of output growth in recent years and giving the region a 2016 output of 22.1 billion cubic feet per day. National output soared to 72.3 billion cubic feet per day last year– that’s more…

Venezuelan Crude Exports To U.S. Fall To 15-year Lows

Venezuelan crude exports to the U.S. fell last month to their lowest levels since January 2003, according to new Reuters data. Sanctions and low production caused the decline in November. The last time levels were this low, an industry strike had shut down a large portion of the Latin American nation’s oil sector. State-run PDVSA sent a total of 475,165 barrels of oil the U.S. per day in November – a 36 percent drop from last year and a 12 percent drop from the previous month. The last four years have seen the country lose one million…

Mexico Blames Brazil For Failing Auction

The state-run oil company PEMEX blamed the failure of a recent deep-water Gulf of Mexico auction in the on competition from ongoing tenders in Brazil, according to a new report from Reuters. Weak investor appetite for Mexico’s blocks was also due to low oil prices, the company added, although 30 oil companies had at least started the pre-qualifying process. “(One) factor that affected appetite for new projects was the investment commitment recently taken on by possible bidders,” Pemex said in a statement. Fearing that interest…

Forties Pipeline And Nearby Terminal Disrupted After Oil Leak

The Forties pipeline stream—the United Kingdom’s main export vein for its Scottish refineries—saw disrupted flows on Thursday after officials spotted a “seepage” onshore. Another flaring issue at the Kinneil terminal also caused a supply disruption with Forties, a report by S&P Global Platts said on Thursday. The Swiss firm Ineos just finished buying the pipeline and the Kinneil terminal from British Petroleum just over a month ago. The flow of forties has been cut while the terminal is due to restart shortly,…

Major Nigerian Union Threatens Strike After Mass Firing Of New Members

A major Nigerian oil union has threatened to strike on December 18th in retaliation to a “mass sacking” of workers that had joined the organization, according to a new report by Reuters. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) called on the government to force companies to rehire the fired union workers. The organization did not say how many of its members had been fired. Nigerian oil minister Emmanuel Ibe Kachikwu said the government would enter into talks with PENGASSAN to resolve the dispute…

The Solar Tech That Is Making Cleaner Oil

It’s clear: fossil fuel majors from around the world are preparing to redefine their core competency from oil and gas extraction to “energy” provision over the next few decades. In the meantime, the biggest players are working on getting their oil operations on the green side. Aera Energy, a joint venture owned by Shell and ExxonMobil, is building California’s largest solar energy project in the San Joaquin Valley, where 1.7 billion barrels of heavy oil have been extracted since operations began in 1911. The $250 million…

Is The EIA Overestimating The U.S. Shale Boom?

The American shale boom may be overstated by the U.S. Energy Department, according to a new MIT study that suggests the agency may be over-attributing a rise in shale drilling to technological advances. “The EIA is assuming that productivity of individual wells will continue to rise as a result of improvements in technology,” MIT researcher Justin B. Montgomery told World Oil. “This compounds year after year, like interest, so the further out in the future the wells are drilled, the more that they are being overestimated.”…

Rosneft Takes On Massive Debt As US Sanctions Mount

State-owned giant Rosneft now has taken on over $17 billion in debt so far this year, marking 2017 as its biggest borrowing year to date, according to a new report by Bloomberg, as new U.S. sanctions threaten to make it difficult for Russia to secure funds for its massive oil and gas operations as oil prices remain suboptimal for tundra-grade drilling. Rosneft issued new notes last Friday to raise capital, which raised the company’s total accrued debt this year to more than the figures for 2015 and 2016 combined, Bloomberg data shows. The…

Kinder Morgan Announces Further Trans Mountain Pipeline Delays

The controversial Trans Mountain pipeline could miss its anticipated September 2020 completion date due to bureaucratic opacity regarding the permitting process and judicial obstacles, according to Kinder Morgan. The admission caused stocks to fall 2.4 percent Tuesday morning on the Toronto Stock Exchange, even as the benchmark energy index rose 0.5 percent. The Canadian energy sector has been in recovery for the past few months as the barrel price surpasses $60 piece.   Traders are also likely to increase their estimated capital costs…

API Announces Voluntary Methane Reduction Program

American oil and gas operations could reduce their methane emissions in the coming years if they abide by a voluntary program announced by the American Petroleum Institute on Tuesday. The announcement comes as President Donald Trump’s administration prepares to weaken methane rules established by his predecessor. The White House announced plans to appeal a decision by a U.S. district court to strike down a previous attempt to remove the rule. The API’s new Environmental Partnership already has 26 major oil and gas companies onboard.…

OPEC’s November Output Drops 300,000 Bpd

OPEC’s oil output fell by 300,000 barrels per day in November, giving the bloc its lowest production rate since May, according to a new Reuters survey. Cuts in Angola and Iraq caused most of the drop, which was bolstered by strong compliance to the output reduction deal ahead of an agreement to extend it through the end of 2018. Compliance has now hit 112 percent, compared to 92 percent in October. All but three OPEC nations pumped oil at a rate lower than their assigned quotas. Ecuador, Gabon and the United Arab Emirates were the three holdouts,…

Exxon’s Beaumont Refinery To Remain Partially Offline

ExxonMobil’s Beaumont, Texas refinery could remain in partial shutdown until late January due to damage the facility sustained from a recent fire, according to a new report by Reuters. The 362,300 barrel per day refinery has lost functionality in its small crude distillation unit (CDU). Exxon spokesperson Charlotte Huffaker said the company was continuing repairs at the refinery, but did not disclose additional information about the status of the damaged areas. The broken CDI is responsible for 110,000 bpd of distillation, but the refinery…

Blackstone Teams Up With Brazilian Partner To Buy $6B Gas Pipeline

The Blackstone Group teamed up with a Brazilian partner to bid on a deal to operate a natural gas pipeline network in the South American country’s northeast, according to a new report by Bloomberg. Blackstone and Patria Investimentos formed a partnership to make a non-binding offer on the company. Three other groups made similar moves, according to anonymous sources. Mubadala Development and EIG Global Energy Partners made an offer to purchase a 90 percent stake in Transportadora Associada de Gas. French Engie and its consortium made another…

Niger Delta Protestors Shut Down Two Oil Wells

Residents of the Bayelsa region in Nigeria disrupted oil production at a field operated by Shell on Wednesday, shutting down two oil wells, a report by the Sahara Reporters said. Protestors shut down Adibawa wells 4 and 10, which feed into a flow station of the same name. Hundreds of demonstrators, comprising youths, elderly people, and women gathered to sing in solidarity and to demand power supply to their homes from the oil facility nearby. “We took the step as a last resort following several talks, the oil firm had given us hope but they later…

Denmark’s New Law Could Block Nord Stream 2

A new law passed by the Danish government could authorize regulators to block the passage of the Russian Nord Stream 2 gas pipeline on security or foreign policy grounds, according to a new report by Reuters. Under previous laws, the two reasons above would not have constituted valid grounds to reject the construction of a pipeline. Nord Stream 2 will bypass land routes through Ukraine, Poland, and Belarus to supply gas to Germany and surrounding nations. The line’s route cuts through Danish waters in its current form, but Gazprom researchers…

Airbus, Rolls Royce, And Siemens To Create Hybrid Airplane

Hybrid electric planes could be the next new thing in aviation. Airbus, Rolls Royce, and Siemens are working together to create technology for the flying vehicles, according to a new report by Business Insider. The “E-Fan C program” began back in 2012, when the European Union first started a push to reduce carbon dioxide and nitrogen oxide pollution. The goal is to have a flying hybrid plane by 2020 and to begin commercial flights by 2025. The current challenge is creating a green engine. Most electric airplane projects are currently…

Qatar Just Ran Out Of This Unlikely Natural Resource

Qatar is running out of sand needed for the construction of facilities for the 2022 World Cup due to the months-long Gulf blockade against Doha, according to new reports emerging from the region. Generally, oil and fresh water are the most precious commodities for the desert nations that share the Arabian Peninsula, but the embargo against Qatar has made it difficult for the nation to import resources like sand. Saudi Arabia was Qatar’s largest sand supplier before June 5th, but China and India take the second and third spots, suggesting…

OPEC, NOPEC Ministers Recommend 9-Month Extension

The ministerial committee overseeing the implementation of the OPEC output reduction agreement recommended its extension on Wednesday, just one day before the bloc’s official summit in Vienna. The agreement should be for another nine-month extension, the ministers said, giving it life until the end of 2018. An OPEC working panel concluded yesterday that the oil market would balance after June 2018, according to Reuters. “The best scenario would suggest third quarter for the rebalancing of the market,” an OPEC source told Reuters.…

The UAE Plans The Last Few Decades Of Its Oil Game

Abu Dhabi’s state oil company ADNOC will soon expand its investments to refineries abroad, a new report by Bloomberg indicates, suggesting the emirate is seeking to strengthen ties with its petrostate counterparts around the world in the industry’s dying decades. A total investment of $109 billion in the next five years will be funneled into plants abroad. Some of the money will also be used to develop technologies to drill unconventional gas, recovered from difficult to access rocks, by the year 2030. “Adnoc will expand its portfolio…

Alberta’s Economy Is Growing Faster Than Expected

Alberta’s economy is grower faster than projected due to strong growth in oil markets over the course of 2017, according to a new report by Bloomberg. The four-percent growth rate that Alberta saw in 2017 trumps the projected 3.1 percent rate forecasted in the province’s latest budget report. Alberta says it has added over 70,000 new jobs since mid-2016 as the number of active rigs climbs week over week. Still, unemployment hovers around eight percent, which weighs on tax revenues. The government initially said it expected to collect…

Exxon Inaugurates 150,000 BPD Offshore Field In Canada

Exxon Mobil inaugurated the Hebron field in Canada’s Newfoundland this week, just as OPEC gears up to announce extended cuts at its quarterly conference in Vienna at the end of the month, according to a new report by Bloomberg. The field will produce 150,000 barrels of oil per day at its peak – filling a supertanker worth of oil every couple of weeks. Exxon owns a 35.5 percent of shares in Hebron and Chevron, Suncor, Statoil and Nalcor hold stakes as well. “I’d like to acknowledge the co-venturers and the operator, ExxonMobil Canada…

Keystone Pipeline Leaks More Severe Than Anticipated

The existing Keystone pipeline leaks more often and more oil than TransCanada Corp predicted in communications to regulators and lawmakers during approval hearings, according to a report by Reuters. The risk assessments, tabulated in 2010 before the facility went online, underestimate the project’s leak rate. Now, TransCanada is on the verge of expanding the pipeline to an XL version, linking Canadian shale to American refineries near the Gulf of Mexico. So far, Keystone has had three major spills, two in South Dakota totaling 5,400 barrels…

Sweden Burns H&M Clothes As Fuel

A power plant in Stockholm elected to burn damp and soiled clothing from H&M as fuel last week, according to a new report from Mining.com. The plant aims to end all fossil fuel use by the year 2020, prompting the facility to use hydrocarbons in recycled wood and trash as a source of energy. “H&M does not burn any clothes that are safe to use. However it is our legal obligation to make sure that clothes that contain mold or do not comply with our strict restriction on chemicals are destroyed,” a company spokesman from Sweden…

OPEC Will Extend The Cut

There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world’s largest oil producers are really determined to end the supply glut. A failure to agree on the market remediation would cause oil prices to plummet immediately, forfeiting any gains that have been made in the last year. Saudi Arabia needs $60 per barrel for its Aramco initial public offering to be a success in the second half of next year. It plans to sell just five percent of its prized company in the…

The 10 Most Influential Oil Countries

The world’s top oil exporters are undoubtedly some of the world’s most influential countries. As such, it behooves analysts to always stay abreast of the internal dynamics of these economic power houses. Here’s what’s going on in the countries that have the power to make or break the oil market. 1. Saudi Arabia As the world’s leading oil exporter, Saudi Arabia shipped 7.5 million barrels per day in 2016, according to data published by the Organization of Petroleum Exporting Countries (OPEC). As far as oil…

1 2 3 9