The Alberta Energy Regulator said on Monday it is responding to a crude spill by Husky Energy Inc in Canada’s oil-rich Alberta, and while the pipeline in question has been shut, the leaked volume and cause are unknown. According to the agency, the incident happened last Thursday, and the company is still working to isolate the oil, which leaked into the Coxhill Creek stream west of Alberta’s largest city of Calgary.
Category: Oil & Gas
Panel rules Venezuela won’t have to pay $1.4B to Exxon Mobil
A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations. The Washington-based panel issued a ruling that annulled most of the $1.6 billion judgment against Venezuela.
IEA Predicts Tight Oil Market Without Cash Infusion
Demand for the group’s output will be at 33 million barrels a day in 2018, roughly in line with the amount it pumped before cutting production. Libya is a member of the Organization of Petroleum Exporting Countries that’s exempt from a group-wide production ceiling, though fighting has led to output cuts of around 37,000 barrels per day, or about 5 percent of total production based on January data.
IEA Predicts Tight Oil Market Without Cash Infusion
Demand for the group’s output will be at 33 million barrels a day in 2018, roughly in line with the amount it pumped before cutting production. Libya is a member of the Organization of Petroleum Exporting Countries that’s exempt from a group-wide production ceiling, though fighting has led to output cuts of around 37,000 barrels per day, or about 5 percent of total production based on January data.
Seadrill – 3 Offshore Drillers Poised To Win The 3 ONGC 3-Year Tenders – Is It Really Worth It?
On December 23, 2016 Upstream indicated that ONGC submitted offers for two units able to drill in 1500 metres of water, and one rig to drill in 600 metres. The Sevan Driller, the Platinum explorer and the Olinda star are the three rigs that will probably be awarded the 3-year contracts.
Exxon plans $20 billion expansion of Texas, Louisiana plants
Exxon Mobil is spending $20 billion through 2022 to expand its chemicals and fuel-making capacity in Texas and Louisiana to transform U.S. shale oil and natural gas into products for growing consumer markets in Asia. After decades of siting new plants to make plastics, industrial chemicals and motor fuels in the Middle East and East Asia, the shale boom is spurring Exxon to steer construction dollars back to its home country, Chief Executive Officer Darren Woods said in remarks prepared for the CERAWeek energy conference in Houston on Monday.
BRIEF-Bahrain Flour Mills signs strategic partnership with MondelA”z International
BAGHDAD, March 5 Britain has agreed to arrange 10 billion pounds in loans to Iraq, to help the country to finance important infrastructure projects, an official from the Iraqi finance ministry told Reuters on Sunday. ABU DHABI, March 5 Abu Dhabi investment fund Mubadala Development Co sold nearly a third of its stake in Advanced Micro Devices, booking a tiny gain on its investments in the micro chip maker.
Exxon forced to make cuts to reported reserves
Reported oil and gas reserves at ExxonMobil dropped by 19 per cent last year as it revised away 3.5bn barrels of heavy bitumen at an oil sands project in Canada, the largest drop to be reported by one of the big international oil companies for at least a decade. In its 10-K annual report , filed to the Securities and Exchange Commission on Wednesday evening, Exxon said low oil and gas prices during 2016 meant that some of its assets no longer qualified as proved reserves.
As Mexico awaits US visit, some question point of talks
In this Feb. 10, 2017 photo, Secretary of State Rex Tillerson smiles while greeting the media during a meeting with Japan’s Foreign Minister Fumio Kishida at the State Department in Washington. In his first weeks as America’s top U.S. diplomat, Secretary of State Rex Tillerson has gone to great lengths to avoid attracting attention.
As Mexico awaits US visit, some question point of talks
In this Feb. 10, 2017 photo, Secretary of State Rex Tillerson smiles while greeting the media during a meeting with Japan’s Foreign Minister Fumio Kishida at the State Department in Washington. In his first weeks as America’s top U.S. diplomat, Secretary of State Rex Tillerson has gone to great lengths to avoid attracting attention.
Midnight Oil announce world tour
It’s been two decades since Midnight Oil did a world tour and only a handful of gigs have peppered the time between now and 2002, when frontman Peter Garret decided to focus on his political career. They will play over fifty shows in six months with a full tour of Australia including many regional stops as well as shows in South America, the US, Canada and Europe.
Analysts’ Recent Ratings Updates for Pioneer Natural Resources Company
Several brokerages have updated their recommendations and price targets on shares of Pioneer Natural Resources Company in the last few weeks: 2/8/2017 – Pioneer Natural Resources Company was upgraded by analysts at Societe Generale from a “hold” rating to a “buy” rating. 2/2/2017 – Pioneer Natural Resources Company had its “buy” rating reaffirmed by analysts at Canaccord Genuity.
Analysts’ Recent Ratings Updates for Pioneer Natural Resources Company
Several brokerages have updated their recommendations and price targets on shares of Pioneer Natural Resources Company in the last few weeks: 2/8/2017 – Pioneer Natural Resources Company was upgraded by analysts at Societe Generale from a “hold” rating to a “buy” rating. 2/2/2017 – Pioneer Natural Resources Company had its “buy” rating reaffirmed by analysts at Canaccord Genuity.
BRIEF-Jeffrey Jay reports 18.97 percent stake in Connecture Inc
* Whitebox Advisors LLC reports a 6.8 percent passive stake in Comstock Resources Inc as of January 27, 2017 – SEC filing Source text: Further company coverage: JAKARTA, Feb 7 Indonesia will hold a court hearing on Tuesday into a billion-dollar dispute between Goldman Sachs and a local tycoon, who says the Wall Street giant’s unit unlawfully sold shares he owned, in the latest test for the country’s legal system.
Dakota Access and Keystone XL Pipelines Revived: Why Does It Matter?
On January 24, President Trump signed a Presidential Memorandum expediting review of the application to build the Dakota Access Pipeline. Construction of the 1,172 mile, $3.7 billion pipeline that carries oil from North Dakota into Illinois is almost complete, except for a 1,100 foot section under North Dakota’s Lake Oahe , an important reservoir on the Missouri River.
‘CEO’ Tillerson faces internal skeptics, crisis-battling White House
US Secretary of State Rex Tillerson listens during an opening session meeting of G-20 foreign ministers at the World Conference Center February 16, 2017 in Bonn, Germany. U.S. Secretary of State Rex Tillerson looks over papers before a meeting on Syria at the World Conference Center in Bonn, western Germany, February 17, 2017.
Today in History Wednesday, Feb. 01, 2017
On Jan. 30, 1948, Indian political and spiritual leader Mohandas K. Gandhi, 78, was shot and killed in New Delhi by Nathuram Godse , a Hindu extremist. In 1815, the U.S. House of Representatives joined the Senate in agreeing to purchase the personal book collection of former President Thomas Jefferson to replace volumes lost when the British burned the U.S. Capitol and its congressional library during the War of 1812.
What is ExxonMobil doing in Iraq?
The country is one of seven covered by President Trump’s travel ban. And the company is the only American firm still operating under an oil license granted by the Iraqi government.
Baker Hughes Is Busy Drilling in Middle East Even as OPEC Cuts
Baker Hughes Inc., which will soon be the world’s second-largest oil services provider, called the Middle East a positive environment for expected work in the first half this year. “There’s a bit of a disconnect between the OPEC cuts that were announced and what we’re forecasting at least for the next 6 months in terms of activity,” Martin Craighead, chief executive officer at Baker Hughes, told analysts and investors Thursday on a conference call.
10 Things to Know for Today
Jake Hart, 13, plays in the rising floodwater during a storm in Seal Beach, Calif., Sunday, Jan. 22, 2017. The heavy downpour on Sunday drenched Orange County in one of the heaviest storms of the year.
BRIEF-Interoil says shareholders to vote on Exxon deal on Feb. 14
ROME, Jan 16 McDonald’s received a lukewarm reception when it opened a new branch just steps from St. Peter’s Square last month, but on Monday the fast food giant accepted a challenge to adopt one of Pope Francis’s cherished principles – feeding the hungry.
BRIEF-TechnipFMC secures AMF approval of its prospectus for listing its shares on Euronext Paris
TOKYO, Jan 16 Japan’s Nikkei share average fell on Monday to its lowest level in more than two weeks, hurt as the yen appreciated on concerns Britain might make a “hard” exit by from the European Union.
Trump’s foreign policy nominees flat-out disagree with him
Secretary of State-designate Rex Tillerson testifies on Capitol Hill in Washington at his confirmation hearing. Donald Trump ‘s foreign policy nominees launched a Reassurance Offensive last week, promising Congress – and the rest of us – that the next president won’t be as scary as he sounds.
On Russia, Tillerson can look to Reagan
Confirmation hearings for former ExxonMobil CEO Rex Tillerson to become secretary of state began with Sen. Marco Rubio and others questioning Tillerson on the biggest newsmaker of the moment: Russia. Vladimir Putin’s regime not only meddled in the U.S. election; Russia’s alliance with Syria’s Bashar Assad has been responsible for the loss of countless lives and awful regional instability.
How OPEC’s Production Cuts Are Affecting the U.S. Oil Market
For the first time in years, an oil production cut that OPEC members have promised is actually going through, and having its desired effect. In this clip from Industry Focus: Energy , Motley Fool analysts Sean O’Reilly and Taylor Muckerman talk about how the cartel’s move to ease back on crude output is affecting U.S. drillers and energy services companies so far, and some industry trends we’re probably going to see as a result.
Trump’s choice for top US diplomat talks tough on China
Senate Foreign Relations Committee member Sen. Chris Murphy, D-Conn. questions Secretary of State-designate Rex Tillerson during the committee’s confirmation hearing Tillerson, Wednesday, Jan. 11, 2017, on Capitol Hill in Washi… WASHINGTON – Pointing toward possible confrontation, Donald Trump’s selection for secretary of state likened Beijing’s island-building in the South China Sea to a takeover of another country’s territory and spoke of forcing Beijing to fully apply sanctions on North Korea.
Trump’s choice for top US diplomat talks tough on China
Senate Foreign Relations Committee member Sen. Chris Murphy, D-Conn. questions Secretary of State-designate Rex Tillerson during the committee’s confirmation hearing Tillerson, Wednesday, Jan. 11, 2017, on Capitol Hill in Washi… WASHINGTON – Pointing toward possible confrontation, Donald Trump’s selection for secretary of state likened Beijing’s island-building in the South China Sea to a takeover of another country’s territory and spoke of forcing Beijing to fully apply sanctions on North Korea.
CNOOC diverted two LNG cargoes from Tianjin after pipeline fire -traders
Jan 10 China’s state-owned energy company CNOOC diverted two cargoes of imported liquefied natural gas after a pipeline fire in northern China’s Tianjin, though imports were normal as of Monday, traders with knowledge of the matter said on Tuesday. Reuters reported on Dec. 28 that a natural gas pipeline was in Tianjin was closed after it ruptured and caught fire.
Canada Stocks-TSX falls in broad retreat led by energy stocks
TORONTO, Jan 9 Canada’s benchmark stock index finished lower on Monday as energy stocks fell with tumbling oil prices, and financial, telecom and industrial stocks also weighed on the market. The Toronto Stock Exchange’s S&P/TSX composite index ended down 107.10 points, or 0.69 percent, at 15,388.95.
Why Exxon Mobil Will Have A Break-Out Year
As XOM ramps up its low-cost production fully, it will be able to enhance both its revenue and earnings in light of a stronger oil pricing environment. XOM is set to fully ramp-up 450,000 boepd of low-cost production this year, which is expected to achieve break-even at an oil price of only $40 per barrel.
Sen. Cory Gardner must reject Rex Tillerson as secretary of state
In this June 15, 2012, file photo, Russian President Vladimir Putin, left, and ExxonMobil CEO Rex Tillerson shake hands at a signing ceremony of an agreement between state-controlled Russian oil company Rosneft and ExxonMobil at the Black Sea port of Tuapse, southern Russia. The U.S. intelligence community has stated that Russia interfered with our free and democratic elections, and last week Donald Trump appointed ExxonMobil CEO Rex Tillerson to be secretary of state.
Transocean: No Reason For Excitement
On the back of more oil production cuts, Transocean soared to multi-year highs this week. The news though has questionable benefits for the offshore drilling market.
Ecopetrol – A High-Risk Investment
It has been a tough two years for energy companies globally with sharply weaker oil placing considerable pressure on margins and the economic viability of a range of oil assets. One integrated energy company that has been hit particularly hard is Colombian government controlled integrated energy major Ecopetrol .