McDermott International Inc. has confirmed details of its scope of work on previously awarded contract by Meridian Energy Group Inc. to finalize front-end engineering design for Meridian’s grassroots 49,500-b/sd high-conversion Davis refinery to be built in Billings County in the heart of southwestern North Dakota’s Bakken shale region. Source: News
Baker Hughes: International rig count down 26 units in November
The international rig count for November reached 991, down 26 units from the 1,017 rigs counted in October and up 49 units from the 942 rigs counted a year ago, according to Baker Hughes data. The international offshore rig count for November was 206, down 1 unit from the 207 counted in October, and up […]
Chevron anchors 2019 budget with high-return, short-cycle projects
Chevron Corp. estimates it will spend $20 billion in 2019 to support its upstream and downstream projects. The company said its 2019 capital and exploratory budget is “highlighted by our world-class Permian basin position, additional shale and tight development in other basins, and our major capital project at TCO in Kazakhstan,” said Chairman and CEO […]
MARKET WATCH: Crude benchmarks drop more than $1/bbl after OPEC’s delays decision
Crude oil benchmarks on the New York and London markets fell by more than $1/bbl on Dec. 6 after the Organization of Petroleum Exporting Countries met in Vienna but delayed any announcement until reconvening for a second day Dec. 7. OPEC formally ended its meeting on Dec. 7 and convened in a closed session meeting […]
USGS identifies largest continuous oil, gas resource potential ever assessed
The US Department of the Interior reported that the Wolfcamp shale and overlying Bone Spring formation in the Delaware basin portion of Texas and New Mexico’s Permian basin province contain an estimated mean of 46.3 billion bbl of oil, 281 tcf of natural gas, and 20 billion bbl of natural gas liquids, according to an […]
Eastern Energy buys several Gulf Coast pipelines from Williams
Williams Cos. Inc., Tulsa, closed on the sale of certain pipeline systems in the Gulf Coast area to Easton Energy LLC, Houston, for $177 million in cash. Included in the sale are the 31-mile Texas Belle Pipeline, the Purity pipeline system, certain assets in the Live Oak pipeline system, and additional idle pipelines along the […]
Real-time supply measurement shows slight oil market tightening
The global oil market tightened slightly in the week ending Nov. 23, according to the Oil Adequacy Index, a new measure of oil-market supply created by the Economist Intelligence Unit (EIU) and CargoMetrics. The index harnesses real-time intelligence on oil production from the Organization of Petroleum Exporting Countries, Russia, and the US, and sets this […]
YPF, Petronas plan Vaca Muerta development
The state-owned companies of Argentina and Malaysia are forming a joint venture to invest $2.3 billion over 4 years in Vaca Muerta shale development in the Latin American country. Source: News
SOCAR lets contract for Baku refinery revamp
State Oil Co. of Azerbaijan Republic (SOCAR) has let a contract to Honeywell UOP LLC to provide technology to support modernization and expansion works under way at the Heydar Aliyev refinery at Baku. Honeywell UOP will deliver technology licensing for its proprietary pressure-swing adsorption (PSA) technology for two PSA units at the refinery, both of […]
EIA: US crude inventories down 7.3 million bbl
US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 7.3 million bbl for the week ended Nov. 30, according to data from the US Energy Information Administration. EIA released the Weekly Petroleum Status Report a day later than usual because of the closure of the federal government on Dec. 5 to observe the […]