US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 1.2 million bbl for the week ended Dec. 7, according to data from the US Energy Information Administration. At 442 million bbl, US crude oil inventories are about 7% above the 5-year average for this time of year, the report indicated. Source: News
Marathon extends Bakken acreage with Ajax wells
Marathon Oil Corp. reported an average 30-day initial production of more than 2,400 boe/d (84% oil) from a four-well Middle Bakken pad in the Ajax area of the Williston basin in Dunn County, North Dakota. Source: News
Watching Government: Carbon tax idea reappears
Did the Democrats regaining majority control of the US House in the recent midterm elections improve the legislative climate for a federal carbon tax? Its prospects certainly look brighter now than when the Republicans were in charge and opposed to any proposal for a new federal tax. Source: News
Cuadrilla stops hydraulic fracturing in Bowland shale
Privately owned Cuadrilla Resources Ltd. again stopped hydraulic fracturing operations at its Preston New Road natural gas drilling site in Lancashire, northwest England, after minor tremors were detected Dec. 11. Fracturing in the Bowland shale has been halted three times since October. Source: News
OPEC’s November oil production averaged nearly 33 million b/d
The Organization of Petroleum Exporting Countries produced 32.97 million b/d on average for November, down 11,000 b/d from October, secondary sources to the cartel reported Dec. 12 in its Monthly Oil Market Report. Saudi Arabia’s production climbed by 377,000 b/d from October to November to reach 11.01 million b/d. Source: News
New Vietnamese refinery reaches full startup
Nghi Son Refinery & Petrochemical has started full commercial operations at its 200,000-b/d refinery and petrochemical complex in Thanh Hoa Province in Vietnam. Implemented to secure stable domestic supplies of petroleum products in Vietnam, the refinery began operating commercially on Nov. 14, stakeholder Idemitsu Kosan said on Dec. 11. Source: News
MARKET WATCH: NYMEX crude oil holds under $52/bbl pending inventory report
Light, sweet crude oil prices for the January and February contracts rose modestly to settle below $52/bbl on the New York market Dec. 11 pending release of a weekly US government report on crude oil and product supplies. On world markets, crude prices were supported after Libya’s National Oil Corp. announced force majeure on exports […]
Frontera, CGX Energy sign Guyana joint venture agreement
Frontera Energy Corp. has signed a farm in agreement with CGX Resources Inc. for two shallow-water blocks offshore Guyana. Subject to governmental approval, Frontera will acquire a 33.33% interest in the Corentyne (1.125 million net acres) and Demerara (750,000 net acres) blocks in exchange for a $33.3-million signing bonus. Both blocks are adjacent to ExxonMobil […]
Environmental groups sue to stop Mid-Atlantic OCS seismic surveys
Nine environmental organizations have sued US Commerce Sec. Wilbur L. Ross and the National Marine Fisheries Service (NMFS) on Dec. 11 after NMFS issued incidental harassment authorizations on Nov. 30 to five contractors seeking to conduct the first seismic surveys since the 1980s for oil and gas on the US Mid-Atlantic Outer Continental Shelf. Source: […]
Eni starts up Vandumbu production offshore Angola
Vandumbu field started producing oil on deepwater Block 15/06 offshore Angola in November, 3 months ahead of schedule, reported operator Eni SPA. Production at Vandumbu field, along with the start-up of a subsea multiphase boosting system (SMBS) in early December, is boosting the oil production from Block 15/06 by 20,000 b/d via West Hub’s N’Goma […]