US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, remained virtually unchanged for the week ended Dec. 28, 2018, compared with the previous week, the US Energy Information Administration reported on Jan. 4 in its weekly report. Source: News
US FERC commissioner McIntyre dies
Kevin J. McIntyre, a member of the US Federal Energy Regulatory Commission who cut short his tenure as chairman for health reasons in October 2018 but remained a member, died on Jan. 2. He was diagnosed and treated for brain cancer in 2017 before US President Donald Trump nominated him to chair the commission. Source: […]
IOC lets contracts for units at Indian refineries
Indian Oil Corp. Ltd. (IOC) has let contracts to McDermott International Inc. to provide proprietary technology and catalyst for new units at IOC’s 125,300-b/d Barauni refinery in Begusarai District, Bihar, and its 277,400-b/d Koyali refinery at Vadodara in India’s western state of Gujarat. Source: News
MARKET WATCH: NYMEX, Brent crude prices settle higher for fourth straight session
Both light, sweet crude oil on the New York market and Brent crude oil in London settled higher Jan. 3, marking the benchmarks’ fourth consecutive session of gains. The Wall Street Journal reported it was the longest streak of higher settlements since August 2018 when oil prices rose 5 days in a row. Source: News
HPCL, Rajasthan let contract for Barmer integrated complex
HPCL Rajasthan Refinery, a 74-26% joint venture of Hindustan Petroleum Corp. and the state government of Rajasthan, has let a contract to McDermott International Inc. to provide technology for new units at the JV’s proposed 181,000-b/d integrated refinery and petrochemical complex now under construction at Pachpadra Tehsil, Barmer District, Rajasthan. Source: News
DNO hands over operatorship of Oman Block 8
DNO ASA subsidiary DNO Oman Block 8 Ltd. has relinquished operatorship and participation in Oman Block 8 to the Oman’s Ministry of Oil and Gas and state-owned Oman Oil Co. Exploration & Production LLC (OOCEP). Source: News
MARKET WATCH: Crude oil benchmarks jump more than $1/bbl
Light, sweet crude oil climbed more than $1 on the New York market on Jan. 2 to settle above $45.50/bbl for February while Brent crude for March also gained more than $1 to approach a settlement of nearly $55/bbl in London. Source: News
Total starts production from giant Egina field off Nigeria
Total SA and its partners have started production from Egina oil field, which lies in 1,600 m of water 150 km offshore Nigeria. The field, at plateau, will produce 200,000 b/d of oil, which represents about 10% of Nigeria’s production. Source: News
MARKET WATCH: NYMEX crude gains slightly on final trading day of 2018
Benchmark crude oil prices ended a volatile holiday trading period by settling modestly higher on the final trading day of 2018. Previously, both equities and oil prices have whipsawed with steep losses on some days and gains on other days. Source: News
Baker Hughes: Canada rig count drops 61 units
Following a 43-drilling rig loss last week, Canada has fallen more than 100 rigs in 2 weeks with a 61-unit loss for the week ended Dec. 28, according to Baker Hughes data. With 70 rigs running, the count is below the 136 units drilling this week a year ago. Source: News