World Oil (Bloomberg) – ConocoPhillips agreed to a long-term deal to buy liquefied natural gas from an export terminal being developed on Mexico’s west coast. Under a 20-year agreement, ConocoPhillips will buy approximately 2.2 million tons of LNG annually from Mexico Pacific Limited LLC, the companies said in a statement Thursday. The facility in Sonora will cost an estimated
Oil Price Canadian oil sands producers are in a rush to boost production as the Trans Mountain expansion comes online, providing an additional 590,000 bpd in capacity. Bloomberg reports that Canadian Natural Resources and Cenovus are among the producers planning on output boosts in the coming months. Canadian Natural Resources plans to increase production by some 40,000 bpd in the current quarter, while
Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 5 over last week, resulting in a total count of 659 rigs. Canada had a decrease of 5 over last week, resulting in a total Canadian count of 188 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions experienced an
World Oil (Bloomberg) – OPEC signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC nations recommended no changes to the coalition’s supply policy at an online meeting on Friday, according to a delegate, who asked not to be
Nasdaq LONDON – U.S. crude oil production was essentially flat in May compared with April – a sign lower prices and a slowdown in drilling activity are finally causing output to peak and turn down. Crude and condensates production for the Lower 48 states excluding federal waters in the Gulf of Mexico rose by just 19,000 barrels per day compared
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