From Bloomberg The biggest Middle East oil and container ports banned all vessels sailing to and from Qatar from using their facilities amid a diplomatic crisis gripping the world’s main energy-exporting region. Saudi Arabian and Bahraini authorities closed off all of their ports to Qatari-flagged vessels or ships traveling to or coming from the Persian Gulf state, according to a
More draws predicted for late 2017, 2018 The oil market rebalancing is in progress, even if it is slower than expected, according to releases by Societe Generale and RBC Capital Markets. When OPEC first agreed to cut production in November, it was hoped that six months of reduced production would be enough to rebalance the oil market and draw down
Egypt, UAE, Bahrain, Yemen, Libya, Maldives join in Several major powers in the Middle East cut diplomatic ties with Qatar today, including fellow OPEC members Saudi Arabia, the UAE and Libya, citing the country’s support of terrorism. Saudi Arabia, Egypt, UAE and Bahrain each ceased relations with Qatar in an arranged diplomatic move, which was later echoed by Yemen, Libya
EG-11 block lies adjacent to billion-barrel Zafiro field ExxonMobil (ticker: XOM) announced today that it has signed a production sharing contract with the government of Equatorial Guinea for developing a deepwater block. Exxon’s wholly owned affiliate, Exploration and Production Equatorial Guinea, will develop the block. The contract concerns the EG-11 deepwater block, which covers about 307,000 acres, is located 36
Second-longest build, in 1992, was 14 consecutive weeks; U.S. count reaches 916, Permian adds 2 The U.S. drilling industry has now seen 20 weeks of consecutive rig gains, according to the latest Baker Hughes rig count, released today. Eight rigs came online in the U.S. this week, bringing the total number of rigs active in the U.S. to 916. All
Cardinal acquires 5,000 BOEPD of production Apache Corp. (ticker: APA) announced the sale of Canadian light oil assets today in a C$330 million ($244 million) cash deal with Cardinal Energy (ticker: CJ). Unlike many recent Canadian oil and gas property sales, these properties are not unconventional Montney or oil sands, but instead are conventional light oil. ~300 drilling locations available,
Crude stocks down 25.6 MMBO in last eight weeks One of OPEC’s primary goals in passing production cuts has been to decrease global inventories, but this objective has been mostly elusive in early 2017. Inventories in the U.S. in the beginning months of 2017 did not respond to the reduced OPEC output. Instead, commercial crude inventories in the U.S. in
The EPA has issued a 90-day stay on oil and gas emissions standards The Environmental Protection Agency announced Wednesday that it will put a halt to some of the Obama-era regulations on the oil and gas industry. Using its Clean Air Act authority, the EPA has issued a 90-day stay of the fugitive emissions, pneumatic pumps, and professional engineer certification
Russia is looking to find ways to cooperate with OPEC despite years of saying it has no plans to join the group OPEC and Russia hope to institutionalize cooperation between the two beyond the current production cuts, according to Russian Energy Minister Alexander Novak and OPEC Secretary-General Mohammad Barkindo. The group of producers and Russia overcame years of mutual distrust
KMI’s successful Canadian IPO provides cash to pay down debt, clearing path for Trans Mountain FID “Upon the completion of the IPO, we will have secured satisfactory financing for the Trans Mountain Expansion Project,” Kinder Morgan CEO Steve Kean said in a statement on May 25, 2017. The company’s Canadian business IPO was completed today and the shares began trading
Improving energy prices put Alberta, Saskatchewan and British Columbia at the high-end of expected growth Improving oil prices are expected to help drive better economic growth in Canada in 2017, with the strongest forecasts being reported for traditionally energy-producing parts of the country, according to The Conference Board of Canada (TCBC). Alberta and Saskatchewan are expected to emerge out of
Now exactly one year past bottom of rig count Baker Hughes (ticker: BHI) released its weekly rig count today, showing an increase in active U.S. rigs for the nineteenth- straight week. After breaking 900 for the first time since 2015 last week, American rigs continued their growth this week, ending at 908 active rigs. A total of 504 more rigs
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