Oil and Gas 360 ExxonMobil announced yet another discovery in its coveted Stabroek block in Guyana. The Bluefin well encountered 197 feet of hydrocarbon-bearing sandstone in 4,244 feet of water, adding to Exxon’s growing list of over 30 oil discoveries in the Stabroek block since 2015. The latest announcement follows explosive growth in Guyana’s production, which benefitted from the early
Oil and Gas 360 After years of delays and running $7 billion over budget, Pemex’s CEO says the company’s new Dos Bocas (Olmeca) 340,000 bpd refinery will reach maximum production by the end of March. The new refinery will produce 170,000 bpd of gasoline and 120,000 bpd of ultra-low sulfur diesel, increasing Pemex’s fleet-wide output forecasts by 60% to 1.05
Oil Price Aliko Dangote, the owner of Africa’s largest refinery and Africa’s richest person, is looking to set up a trading firm that would handle crude supply for the new mega refinery in Nigeria, Reuters reported on Tuesday, citing multiple sources with knowledge of the plans. The Dangote Refinery in Nigeria, Africa’s biggest, began the production of fuels in January 2024, marking the
Oil Price U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies. Europe’s imports of U.S. diesel have nearly halved so far in February to 6.65 million barrels, down from a seven-year high imports of 11.44 million barrels in
Nasdaq WASHINGTON/NEW YORK – The U.S. oil industry saw nearly $200 billion in upstream deals last year, but the refining sector missed out despite plenty of willing sellers as the energy transition away from fossil fuels accelerates and casts doubt over the long-term value of aging U.S. refineries The growing number of operators looking to sell assets reflects the hope that a post-pandemic
Oil Price Elliott Investment Management, an activist investment group, said on Wednesday it had amassed a $1-billion stake in one of the largest U.S. refiners, Phillips 66, and expressed dissatisfaction with the company’s underperformance in recent years. Apart from disclosing its $1 billion investment in Phillips 66, the activist investment firm sent a letter to the Board of Directors of Phillips
Oil Price The U.S. gasoline crack spread – a leading refining profitability indicator – slumped in October to the lowest level in nearly three years amid seasonally weaker American gasoline demand and the switch to the cheaper winter-grade gasoline, the Energy Information Administration said on Wednesday. In October, the crack spread, or the difference between the price of a wholesale petroleum product
Nasdaq WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended. Refiners, which typically produce more distillates such as diesel and heating oil in autumn, are trying to rebuild inventories of these
Nasdaq As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global supplies of diesel, heating oil and jet fuel. China is the world’s top oil importer and largest energy consumer. Typically, energy has flowed into China, not out of it. Growing Chinese refining capacity has,
Yahoo Finance LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters. Oil markets are tight as OPEC and its allies restrict supplies. Saudi Arabia and Russia have curbed output by
Oil Price Fall refinery maintenance in the United States will see almost 2.5 million barrels per day of capacity taken offline, Bloomberg reports, with more capacity cuts possibly coming early next year. In what Bloomberg describes as the “heaviest” maintenance season since before the COVID-19 pandemic, between September and December this year, the U.S. will lose nearly 2.5 million bpd of refining
Oil Price Mexico’s state oil firm Pemex is expected to start running the long-delayed Dos Bocas oil refinery at full capacity this year, Mexican Energy Minister Rocio Nahle said this week. The oil refinery has seen delays and cost overruns estimated around or even above $3.6 billion, and it hasn’t started producing usable gasoline yet. The plant is one of
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