(BOE Report) – CALGARY – The Alberta government says Premier Danielle Smith has been in talks with a multinational oil and petrochemical player about selling two million barrels per month of province-owned heavy oil. It said in a news release that there was a meeting on Monday, but it did not identify the company or say what part of the world
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
From Reuters HOUSTON (Reuters) – Heavy crudes have poured into the United States this spring, offsetting the loss of Venezuelan oil and producing a mini-surplus, with Canadian heavy crude this month being exported from the U.S. Gulf Coast. U.S. refiners have lined up larger supplies from Canada, Iraq and Colombia since Washington in January began choking off the flow of
Marathon nixes coking unit in Louisiana – loss of supply from Venezuela, Canada, OPEC narrows price differential From Reuters NEW YORK (Reuters) – U.S. refiners had a plan for 2020: use their complex operations to maximize profits by making products that would comply with new international laws capping sulfur content in shipping fuels. But after a series of unexpected market
From the Houston Chronicle As the global refining industry readies for the shipping industry’s shift to cleaner-burning marine fuels, analysts are warning that not all refineries are ready for what could be one of the biggest regulatory shocks to the refining industry in decades. While the shift could force some refineries abroad to close in the wake of a glut
From Bloomberg After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks, in an effort to dampen visible build-ups in crude inventories. U.S. refineries given notice to expect lower shipments from Saudi in January; cut could test 30-year low American-based oil refiners have been told to
80% of the imported Canadian oil is heavy oil According to EIA data, in 2017, the United States imported approximately 7.969 MMBOPD of all grades of crude oil from about 80 countries. The EIA calculates that 3.117 MMBOPD came from OPEC countries and 3.446 MMBOPD came from Canada in 2017. According to a new report out today from IHS Markit, U.S.
Inadequate pipeline capacity to U.S. and no pipelines to move oil to tidewater ports forces Canadian oil to sell at a big discount Canada’s shortage of pipeline capacity is continuing to drive down the price of Canadian oil and it’s going to cost Canada’s energy sector billions, according to a new study from Canadian think tank Fraser Institute. “Without adequate
Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of
PentaNova Energy Corp. (ticker: PNO) signed the final agreement with Argentina’s National Oil Producer YPF to farm in on 11% of the Llancanelo heavy oil field. The agreement takes PentaNova to a 50% working interest partnership in the field. A brief history of the Llancanelo field The Llancanelo area is located to the north of the Neuquen (Neuquina) Basin, in
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