The OPEC deal has raised the possibility of an oil supply deficit as early as the first half of 2017, according to the IEA, but the oil price rally has hit some stumbling blocks in recent weeks on ongoing concerns over whether or not the promised cuts of 1.8 million barrels per day from both OPEC and non-OPEC will materialize. Even if participating countries adhere to the details of the deal that was signed in November, extraordinarily high levels of oil sitting in storage will continue to weigh on the market. In fact, the latest data from the…Continue reading
BW Offshore Ltd. and its parent company BW Group Ltd. have farmed in to the 210,000-acre Dussafu production sharing contract offshore Gabon in two separate deals.Continue reading
The Bureau of Ocean Energy Management (BOEM) will livestream Central Gulf of Mexico Lease Sale 247 at 9 a.m. CST on Mar. 22, 2017.Continue reading
Brisbane-based Armour Energy Ltd. has executed a gas sales agreement with the Origin Energy Ltd.-led Australia Pacific LNG group for the supply of 1.8 petajoules of gas from Armour’s Kincora Roma Shelf gas project in the Surat basin of southeast Queensland to APLNG’s LNG plant on Curtis Island near Gladstone over a minimum of 5 years.
Each Christmas, around the world billions of children sit quietly in their beds at night pondering one of life’s biggest mysteries about a fat man in a red suit; ‘what are the propulsion specs on Santa’s sleigh and what is the relative level of its fuel economy?’ OK, so maybe it’s only the engineering minded children who are wondering that. Still, it’s an important question to consider. We already have a clear answer to how much oil Santa’s sleigh needs to use for backup power in the event that Rudolph…Continue reading
Sydney-headquartered fuel importer and refiner Caltex Australia Pty. Ltd. has made its first move into New Zealand with the acquisition of importer and distributor Gull New Zealand for $340 million (NZ).Continue reading
Saudi Arabia will turn to solar for electricity, which could allow it to export a lot more oil. The connection between solar and oil is not an obvious one since they typically do not compete against each other – oil is used to refine fuels for transportation while solar is used to generate electricity. Solar traditionally competes with natural gas, coal and nuclear power. However, that is not the case in Saudi Arabia, where oil is still burned for electricity, an increasingly uncommon practice throughout the world. In fact, Saudi Arabia is…Continue reading
A new deposit in Serbia’s Pannonian oil and gas basin may contain recoverable reserves of 432,000 tonnes, according to Russia’s PJSC Gazprom Neft. The Idos-X-4 well was drilled to the Neogene-aged formation at a depth of 2,268-2,287 m in the Idos-Sever (Northern Idos) field.
Libya’s National Oil Corp. said an oil pipeline that had been shut down for more than 2 years has reopened in western Libya.
96 percent of new vehicle sales in 2016 featured combustion engines The implementation of electric vehicles and ride-sharing may have long-term effects on oil demand, but the speed at which changes to the vehicle fleet takes place are likely to ensure that it happens at a slow pace, according to a report by IHS Markit. While IHS and many other prevailing long-term global energy forecasts expect oil demand to continue to grow over the next two decades, the potential for disruptive changes to transportation—a sector that accounted for half…Continue reading