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Saudis see need for major supply cut amid fears of glut

Saudis see need for major supply cut amid fears of glut

Saudi Arabia will reduce oil supply next month in response to lower demand, and more cuts could follow next year. Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said the kingdom’s oil output would fall by 500,000 barrels per day in December. Members of the Organization of Petroleum Exporting Countries...

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ADNOC CEO says oil and gas industry a critical enabler of economic growth in 4th industrial age in ADIPEC keynote address

ADNOC CEO says oil and gas industry a critical enabler of economic growth in 4th industrial age in ADIPEC keynote address

Saudi Arabian Oil Company (Saudi Aramco) today signed two separate Memorandums of Understanding with Abu Dhabi National Oil Company (ADNOC) and with Masdar, Abu Dhabi’s renewable energy Company, covering energy and technology collaboration, renewables, and carbon management. The global oil and gas will be a critical enabler of economic growth in the 4th Industrial Age,...

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EIA: New Gulf of Mexico projects expected to reverse gas production declines

EIA: New Gulf of Mexico projects expected to reverse gas production declines

BOEM has March 2018 production at 1696 kbpd, which is down 1 percent month-on-month and 4 percent year-on-year (March 2017 was the peak production month for GoM so far). EIA numbers were very similar, although last month’s were higher and haven’t been revised yet – typically EIA numbers end up almost exactly corresponding to the...

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Halliburton CEO expects Permian bottlenecks gone by end of 2019

Halliburton CEO expects Permian bottlenecks gone by end of 2019

Oilfield services giant Halliburton (HAL) warned on third-quarter earnings Wednesday as customers face “budget exhaustion” while a transport backlog in the Permian Basin hits shale oil stocks. At the Barclays conference in New York, Halliburton CEO Jeff Miller cited pipeline bottlenecks, a tight labor market and inflation that created a worse-than-expected downturn in the Permian. These headwinds, plus delays...

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Welcome to pipelines on wheels as LNG giant turns to trucks

Welcome to pipelines on wheels as LNG giant turns to trucks

The country’s top suppliers are loading liquefied natural gas onto tanker trucks and delivering it to users to make up for insufficient pipeline coverage inland. The method is so effective ENN Group is using it as a primary way to move LNG from its new terminal. Gas is in such hot demand in China right...

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McDermott, Saipem to partner for planned Rio Grande LNG project

McDermott, Saipem to partner for planned Rio Grande LNG project

David Dickson, president and CEO of McDermott, said, “pursuant to NextDecade’s competitive process, we plan to submit our joint EPC proposal in the second quarter of 2019.” International, Inc. has announced that it plans to partner with the Italian oil and gas industry contractor Saipem to bid for NextDecade’s planned Rio Grande LNG project in Brownsville,...

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Eni, Total partner with Sonatrach for offshore exploration in Algeria

Eni, Total partner with Sonatrach for offshore exploration in Algeria

Eni announced that it, Total and Sonatrach, Algeria’s state oil company, have signed two agreements which include an exclusive partnership for offshore exploration in Algeria. “In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment,” Eni said in a company statement posted...

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Trump expected to lift ban on biofuel sales

Trump expected to lift ban on biofuel sales

A US federal restriction that bans the summertime sale of gasoline blends containing higher quantities of ethanol might be relaxed, according to sources with knowledge of the regulation. President Donald Trump is expected to make the announcement on Tuesday, before heading to Iowa on that same day. There are speculations that the move is to...

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Shell adds new, deepwater production in Brazil

Shell adds new, deepwater production in Brazil

Shell Brasil Petróleo Ltda, a subsidiary of Royal Dutch Shell plc and its bid consortium member Chevron Brasil Óleo & Gás Ltda won a 35-year production sharing contract for the Saturno pre-salt block located off the coast of Brazil in the Santos Basin. Shell will pay its share of the total signing bonus for the block, equating...

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Earthstone buys Midland basin assets for $950 MM

Earthstone buys Midland basin assets for $950 MM

Earthstone Energy, Inc. will acquire assets in the Midland Basin through two agreements for a cash and stock purchase price of $950 million ($650 million cash plus $300 million stock). Earthstone Energy has entered into an agreement with Sabalo Holdings to buy producing and non-producing oil and gas assets in the northern Midland basin. In...