Oil & Gas Industry News

Venezuelans know they would not be confronting only the authoritarian regime of President Nicolas Maduro if they resumed protests after yet another political failure.

US petroleum product demand averaged more than 20.2 million b/d in September, 2.4% more than a year earlier and the highest level for the month since 2007, the American Petroleum Institute reported.

The US rig count during the week ended Oct. 20 declined for the ninth time in 12 weeks. Baker Hughes’ tally of active rigs fell 15 units this week to 913. 

Thailand’s PTT Exploration & Production PCL (PTTEP) will delay its final investment decision on the 612-sq-km Mariana Oil Sands Project near Athabasca, Alta., according to a Reuters report. PTTEP also will record a $550-million impairment in its third-quarter earnings.

The US Senate rejected an amendment that would have removed language authorizing oil and gas development within the Arctic National Wildlife Refuge from the fiscal 2018 budget bill on Oct. 19. The 52-48 balloting largely followed party lines, with Republicans except Susan Collins (Me.) voting against it and Democrats except Joe Manchin (W.Va.) supporting it. 

In preparation of the 2022 startup of Husky Energy Inc.’s West White Rose project, Wood Group Canada Inc. has let a contract to MHWirth AS, a unit of Akastor ASA, for the delivery of a drilling package, including equipment, engineering, and services.

Wood Mackenzie Ltd. analysts believe Libya’s oil production might have reached near-term limits with only gradual future growth. The possibility of longer-term political normalization and a reduction in the nation’s political conflicts depends on Libya maintaining oil production.

The light, sweet crude oil contracts dropped to settle under $52/bbl on the New York market on Oct. 19. The US benchmark fell for a second consecutive day in early trading on Oct. 20 during a week in which oil prices wavered between gains and losses.