Oil & Gas Industry News
Welcome to the Energy News Page. Here you can find links to the latest news from reputable sources in the oil and gas industry.
Occidental Wants to Keep Rigs Running amid Oil Price Drop
US Oil Rig Count Drops for Second Week in a Row
Oil God Forecasts Price Move
Oil Steadies Below $53
Inpex gains interest in Ichthys LNG project from Total
Inpex agreed to acquire an additional 4% interest in the Ichthys LNG project in Australia from Total SA for $1.6 billion, increasing the operator’s participating interest to 66.245% from 62.245%. The first offshore condensate cargo was exported on Oct. 1, the first LNG cargo was exported on Oct. 22, and the first LPG cargo was exported on Nov. 16. The two LNG trains are now fully operational.
Mexico plans new refinery, rehab work
President Andres Manuel Lopez Obrador of Mexico has announced a plan to rehabilitate six refineries and build a 340,000-b/d refinery a Dos Bocas, Tabasco.
ExxonMobil makes FID to develop West Barracouta gas project
ExxonMobil Corp. plans to produce natural gas for the Australian market by 2021 following a final investment decision to develop West Barracouta gas field in Bass Strait. The project, on the VIC/L1 Block offshore Victoria, is part of the Esso-BHP Gippsland basin joint venture.
IEA revises downward non-OPEC supply growth forecast for 2019
In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada. “By agreeing a cut of 1.2 million b/d, and additional output curbs in Canada, producers may go some way towards restoring balance to the world market,” IEA said.
CruzSur seeks test of old well in Colombia
A subsidiary of CruzSur Energy Corp., Vancouver, BC, wants to test an old well near a recent technical discovery on the Maria Conchita block in the Department of La Guajira, Colombia. The subsidiary, MKMS Enerji Sucursal Colombia, is seeking modification to an environmental license that would allow it to test the Aruchara-1 well drilled by Texaco in 1980. MKMS operates the 60,076-acre block.
Witnesses give US House RFS quota discussion draft a frosty reception
Witnesses at a Dec. 11 US House Energy and Commerce subcommittee hearing generally applauded the sponsors’ effort in releasing a discussion draft weeks earlier that would reform the Renewable Fuel Standard’s quotas by establishing a national octane specification beginning in 2023.