With the export of ever-increasing volumes of Permian crude and the recent inclusion of WTI Midland in the assessment of dated Brent prices, the issue of iron content, particularly in some Permian crudes, is coming to the fore plan This has become a point of emphasis for exported light sweet crude because many less complex foreign refineries do not have the capacity to adequately handle high iron content. Iron content exceeding desirable levels could have far-reaching repercussions, from sellers facing financial penalties for not meeting quality specifications to marine terminals being excluded from the Brent assessment if they miss the…
Author: Automotivedealernews.com
Invictus Energy Ltd. has awarded contracts for well services for its Mukuyu-2 drilling site in Zimbabwe, keeping it on track for a cleanup in the third quarter. “SLB (formerly known as Schlumberger) has been awarded the open wire logging contract, Geolog International has been awarded the mud cutting contract, while Baker Hughes, in combination with NOV, has been awarded the directional drilling and logging while drilling (LWD),” the Australian company said in a press release on Monday. “The rest of the services, including cementing, drilling fluids and mud engineering, tubular operation, fishing and abandonment, liner hangers, reservoir technical services and…
TGS, a global energy intelligence and data provider, will have the opportunity to sink its teeth into the legacy datasets of 3D coverage in the Malaysian coastal province of Sarawak. The company has signed a multi-client reprocessing agreement to expand multi-client 3D coverage in the region. The agreement was signed together with JV consortium partners PGS and SLB. The expansion will be achieved by reprocessing legacy datasets with the approval of Petronas Malaysia Petroleum Management (MPM) to complement and merge with the newly acquired phases, TGS said in its statement. The reprocessing addendum enhances a multi-year contract initially awarded by…
Imports of liquefied natural gas from Europe surpassed those arriving on the continent via pipelines for the first time last year, according to data from the Energy Institute. The change signals that the continent is rapidly rebuilding its energy infrastructure as it cuts ties with Russia following its invasion of Ukraine. The reversal is all the more significant as global gas production remained relatively flat in 2022 compared to a year earlier, the EI’s annual statistical review of world energy shows. Europe was a premium market, which helped attract more LNG to its shores and fill gaps left by declining…
Oil fell as markets struggled to shake off fears that higher interest rates would weigh on global growth. Revised concerns about the potential for recession around the world have overshadowed supply and demand trends in oil markets. A number of policymakers took a hawkish tone on interest rates last week, with the president of the European Central Bank saying on Tuesday that he probably won’t be able to declare an end to his historic cycle of interest rate hikes in the brief West Texas Intermediate settled below $68 as first-month prices have struggled to find direction since May. “Oil is…
In support of ADNOC Offshore’s growing drilling operations, ADNOC Drilling Company has announced the award of five agreements, each with a term of 10 years, which the company says have a total value of approximately $2 billion. The contractual terms, particularly the duration, were agreed with the client in view of the strength of the offshore jack-up market with higher daily rates, ADNOC Drilling noted. The contracts, which support drilling operations in five fields in ADNOC’s offshore portfolio, are for the hire of five high-specification jack-up rigs, along with all necessary labor and equipment, according to the ADNOC Drilling press…
Reports indicate that the newly appointed Prime Minister of Libya, Fathi Bashagha, is threatening to shut down oil sites in eastern Libya if the government of Abdulhamid Dbeibah does not relinquish power. That’s what Dryad Global’s latest Maritime Security Threat Advisory (MSTA) said, adding that the escalation carries the risk of a new oil crisis in Libya, “which could lead to significant disruption of the world oil market and exacerbate Libya’s political instability.” “Meanwhile, the port of Derna reopened after a 10-year closure, providing a much-needed economic boost to the city of Derna,” Dryad noted to the MSTA. “The first…
Russia’s exports of refined fuels continued to rise last week, suggesting that a rise in crude processing rates is filtering into increased shipments to foreign buyers. Traders and analysts are poring over every piece of data to understand how well Russia is sticking to its pledge to cut output by 500,000 barrels a day. This has become more difficult to do because Moscow has made production data a state secret after the war in Ukraine. Crude shipments, while remaining high, fell sharply in the most recent week as flows from its main Baltic Sea port eased, likely due to facility…
The Energy Institute (EI) has published its first, and 72nd general edition, of the World Energy Statistical Review. In a statement accompanying the report, EI noted that five key themes emerge from the data. One is that, post-Covid, transportation fuel demand patterns continued to return, “but with large variations across geographies and fuel types,” EI noted in the statement. “China was a major outlier, particularly with jet fuel remaining significantly below its pre-Covid level, due to its ‘zero Covid policy’,” he said the organization IS highlighted in the statement that another key issue is that the Ukraine conflict and reduced…
Rystad Energy does not expect to see a significant increase in oil prices this week following the latest actions by the Wagner Group, Rystad Energy Senior Vice President Jorge Leon said in an oil market update sent to Rigzone on Sunday afternoon. “The Russian paramilitary organization Wagner Group, on June 24, started an armed insurrection in Russia.Within hours, however, the group announced it had abandoned the insurgency against the country’s armed forces, ending what could have been Russia’s first coup attempt in three decades,” Leon told the update “Over the past 35 years, geopolitical events in major oil producers have…