China’s refining expansions to reshape global oil trade
Global oil refining capacity is set to expand by more than 10 million b/d over the next 7 years, with new refinery projects in Asia accounting for roughly 40% of this total.
CERA: Aramco CEO calls for energy planning, cooperation
There are enough conventional and unconventional petroleum resources to satisfy global demand for liquid fuels “for many decades,” but it will require better planning and cooperation between industry and governments to accomplish that task, the president and chief executive officer of Saudi Aramco said.
WATCHING GOVERNMENT: Fresh questions about biofuels
Two separate scientific studies released on Feb. 7 asked if converting forests to farm land for ethanol crops will do more environmental harm than good.
BP disappointed in downstream performance
BP PLC is seeking to improve the financial performance of its refining and marketing assets, said BP Chief Executive Tony Hayward Feb. 5 while discussing companywide 2007 financial results.
Suncor plans $20.6 billion oil sands expansion
Suncor Energy Inc., Calgary, is planning to invest $20.6 billion (Can.) to expand the oil production capacity at its oil sands operation north of Fort McMurray, Alta., by 200,000 b/d, to 550,000 b/d in 2012.
ExxonMobil drills record extended-reach well at Sakhalin-1
ExxonMobil Corp. has surpassed its own world record for reaching offshore deposits with land-based extended-reach technology, drilling from an onshore well at its Sakhalin-1 project in eastern Russian to a target area 7 miles offshore.
WATCHING THE WORLD: The new oil diplomatist
Well, it seems the US Department of State has decided to start watching the world of oil and gas on an official basis.
Venezuela sounds off against ExxonMobil
Oil futures have continued to rise due to traders’ concerns over the war of words launched by Venezuelan President Hugo Chavez after ExxonMobil Corp. last week won a court injunction freezing as much as $12 billion in assets owned by state firm Petroleos de Venezuela SA (PDVSA).