More Oil & Gas News

MARKET WATCH: NYMEX oil prices drop down to nearly $38/bbl

Crude oil prices for October delivery settled at $38.24/bbl on the New York market Aug. 24, down $2.21 from the previous trading session, and Brent also dropped by more than $2/bbl on the London market to close at under $43/bbl for October delivery. Brent has fallen more than 30% since May.

Unit remains shuttered at Shell’s Pulau Bukom complex

An investigation remains under way into a fire that broke out at an unidentified unit of Royal Dutch Shell PLC’s Pulau Bukom manufacturing site on Bukom Island, Singapore, which houses a 500,000-b/d refinery, 1 million-tonne/year (tpy) ethylene cracker complex (ECC), and 155,000-tpy butadiene extraction plant.

WoodMac: ‘Decade-long’ global gasoline surplus possible for refiners

The global oil product market could experience a surplus of gasoline supply as early as 2017, according to the latest long-term oil product market forecast from Wood Mackenzie Ltd. The research and consultancy firm explains that the surplus, combined with a deficit of middle distillate and fuel oil, would put significant pressure on refiners by the end of the decade.

Erin Energy enters next phase of onshore Kenya exploration

Houston independent Erin Energy Corp. has entered into the next phase of onshore exploration in Kenya after being given government approval to enter the first additional exploration period (FAEP) on its L1B and L16 onshore blocks.

Cobalt to sell deepwater Angolan blocks

Cobalt International Energy Inc. has agreed to sell its interests in two blocks in deep water offshore Angola to state-owned Sonangol for $1.75 billion and will concentrate on appraisal and development of deepwater discoveries in the Gulf of Mexico.

MARKET WATCH: NYMEX oil prices dip below $40/bbl on Aug. 21

Crude oil prices for October delivery touched a low of $39.86 on the New York market Aug. 21 before bouncing back to settle above $40/bbl, and the contract recorded a decline of 87¢ for the day compared with the previous trading session.

US reportedly will begin limited crude oil swaps with Mexico

The Obama administration will begin to allow limited US crude oil swaps with Mexico, multiple news organizations reported. The US Department of Commerce is "acting favorably on a number of applications" to export US crude in exchange for imported Mexican oil, Reuters quoted an unnamed official as saying.

US House leaders press BP for answers on Whiting refinery outage

Leaders in the US House of Representatives are demanding answers from BP PLC regarding the early August unplanned and still ongoing shutdown of a major processing unit at its 413,000-b/d refinery in Whiting, Ind.

New ozone limits unnecessary, 370 state business groups declare

The US Environmental Protection Agency's proposal to reduce ozone limits is both costly and unnecessary, 370 state business groups from across the country-including petroleum councils affiliated with the American Petroleum Institute-told White House Chief of Staff Dennis McDonough.

Watching Government: Preparing for an avalanche

Late summer may not seem like an appropriate time to prepare for avalanches in Washington at first. The nation's capital feels deserted as Congress takes its August recess, and many others are away for a week's vacation.

EPA proposes methane emissions requirements for oil, gas industry

The US Environmental Protection Agency has proposed requirements aimed at reducing emissions of methane and volatile organic compounds (VOC) from all US oil and gas industry segments.

Politics of abundance

Attention returns to the antique US ban on exports of crude oil with reports that limited shipments to Mexico have been approved. The oil and gas industry should use the moment to expand the discussion to energy in general.

OGJ Newsletter

International news for oil and gas professionals

The Internet of Things

With the current low oil-price environment fast becoming the oil and gas industry's "new reality," even the most efficient of companies will have to do more than just make financial adjustments.

Fire hits Shell’s integrated processing operations in Singapore

Royal Dutch Shell PLC has extinguished a fire that occurred at one of the units at the company’s Pulau Bukom manufacturing site on Bukom Island, Singapore, which includes a 500,000-b/d refinery, 1 million-tonne/year (tpy) ethylene cracker complex (ECC), and 155,000-tpy butadiene extraction plant.

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