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OGJ Newsletter

International news for oil and gas professionals

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.

Unipetrol declares force majeure at Czech ethylene plant

Unipetrol AS has shuttered production at its Chempark Zaluzi petrochemical complex in Litvinov, Czech Republic, following an explosion and ensuing fire at the site’s 544,000-tonne/year (tpy) ethylene plant.

NOIA president urges BOEM to hold Aug. 19 lease sale as scheduled

The US Bureau of Ocean Energy Management should ignore a call by groups to delay US Outer Continental Shelf Lease Sale No. 246 and hold it on Aug. 19 as scheduled, National Ocean Industries Association Pres. Randall B. Luthi said.

Rosneft buying pressure-pumping company

A Rosneft Group subsidiary, RN Assets LLC, has agreed to buy 100% interest in the Russian pressure-pumping unit of Trican Well Service Ltd., Calgary, for $140 million.

BOEM to prepare SEIS for 2017 Central Gulf of Mexico lease sale

The US Bureau of Ocean Energy Management plans to prepare a supplemental environmental impact statement for the final Central Gulf of Mexico Planning Area oil and gas lease sale under the current five-year US Outer Continental Shelf program.

MARKET WATCH: NYMEX crude oil prices drop to 6-year lows again

The front-month light, sweet crude oil contract dropped more than $1/bbl on the New York market Aug. 13 to settle below $43/bbl, putting it back around 6-year lows for the second time since Aug. 11. In early Aug. 14 trading, the New York oil price briefly touched $41.35/bbl, last seen on Mar. 4, 2009.

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.

India, Nepal eye border products line

The governments of India and Nepal have signed a memorandum of understanding for construction of a pipeline to carry oil products from an Indian Oil Corp. depot at Raxaul, India, to Amlekhgunj, Nepal.

MARKET WATCH: NYMEX crude oil prices gain on IEA’s demand forecast

The front-month light, sweet crude oil contract gained modestly on the New York market Aug. 12, which analysts largely attributed to a monthly market report from the International Energy Agency saying demand for crude is increasing at its fastest pace in 5 years.

CERI: Lower demand, prices may trim near-term oil sands spending

Lower crude oil prices and reduced demand resulting from a global economic downturn could reduce Canadian oil sands capital expenditures through 2017, the Canadian Energy Research Institute said. Production and capital outlays still are expected to increase well into the future, it emphasized in its latest Oil Sands Supply Update.

Alaska should move faster to export LNG, study concludes

Declining crude oil production and growing economic challenges make it urgent for Alaska’s business and government leaders to move ahead more quickly on getting a major LNG export project up and running in the state, an American Council for Capital Formation report concluded.

Morocco’s sole refinery plots financial restructuring

Société Anonyme Marocaine de l'Industrie de Raffinage (SAMIR) is planning a financial restructuring of the company in an effort to maintain ongoing operations at its 10 million-tonne/year refinery at Mohammedia, Morocco, north of Casablanca.

Dakota Prairie Refining sells diesel, mulls expansion

Dakota Prairie Refining LLC officials hosted a grand opening in late June to celebrate the start up of the first US refinery in about 40 years.

FGE: US unconventional industry shows resilence as OPEC reacts to shale production and prices

What does not kill you will make you stronger: the story of US shale. Or, so Nietzsche would say if he was still around.

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