The US drilling rig count dropped 4 units to reach 1,047 rigs working for the week ended Feb. 22. The count is up 69 units from the 978 rigs working this time a year ago, according to Baker Hughes data.
Saudi Aramco has signed a $10-billion agreement to form a joint venture with China North Industries Group Corp. (Norinco) and Panjin Sincen to develop a fully integrated, grassroots refining and petrochemical complex in Panjin, in China’s Liaoning province.
Perth-based Norwest Energy Ltd., Triangle Energy Ltd., and 3C Group IC Ltd. have received regulatory approvals to proceed with the planned Xanadu 3D seismic survey in the offshore North Perth basin of Western Australia.
ExxonMobil Corp. said a partnership with Microsoft to use cloud technology for the supermajor’s Permian basin operations is expected to increase net cash flow over the next decade through improved analysis and enhanced operational efficiencies.
The US Federal Energy Regulatory Commission adopted a new approach for consideration of proposed LNG terminals that considers direct greenhouse gases from the facilities. It applied the approach for the first time when it considered and approved Venture Global LNG’s Calcasieu Pass LNG export project in Cameron Parish, La., it said.
Stable supplies and unstable prices will characterize global oil markets during 2019, speakers generally agreed during a Feb. 21 discussion at the Center for Strategic and International Studies. “Volatile prices are still the primary energy expenditures driver. We’ve had kind of a wild ride,” observed Howard Gruenspecht, a CSIS senior nonresident energy and national security […]
Oil front-month contracts on the New York Mercantile Exchange and the Intercontinental Exchange in London settled with mild price declines Feb. 21 while product prices rallied as refiners cut crude purchases during seasonal refinery maintenance.