Numaligarh Refinery, a group company of Bharat Petroleum, has received clearance to proceed with the long-planned expansion of its 60,250-b/d Numaligarh refinery in the Golaghat district of Assam in far-northeastern India. India’s Cabinet Committee on Economic Affairs on Jan. 16 approved the 225.94 billion-rupee project, which intends to expand crude processing capacity at the refinery by […]
Beginning on Jan. 1, 2020, the International Maritime Organization (IMO) is set to enact the Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL Convention), which lowers the maximum sulfur content of marine fuel oil used in ocean-going vessels from 3.5% to 0.5%.
Global liquid fuels production will average 101.8 million b/d in 2019 and 103.5 million b/d in 2020, and consumption will average 101.5 million b/d in 2019 and 103.1 million b/d in 2020, which will contribute to modest inventory builds in both years, according to the US Energy Information Administration’s latest Short-Term Energy Outlook. The STEO […]
Equinor has, together with partners ExxonMobil, Total, and Norway’s Petoro, made a natural gas and condensate discovery with the Ragnfrid North (6406/2-9 S) exploration well in the Norwegian Sea. The well, drilled in production license 199 about 20 km south of the Kristin platform, will be evaluated for development and tie-in to Kristin field and […]
Rystad Energy forecasts offshore spending will outgrow spending on onshore shale activities this year. Service companies exposed to the offshore subsea market and the maintenance, modifications, and operations (MMO) sector are set to benefit from this trend reversal.
US crude oil inventories for the week ended Jan. 11, excluding the Strategic Petroleum Reserve, decreased by 2.7 million bbl from the previous week, data from the US Energy Information Administration showed. At 437.1 million bbl, US crude oil inventories are about 8% above the 5-year average for this time of year, the report indicated.
CNOOC Ltd. reported the start of production from the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in the south-central part of the eastern South China Sea.
Crude oil benchmarks jumped more than $1/bbl on the New York and London markets Jan. 15 with light, sweet crude oil prices for February and March settling above $52/bbl while Brent crude for March and April settled above $60/bbl in London.
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