Like a lot of other oil producers, Ecuador is seeing flagging levels of output. One field holds promise to reverse that, but its development has become controversial. In this week’s Oilgram News column, At the Wellhead, Quito correspondent Stephan Kuffner discusses the challenges facing the field’s development.
By News Desk | September 22, 2014 12:01 AM Comments (0)
By Jeffrey Bair | September 19, 2014 09:21 AM Comments (4)
Over at ESPN, there’s a podcast called “Numbers Never Lie.”
The name’s something sports types like to throw around when making a point.
Like this: Detroit Tigers slugger Miguel Cabrera is one of only four players with 300 total bases in 11 straight seasons. It would be hard for even a Kansas City Royals fan to punch a hole in that.
By Margaret McQuaile | September 19, 2014 04:32 AM Comments (0)
Oil prices have found some support from the potential for lower production from OPEC next year, as suggested by the group’s secretary general, Abdalla el-Badri.
Speaking to Platts by telephone from Vienna earlier this week, Badri was at pains to stress that he was not predicting the outcome of OPEC’s next scheduled meeting on November 27. Nor was he talking about a 500,000 b/d reduction in the group’s current 30 million b/d ceiling. He was, he said, talking about an outlook that pegged the call on OPEC crude at 29.5 million b/d. He was not talking about a decision by OPEC.
By John-Laurent Tronche | September 19, 2014 12:01 AM Comments (1)
The bunker fuel market in the Atlantic Basin is just a bit more than 100 days away from the next shift in the sulfur emissions cap on ships traveling within 200 miles of shore in North America and North West Europe, a designated Emissions Control Area. And some of its impact on costs is starting to show up.
After several months of vague rumblings about higher costs, we’re beginning to see a clearer picture of just how much more shippers expect to pay to comply with this stricter rule. MSC on Monday became what we believe is the third company to announce per-container surcharges intended to offset its expected higher fuel bills come January.
By Yen Ling Song | September 18, 2014 07:24 AM Comments (1)
China National Offshore Oil Corp. has plenty to get excited about these days. After years of touting the unexplored and hidden depths of the South China Sea, the company has finally scored a coup with its first independent deepwater discovery.
The company earlier this week announced the success of the Lingshui 17-2-1 wildcat well, hailing it as a major breakthrough in exploration efforts.
By News Desk | September 17, 2014 06:09 PM Comments (0)
The US West Coast was the main driver of the crude oil stock increase this week, partly due to a decrease in refinery runs, which fell 82,000 barrels per day to 2.37 million b/d.
By Jeff Ryser | September 17, 2014 12:01 AM Comments (1)
Last week something serendipitous happened. I went to what was ostensibly a briefing and news broke out.
The news was that the big French bank BNP Paribas, after some high-level recruitment from a decamping JP Morgan Chase, intends to try and rebuild North American physical electricity trading to go along with its existing natural gas trading operations done primarily through its offices in New York.
BNP’s decision bucks the trend set by a number of other big banks—most notably JP Morgan Chase, Deutsche Bank and Barclays Plc– who have pulled out of several areas of physical energy commodity trading due to a combination of changing market conditions and flagging revenues, but perhaps most importantly, due to mounting regulations.
By Starr Spencer | September 16, 2014 12:01 AM Comments (0)
Did you ever feel like that kid in the poster for the classic movie “Home Alone” who is clutching his face with both hands, mouth agape in shock at having to foil two nitwit burglars?
I did when I saw the initial natural gas production rates that have come out of some recent Utica Shale wells. Although it wasn’t out of shock but sheer awe at the volumes being yielded by wells the Northeast US natural gas-prone play.
By Rosemary Griffin | September 15, 2014 12:01 AM Comments (0)
Sanctions against Russia are moving closer to the country’s big oil companies. In this week’s Oilgram News column Petrodollars, Rosemary Griffin looks at the choices that companies such as Rosneft face.