Oil companies are flocking to Namibia, excited by the country's plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century. Namibia, which has yet to produce any oil or gas, has become an exploration hotspot after offshore discoveries by TotalEnergies and Shell, and wants to accelerate the milestone of the country's first output. The southern African country is planning for its first oil production from TotalEnergies' giant Venus field in [Read more]
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Crude and gasoline stocks fell, distillate stocks rose last week, EIA says
Crude inventories fell by 6.4 million barrels to 453.6 million barrels in the week ended April 19, the EIA said, compared with analysts' expectations in a Reuters poll for a 825,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 659,000 barrels in the week ended April 19, the EIA said. Refinery crude runs fell by 42,000 barrels per day in the week ended April 19, the EIA said. Refinery utilization rates rose by 0.4 percentage points in the week. U.S. [Read more]
Tamarack Valley’s South Clearwater Asset Review – BOE Intel
Over the past few years, Tamarack Valley has transformed into one of the Clearwater's leading names. With total corporate production of just under 65,000 BOE/d in Q4 2023, Tamarack has grown substantially since kicking off a corporate transformation back in 2021. A smaller but noteworthy component of this transformation strategy, which saw the company retool its asset portfolio, focused on what Tamarack refers to as its South Clearwater asset. The South Clearwater is composed of a band of [Read more]
Getting OGI Leak Detection Right with Improved Tech and Tools
Regardless of when or where they happen, invisible gas leaks are difficult and time-consuming to detect, especially when using outdated inspection methods, and when there are many components to inspect. As previously discussed in detail in our earlier blog, there has been a major shift in how the government will regulate methane and other greenhouse gas emissions that contribute to global warming. Specifically, we covered the EPA’s New Source Performance Standards (NSPS) “OOOOb” and Emissions [Read more]
Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan
Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report. The growth in gas output and liquefied natural gas (LNG) facilities, which allow tankers to transport the fuel around the world, will boost efforts to switch industries from highly polluting coal to gas, which can cut greenhouse gas emissions by as much as half, the report said. The U.S. [Read more]
XI Technologies: Central Alberta – Black Gold Beneath the Prairies
In the dynamic landscape of oil and gas production, Central Alberta is commanding a significant portion of recent production. Looking at data current to Feb 2024, 31% of the production from wells spudded in the last three months are located within the Central Alberta Region. The image below illustrates the Central Alberta Region, highlighting the production hot spots. This week, we delve into the southern portion of Central Alberta where we see some of the highest production and shed [Read more]
Rising spot LNG prices starting to bite some Asian buyers: Russell
There are early signs that the rise in the spot price for liquefied natural gas (LNG) for delivery to Asia to a three-month high is starting to crimp demand from price-sensitive buyers such as India. The spot LNG price rose to $10.50 per million British thermal units (mmBtu) in the week ended April 19, the most since Jan. 19, and up 26.5% from the low so far in 2024 of $8.30, reached in early March. The recent increase in the price has been driven more by supply concerns, with the ongoing [Read more]
First tanker in 12 days sets sail from Freeport LNG in Texas
The first tanker in 12 days set sail from Freeport LNG's Texas export terminal on Tuesday, signaling the resumption of gas processing after an outage this month. Freeport LNG, one of the largest U.S. liquefied natural gas export facilities, has suffered several outages this year with all processing units recently out of service, pressuring U.S. natural gas prices and adding to prices in Europe. Tanker BW Pavilion Leeara was partially loaded when it left Freeport LNG's dock late Tuesday, [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 19 Office Administrator Roska DBO Slave Lake Apr. 18 Electrical QA/QC Strike Group Fort Saskatchewan Apr. 18 Field Operator Roska DBO Grande [Read more]
Trans Mountain expects first ship will load from expanded pipeline in second half of May
The first ship carrying crude from the expanded Trans Mountain pipeline is expected to load at the Port of Vancouver in the second half of May, the company building the project said on Tuesday. The expanded pipeline will carry an extra 600,000 barrels per day (bpd) of oil from Alberta to Canada's Pacific coast and is set to start transporting crude on May 1. Final line fill will be completed in early May, Trans Mountain said in an email. The C$30.9 billion ($22.62 billion) expansion [Read more]