Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said. Aramco's planned IPO, which could potentially raise $100 billion, is the centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil. Request for proposals were sent to banks few days day ago, they said. Aramco declined to comment. The formal IPO [Read more]
MEG Energy complains to Canada regulator over proposed Enbridge pipeline changes
Oil sands producer MEG Energy has written to Canada's energy regulator to oppose pipeline company Enbridge Inc's plan to introduce long-term fixed volume contracts on its Mainline system. MEG's open letter to the National Energy Board regulator, filed on Friday, makes it the largest producer so far to call for Enbridge to scrap its Mainline plan because of how it will affect producers' ability to ship crude to market. The 2.85 million barrel per day Mainline is North America's largest [Read more]
Oil up after drone attack on Saudi field, but OPEC report caps gains
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs of progress in U.S.-China trade negotiations. Price gains were, however, capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. U.S. West Texas Intermediate (WTI) crude futures were up $1.01, or 1.8%, at $55.88 a barrel. Brent crude, the international benchmark for oil prices, was up 85 cents, [Read more]
Husky to resume full production at White Rose field
Husky Energy Inc said on Friday it would resume production from the last two shut-in drill centers at its White Rose field, which was shutdown last year after an oil spill off the Atlantic Coast.The Canadian oil and gas producer said it will now begin an orderly restart process and expects to reach full rates from by early next week.Husky, the operator and majority owner of the White Rose field, said it expects production there to ramp up to about 20,000 barrels per day after the startup. [Read more]
BP publishes LNG contract templates to push industry standardisation
Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so. BP , which has a global LNG portfolio made up of volumes it has produced or bought, said on its website it expects that publishing its LNG master sales and purchase agreement (MSPA) templates will "contribute to the broader discussion around standardisation and liquidity for LNG transactions." The LNG [Read more]
Bid for Inter Pipeline highlights Canada’s oil sector bright spot
A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices. Inter Pipeline, Pembina Pipeline Corp and Keyera Corp own key infrastructure such as gathering pipelines, gas-processing plants and storage tanks that are in high demand, and reported record second quarter profits. They are sometimes overlooked, however, because of the wider energy sector's problems of congested export channels and low [Read more]
OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020. The bearish outlook due to slowing [Read more]
Heavy differential widens as trade cycle wraps up
The Canadian heavy crude discount widened against benchmark West Texas Intermediate (WTI) futures on Thursday, the last day of the monthly trade cycle: * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $12.15 per barrel below WTI, according to Net Energy Exchange. On Wednesday WCS settled at $11.20 per barrel below WTI. * Thursday is the last day of the monthly Canadian crude trading window, in which the bulk of market activity [Read more]
North Dakota oil production up 30,000 bpd in June vs May to 1,425,000 bpd
Oil production in North Dakota rose 30,000 barrels-per-day (bpd) to 1,425,000 bpd in June, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission's monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's general statistics report, also available on its website. [Read more]
Oil prices fall on concerns over recession, inventories
Oil prices fell on Thursday, adding to sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed. U.S. crude was down 25 cents, or 0.5%, at $54.98 a barrel, having dropped 3.3% in the previous session. Brent crude was down 37 cents, or 0.6%, at $59.11 a barrel by 0300 GMT, after falling 3% in the last session. The combination of a slew of data suggesting a slowdown in global growth amid the [Read more]