Russia became the largest crude oil supplier to China in May, supported by robust demand from private refiners and alongside a fall in supplies from Iran. Imports from Russia came in at 6.36 million tonnes in May, or 1.50 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday. On a barrels per day basis, imports were up 4% from a year ago, but were flat versus April when China’s total crude oil imports hit a monthly record. For the first five [Read more]
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Operate More Efficiently And Help Increase Profits
Billions of dollars in public and private capital projects are either planned or currently under construction, and businesses operating in the oil and gas sector need to prepare themselves to capitalize on opportunities. Those set to action operationally will make initial gains vis-a-vis their competitors, but it’s the businesses that marry their on-the-ground operational sophistication with a streamlined back office support process that will ultimately outlast and outperform their industry [Read more]
As Trump’s sanctions bite, Iran’s oil exports slide further in June
Iranian crude exports have dropped so far in June to 300,000 barrels per day (bpd) or less after the United States tightened the screw on Tehran’s main source of income, industry sources said and tanker data showed, deepening global supply losses. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran’s sales to zero, Washington in May ended sanctions waivers to importers of Iranian [Read more]
IEA concerned about Middle East tensions, stands ready to act
The International Energy Agency (IEA) is very concerned about the impact that tensions in the Middle East may have on global energy security and will act if there is any physical disruption to supplies, its executive director said on Monday. Oil prices rose on Monday, extending large gains last week that were prompted by tensions between the United States and Iran, although concerns about the possibility of weakening demand kept a lid on gains. Strong growth in the price of U.S. shale oil [Read more]
Robson: Let them eat carbon
Hypocrisy is far from the worst among vices. But it has a special shabby ugliness. And while the weakness that leads someone to say one thing in public and do another in private may inspire at least some pity, the arrogance of those who loudly demand that others submit to limitations unbecoming to their exalted status deserve public shaming. Which brings me to Canada’s Prime Minister… wherever he is. As you know, Justin Trudeau loudly proclaims that we face a “climate emergency” requiring [Read more]
Explosions, fire rock US oil refinery; gas prices could rise
PHILADELPHIA - Explosions and a blaze at the largest oil refinery on the East Coast sent a fireball into the sky and shook homes before dawn Friday, though authorities reported only a few minor injuries and said the air was safe to breathe. The fire at the Philadelphia Energy Solutions Refining Complex was deemed contained and controlled but continued to burn late Friday afternoon, said Craig Murphy, deputy fire commissioner. The fire broke out around 4 a.m., PES spokeswoman [Read more]
Canada Weekly Rig Count Up 12 to 119
Western Canada’s fleet of drilling rigs went up by 12 to 119 according to data collected by Baker Hughes for the week of June 21st. Oil drilling went from 69 to 80; natural gas rigs went from 38 to 39. View a full breakdown of western Canada’s rig activity. [Read more]
NEB seeking Public Comment on Approach to Resume Regulatory Processes for the Trans Mountain Expansion Project
Comment Period to be from June 21 – July 9, 2019 CALGARY, June 21, 2019 /CNW/ - The National Energy Board (NEB) wants to hear from affected parties, the public and Trans Mountain Pipeline ULC (Trans Mountain) on how the NEB should proceed with regulatory processes for the Trans Mountain Expansion Project (Project), including compliance with Project conditions and approval of the detailed route. On June 18, 2019, the Government of Canada approved the Project. As directed, the NEB issued a [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week. Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts for 2019 and 2020. Companies added one oil rig in the week to June 21, bringing the total count to 789, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares [Read more]
Imperial committed to long-term shareholder value
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited today announced it has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its 764,221,735 outstanding common shares as of June 13, 2019, or a maximum of 38,211,086 shares during the next 12 months. This maximum will be reduced by the number of shares purchased from Exxon Mobil Corporation (ExxonMobil), Imperial’s majority shareholder, as described [Read more]