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Equinor invests in new platform in Azerbaijan

7 days ago DieselGasoil Comments Off on Equinor invests in new platform in Azerbaijan
4/19/2019 Photo: Torgrim Reitan, executive V.P. for Development & Production International. STAVANGER — Equinor and eight partners in the offshore Azeri Chirag Gunashli (ACG) oilfield in the Caspian Sea have made a $6 billion investment decision to build an additional platform in the license area. The investment decision follows an agreement with the Government of Read More

BP, partners sanction $6 billion Azeri Central East development offshore Azerbaijan

7 days ago DieselGasoil Comments Off on BP, partners sanction $6 billion Azeri Central East development offshore Azerbaijan
4/19/2019 Photo: BP operated Central Azeri platform in the Azerbaijan sector of the Caspian Sea. LONDON — BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea. The $6 billion development includes a Read More

Shipping American oil to China while avoiding American terminals, the case of the supertanker switcheroo

1 week ago DieselGasoil Comments Off on Shipping American oil to China while avoiding American terminals, the case of the supertanker switcheroo
By Sheela Tobben on 4/18/2019 Alsace oil tanker. Photo: Antonis Vlachos/MarineTraffic. NEW YORK (Bloomberg) — How can a supertanker, loading American oil without coming within a thousand miles of the Texas or Louisiana coast, avoid coming to the U.S.? Here’s how. The Alsace is steaming for China laden with about 2 MMbbl of West Texas Read More

Oil retreats after longest run of weekly gains in three years

2 weeks ago DieselGasoil Comments Off on Oil retreats after longest run of weekly gains in three years
By Grant Smith on 4/15/2019 LONDON (Bloomberg) — Oil retreated in New York after its longest run of weekly gains in three years, as traders and investors awaited more clarity on the strength of the global economy and demand. West Texas Intermediate futures slid about 1% after adding 1.3% last week in a sixth straight Read More

Iran offers up 6 MMbbl of oil with dismal results

2 weeks ago DieselGasoil Comments Off on Iran offers up 6 MMbbl of oil with dismal results
By Arsalan Shahla on 4/14/2019 Photo: Iran pump jack. DUBAI (Bloomberg) — As Iran struggles to sell 6 MMbbl of oil, only one deal has closed for 35,000 bbls, so far. Iran’s oil production and exports have slumped after the U.S. reinstated sanctions last year, and new curbs are set to further restrict its exports. Read More

Layne Water Midstream receives $200 million injection to boost water management business

2 weeks ago DieselGasoil Comments Off on Layne Water Midstream receives $200 million injection to boost water management business
4/11/2019 Photo: Layne Water Management operations. Houston — Post Oak Energy Capital, LP and Genesis Park, LLC, through investment partnerships each company separately manages, has announced that they have led a $200 million equity commitment to Layne Water Midstream Holdings, LLC (LWM). Post Oak and Genesis Park acquired LWM from Granite Construction Incorporated with an Read More

OPEC+ learns from past as new oil cutbacks hit the mark

2 weeks ago DieselGasoil Comments Off on OPEC+ learns from past as new oil cutbacks hit the mark
By Grant Smith on 4/9/2019 LONDON (Bloomberg) — If there’s one conclusion to be drawn from oil’s return to $70/bbl, it’s that OPEC has learned from its mistakes. Crude’s rally to a four-month high has largely been driven by production cuts by OPEC and its partners, a coalition that pumps about half of the world’s Read More

Permian Basin’s future depends on the Reservoir Study Group, or “really smart guys”

2 weeks ago DieselGasoil Comments Off on Permian Basin’s future depends on the Reservoir Study Group, or “really smart guys”
By Javier Blas on 4/8/2019 NEW MEXICO (Bloomberg) — Scott Hodges, a 57-year-old manager with Occidental Petroleum Corp., runs a cluster of installations at the Hobbs oil field, where dozens of wells don’t pump a single barrel of oil but instead do the opposite: push stuff — lots of it — into the ground. As Read More

Canadian Wildcatters see boost from oil cuts

3 weeks ago DieselGasoil Comments Off on Canadian Wildcatters see boost from oil cuts
By Robert Tuttle on 4/2/2019 Photo: Drilling rig. CALGARY (Bloomberg) — Local wildcatters that pump light crude far from the giant oil-sands mines of northern Alberta are getting a big price boost from the curtailments announced at the start of December, without the headaches. Many of them are exempt from the cuts and they sell Read More