Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.
Oil, Gas Majors Join Blockchain Consortium
A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas Blockchain Consortium.The OOC Oil & Gas Blockchain Consortium was founded to advance industry blockchain technology learnings for the purpose of driving industry standards…
Zhenhua Buys First LNG Cargo from Chevron
China's state-run Zhenhua Oil purchased its first liquefied natural gas (LNG) cargo from Chevron Corp to supply a South China-receiving terminal that it won access to in a recent auction, according to Zhenhua officials on Thursday.The 100-million-cubic-meter cargo was purchased at about $0.30 per million British thermal unit discount to Japan Korea Marker (JKM) quotes on a delivered basis, the officials added.The cargo, discharged at CNOOC's Yuedong terminal in Shenzhen, was sourced from the Australian Gorgon project operated by Chevron.Zhenhua and its local partner Longkou agreed in September
ENN Starts First Phase of Zhoushan LNG Import Terminal
Chinese gas distributor ENN Energy Holdings has begun operations at the first phase of its Zhoushan liquefied natural gas (LNG) import terminal, Vice President Ma Shenyuan said, speaking at a commencement ceremony for the terminal on Friday.As ENN aims to ramp up winter supplies in eastern China, the tanker 'Asia Integrity' docked at the Zhoushan terminal on the same day, bringing 145,000 cubic meters of LNG from Australia supplies to mark the launch of China's first privately…
Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery
Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials, Pierre Breber, Chevron's head of downstream and chemicals, said."Something on the ship channel side could make a lot of sense for our company…
PDVSA to Reopen Damaged Port Dock by Month's End
PDVSA expects to reopen the south dock of Venezuela's main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters.Last week, PDVSA began diverting tankers to Puerto la Cruz for loading, but the South American country's crude exports have remained slow in recent weeks as few customers have accepted the 500,000-barrel-per-cargo maximum neighboring terminals can handle.Besides Puerto la Cruz…
PDVSA to Divert Tankers to Nearby Port after Collision
Venezuela's state-run PDVSA is organizing a contingency plan to address its latest oil-export problem following a minor accident last week at the country's main crude terminal, two sources from the firm told Reuters on Friday.A tanker collision that damaged Jose port's South dock and forced its closure has added to delays in loading crude for export, especially to customers such as Russia's Rosneft and U.S.-based Valero Energy Corp and Chevron Corp.Oil tankers that were assigned…
Gorgon LNG Faces Scrutiny on Delayed Carbon Capture Project
The state of Western Australia has ordered an inquiry into a delay in burying carbon dioxide emissions at Chevron Corp's Gorgon liquefied natural gas (LNG) project, which could lead to a change in conditions on the project.The state approved the $54-billion Gorgon project in 2009 on the condition that at least 80 percent of carbon dioxide released in its gas processing operations over a five-year rolling average period would be buried."It has become apparent there needs to be a clearly defined start point for the commencement of the five-year rolling average…
Wheatstone LNG Facility Exports First Cargo to Japan
Australia's Wheatstone liquefied natural gas (LNG) project, after starting production earlier this month, has shipped its first export cargo to a buyer in Japan, majority owner and operator Chevron Corp said on Tuesday. Wheatstone is the sixth out of eight projects in a $200 billion Australian LNG construction boom that is now in its final stretch. The two remaining project due to for start-up are Royal Dutch Shell's Prelude floating LNG project and Ichthys, led by Japan's Inpex.
Ecuador Pays $112 mln Award to Chevron
Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that called for Texaco, later acquired by Chevron, to develop fields in exchange for selling oil to Ecuador at below-market rates. Various appeals by Ecuador against the ruling failed. "We have today paid around $112 million," the central bank head Diego Martinez told a local radio station late on Friday.
Exxon, Total, Chevron in Talks With Pemex on Gulf
Oil majors are in talks with Mexico’s state-owned Petroleos Mexicanos (Pemex) as the struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico, reports Bloomberg. Petroleos Mexicanos is in talks with Exxon Mobil Corp., Total SA and Chevron Corp. as Mexico’s struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico. Pemex seeks Areas of Mutual Interest agreements to evaluate whether the companies have opportunities to work together in offshore areas.
Chevron Suffers Loss, Plans Job Cuts
Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016, up from a previously stated goal. Chevron reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period. Revenue tumbled 31% to $23.55 billion. Analysts projected a loss of 20 cents on $21.43 billion in revenue, according to Thomson Reuters.
Carbon Copy Spill Plans Need Overhaul
A September 7 report from Bloomberg said that offshore oil drillers should upgrade the disaster-response plans that lawmakers have described as “carbon copy,” according to two industry task forces probing BP Plc’s Gulf of Mexico spill. The plans should specify how much oil may be released in a worst-case scenario, the National Ocean Industries Association said in a statement on the recommendations. Exxon Mobil Corp., BP, ConocoPhillips, Chevron Corp. and Royal Dutch Shell Plc were deemed ill prepared for a major spill because their response plans were almost identical…
Union: Tentative Pact will End U.S. Refinery Strike
The United Steelworkers union and oil companies have reached a tentative deal to end the largest U.S. refinery strike in 35 years, the labor group and people familiar with the negotiations said on Thursday. The new agreement for about 30,000 workers would last four years, a year longer than previous agreements. The deal, which still needs to be ratified, may not end strikes right away at all refineries that have suffered walkouts as local union chapters could still need to work out pending issues.
Daewoo: Exceeds $11B Order Target by 9%
According to a report on www.marketwatch.com, Daewoo Shipbuilding & Marine Engineering Co. exceeded its annual order target of $11 billion by 9%, helped by two separate contracts totaling $1.95 billion. The contracts take orders to $12 billion as of Monday. Daewoo will build a $550-million drill ship for an unnamed North American company by the first half of 2014 and a $1.4-billion offshore natural-gas-processing platform for Chevron Corp. by the second half, the report said, citing a company source.
Exxon, BP Defer Canadian Arctic Drilling
As Imperial Oil, as senior partner in the northern venture with ExxonMobil and BP, told Canada’s National Energy Board (NEB) that the exploration program has been deferred, the plan to revive arctic gas and oil drilling in deep Canadian waters of the Beaufort Sea ground to a halt. The slow pace of regulatory review has left too little time to finish the approval process and does the work before the group's drilling leases expire, Imperial said in a filing at the board. The partners – Calgary-based Imperial…
Petronas to Canada: No Tax Deal, No LNG Plant for 15 Years
Malaysian state-owned energy company Petronas said on Monday it could delay its planned $11 billion liquefied natural gas plant on Canada's Pacific Coast by up to 15 years unless it can reach a favorable tax deal by month's end. Petronas said in a statement that the economics of the plant are marginal and without a favorable tax arrangement with the province of British Columbia and Canada's federal government, it could shelve the project for a decade or more. The company set a deadline of the end of October to reach a deal.
Samson Energy to Sell $1 bln Gulf of Mexico Assets
Oil and gas explorer and producer Samson Energy Company LLC is selling its offshore Gulf of Mexico assets that could fetch more than $1 billion, according to people familiar with the situation. The Tulsa, Oklahoma-based company has tapped Jefferies LLC, the New York-based investment bank, to assist with the sale effort, these people said, asking not be named because the talks are private. A representative for privately-held Samson confirmed Jefferies was working on a sale process for the portfolio of wells and leases, but declined to provide further details.
Deepwater African Offshore Project Sanctioned by Chevron
Chevron Corp. announce its subsidiary will develop Lianzi field in the Republics of Congo & Angola untized offshore zone. The field is located 65 miles (105 km) offshore in approximately 3,000 feet (900 meters) of water. to the BBLT platform. First oil is expected in 2015. Once completed, the project is expected to produce up to 46,000 barrels of oil equivalent per day. Chevron Overseas Congo Limited is operator of the Lianzi field with a 31.25% interest, along with Total (36.75%), ENI (10%), Sonangol (10%), SNPC (7.5%) and GALP (4.5%).
Floating hotel draws workers to NW Canada boom town
Hundreds of construction workers in booming northern British Columbia will take up residence this week in unique digs on board a cruise ferry revamped into a floating luxury hotel. The aging ship will help relieve a housing shortage in one busy Canadian port town already bursting ahead of a promised energy boom that could last more than a decade. The Silja Festival - a Baltic ferry made over as the Delta Spirit Lodge - will spend at least a year docked outside Kitimat, British Columbia…