U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.91 million barrels (Mmbbl) during the week ended Sept. 6, from the previous week, the Energy Information Administration reported. The American Petroleum Institute had U.S. crude inventories down 7.2 Mmbbl in the week ended Sept. 6, to 421.9 Mmbbl, compared with analysts’
Read More...U.S. crude oil prices fell Wednesday after a sharp drop in U.S. crude stocks and Opec member Iraq said the cartel would discuss deepening output cuts amid ongoing demand concerns. Brent crude fell 0.19%, to $62.26 a barrel, while U.S. West Texas Intermediate crude dropped 0.61%, to $57.05/Bbl, Kallanish Energy reports. Oil prices have risen more than 7%
Read More...Iraq will immediately comply with Opec production cuts after months of overproduction, its oil minister told CNBC Tuesday. The second-largest crude producer in the 14-member cartel is known to chronically overproduce even as the group tries to curb output to help prop up prices, Kallanish energy reports. In August, Baghdad reported its highest oil production on
Read More...Baker Hughes, a GE company (Bhge) announced Tuesday General Electric and its GE Oil & Gas US Holdings I, GE Holdings (US), and GE Oil & Gas US Holdings IV units have begun a secondary offering of 105 million shares of Bhge Class A common stock. The offering’s underwriters will have a 30-day option to
Read More...EQT Corp. said Tuesday it’s cutting its workforce by 23% — 196 positions – and chopping departments to 15 from 58 – all designed to improve operational effectiveness, and create a more efficient, nimbler organization. The workforce reduction will save roughly $50 million in general and administrative expenses annually, Kallanish Energy reports. All actions announced
Read More...Natural gas-fired power generation is expected to increase in Pennsylvania over the next few years, according to the state Public Utility Commission’s (PUC’s) Electric Power Outlook for Pennsylvania 2018-2023 report released in August. The PUC’s report expects gas-fired power generation will account for as much as 45% of the state’s installed capacity by the end
Read More...Penn State researchers have developed a new method for exploring natural gas in the Marcellus Shale, and it shows potential high yield areas can be found more easily and with lower costs, according to Penn State News. Natural gas hot spots are traditionally determined using a combination of current production data and various geological tests.
Read More...Last week the Ohio Department of Natural Resources issued 15 permits for horizontal well drilling in the Utica-Point Pleasant shale, according to The Youngstown Business Journal. Ascent Resources Utica LLC received nine of the 15 permits — four in Belmont County, two in Harrison County and three in Jefferson County. EAP Ohio LLC received five permits
Read More...In the second quarter of 2019, oil production in Ohio’s Utica Shale jumped 9.5%, according to data released by the Ohio Department of Natural Resources on Tuesday. Oil production totaled 5,813,755 barrels in the second quarter, which is an increase over the 4,488,104 barrels during the same period a year ago, according to Kallanish Energy.
Read More...Cheniere Energy has announced that Train 2 at Corpus Christi, Texas, has reached substantial completion, Kallanish Energy reports. That was reached last week at the liquefaction/export facility, the company said on Tuesday. Commissioning is complete and Cheniere’s Epc partner Bechtel Oil, Gas and Chemicals Inc. has turned Train 2 over to Cheniere. Texas-based Cheniere has
Read More...Four people died in a fire that occurred Tuesday at a facility operated by Indian state-owned Oil and Natural Gas Corp. (ONGC), Kallanish Energy learns. Three individuals were fire personnel of the police arm of the Central Industrial Security Force, while the fourth person was a resident production superintendent at the Uran Plant in Mumbai.
Read More...Angola’s National Agency for Petroleum, Gas and Biofuels (Anpg) on Tuesday launched its 2019 licensing round at a presentation in the capital city of Luanda, Kallanish Energy learns. The country is offering 10 offshore blocks in the Namibe and Benguela basins, which have been underexplored and are expected to hold significant reserves. They cover an
Read More...The Federal Energy Regulatory Commission recently determined New York waived its water quality authority for Williams’ Constitution Pipeline, according to S&P Global Platts. The decision gives new life to the project, which stalled in April 2016 when state regulators denied a permit. The FERC reversed its earlier finding — that the New York review could
Read More...China plans to put more focus on boosting domestic projects to cut its growing dependence on gas imports as the security of its energy supply comes under the spotlight amid an ongoing trade war with the United States, according to Reuters. A new government research report, released on Saturday, shows the row with the U.S.
Read More...During the week ended Aug. 24, the Ohio Department of Natural Resources issued eight permits for horizontal well drilling in the Utica/Point Pleasant shale play, according to The Youngstown Business Journal. Ascent Resources received the most permits with four in Jefferson County. EAP Ohio ::C received three permits for wells in Harrison County. XTO Energy
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