US Oil Output Heads for More Records in 2019
U.S. total oil production, which is already off to an amazing start in 2019, is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd. Both are new all-time highs.“Our US supply projections have been revised up yet again.
US Oil Production Up, Needs More Pipelines
The rising domestic crude oil production in the United States has created a need for more pipeline capacity, revealed the US Energy Information Administration (EIA).EIA recently launched a new liquids pipeline projects database that tracks more than 200 crude oil, hydrocarbon gas liquids (HGL), and petroleum products pipeline projects."Rising domestic crude oil production has led to several changes in Gulf Coast crude oil supply and demand patterns, creating a need for more pipeline capacity…
Tanker Market Faces Headwinds: Teekay
Average crude tanker spot rates moderately increased during the first quarter of 2019, as some of the positive drivers from late 2018 continued into early 2019, said Teekay Tankers."These included high seasonal oil demand, the impact of winter weather delays, and relatively high global oil production prior to the full implementation of OPEC supply cuts," it said.However, spot tanker rates weakened as the quarter went on, and the market faces a number of near-term headwinds during the second quarter of 2019.The largest operator of mid-sized tankers including suezmax…
U.S. Energy Hits Records in 2018: EIA
U.S. energy consumption, production, and exports have reached record highs in 2018, said U.S. Energy Information Administration (EIA).The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.At the same time, U.S. energy exports increased 18% to a record high of 21 quads in 2018…
Port of Corpus Christi Readies VLCC Terminal
The fourth-largest port in the United States in total tonnage, Port of Corpus Christi has leased land where it hopes to build the nation's first export terminal to load very large crude carriers (VLCC).The Port of Corpus Christi Commission approved today a long-term (50-year) lease agreement with Lone Star Ports, a joint venture between the Carlyle Group and the Berry Group, for approximately 200 acres on Harbor Island to develop a state-of-the-art petroleum export terminal.Featuring the latest in safety, security and environmental technologies, the facility will connect U.S.
Crude Tanker Spot Rates Soften
Crude tanker spot rates improved significantly during the fourth quarter of 2018, spurred by both winter market seasonality and positive underlying supply and demand fundamentals.According to a stock exchange announcement from Teekay Tankers, in the fourth quarter of 2018, OPEC crude oil production rose to 32.4 million barrels per day (mb/d), the highest level since July 2017 and up from 31.4 mb/d earlier in 2018.Most of this increase came from the Middle East, where higher production levels more than offset lower output from Venezuela and Iran.
Teekay Expects Recovery in Tankers Market
Crude tanker rates have continued to strengthen during the early part of the fourth quarter of 2018, particularly in the Atlantic Basin with Aframax tanker rates in this region attaining levels not seen since December 2016 and Suezmax tanker rates averaging the highest since March 2017, says Teekay Tankers.The conventional tanker fleet operator said that crude tanker spot rates firmed counter-seasonally during the third quarter of 2018, which is typically the weakest quarter of the year, as higher OPEC and Russian oil production, coupled with strong crude oil exports out of the U.S.
Yarudeyskoye Field Produced 10 MT of Crude Oil
PAO Novatek announced that cumulative production at the Yarudeyskoye field owned by the Company’s subsidiary Yargeo, reached a milestone of 10 million tons of crude oil production since the commencement of operations.The field’s commercial production commenced in December 2015, and by January 2016, the field reached its full productive capacity, said a press release from the Russia's largest independent natural gas producer.The Yarudeyskoye field is the largest crude oil asset in the Company’s portfolio…
Cautious Consolidation for OSV Companies Brings Market Change
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.
Hurricane Michael Races Northeast, Leaving Devastation in Florida
Hurricane Michael, the third most powerful storm ever to strike the U.S. mainland, headed northeast on Thursday, weakened but still set to soak Georgia and the Carolinas after devastating the Florida Panhandle.By 6 AM on Thursday, heavy rain and wind had reached as far north as Charlotte, North Carolina and the Western North Carolina mountains. The center of the storm was located over Augusta, Georgia, moving north rapidly at more than 20 MPH in a north / northeast heading. Charlotte…
Hurricane Michael Bears Down on Florida
Hurricane Michael is expected to strengthen today in the Gulf of Mexico, with the Florida panhandle directly in its dangerous path.Thousands of local residents in Wakulla, Gulf and Bay counties have been ordered to leave. Forecasters now say that Michael could be a Category 3 storm when it makes landfall on Wednesday. That prediction, if true, would make the storm the strongest to hit this area in at least a decade.As of 3 AM CDT on Tuesday, Michael was a Category 1 storm, with sustained winds of up to 90 miles per hour.
US Gulf Oil Output Takes a Hit from Storm
Tropical Storm Gordon forced a cut of 9.36 percent of crude oil production in U.S.-regulated areas of the Gulf of Mexico, slightly more than Tuesday, the U.S.
Global FPSO Market to Exceed USD 115 bln by 2024.
Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built…
Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…
Interview: Mark Knoy, President and CEO, ACBL
American Commercial Barge Line (ACBL) named Mark K. Knoy as its president and chief executive officer in August 2011. Prior to joining ACBL, he was vice president of American Electric Power’s (AEP) Fuel, Emissions and Logistics Group and president of AEP River Operations, having joined AEP with its 2001 purchase of MEMCO Barge Line. From 1984 to 1994, he was owner/operator of The Mark Twain Towing Company and Delmar Marine, Inc., Pekin, Illinois. He began his career in 1973 working aboard towboats on the inland waterways as a deck hand and then as a captain.
An Unlikely and Remarkable Safety Journey
Late last year, the Transportation Research Board released a major study that was undertaken “in response to the rapid development of domestic sources of energy and questions about the safest ways to move these products.” The Study Committee examined the operational responses of the three primary modes impacted by the fracking revolution – rail, pipeline and maritime. A primary observation of this work was that that the “Marine Transportation System Offers a Model for Robust Safety…
Buckeye Partners JV Announces Marine Terminal in Texas
Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye…
By the Numbers: Barge Transportation Market
Barge transportation comprises an extensive network, ideal for carrying seaborne cargo to inland destinations and exports alike. Responsible, in part, for the worldwide trade of bulk transport, the industry is of great significance to the agricultural sector. In North America, The Army Corps of Engineers maintains and operates over 12,000 miles of canals, rivers, and inland waterways. The Illinois Waterway and Mississippi River are the major waterways in the region that are responsible for moving agricultural and farm products through barges.
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
China Surpasses US as Largest Crude Oil Importer
China took the crown as the world’s largest crude oil importer in 2017, according to U.S. Energy Information Administration press release. China imported 8.4 million barrels per day, and the United States imported 7.9 million barrels per day. China had become the world’s largest net importer (imports minus exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China’s crude oil imports.
Iran Oil Production, Exports Not Impacted by Protests
Iran's crude oil production and exports have not been impacted by the unrest spreading across the country, Iranian oil and shipping sources said on Tuesday, as a crackdown intensified against anti-government demonstrations that began last week. Iran, OPEC's third-biggest oil producer, pumps around 3.8 million barrels per day. "I see no impact on the production and export," one Iranian oil industry source said, speaking on condition of anonymity. "Everything is going normally," another source said, adding that the protests had not spread into the energy sector and "remained in the streets".
U.S. Oil Exports set to Take Off by 2022
Enterprise sees four-fold jump in U.S. crude exports by 2022. Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners seek more low-sulphur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products. During that same period…
US Drillers Add No Oil Rigs as Harvey Slows Production
U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the start of June 2016. The rig count is an early indicator of future output.