Offshore

September Lat Am crude imports fall on lower Venezuelan shipments: In the LOOP

The Louisiana Offshore Oil Port has seen a month-on-month drop in heavy Latin American crude imports, impacted by high regional prices and falling Venezuelan crude production. Month on month, LOOP has imported about 355,740 fewer barrels so far in September than it did in August, according to data ...

Total, Chevron Form Deepwater GoM Exploration Pact

Two deepwater players are joining hands in the U.S. Gulf of Mexico (GoM) on a mission to capture seven prospects spread across 16 blocks. Paris-based Total said Sept. 22 that its subsidiary Total E&P USA entered an agreement with Chevron U.S.A. in the deepwater GoM. The targeted prospects are locate ...

September Basrah Light imports at LOOP rebound from August hiatus: In the LOOP

The Louisiana Offshore Oil Port has received a flurry of Iraqi crude imports in the past few weeks, with more expected, which could be behind a recent 30% jump in open interest on the CME’s LOOP Sour futures contract. In the initial two weeks of September, LOOP has received 2.135 million barrels ...

Premier Oil Seeks Buyer For Stake In North Sea Gas Field

London-based Premier Oil plans to sell half of its stake in the Babbage gas field in the North Sea to help fund its $2.74 billion debt, Reuters reported on Sept. 14. Premier Oil completed a financial restructuring in 2017 and is counting on revenue from disposals and the start-up of its new Catcher ...

September crude imports at LOOP up 10% from average following Harvey: In The LOOP

The Louisiana Offshore Oil Port continues to experience a surge in crude oil imports more than two weeks after Hurricane Harvey hit the Texas Gulf Coast and prevented ports in that state from receiving crude for days. The LOOP oil terminal has received 4.1 million barrels of crude in September thro ...

LLOG Exploration Commences Buckskin Project In Deepwater GoM

LLOG Exploration Co. and its partners have taken steps to begin the execution of the Buckskin project, it said on Sept. 7. LLOG Exploration Offshore LLC has been named as the operator of the Buckskin project based in the deepwater Gulf of Mexico (GoM). This large-scale deepwater development project ...

Crude storage costs rise in first auction following Hurricane Harvey: In the LOOP

The price of front-month sour crude oil storage at the Louisiana Offshore Oil Port on Tuesday sold at its highest level since May while at least 2 million b/d of Texas refining capacity remains offline following Hurricane Harvey last week. Matrix Markets hosts, on behalf of LOOP, a monthly auction ...

As the US recovers from Harvey, what’s next? – Fuel for Thought

The shale revolution has dramatically transformed this country’s energy landscape, making the US an exporter of crude, products and LNG—a far cry from the situation 12 years ago when Hurricane Katrina struck Louisiana. Prolific production from unconventional sources in the Permian Basin and the ...

Suncor Energy to present at the Barclays CEO Energy-Power Conference 2017

CALGARY, ALBERTA–(Marketwired – Aug. 31, 2017) – Steve Williams, president and chief executive officer, will present at the Barclays CEO Energy-Power Conference on Wednesday, September 6, 2017 at 9:05 a.m. MT (11:05 a.m. ET). The webcast link will be available on Suncor’s website at suncor. ...

Commentary – Oil Under the NAFTA Microscope

NAFTA talks continue. Goods like milk, lumber and auto parts are all under the negotiators’ microscopes. Oil is clearly visible too. Last year, the bilateral trade of energy (including natural gas, oil and power) between the US and Canada was about $US 55 billion, with oil being 80% of the total. ...