Industry News
Oil & Gas
Top stories summarized by our editors
1/21/2022

The International Association of Geophysical Contractors has announced its new name, EnerGeo Alliance, to reflect its "recharged and ongoing commitment to providing solutions for the energy evolution as its members continue to discover, develop, and deliver the mainstay, low-carbon and alternative energy the world demands."

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finance.yahoo.com
1/21/2022

Rebounding oil demand in Asia and Europe, coupled with rising US oil production, have pushed US seaborne crude exports to 3.2 million barrels per day on average in December, the highest since February 2020, while export volumes so far this month are just below the 3-million-bpd mark, according to Kpler analyst Matt Smith. "Everyone is seeing really strong demand growth numbers for this year, and when you look at where supply growth is coming through from, the U.S. is a leader there," Smith said.

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Reuters
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Smith
1/21/2022

A coalition of energy companies backing ExxonMobil's proposal for a $100 billion carbon capture and storage hub in Houston has added Shell, BASF and Air Liquide to its roster, bringing the total number of participants to 14. "Carbon capture and storage is not a single technology, but rather a series of technologies and scientific breakthroughs that work in concert to achieve a profound outcome, one that will play a significant role in the future of energy and our planet," said Shell's US president, Gretchen Watkins.

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Shell, Gretchen Watkins
1/21/2022

US crude oil stockpiles added 500,000 barrels last week, missing analysts' expectations for a 700,000-barrel drop, the Energy Information Administration reported. Gasoline supplies surged by 5.9 million barrels, while distillate inventories shed 1.4 million barrels.

1/21/2022

US refiners are increasingly confident their industry's recovery will gain momentum in 2022, underpinned by rebounding demand for refined products and the coronavirus pandemic's expected evolution into an endemic phase. Refining margins could reach multiyear-highs this year, supported by reduced inventories, robust demand and a downsized industry, Argus Consulting predicted.

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Argus Media
1/21/2022

The Federal Energy Regulatory Commission has established the index level of the Producer Price Index for Finished Goods minus 0.21% for the 2022-2026 period, down from the PPI-FG plus 0.78% level set in December 2020, and directed pipeline companies to recalculate their rate ceiling levels beginning March 1. Association of Oil Pipe Lines CEO Andy Black expressed concern that the lower index could make some pipeline operations uneconomical, which could lead to service reductions and undermine energy reliability.

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S&P Global
1/21/2022

The Norwegian Ministry of Petroleum and Energy offered ownership shares in offshore oil and natural gas production licenses to 28 companies and operatorships to 15 companies in the 2021 licensing round for mature exploration areas. Equinor, Aker BP, Lundin, Var Energi and Wintershal Dea are among the companies to receive offers in the round, which included sites in the North, Norwegian and Barents seas.

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Rigzone
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Var Energi
1/21/2022

Japan's Inpex says it plans to search for natural gas off the coast of western Japan's Yamaguchi and Shimane prefectures starting in March. The government, which has been evaluating potential resources in the area for years, says the Inpex drilling project eventually could produce about 900,000 metric tons of gas annually.

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Reuters
1/21/2022

Frontera Energy says it has found hydrocarbons in an exploration well in Ecuador's Perico block. The company, which started drilling the Jandaya-1 on Dec. 7, says it will apply for permits to start conducting a long-term test at the site in February.

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Rigzone
1/21/2022

The top layer of the moon's ancient magma ocean likely stopped churning and became stagnant, creating a lid that turned into the moon's crust, according to a study published earlier this month in Geophysical Research Letters. Scientists say the magma may have separated into layers over hundreds of millions of years, with deeper levels remaining molten while outer layers hardened.

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Space