Oil & Gas
Top stories summarized by our editors
10/16/2018

The chairman of Libya's state-run National Oil, Mustafa Sanalla, says BP and Eni will begin oil exploration early next year in the North African country, which wants to increase production from about 1.3 million barrels per day to 2 million bpd by 2022. Earlier this month, BP and Eni said BP was selling 42.5% of its 85% total interest in a Libyan exploration license to Eni, with the Libyan Investment Authority keeping a 15% stake.

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Eni, BP, Libyan Investment Authority
10/16/2018

Cuadrilla's hydraulic fracturing operation at its Preston New Road shale project in northwest England is underway seven years after Britain suspended fracking. Cuadrilla, which received permission to frack two wells at the Lancashire site after the government stiffened regulations, plans to test natural gas flow rates for three months to determine the site's potential.

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Reuters
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Cuadrilla
10/16/2018

The Trump administration is weighing exporting natural gas and coal to Asia out of military bases on the West Coast and in Alaska, countering coastal states' opposition to export terminals, Interior Secretary Ryan Zinke said. Zinke mentioned the former Adak Naval Air Facility in Alaska's Aleutian Islands as one possible location for natural gas exports.

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The Associated Press
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Ryan Zinke
10/16/2018

Texas' Port of Corpus Christi handled a record 79.3 million tons of goods in 2018's first nine months, surpassing an earlier record of 77.9 million tons set in the first nine months of 2015. The growth was fueled by an 11% jump in crude deliveries and an 8% rise in shipments of petroleum products, including diesel.

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Port of Corpus Christi
10/16/2018

As Chinese buyers cut imports of US crude to guard themselves against potential tariffs on it, US exporters have been forced to turn to other markets, with shipments to Europe, India and Taiwan rising. Meanwhile, the US exported 30,000 barrels of crude per day to China last month, up from zero in August but down from an average of more than 350,000 barrels per day in 2018's first half.

10/16/2018

Depressed Canadian crude prices may prompt a flurry of dealmaking activity in Canada's energy sector as renewed buyer interest could pressure smaller producers to put themselves up for sale, according to TriVest Wealth Counsel portfolio manager Martin Pelletier. On Thursday, the price for Western Canada Select plummeted below $20 per barrel, its lowest level since February 2016, while WCS' discount to West Texas Intermediate was the widest on record at $52.40 per barrel.

10/16/2018

The Environmental Protection Agency is holding consultations to determine whether to allow oil and natural gas drillers to dump wastewater into rivers and streams by amending federal water standards, said Lee Forsgren, deputy assistant administrator at EPA's Office of Water. Treating drilling wastewater to discharge it into bodies of water is uneconomical with current technology and regulations, industry experts say.

10/16/2018

TGS and Schlumberger plan to start a seismic survey of 2,349 square kilometers in the central Gulf of Mexico's Mississippi Canyon and Atwater Valley this year to help companies find hydrocarbons. The companies, which will use nodal seismic and imaging technologies, expect to provide data to customers in early 2020.

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Rigzone
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TGS, Schlumberger
10/16/2018

The Energy Information Administration expects US shale production to grow by 98,000 barrels per day to just over 7.7 million barrels per day in November. Permian Basin oil output is seen increasing by 53,000 barrels per day to 3.55 million barrels per day, while Eagle Ford Shale production should climb by 15,000 barrels per day to nearly 1.44 million barrels per day.

10/16/2018

Output at the Maria oil and natural gas field in Norway is falling short of forecasts, operator Wintershall says. The company, which began production there 10 months ago, says the performance problem may be related to water injections required to maintain reservoir pressure.

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Reuters
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Wintershall