Crude Oil News


Deloitte: Foreign investment in Iran will take time

Jul 24, 2015

The imminent return of Iran to global oil could reshape global oil markets, but foreign investments will only return to the country in the 2020s, according to a new report by business consultancy Deloitte. The firm says the historic agreement…

Low oil prices to continue

Jul 21, 2015

West Texas Intermediate crude (WTI) fell below US$50/bbl, to $49.93/bbl, on 20 July for the first time since April, despite reports that Saudi Arabian exports have fallen to their lowest in five months. According to statistics published by the Energy Information Agency (EIA)…

CNOOC starts Bozhong 28/34

Jun 30, 2015

CNOOC began production at its Bozhong 28/34 oilfields offshore China. The Bozhong 28/34 oilfields are located in Bohai Bay with an average water depth of approximately 22m. The project consists of three sub-projects, namely Bozhong 28-2S oilfields comprehensive adjustment project…

EIA releases Annual Energy Outlook 2015

Apr 14, 2015

The US Energy Information Administration (EIA) published its Annual Energy Outlook 2015 report, authored by Adam Sieminski, today. A key finding of the report is that US net energy imports, including all fuels, are expected to decline and…

Hercules, Eni sign five-year deal

Apr 02, 2015

Houston-based Hercules Offshore signed a five-year contract with a subsidiary of Eni S.p.A. for use of the Hercules 260 in West Africa. The dayrate under the contract will range from a minimum of US$75,000 per day when the price of Brent crude oil is $86 or less per barrel…

Chevron Jack/St. Malo first oil

Jan 06, 2015

Chevron discusses what it takes to deploy the technology and deliver first oil from the Jack/St. Malo fields, which are among the largest in the Gulf of Mexico. Discovered more than a decade ago, Jack and St. Malo are expected to deliver more than 500MMbbl…

US oil exports hit 57-year high

Sep 30, 2014

In July, total US exports of crude oil and petroleum liquids reached 138,838 thousand bbl, a 57-year high, according to monthly export data released by the US Energy Information Administration. The bulk of this, 89,241 thousand bbl (64…

Pemex oil production down, gas revenue up

Jul 29, 2014

Petroleos Mexicanos, Mexico's national oil company, released 2Q 2014 financial results last Friday. Total sales increased by $15.9 billion pesos (US$1.2 billion), which represented 4% growth year-over-year. The growth is primarily attributed to a 27…

EIA examines US-Mexico crude oil trade

May 28, 2014

The US Energy Information Administration’s new “Today in Energy” brief looks at how Mexico’s crude oil exports to the United States have declined, while US exports of petroleum products to Mexico have increased. The US imported 850,000 bbl/d of crude oil from Mexico in 2013…

US crude to hit 1972 highs

May 07, 2014

The US Energy Information Administration (EIA) estimates US total crude oil production averaged 8.3MM bbl/d in April—making it the highest monthly average production since March 1988.  US total crude oil production, which averaged 7.4MM bbl/d in 2013…

Canada, Saudi Arabia, Mexico increase share of US crude imports

Apr 04, 2014

The US Energy Information Administration’s new “Today in Energy” brief looks at how US oil imports were down in 2013, but the share of imports last year from the United States' top three foreign oil suppliers—Canada, Saudi Arabia, and Mexico—was the highest in at least four decades…

Using VIEC to enhance oil separation

Jul 30, 2013

Wärtsilä’s acquisition of the British-headquartered, global engineering company Hamworthy early in 2012 has added a portfolio of high technology products and systems to the Finnish power solutions company’s offering including vessel internal electrostatic coalescer (VIEC) technology…

IOC production falls 25% in past 12 years

Apr 23, 2013

The crude oil production of five major international oil companies: Exxon, BP, Shell, Chevron, and Total, has fallen by 25.8% over the past 12 years. This follows an historic high in 2004, when total combined crude production reached 10.76 MMbo/d…

Spectra buys Express-Platte pipeline

Dec 11, 2012

Spectra Energy Corp announced it has entered into a definitive agreement to purchase 100% of the ownership interests in the Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers' Pension Plan and Kinder Morgan Energy Partners for $1…

Enbridge wins Heidelberg pipeline

Nov 12, 2012

Enbridge Inc. announced that it will build, own and operate a crude oil pipeline in the Gulf of Mexico to connect the proposed Heidelberg development, operated by Anadarko Petroleum Corporation, to an existing third-party pipeline system. The lateral pipeline is expected to be operational by 2016…

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