Norway’s Statoil top bidder for U.S. offshore licenses

As one of the companies with the largest take in a U.S. offshore auction, Norway’s Statoil said it reset its Gulf of Mexico position as the market improves.

Statoil was the high bidder on 13 of the tracts up for sale in the latest auction for the rights to drill in the U.S. waters of the Gulf of Mexico. Of the more than two dozen companies with successful bids, Statoil was near the top with company bids of more than $51 million.

The company was the successful high bidder in all but two of the leases it targeted in the central waters of the Gulf of Mexico. Erik Haaland, a spokesperson for Statoil, told UPI in response to emailed questions that the company is moving on U.S. opportunities as market conditions improve…

 

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Libya Seeks To Raise Oil Output To Over 1 Million Bpd By August

Libya’s head of national oil corporation Mustafa Sanalla has said he expects the daily production of oil to rise to more than one million barrels per day (bpd) by August, China’s Xinhua news agency.

“Today, we are producing 700,000 barrels per day and we are working very hard to raise the daily production to 800,000 barrels before the end of April. We will reach 1.1 million barrels per day by August,” Sanalla said.

Earlier in March, major oil ports in eastern Libya witnessed violent clashes between armed forces led by Khalifa Haftar and a militia called “Benghazi Defence Brigades” which attempted to take over the oil ports…

 

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This Is How Many Barrels of Oil the 13 OPEC Countries Produced Last Month

The Organization of the Petroleum Exporting Countries, or OPEC, controls a significant portion of the world’s oil reserves. These 12 countries have historically used this position as the global energy gorilla to affect oil prices and to move markets.

And while the emergence of shale oil production, driven by technological advances including horizontal drilling and hydraulic fracturing, has led to a resurgent North American oil and gas production industry and shifted the balance of power slightly away from OPEC, the oil cartel continues to dominate global oil markets.

Here’s a closer look at just how much oil comes out of these 13 countries, and how the different OPEC countries are affected by oil prices…

 

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Oil edges up as Saudis cut supplies to U.S., but global glut remains

Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude.

Benchmark Brent crude futures LCOc1 were at $50.86 per barrel at 1040 GMT (6:40 a.m. ET), up 30 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 30 cents at $48 a barrel. Brent was heading for a weekly fall of roughly 1.7 percent, while WTI was off just over 1.5 percent…

 

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Russian private oil companies swing behind output cuts

Russia’s private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income.

Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008, with some non-OPEC producers, including Russia, joining the move.

A decision on whether Russia backs an extension will ultimately be taken in the Kremlin, and the private oil companies have limited say. But their change of heart is a tentative sign that oil price rises have diluted some of the opposition to global production cuts…

 

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Crude Oil Prices Edge Higher, Supply Concerns Limit Gains

Oil prices have edged higher with some further relief that important support levels held, although underlying over-supply concerns have continued to limit scope for gains.

After sliding ahead of the US open on Thursday, crude prices gained some relief later in the session with WTI finding support on approach to $47.50 p/b. Prices also edged stronger in Asia on Friday, although there was selling interest near $48.20

Oil prices were reported to have gained some support from a reduction in Saudi Arabian exports to the US, although any positive impact on prices is likely to be offset by expectations of rising US production which lessens the need for imported oil…

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Trump administration approves Keystone XL pipeline

The Trump administration issued a permit Friday to build the Keystone XL pipeline, reversing the conclusion of the Obama administration and clearing the way for the $8 billion project to finally be completed.

The decision caps a years-long fight between environmental groups and energy industry advocates over the pipeline’s fate that became a proxy battle over global warming. It marks one of the biggest steps taken to date by the Trump administration to prioritize economic development over environmental concerns.

The State Department, responsible for reviewing the project because it crosses an international border, determined that building it serves U.S. national interests. That conclusion followed a review of environmental, economic and diplomatic factors, the department said…

 

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Oil giants pour into shale turf where wildcat drillers once ruled

ExxonMobil, Royal Dutch Shell and Chevron are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago.

The giants are gaining a foothold in West Texas with such projects as Bongo 76-43, a well which is being drilled 10,000 feet beneath the table-flat, sage-scented desert, and which then extends horizontally for a mile, blasting through rock to capture light crude from the sprawling Permian Basin.

While the first chapter of the U.S. shale revolution belonged to wildcatters such as Harold Hamm and the late Aubrey McClendon, who parlayed borrowed money into billions, Bongo 76-43 is financed by Shell…

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Major oil companies open their wallets in Gulf of Mexico bidding

Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry’s return to the Gulf of Mexico’s deep waters with high bids in a government auction up 76 percent over a year ago.

The auction of offshore oil and gas parcels received nearly $275 million in high bids, compared with $156.4 million a year ago. The year-ago auction drew the fourth lowest total bids for leases in the central Gulf.

The oil industry had moved away from deep water projects as oil prices fell and regulatory scrutiny increased following the Deepwater Horizon disaster in April 2010, the largest accidental marine oil spill…

 

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Kinder Morgan starts open season for Permian natural gas pipeline Save to read list

Kinder Morgan Texas Pipeline LLC (KMTP) – a subsidiary of Kinder Morgan, Inc. (KMI) – has recently announced the start of a non-binding open season for firm natural gas transportation service on its proposed Gulf Coast Express Pipeline project.

This project aims to provide an outlet for increased natural gas production from the Permian Basin to growing markets along the Texas Gulf Coast. It is designed to transport up to 1.7 million dekatherms per day of natural gas through approximately 430 miles of 42 in. pipeline. The line is expected to run from the area near Waha (Texas) to Agua Dulce (Texas), and to be in service in 2H19, subject to shipper commitments.

Natural gas supply will be sourced into the project from multiple locations, including existing receipt points along KMI’s KMTP and El Paso natural gas pipeline systems in the Permian Basin, a proposed interconnection with the Trans-Pecos pipeline, and additional interconnections to both intrastate and interstate pipeline systems in the Waha area…

 

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