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ExxonMobil

ExxonMobil Evacuates 30 Engineers from Iraq, Basra Oil Company Says

ExxonMobil evacuated about 30 foreign engineers from Basra, Iraq. This is as a “temporary precautionary measure,” the government-owned Basra Oil Company said Saturday.

The staff members evacuated to Dubai and there are “no indicators that companies operating the oil fields are facing any security threats,” the Basra Oil Company said.
“ExxonMobil has programs and measures in place to provide security to protect its people, operations, and facilities. We have a commitment to ensuring the safety of our employees and contractors. This is at all of our facilities around the world,” spokesperson Julie L. King said.
Earlier this week, the US State Department ordered the departure of non-emergency US government employees from Iraq. Moreover, this is amid growing tensions between the United States and Iran, Iraq’s neighbor to the east. Tensions have soared between Washington and Tehran. Since Washington scrapped a landmark nuclear deal with Iran that briefly brought an end to its economic and diplomatic isolation.
The Trump administration reimposed stringent sanctions on Iran, including on its enormous oil industry. Recently, the Trump administration has accused Tehran of threats against US troops and interests.

Recent Attack on Oil Tankers

The issue of Iranian involvement in recent attacks on oil tankers in the Gulf and on a Saudi oil station has been marred by conflicting claims and denials from both sides. While the United States and its allies have pointed fingers at Iran, accusing them of orchestrating these attacks. They argue that accusations are baseless and claim that it is the United States who is unnecessarily escalating tensions with Tehran.

The Iranian government has consistently continue its innocence, insisting that it is committed to peaceful coexistence and stability in the region. Iranian officials assert that they have no reason to engage in such acts of aggression, as it goes against their foreign policy principles and strategic interests. They have called for a thorough and impartial investigation into the incidents, urging the international community to approach the matter with caution and skepticism towards the accusations made by the United States and its allies.

Iran’s denial of involvement has further complicated an already tense situation in the Gulf region. The accusations against Iran have heightened concerns about a potential military confrontation between the United States and Iran. The possibility of devastating consequences for the global economy and regional stability. As the international community closely monitors the developments, it is crucial to approach the situation. A balanced and objective perspective, considering all available evidence before drawing any conclusions about the parties involved in these attacks. Only through a transparent and thorough investigation can the truth be reveal and a peaceful resolution be fulfill.

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Petroleum Industry

Bigger, Better, Bakken: Petroleum Industry Optimism In North Dakota

The Bakken formation centered on western North Dakota already heading to Asian and European markets. The future for North American shale and onshore production is bright. This is for at least the next two decades, appears promising. There’s more to their petroleum industry.

Approximately $580 billion per year—more than $12 trillion in total—is a requirement. This is according to the IEA. This is in order to meet that growth in energy demand from onshore and offshore investments.

Applying “lean capabilities” and having the ability to ramp production up from 130,000 barrels per day to aas 200,000 bpd. This would take additional infrastructure by 2021. This is according to Biggs.

“The Bakken is our crown jewel in the near term,”. An internal study commissioned by Hess’s board pointed to value delivery that Biggs said placed his operations in the top-tier of the basin, saw cost reductions and asset optimizations was adding value, called for additional technological investments, and put the company in a robust position regarding remaining inventory.

“To do that we have to have an infrastructure in place that can get the crude, natural gas, and liquids out of the basin,” Biggs continued. He pointed to projects like the recently completed Dakota Access Pipeline (DAPL) that allows the company to be well-positioned for near term expansion.

Read the full article here
Source: Fair Field Sun Times

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Trade war? No…but Middle East Tensions Keeping Crude Oil Prices High

The oil market has already been tightened due to ongoing OPEC plus supply cuts. There is a production decline from Iran and Venezuela, and a Russian outage due to the Urals contamination. Is there an ongoing Trade War?

Heightened tensions in the Middle East are keeping oil prices firm. The US WTI crude and the Asian benchmark Brent have gained about three percent so far during this week.

Increasing trade war tensions between the US and China are a threat to global economic growth and demand for oil. And oil traders are now more worried about supply tightness than the slumping demand.

The group will meet in June to decide whether to extend the pact. It is expected that if OPEC sticks on with its April output numbers it would lead to an oil undersupply in the world market this year.

In the meantime, the output from the other top producers outside OPEC, like the US would keep the market well supplied. As per IEA, the booming oil output from the US would offset the shortage of exports from Iran and Venezuela.

In the first half of the year, US output was halted due to reduced rig counts and maintenance in the Gulf of Mexico but the agency expects higher output this year due to the uptick in drilling activity.

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Source: moneycontrol.com

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Natural Gas Price Prediction – Prices Rebound but Remain Range bound

Natural gas prices whipsawed initially moving lower and then rebounding and settling the session up slightly more than 1%. This came on the heels of the Department of Energy’s inventory report which basically came out in line with expectations. Let’s read more about natural gas price prediction below.

The trajectory of the gains continues to point to higher inventories. This is as the current levels attempt to get back to the 5-year average level. The 5-year average price of natural gas is $3 per mmbtu. It provides about 50 cents per mmbtu of upside if demand started to pick up. The weather is expected to remain near normal for the next 8-14 days. This will keep demand for residential consumption steady. The next big events are supply disruptions from storms. This is a trade deal that would begin to accelerate LNG exports back to China without a 25% tariff would also likely give prices a pop.

Technical Analysis

Natural gas prices rebounded after testing the 10-day moving average which is seen as short-term support near 2.60. Resistance is seen near the 50-day moving average at 2.73. Short-term momentum turned positive as the fast stochastic generated a crossover sell signal. This indicator has whipsawed along with prices. The current reading of 78 is just below the overbought trigger level of 80. Medium-term momentum is neutral to positive as the MACD (moving average convergence divergence) histogram is printing in the black with a gradually increasing trajectory which points to consolidating to higher prices.

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Source: fxempire.com

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Exxon’s Permian Production to Yield $64B for New Mexico

Permian Production

Focus on Permian production would generate $64 billion in net economic benefits. The scope of benefits is for the state and local communities for the next 40 years. These are the findings from the study by Impact Data Source.

The study said the state government would receive $44 billion from new leases and royalties. To sum up, this includes $8.5 billion from state oil and gas severance taxes. Lastly, it is with an assumed oil price of $40 per barrel.

“The Permian Basin is the engine of America’s energy renaissance and New Mexico residents will see direct economic benefits and opportunities from our planned investments,” Exxon CEO Darren Woods said in a company statement.

“The benefit to this state’s bottom line, as represented by investments from companies like ExxonMobil, has been enormous,” said New Mexico governor Lujan Grisham. “My administration has been and will continue to be responsive to changes in the energy sector and the need for meaningful regulation and diversification as a means of ensuring a sustainable future – for our children, their education, the infrastructure that will support our collective future and more.”

In March, Exxon revealed its plans to increase Permian production. Likewise, the estimate is to more than 1 million barrels of oil equivalent per day by 2024.

The southeastern New Mexico communities where ExxonMobil o

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Source: Rigzone.com

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The Permian Basin Is Turning Into an ATM for Oil Stock Investors

A Massive Growth

The Permian Basin has become a massive growth engine for the U.S. oil industry over the last few years. The driving force has been the discovery of new techniques that have unlocked the treasure trove of oil and gas trapped in the region’s tight underground rock formations. That has unleashed a wave of drilling that’s sent output soaring. Oil companies or Oil Stock Investors are now producing an ever-increasing gusher of cash flow thanks to the region’s low drilling costs, higher oil prices, and efficiency gains.

While the industry had been plowing that money into drilling more wells and acquiring additional land, it has recently reached an inflection point; many drillers no longer need to invest as much money to maintain a healthy growth rate. That has freed them up to allocate that cash to other activities. For the most part, they’re returning their growing windfalls to shareholders through higher dividends and stock buybacks.

Expect more money to continue flowing to investors

Oil companies or Oil Stock Investors are starting to reap the rewards of their investments in the Permian Basin. Many are now hauling in more cash than they need to fund growth, which is allowing them to send that money back to shareholders through rapidly rising dividends and significant share repurchase programs. That trend appears poised to continue as the industry turns this low-cost, oil-rich region into an ATM for investors.

 

Read the full article here
Source: The Motley Fool LLC.

 

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Cameron LNG

Cameron LNG Export Project in Louisiana Produces First LNG

May 14 (Reuters) – U.S. energy company Sempra Energy said on Tuesday the first liquefaction train at its $10 billion Cameron LNG (Liquified Natural Gas) export terminal in Louisiana started producing LNG.

Cameron is the fourth big LNG export facility to enter service in the Lower 48 U.S. state. It is keeping the United States on track to become the third-biggest LNG exporter in the world in 2019. They are behind Qatar and Australia.

Demand for natural gas, the cleanest of fossil fuels, is growing fast around the world. This is as more countries use it to meet increasing energy consumption.

The Target

The first three trains at Cameron will produce about 12 million tonnes per annum (MTPA) of LNG. This is roughly 1.7 billion cubic feet per day (bcfd) of natural gas. One billion cubic feet of gas is enough to fuel about five million U.S. homes for a day.

Sempra has said it expects Cameron 2 and 3 to enter service in the first and second quarters of 2020. Cameron is jointly owned by affiliates of Sempra, Total SA, Mitsui, and Japan LNG Investment LLC, a company jointly owned by Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha (NYK). Sempra indirectly owns 50.2% of Cameron. McDermott International Inc and Chiyoda Corp are the lead contractors at Cameron.

Read the full article here
Source: gcaptain.com

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Natural Gas Industry

3 Things To Know About The U.S. Oil And Natural Gas Industry

Obviously, there’s a lot more than just three, but let me hit on the triad of pillars. Let’s learn more about the U.S Oil and Natural gas Industry here.

Producing at All-Time Record

Over this time, U.S. crude oil production has surged 140% to 12.2 million b/d, while gas output is up 55% to 88 Bcf/d.

The U.S. is now easily the world’s largest oil and gas producer, yielding 20% more oil and 25% more gas than Russia.

Will Still Supply the Bulk of Our Energy

Today, oil and gas are our two most important sources of energy, meeting 65% of total U.S. energy demand.

We lean on oil for 97% of our transportation needs, and increasingly, natural gas leads by generating 35% of all U.S. electricity.

This will be a cornerstone of meeting our climate change and environmental goals: “Thanks to Natural Gas, US CO2 Emissions Lowest Since 1985.”

Going Global

Not just being the largest oil and gas producer, The U.S. could also become the largest global seller of these essential fuels within five years.

Our total LNG export capacity stands to reach nearly 8 Bcf/d, or nearly 20% of the total global demand market.

Read the full article here
Source: Forbes.com

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Oil May Hold The Secret To Ending The Trade War

Oil May Hold The Secret To Ending The Trade War

On Wednesday, U.S. President Donald Trump crushed any hopes of a trade deal with China when he announced that China “broke the deal” and that, as a consequence, the U.S. will enforce even higher tariffs on some imports from China starting on Friday, May 10. Is oil resolving trade war in talks?

According to some experts, however, the dip in crude prices is just temporary. With global crude supply tightening thanks to sanctions on Iran and Venezuela, as well as a surprise decline in U.S. crude production, long-term price projections are looking up. In fact, West Texas Intermediate and Brent futures are up by 30 percent or more year to date, and MarketWatch reports that analysts at Barclays are extremely optimistic, already increasing their third-quarter forecasts by $4 each for both benchmarks.

The United States has become one of the most important energy producers–and currently the fastest growing producer of “global energy supplies” — thanks to the shale oil boom in the West Texas Permian Basin. At the exact same time, China has become the fastest-growing energy consumer, especially when it comes to oil and liquefied natural gas–both of which the U.S. has in spades. “So while the dispute around tariffs goes far beyond trade balances,” argues Sheppard, “energy is one area where the two countries have a mutual interest in finding common ground.

Read the full article here
Source: oilprice.com

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The Trade Fight Between the U.S. and China Is Weighing on Oil Prices

Escalating Weighing on Oil Prices

Crude explorers deployed fewer rigs in U.S. fields this week amid an escalating weighing on oil prices a trade war between U.S. and China.

In response to mounting pressure from investors, exploration companies have taken drastic measures to demonstrate fiscal responsibility and maximize returns for shareholders. One notable action has been the decision to idle nearly 10 percent of the onshore U.S. rig fleet during the first five months of this year. This move is a clear reflection of the current outlook for oil demand, which has been affect by the ongoing trade dispute between the United States and China, two of the world’s largest economies.

The Future of Oil

As the trade tensions between these economic powerhouses continue to escalate, the future of oil demand remains uncertain. The protracted dispute has caused a significant decline in economic confidence, affecting various industries, including the energy sector. With both countries imposing tariffs on each other’s goods, the resulting economic slowdown has led to a decrease in oil consumption. This has prompted explorers to exercise caution and curtail operations by idling a substantial portion of the onshore U.S. rig fleet, in an effort to align production with the current market demand.

However, despite these measures, the situation remains fluid and highly unpredictable. The Asia Society’s Stone Fish warns that the ongoing trade talks between the United States and China may actually worsen before any signs of improvement are seen. This suggests that the challenges faced by exploration companies and the overall oil industry may persist in the near future. The outcome of the negotiations between the two economic giants will undoubtedly have a profound impact on oil demand and subsequently, the strategies adopted by explorers to navigate through these uncertain times.

 

Read & Listen: Full article here
Source: Bloomberg.com

 

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