Americas
Lower crude exports from Iran could trigger 30% spike in oil prices - IMF
A halt of Iran's oil exports to Organization for Economic Cooperation and Development (OECD) countries could trigger a 20%-30% spike in oil prices, an International Monetary Fund official said. The EU last month said it would ban all purchases of oil from Iran for countries within the union.
ExxonMobil says oil, gas reserves higher in 2011
ExxonMobil said Thursday the company's 2011 proved oil-and-gas reserves inched up compared with the previous year. The bulk of reserves additions came from the Kearl Expansion Project in Canada, which totaled 1 billion oil-equivalent bbl. Additions were also made in the US, Nigeria and Indonesia.
Obama defends energy policy, blames Middle East turmoil for rising US gasoline
President Barack Obama defended his energy policy from Republican attacks that he has not done enough to counter the recent run-up in gasoline prices. Obama said that more drilling will not bring down the price at the pump. In fact, the US is producing more oil than at any time in the last eight years, he said.
CertifiedSafety opens US Midwest office in Indiana
CertifiedSafety opened a new regional office in this month in Whiting, Indiana, company officials confirmed on Thursday. The new Whiting office is their third regional facility and will serve many clients in US Midwest such as BP Whiting, the nation's seventh-largest refinery.
ITT lands global deal to supply pumps for Shell
ITT announced an agreement with Shell Global Solutions in which ITT’s Goulds Pumps brand will provide American Petroleum Institute (API) centrifugal pumps to support Shell operations worldwide. The deal is for five years with an option for an additional five years. Financial terms were not disclosed.
Tesoro refinery workers reject USW labor contract, strike possible
Union workers at three more Tesoro refineries have rejected new labor contracts, setting up the potential for a strike. A general strike at Tesoro's refineries still negotiating could shut down 500,000 bpd of refining capacity, though it wouldn't spread to refineries run by other companies.
Chesapeake plans to double US production of oil, liquids by 2015
Chesapeake Energy said it plans to more than double its oil and liquids production by 2015 as the natural gas giant aims to become one of top five US oil producers. The company plans to produce about 250,000 bpd of oil and natural gas liquids by 2015, up from about 104,000 bpd in the fourth quarter.
Hess, PdVSA finish shutdown of Hovensa refinery venture in Virgin Islands
Hovensa completed the previously-announced shutdown of its 350,000 bpd refinery on the US Virgin Island of St. Croix, the company said. The oil-fuel refinery is a joint venture between oil company Hess and Petroleos de Venezuela (PdVSA), the state-owned oil company of Venezuela.
API says more US oil needed to cut gasoline costs
John Felmy, chief economist with the American Petroleum Institute (API) trade group, says the US must develop more of its own oil and natural gas and allow additional oil imports from Canada. "By far, the single biggest factor in today’s higher gasoline prices is the rising cost of crude oil," Felmy said.
ExxonMobil LNG venture in Papua New Guinea sets expansion target
A $15.7 billion energy venture in Papua New Guinea operated by ExxonMobil may know by the end of the year if it has enough gas for an expansion that could vastly improve its profitability. Initial drilling to support a possible expansion of the project has been pushed back until mid-2012.
- Technip Energies secures major contract for Coral Norte floating LNG project in Mozambique 6/11
- Honeywell introduces Experion Cognition to deliver autonomous control room operations for Borouge International 6/11
- ABB expands non-invasive sensing portfolio to advance simpler and safer temperature measurement 6/11
- Bayer hopes to speed up biofuel feedstock plan amid Iran war energy crunch 6/11
- Gulf Coast Midstream selects Audubon for FEED on Nash Energy Storage Hub 6/11
- Dangote Refinery seeks $1 billion private placement ahead of planned listing 6/11
