Day: October 2, 2020

Vietnam Approves Exxon’s $5-Billion LNG-To-Power Project

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The port city of Hai Phong in Vietnam has approved a liquefied natural gas (LNG) project for power generation, expected to be developed by U.S. supermajor ExxonMobil and to cost US$5.09 billion. The people’s committee of the city of Hai Phong approved the project which is expected start electricity generation in 2026 or 2027, Reuters reported on Friday, citing a statement from the Vietnamese city. The power plant is expected to have an initial capacity of 2.25 gigawatts (GW) when it becomes operational. Capacity will be doubled to 4.5 GW…

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Russian Oil Production Tops OPEC+ Quota In September

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Russia produced an average of 9.93 million bpd of crude oil and condensates last month, a little above its OPEC+ quota but still down 11.8 percent on the year, Interfax reported today, citing data from the Energy Ministry. Production of oil and condensates over the first nine months of the year averaged 10.35 million bpd, down by 7.8 percent on the respective period of 2019. Earlier this year, Russia’s oil production fell by a double-digit rate for the first time in more than two decades as a result of the…

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Hurricane Laura Shut In Largest Oil Production Volume Since 2008

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Hurricane Laura, which stormed through the U.S. Gulf of Mexico at the end of August, forced shut-ins of an estimated 14.4 million barrels of crude oil during the two weeks of shut-down rigs—the largest production loss from a hurricane in the Gulf since Hurricanes Gustav and Ike in 2008, the Energy Information Administration (EIA) said on Friday. According to data from the U.S. Bureau of Safety and Environmental Enforcement (BSEE), Hurricane Laura, which made landfall near Cameron in southwestern Louisiana on August 27, had at its peak forced the evacuation…

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Oil Industry Begins Ad Campaign In Swing States

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A month before the U.S. presidential election, the oil industry’s most powerful lobbying group, the American Petroleum Institute (API), is launching ads in a number of swing states, saying in one ad that “extreme environmental proposals” like a ban on new leases on federal land – a proposal of Joe Biden – could cause hundreds of thousands of Americans to lose their jobs. According to Axios, the ad is part of several 30-minute spots that the API is launching in key swing states, including Ohio, Florida, Pennsylvania, Michigan, Colorado, Arizona,…

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Souring Fundamentals Force Brent Crude Oil Below $40

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Both the President and First Lady of the United States have tested positive for COVID-19 on a day when Brent oil prices crash below $40 and the U.S. rig count climbed. Crude prices fell on Friday following news that President Donald Trump tested positive for the coronavirus. Broader equities also tumbled. As of midday trading, Brent was down more than 4 percent, dipping below $40 per barrel. Shale companies did poorly, but executives got paid. A Wall Street Journal analysis found that the median pay for executives of U.S. oil…

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