Newsflash about oil&gas industry on November 14, 2018
Time: 2018-11-14 09:32:14Source: Bloomberg; OGJ
NYMEX settles below $60/bbl, while Brent nears $70/bbl. Crude oil benchmarks dropped on markets in New York and London Nov. 12, which analysts attributed in part to comments by US President Donald Trump urging Saudi Arabia and the Organization of Petroleum Exporting Countries against cutting oil production.
Permian Pipes Are Coming, But The Workers Aren't. Welcome to the next big Permian Basin bottleneck. A pipeline shortage slowed output this year, leading to a record 3,722 drilled-but-never-opened wells. But three major conduits set to open in 2019 are expected to solve that. The newest snag: Finding hundreds of workers over the next 18 months to open those wells, at a time when the firing of 440,000 workers between 2014 and 2016 remains a fresh and painful memory.
Crude Oil Futures Plunge. Surging U.S. crude oil output and worries about a global economic slowdown contributed to a steep decline in crude oil futures Tuesday.
December West Texas Intermediate (WTI) crude oil futures fell by $4.24 to settle at $55.69 a barrel Tuesday. The benchmark’s high point for the day was $59.35 and its intraday low was $55.10. The January Brent, meanwhile, lost $4.65 to end the day at $65.4
LNG Hunt Less Likely as Milder Asia Winter Seen. Prospects for a milder winter in Asia may make the frenzied seasonal hunt for liquefied natural gas less likely this year and hurt the outlook for prices, which have tumbled for the past seven weeks.
Wood Wins Mega Project Services Deal. Wood announced Tuesday that it has secured a “multi-million dollar” contract extension from ADNOC Offshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC), for services to the UZ750 “mega project” offshore Abu Dhabi.
The scope of work includes project management consultancy services for the development, which comprises four new artificial islands and associated drilling, production, utilities and infield pipeline facilities.
ExxonMobil and Chevron Report Strongest 3Q Results in 4 Years. Both companies reported double-digit production increases in the Permian Basin, the shale region in Texas and New Mexico that’s propelling total U.S. oil output to an all-time high. The Permian now makes up 11 percent of Chevron’s overall output and is home to Exxon’s fastest-growing large project.
