Market Could be Oversupplied by 2020. The market could be quite tight in the first half of 2019 but oversupplied again by 2020, according to a new industry note from Jefferies, which was sent to Rigzone on Thursday. “The combination of OPEC+ cuts, curtailments in Canadian production and further sanctions-related declines in Iranian exports should be sufficient to drive OECD inventories back below their trailing five-year average during 1H19,” the note stated.
Western Gas signs MOU for Equus gas project off Western Australia. Privately held Western Gas Corp. Pty. Ltd., Perth, has signed a memorandum of understanding with international service companies McDermott and Baker Hughes to be exclusive development partners for the Equus gas project offshore northwest Western Australia
LNG Project Sanctions Set to Surge in 2019. Uncontracted demand by the world’s seven largest liquefied natural gas (LNG) buyers could increase four-fold to 80 million tonnes per annum (mtpa) by 2030, according to Wood Mackenzie.
Saipem Reveals Extent of Cyber Attack. Saipem revealed Wednesday that the recent cyber attack it suffered hit servers based in the Middle East, India, Aberdeen and Italy.“The attack led to the cancellation of data and infrastructures, typical effects of malware,” Saipem said in a statement posted on its website on December 12.
Mexico plans new refinery, rehab work. President Andres Manuel Lopez Obrador of Mexico has announced a plan to rehabilitate six refineries and build a 340,000-b/d refinery a Dos Bocas, Tabasco. After upgrade, the combined capacities of existing Petroleos Mexicanos (Pemex) refineries at Cadereyta, Madero, Minatitlan, Salamanca, Salina Cruz, and Tula will be 1.54 million b/d, according to the plan. Lopez Obrador took office this month.
