Newsflash about oil&gas industry on November 10, 2018
Time: 2018-11-10 09:28:14 Source: Oil & Gas Journal
Oil Poised for Longest Losing Run Since 2014. Crude’s poised for the longest losing streak since 2014 as concerns of a supply crunch eased on a forecast for rising U.S. production and waivers for eight countries allowing temporary import of Iranian oil. Futures in New York fell as much as 0.9 percent and headed for an 8.5 percent drop in eight straight sessions. The U.S. government forecast the nation’s oil output would increase at a record pace this year, while industry data signaled American crude inventories rose last week. Meanwhile, the waivers will allow Iran to continue some exports to its top customers for another six months.
Exxon's PNG LNG Project Agrees Supply Deal with Petro China. Exxon Mobil Corp.'s (XOM) gas-export venture in Papua New Guinea has agreed a three-year supply deal with an arm of Petro China Co. as it seeks to move customers in to medium-term contracts and out of the spot market.
Oil Search Ltd. (OSH.AU) and Santos Ltd. (STO.AU), two partners in the PNG LNG operations, said Petro China’s Hong Kong-based fuel-supply unit has agreed to buy about 450,000 metric tons of liquefied natural gas annual over three years, starting this month.
CNPC's large-scale “black-out” contractor, the oilfield service market will usher in a drastic change. Petro China announced that in order to reduce the safety risks of production and operation operations, large-scale external contractor clean-up work has been carried out recently, and 225 companies have been retired.
Gassco restarting Kollsnes gas plant, Vestprosess pipeline. Gassco AS is in the process of restarting its Kollsnes gas processing plant and associated Vestprosess condensate pipeline in western Norway after a collision between two ships off the Sture terminal near Bergen early Nov. 8 led to closure of the installations
Wanhua Chemical lets contract for Yantai PDH plant. Wanhua Chemical Group Co. Ltd. has let a contract to Honeywell UOP LLC to implement its proprietary Honeywell Connected Plant Process Reliability Advisor (PRA) to provide prescriptive monitoring of a propane dehydrogenation (PDH) unit at Wanhua Chemical’s petrochemical plant in Yantai, Shandong Province, in eastern China.
