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The American energy giant said some of the oil it purchased last year from the Energy Department’s Strategic Petroleum Reserve, or SPR, contained "extremely high levels" of hydrogen sulfide, according to emails obtained by Bloomberg under the Freedom of Information Act. "The Department of Energy takes safety, security and environmental impacts involving SPR activities very seriously," agency spokeswoman Jess Szymanski said. "Last fall, an SPR cargo received by Exxon Mobil was found to contain higher-than-expected levels of hydrogen sulfide.
SHANGHAI/SINGAPORE (Reuters) - European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week. BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results. In March 2016, BP agreed with China National Petroleum Corp (CNPC) to explore and produce natural gas from shale rock formations in the Neijiang-Dazu block in Sichuan, its first such contract in China.
Royal Dutch Shell has entered China's shale oil sector, signing an agreement with state-owned Sinopec to study an East China block, part of the nation's early efforts to unlock the potentially massive unconventional resource. China is already in the initial stages of developing its vast shale gas resources, with production last year making up just 6 percent of total gas output after more than a decade of work. China's shale oil is at an even more basic phase due to challenging geology and hefty development costs, experts said.
The key benchmark in the world’s biggest LNG consuming region, S&P Global Platts’ Japan/Korea Marker, has dropped below Dutch Title Transfer Facility prices for the first time since April 2016, according to data compiled by Bloomberg. Five years ago, it wasn’t uncommon for JKM to trade at nearly double European prices. Prices in Asia have fallen by about half this year, driven by a warmer-than-normal winter and ample spot cargoes as new projects in Australia, Russia and the U.S. ramp up.
The world’s biggest crude importer boosted imports from Venezuela and Iran last month from January, with the shipments costing the least since November 2017, data released on Monday by the General Administration of Customs show. Both of the OPEC producers are subject to separate U.S. sanctions that have squeezed their sales to customers across the globe. While the U.S. has granted several buyers waivers from its sanctions to continue buying Iranian oil, the volumes they are allowed to buy are restricted.
China’s big three -- PetroChina Co., Sinopec Corp. and Cnooc Ltd. -- are raising combined capital expenditure to about 517 billion yuan ($77 billion), up 18 percent from last year. Meanwhile, Exxon Mobil Corp. is pouring money into world-class assets that will raise output in the coming years, including Guyana, Papua New Guinea and Brazil, as well as the Permian Basin.
Canadian natural gas producers continue to struggle with low prices as they face, just like oil drillers, face a shortage in takeaway capacity
PetroChina, Asia's largest oil and gas producer, plans to boost capital spending to 300 billion yuan (34.28 billion pounds) in 2019, up 17 percent from last year, a company filing to the Hong Kong Stock Exchange showed. The surge in expenditure to a near-record level came as PetroChina pledged to ramp up oil and gas production and reserves to answer Beijing's call for greater energy security. The group expects crude oil output this year at 905.9 million barrels and gas output of 3,811.0 billion cubic feet, it said in its earnings statement, with the total oil and gas equivalent of 1,541.2 million barrels.
Saudi Arabian Oil Co., or Saudi Aramco, sharply raised prices for Asian shipments on Tuesday, lifting its premium on Arab Light crude by 50 cents to $1.20 a barrel above the Oman-Dubai benchmark. China’s imports of crude have been surging since 2015, when Beijing started allowing its “teapot” refineries — small-scale independent operations that are mostly based in Shandong province — to buy from abroad. If you subtract their import quotas from China’s total crude imports, it looks like state-owned PetroChina Ltd., China Petroleum & Chemical Co. and Cnooc Ltd. have been unloading more or less the same 300 million-odd annual metric tons all along.
Australia’s ambitions of becoming a world class LNG exporter are looking bleak as a part of the country will now have to start importing the commodity
Royal Dutch Shell and PetroChina joint venture Arrow Energy on Thursday was granted leases for a A$10 billion (5.37 billion pounds) project to develop Australia's biggest coal seam gas resource. The Queensland government said it had granted 14 leases to Arrow Energy for the Surat project, which holds 5 trillion cubic feet (140 billion cubic metres) of gas. As part of the deal, Arrow will be using QCLNG's gas processing and pipeline infrastructure, helping to cut project costs and allowing Arrow to sell its gas both for export and into the domestic market.
MELBOURNE/SINGAPORE (Reuters) - Royal Dutch Shell and PetroChina are at loggerheads over gas sales pricing at their Arrow Energy joint venture, holding up development of Australia's biggest coal seam gas resource, three industry sources said. PetroChina, the listed arm of China National Petroleum Corp (CNPC), is eager to start developing Arrow's 5 trillion cubic feet (140 billion cubic meters) of gas in the Surat Basin in Queensland to turn around loss-making Arrow Energy, one of its key overseas assets. It is at the mercy of venture partner Shell, however, as the Anglo-Dutch oil company is also majority owner of Arrow's biggest potential customer, Queensland Curtis LNG (QCLNG), a liquefied natural gas plant on an island off Queensland state.
LONDON/DUBAI, Feb 20 (Reuters) - Saudi Aramco’s trading arm plans to open an office in London soon as it expands its international business, sources familiar with the move said. Aramco Trading Co (ATC (Shenzhen: 002227.SZ - news) ) also opened an office in the bunkering hub of Fujairah, United Arab Emirates in December to trade oil products and hired two traders from Trafigura and PetroChina (HKSE: 0857-OL.HK - news) to run operations there, the sources said. "Last June, a trading office was inaugurated in Singapore, and last December (another) in Fujairah and very soon in London, just like any trading house," one of the sources said.
PetroChina Co plans to drop Petroleos de Venezuela SA (PDVSA) as a partner in a planned $10 billion oil refinery and petrochemical project in southern China, said three sources familiar with the matter this week. The company's decision adds to state-owned PDVSA's woes after the United States imposed sanctions on the company on Jan. 28 to undermine the rule of Venezuelan President Nicolas Maduro.
Suncor Is Trading at a Premium Despite Falling 30% in Q4 (Continued from Prior Part) ## Short interest in Suncor Suncor Energy’s (SU) short interest (its percentage of outstanding shares) has risen 0.5% since October 1, the beginning of the fourth quarter, to 0.8%. Suncor stock has fallen 30.3%. A rise in short interest implies increased bearishness toward a stock. ## Why the change in sentiment? Bearishness toward Suncor may have risen due to its lower-than-expected third-quarter earnings of 0.96 Canadian dollars and weak fourth-quarter earnings forecast, and the Government of Alberta’s announcement of production cuts. Despite the cuts, which aim to address the province’s supply glut, Suncor expects its production to grow by 10% in 2019. A rise in volumes could soften bearishness toward the stock. In the fourth quarter, the company’s earnings could fall due to upstream earnings being impacted by lower oil prices. WTI has fallen 40% since October 1. ## Peers’ short interest Since October 1, Suncor peers PetroChina (PTR), ExxonMobil (XOM), and Chevron (CVX) have seen their short interest rise by 0.1% to 0.2%, 0.8%, and 1.1%, respectively, and their stock prices fall 26.4%, 20.6%, and 12.7%. Browse this series on Market Realist: * Part 1 - Why Suncor Is Trading at a Premium after Falling * Part 2 - What Prompted Suncor Stock to Fall 30% in the Fourth Quarter * Part 3 - What Do Suncor’s Moving Averages Suggest?
Suncor Is Trading at a Premium Despite Falling 30% in Q4(Continued from Prior Part)Forecasting Suncor’s stock price In this part, we’ll estimate Suncor Energy’s (SU) stock price based on its implied volatility.
Suncor Is Trading at a Premium Despite Falling 30% in Q4(Continued from Prior Part)Suncor’s moving averages Previously, we saw that Suncor Energy (SU) stock fell 30% in the fourth quarter. In this part, we’ll look at its moving average trends.