Warning on oil supply.

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Warning on oil supply. Sep 21st 2014, 23:00 THE chief executive officer of Saudi Aramco, the world's biggest oil producer, said that worries such as rising oil-sector costs and global turmoil could lead to a lack of oil supplies down the line, if oil companies fail to make sufficient investments."The factors I just highlighted are likely to put downward pressure on supplies over the longer term, if the industry fails to make prudent and...

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Petronas: strengthening its operations across the globe.

Petronas: strengthening its operations across the globe. Sep 21st 2014, 23:00 PETROLIAM Nasional Berhad (Petronas) is one of the leading oil and gas companies in the world. The company undertakes the exploration, development, production, refining, storage, transportation, and distribution of oil, gas and petrochemical products around the world. Vertically integrated business structure coupled with geographical operations has strengthened the company's business...

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Shell quits Saudi sour gas project.

Shell quits Saudi sour gas project. Sep 21st 2014, 23:00 ROYAL Dutch Shell has quit Saudi Arabia's Kidan sour gas project just ahead of the previously expected launch of front-engineering and design tenders for the long-awaited development, the company says."Shell has decided to end further investment in the Kidan development," a company spokesman says.Industry sources familiar with the project had previously predicted Shell would issue Feed tenders...

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Petrobras probes charges.

Petrobras probes charges. Sep 14th 2014, 23:00 Brazil's state-run Petrobras is seeking testimony from a jailed former director as part of an internal inquiry into allegations of a vast kickback scheme involving dozens of high-profile lawmakers.Petrobras said in a release that it had asked the judge overseeing the case for access to confidential testimony that ex-director Paulo Roberto Costa gave to police. Petrobras also wrote letters to...

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Malaysia O&G firms win sales.

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Malaysia O&G firms win sales. Sep 14th 2014, 23:00 Malaysian companies have secured sales worth RM528.30 million ($165.35 million) during a specialised mission for the oil and gas (O&G) sector to Stavanger, Norway."Sales were generated for waste heat recovery unit, accommodation barge, gaskets, metal expansion joints and special valves as well as engineering, procurement, construction, installation and commissioning business," said...

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US peps up 2015 oil forecast on shale.

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US peps up 2015 oil forecast on shale. Sep 14th 2014, 23:00 The US government jacked up its forecast for oil production next year by 250,000 barrels per day (bpd) as the boom in shale oil drilling continues to confound expectations of slower growth.The US Energy Information Administration now expects domestic output to rise to 9.53 mbpd, growing by around 1 mbpd for a third consecutive year, according to its latest monthly short-term energy outlook. A...

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Oil export prospects boon for stabilisers.

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Oil export prospects boon for stabilisers. Sep 14th 2014, 23:00 Orders have surged for a type of oilfield equipment primarily used for to make a light variety of crude safe for pipelines, after a federal ruling signaled that the specialised units also offered a workaround for companies eager to export oil from the US shale boom.The units, known as stabilisers, process that type of crude, known as condensate, just enough to qualify it for export as a...

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Maersk Oil slows down exploration.

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Maersk Oil slows down exploration. Aug 31st 2014, 23:00 After recent dry wells and a $1.7 billion impairment, Maersk Oil is slowing down exploration globally and virtually ceasing it in Brazil and the US Gulf of Mexico until it works out what went wrong, chief executive Jakob Thomasen said. The AP Moller-Maersk unit has reserves corresponding to 4.6 years of production, below an average of 5-10 years for Maersk Oil's peers, which include...

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Asian petchem switch to LPG.

Asian petchem switch to LPG. Asia petrochemicals firms are building tanks and retooling plants to store and process liquefied petroleum gas imported from the United States, counting on a flood of supply from the shale boom to replace costlier naphtha as a raw material.Samsung Total Petrochemical, LG Chem and Royal Vopak are among a number of companies in Asia expanding import terminals or retrofitting plants over the next...

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