S-Oil Corp., Seoul, has let a contract to General Atomics Electromagnetic Systems (GA-EMS), San Diego, to provide electrostatic separation technology and equipment to be installed at a residue upgrading complex (RUC) now under construction at S-Oil’s 669,000-b/d Onsan refinery complex in Ulsan, South Korea.
S-Oil Corp., Seoul, has let a contract to a subsidiary of Yokogawa Electric Corp., Tokyo, to provide control systems for a high-severity residue fluid catalytic cracker (HS-RFCC) and auxiliary installations to be built as part of a residue upgrading and capacity expansion project under way at the 669,000-b/d Onsan refinery complex in Ulsan, South Korea.
S-Oil Corp., Seoul, through a contractor, has let a contract to Technip SA, Paris, to provide proprietary equipment for a unit to be built as part of S-Oil’s residue upgrading and capacity expansion project at the 669,000-b/d Onsan refinery complex in Ulsan, South Korea.
S-Oil Corp., Seoul, has let a series of contracts to Axens to supply technology for a residue upgrading and capacity expansion project at its 669,000-b/d Onsan refinery complex in Ulsan, South Korea.
Exports in Venezuela decreased to 8483 USD Million in the third quarter of 2015 from 12108 USD Million in the second quarter of 2015. Exports in Venezuela averaged 11547.44 USD Million from 1992 until 2015, reaching an all time high of 30743 USD Million in the third quarter of 2008 and a record low of 2995 USD Million in the first quarter of 1992. Exports in Venezuela is reported by the Banco Central De Venezuela. Venezuela is the world´s tenth biggest exporter and the thirteenth largest producer of oil. Shipments of oil account for 96 percent of total exports. Main export partners are: United States (40 percent of total exports), China (11 percent) and India (6 percent). Others include: Cuba, Colombia and Brazil. This page provides - Venezuela Exports - actual values, historical data, forecast, chart, statistics, economic calendar and news.
Transcript of the Press Conference on the Middle East and Central Asia 2015 Economic Outlook Update and Low Oil Prices
Transcript of the Press Conference on the Middle East and Central Asia 2015 Economic Outlook Update and Low Oil Prices
Despite oil prices at their lowest levels in five years, Iraq is producing at record levels. For the month of December, Iraq produced nearly 4 million barrels per day, according to Oil Minister Adel Abdul Mahdi, an all-time high for the war-torn country. That is critical for a government that depends on oil for more than 90 percent of its revenues. Rather than paring back production levels to stop a price slide, Iraq is doing what all rational actors are aiming to do (if they can): produce more oil to make up for lost revenues from rock bottom…Read more...
Remember the Sesame Street song? One of these things is not like the others,One of these things just doesn't belong,Can you tell which thing is not like the othersBy the time I finish my song? OK. Which curve on this chart is not like the others?It's the U.S. and Canada's oil production curve over the past several years. That's why oil prices have fallen: too much oil for the demand in the world. The tight oil from North America is the prime suspect in the production surplus that's pushing down oil prices.Related: IMF Says Oil Drop Permanent,…Read more...
TOTAL S.A. (TOT) has decided to lower its capital expenditure for 2015 by 10%.
Oil magnate Harold Hamm is selling one of his companies for $3 billion, but that kind of money still won't make up for what he recently lost.
MLPs under pressure until oil prices bottom, Credit Suisse says
BHP Billiton is limiting its exposure to the U.S. shale market following in the footsteps of recent cuts by giants SLB and BHI.
There is much discussion of global risks at the World Economic Forum Annual Meeting this week, and illustrating today's volatility is the fact that the biggest threat to the stability of the world -- international conflict -- was not even on last year's list. That is the conclusion of the World Economic Forum's 10th edition of the Global Risks report, released in conjunction with the annual Davos gathering. But don't just think of Russian troops in Ukraine. Think also of North Korean hackers pillaging the Sony computer systems. In 2015 conflict can take many forms. "Twenty-five years after the fall of the Berlin Wall, the world again faces the risk of major conflict between states," said Margareta Drzeniek-Hanouz, the Forum's lead economist. "However, today the means to wage such conflict, whether through cyberattack, competition for resources or sanctions and other economic tools, is broader than ever. Addressing all these possible triggers and seeking to return the world to a path of partnership, rather than competition, should be a priority for leaders as we enter 2015." The Forum assesses the top global risks in terms of likelihood and potential impact over the coming 10 years. This year the experts found that interstate conflict with regional consequences is the number-one global risk in terms of likelihood, and the fourth most serious risk in terms of impact. Such conflict is seen as more likely than extreme weather events, failure of national governance systems, state collapse or crisis, and high structural unemployment or underemployment. But in terms of impact, water crises are the greatest risk facing the world. Other top risks include rapid and massive spread of infectious diseases, weapons of mass destruction, and failure of climate change adaptation. What is striking about this year's report is the extent to which geopolitical risks, having had a low profile in recent years, are again looming large. The risk landscape also shows concern over the world's ability to solve its most pressing societal issues, as societies are under threat from economic, environmental and geopolitical risks. The Forum's annual risk report does more than just catalogue what ails society. It also examines the interconnections between risks, as well as how they interplay with trends shaping the short- to medium-term risk landscape. With respect to urbanization, for example, the report considers how best to build sufficient resilience to mitigate the challenges associated with managing the world's rapid and historical transition from predominantly rural to urban living. "Without doubt, urbanization has increased social well-being. But when cities develop too rapidly, their vulnerability increases: pandemics; breakdowns of or attacks on power, water or transport systems; and the effects of climate change are all major threats," said Axel P. Lehmann, Chief Risk Officer at Zurich Insurance Group. Of course, cataloguing the world's risks is a bit of a moving target. Since the survey was conducted, many unexpected events have occurred. The price of oil has plunged, and the euro's health has become less certain. Top of mind is Greece, with the leftist anti-austerity Syriza party leading in polls running up to this weekend's national elections. These and many other factors will make for interesting discussions. Don Tapscott is with the Rotman School of Management at the University of Toronto and is CEO of The Tapscott Group and a senior adviser to the World Economic Forum. His most recent book is The Digital Economy.
SOTU FACT: Energy Production Is Up and Gas Prices are Down Despite the President’s Policies, Not Because of Them
CLAIM: “Today, America is number one in oil and gas. ... And thanks to lower gas prices and higher fuel standards, the typical family this year should save $750 at the pump.” (President Obama, State of the Union Address, January 20, 2015) FACT: The Obama administration has suppressed energy production on federal lands, while Republicans have consistently pressed for a true all-of-the-above energy policy to help create jobs and address costs for working families. Republicans have consistently supported increasing American energy production as a way to lower gas prices, while President Obama is on record supporting increasing gas prices in order to reduce Americans’ dependence on oil. And when the foundations for today’s lower prices were being laid a few years ago by the private sector in states like North Dakota and Texas, President Obama was insisting that increased production would never result in lower prices. President Obama’s pick for Energy Secretary, Steven Chu, said, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” At the time, that meant $7-9 per gallon. From 2009 to 2013, oil production on non-federal lands increased 61 percent while falling six percent on federal lands. Similarly, natural gas production has seen a 33 percent increase on non-federal lands, but a 28 percent drop on federal lands, according to the non-partisan Congressional Research Service. According to the Institute for Energy Research, “In 2013, even though the federal government is the largest landowner in the country, federal lands produced 25 percent of the fossil fuels produced in America, down from 36 percent a decade ago.” Factcheck.org challenged a similar claim made by the president in last year’s State of the Union Address, determining that “the remarkable boom in U.S. oil production is chiefly the result of new drilling technology…and not of any government policy.” President Obama’s five-year leasing plan bans energy development on 85 percent of America’s offshore areas and provides for the fewest number of new lease sales ever offered in a plan since the process began in 1980, says the House Natural Resources Committee. The committee also notes that “onshore, the Obama Administration has had the four lowest years of federal acres leased for energy production – going back to 1988.” Speaker Boehner’s five-point vision for resetting America’s economic foundation calls for a true-all-of-the-above energy policy, as Republicans have advocated for for years. As Boehner notes, America’s energy boom is “driving real growth” in areas that have embraced increased oil and gas production, like Youngstown, Ohio, resulting in lower unemployment rates and higher wages for middle-class workers. READ MORE: Five Points Roadmap: America’s Energy Boom A Week of Energy Action in the House All of the Below Points on the President’s All-of-the-Above Sham Two Major Jobs Bills, One Giant Opportunity for Senate Dems to Act President Obama, Democrats Proven Wrong on Gas Prices
CLAIM: “So let’s set our sights higher than a single oil pipeline.” (President Obama, State of the Union Address, January 20, 2015) FACT: The president has repeatedly stood in the way of more American energy production and plans to continue doing so through new regulations. In a speech at the American Enterprise Institute last year, Speaker Boehner laid out a five-point, long-term vision that harnesses America’s energy boom to reset our economic foundation. The president, on the other hand, has repeatedly stood in the way of more energy production, most recently by threatening to veto House-passed legislation approving the Keystone pipeline and the more than 42,000 jobs that would come with it. The president has blocked the widely-popular project for more than six years, despite the fact that there is no reason – scientific or otherwise – for doing so. The president’s proposed rules on coal-fired generation, which amount to a new national energy tax, will put thousands out of work, slash coal-fired electricity by 30-32 percent, and raise electricity costs for families by as much as 10.3 percent. The administration’s draft ozone regulation- the most expensive rule ever proposed by the EPA - could prove even more damaging for the energy sector and beyond, slashing family budgets by more than $1500 per year, reducing GDP by trillions, and costing our economy millions of jobs, says the National Association of Manufacturers. The administration is putting hydraulic fracturing jobs and energy at risk with costly and duplicative new regulations that impose a one-size-fits-all policy on states that have been safely and effectively regulating this type of energy production for decades. In the wake of Russia’s aggression against Ukraine, the House passed H.R. 6 last year to end the Obama administration’s de facto ban on natural gas exports to Europe, which has resulted in a backlog of more than two dozen export applications. READ MORE: 5 Points for Resetting America's Economic Foundation House Defies President’s Veto Threat, Approves Job-Creating Keystone Pipeline Obama Administration’s Massive New Rule Puts Millions of American Jobs at Risk #StuckInTheSenate: The Next Steps in the Natural Gas Revolution President’s War on Coal Slashes Jobs, Sparks Union Backlash Boehner Op-Ed: Leadership & Prosperity Through American Energy All of the Below Points on the President’s All-of-the-Above Sham
Oil Billionaires Hit The Bargaining Table As Kinder Morgan Pays $3B For Harold Hamm's Hiland Partners
As plunging commodity prices prompt layoffs in the oil patch, the dealmakers are licking their chops.