LOOP Crude Loadings Swing in Short Time Span

A dramatic swing occurred at a major U.S. Gulf Coast port facility during the first two months of 2021. Read about it, along with other recent developments, in this review of popular downstream-related articles on Rigzone from last week.
Oil Exports from Offshore Louisiana Facility Fall to Zero
The Louisiana Offshore Oil Port (LOOP) set a record in January in terms of loading domestic crude onto supertankers bound for ports in Asia. February was another story, however. For the first time in nearly two years, LOOP exported no crude last month, Bloomberg reported. An analyst interviewed by the news agency pointed out that crude inventories in Asia, particularly China, are high. In addition, he noted that China’s refineries are nearing their maintenance season.
Exxon Filing Shows 98% Oil Sands Reserves Drop
Exxon Mobil Corp. (NYSE: XOM) recently swept nearly all of its reserves of dense, heavy crude in Western Canada’s Oil Sands from its books, Bloomberg revealed. The accounting maneuver stems from the past year’s oil price crash, and the high cost of extracting oil sands crude raises the profitability bar for those operations, the news agency pointed out. Although the scope of the reserves revision was unprecedented in ExxonMobil’s modern history, the company can put them back on its ledger as oil prices go up, Bloomberg added.
Shell to License Tech for New Refinery
A 300,000-barrel-per-day refinery that PT Pertamina (Persero) and Rosneft Oil Co. (OTCMKTS: OJSCY) are building in Indonesia will apply Shell technology. Shell Catalysts and Technologies revealed that it has signed a licensing and basic engineering agreement for its processes to be deployed at the grassroots facility. In addition to a refinery, the site – located in the city of Tuban in East Java province – will boast a petrochemicals complex to produce ethylene, aromatic hydrocarbons, and polyethylene. The anticipated completion date of the integrated complex is 2025.
To contact the author, email mveazey@rigzone.com.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- USA Lease Sale Cancellation Leaves Industry in Limbo
- UK Diesel Prices Reach Record High
- New Oil Traders Fill Void
- Chevron Sanctions Ballymore Gulf Of Mexico Project
- Cory, Northern Lights Create International CCS Partnership
- PGNiG Pens Agreement With Sempra For 3Mtpa Of LNG
- Insured Marine Losses from Conflict Could Cost $6B
- MPs Set to Vote on Windfall Tax
- Equinor To Restart Hammerfest Production After Extensive Repairs
- Lundin Changing Name To Reflect Transition To Renewables
- Ban on Excessive Gasoline Prices Heading for Vote
- This Is Where the Oil Price Would Be Without the War
- Ukraine Disrupts Gas Deliveries to Europe for First Time
- The US Cannot Make Enough Fuel
- Biden Scraps Offshore Oil Auctions
- Sabic Sees Profit Hit by Costs
- Henry Hub Price Expected to Average $8.69 in 3Q
- Europe Looks To Africa For More Gas As E&P Reconsiders Projects
- UK Activists Stop Russian Tanker With $36.5M Of Diesel
- China Is Spoilt for Choice of Oil
- Oil Tanker With 750 Tons Of Diesel Sinks Off Tunisia
- Oil and Gas Discovery Confirmed at Hamlet
- Be Prepared to Pay More at the Pump from June
- Ban on Excessive Gasoline Prices Heading for Vote
- Top Headlines: Be Prepared to Pay More at the Pump from June
- This Is Where the Oil Price Would Be Without the War
- Gas Prices Could Rocket in the Near Term
- Exxon Does It Again - Three More Discoveries Offshore Guyana
- Top Headlines: Gas Prices Could Rocket in Near Term and More
- Europe Braces for Diesel Deluge