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.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally