Latest Oil & Gas News
OilFinity.com publishes the latest oil and gas news from around the world including contributions from leading oil and gas publishers. Keep abreast of the latest news across the upstream, midstream and downstream oil and gas sectors.
Refining and Processing
Flint Hills Resources will receive support for its Eagle Ford modification project from Wood Group, who will provide detailed engineering, procurement and other services
A surplus of gasoline supply globally as early as 2017 is likely to put "significant pressure on refiners by the end of the decade," and bring an end to the current healthy margins, according to energy consultancy Wood Mackenzie's latest long-term oil product market forecast.
Tianjin explosion could be a turning point in China’s corruption crackdown
Lucerne 2 begins natural gas processing operations, announced DCP Midstream Partners, DCP Midstream Partners has announced that its new 200 MMcf/d Lucerne 2 natural gas processing plant is now in service,
US refinery capacity reaches 18 MMb/d. Increased refinery runs, based on increases in both capacity and utilization, have helped accommodate increases in US crude oil production. The United States' capacity to refine crude oil into petroleum products, measured as operable atmospheric crude distillation unit (CDU) capacity, increased by 0.2% in 2014, reaching 18 MMb/d according to EIA's recently released annual Refinery Capacity Report.
European refining margins have strengthened further over the past week on slumping crude oil prices and strong Asian and US gasoline demand, with the margin for refining some grades jumping to multi-year highs.
US-based Eagle Ford Oil & Gas Corporation and Australia’s Casper Energy have announced plans to build a $700 million oil refinery in Australia, the Sydney Morning Herald wrote on Monday.
Urenna Ekeh-Adegbotolu, a researcher at Aberdeen’s Robert Gordon University, is developing a new eco-friendly demulsifier to separate offshore drilling waste into its component parts of oil, water and solids. Ross Davies asks her how the technology could save operators money and improve the sustainability of offshore drilling
A shortage of high octane components has seen the MTBE factor -- the ratio of the price of MTBE to Eurobob gasoline barges -- hit its second-highest value on record, according to Platts data.
Delivered open-specification naphtha cargoes in Northwest Europe tumbled to a four-year low Tuesday as the market tracked weakness in the crude oil complex and regional oversupply continued to prove difficult to clear.
Asian demand for imported naphtha from Europe and the US is likely to fall in the coming years as increased supply from the region outstrips demand growth, a senior official from Japan's Marubeni said Monday.
Taiwan's state-owned CPC has changed the price formula of low sulfur fuel oil it sells to certain domestic buyers, to mitigate some of the losses from the resale of imported LSFO, company sources said late last week. CPC will now price fuel oil it supplies to certain industrial and other buyers based on a combination of its own production cost and import cost, where the price basis will remain as the monthly average of Mean of Platts Singapore 180 CST high sulfur fuel assessments, a Taipei-based company source said.
Global emulsion styrene butadiene rubber, or SBR, prices were resisting a decline in feedstock costs as European and Chinese producers slashed operating rates amid weak demand and a switch to cheap natural rubber, sources said this week.
European general polystyrene August contract prices were under pressure in Europe as cheaper imports are making in-roads into the region, market sources said Tuesday.
European low density polyethylene fell by Eur5 ($6.70) week on week to Eur1,335/mt FD NWE Tuesday as Sabic lifted force majeure on LDPE supplies from its 400,000 mt/year plant in Wilton, northeast England, during a seasonal lull and a fall in feedstock prices, sources said.
BANGKOK, Aug 13 (Reuters) - Thailand's PTT Global Chemical Pcl said on Wednesday it is seeking a partner to expand the crude processing capacity of its planned joint petrochemical project with Indonesian state oil and gas firm Pertamina.
Asian paraxylene producers, who are suffering from the narrow spread between PX and naphtha as well as between PX and toluene, which were below breakeven levels for the better part of this year, are waiting to see if cheaper condensate can come their way from the US following the shale boom.
MILAN, Aug 8 (Reuters) - Plans by Italian oil major Eni to slash its refining business by more than half could squeeze out a quarter of Europe's refining overcapacity, bringing the ailing sector badly needed relief.
US-based Vinmar International will begin supplying 200,000 mt/year of orthoxylene into Asian markets from end-August, a company source said Friday.
Japan's Idemitsu Kosan and JX Nippon Oil and Energy and South Korea's S-Oil have each finished negotiations for the August Asian Contract Price for paraxylene without reaching settlements, sources at the three companies said Friday, August 1. There are four PX ACP sellers in Asia: ExxonMobil, Idemitsu Kosan, JX and S-Oil.
The European spot mixed xylene market is likely to remain under downward pressure in August from greater availability, less buying interest due to unfavorable paraxylene production economics and a shut arbitrage to US, market sources said this week.
July 30 (Reuters) - Valero Energy Corp, the largest U.S. independent refiner, on Wednesday reported an increase in quarterly profit that met Wall Street expectations as the company processed higher volumes of oil and benefited from bigger discounts for certain grades of crude.
Northwest European benzene's premium over naphtha is coming off the 16-week high hit in the middle of last week despite a bearish naphtha trend, due to the risk of slowing downstream demand and a weakening US market, according to sources.