Oil Prices, Rig Count, Newstrack to 19/02/2021
EIA forecasts that net imports of crude oil will increase from its 2020 average of 2.7 million barrels per day (b/d) to 3.7 million b/d in 2021 and 4.4 million b/d in 2022.
EIA forecasts that net petroleum product exports will average 3.5 million b/d in 2021 and 3.9 million b/d in 2022 as global demand for petroleum products continues to increase from its recent low point in the first half of 2020.
| Commodity At press time | Units | Price $ | Change |
| Crude Oil (WTI) | USD/bbl | 59.85 | -0.67% |
| Crude Oil (Brent) | USD/bbl | 63.55 | -0.38% |
| Bonny Light | USD/bbl | 62.82 | +0.34% |
| Natural Gas | USD/MMBtu | 3.08 | +0.004% |
| OPEC basket 18/02/21 | USD/bbl | 63.43 | +0.95% |
Where Did The ‘Missing Barrels’ From 2020s Oil Glut Go? The ‘missing oil barrels’ may be distorting the analysts’ view of how balanced the market really is, Jinjoo Lee of The Wall Street Journal argues.
PJSC “LUKOIL” (hereinafter – the Company) announces the results of the reserves assessment and independent audit as of December 31, 2020. According to the SEC classification, the Company’s proved hydrocarbon reserves totaled 15.4 billion barrels of oil equivalent, 76% of which stood for liquids.
Occidental Reschedules Fourth Quarter and Full-Year 2020 Results Due to Impacts of Severe Winter Storm The company will announce its fourth quarter and full-year 2020 financial results after close of market on Monday, February 22, 2021, and will hold a conference call to discuss results on Tuesday, February 23, 2021, at 1 p.m. Eastern/ noon Central.
Gazprom continues to expand Sakhalin – Khabarovsk – Vladivostok gas pipeline The Management Committee was tasked with continuing the work on supplying gas to the Khabarovsk Territory.
Sweden gives Texas advice about how to restart their frozen wind turbines Skellefteå Kraft has experimented with operating wind turbines in the Arctic
GlobalData’s latest report, ‘Q4 2020 Global Oil & Gas Industry Contracts Review’, states that the upstream sector reported a total of 815 contracts in Q4 2020, followed by the midstream sector with 189 contracts during the quarter. Europe recorded majority of the contracts, with 506 contracts in Q4 2020, followed by Asia and North America with 233 and 198 contracts, respectively.
Arcimoto Fun Utility Vehicle Now Eligible For $1,500 California Clean Fuel Reward The California Clean Fuel Reward is a statewide electric vehicle time-of-sale incentive program funded through the California Air Resource Board’s Low Carbon Fuel Standard.
Weatherford Announces Fourth-Quarter and Full-Year 2020 Results Reported operating loss was $107 million in the fourth quarter of 2020, compared to an operating loss of $316 million and operating income of $1 million in the Predecessor and Successor periods of the fourth quarter of 2019, respectively. The Company’s fourth-quarter 2020 net loss was $200 million, compared to net income of $5.3 billion and a net loss of $26 million in the Predecessor and Successor periods of the fourth quarter of 2019, respectively. Fourth-quarter 2020 cash flows provided by operations were $22 million, compared to cash flows used in operations of $68 million and cash flows provided by operations of $61 million in the Predecessor and Successor periods of the fourth quarter of 2019, respectively. Capital expenditures were $54 million in the fourth quarter of 2020, compared to $73 million and $20 million in the Predecessor and Successor periods of the fourth quarter of 2019, respectively.
Baker Hughes Rig Count to 19th February 2021
Baker Hughes Count Shows No Change
| Region | Period | No. of Rigs | Change |
| U.S.A | 12 Feb. 2021 | 397 | +5 |
| Canada | 12 Feb. 2021 | 176 | +5 |
| International | Jan.2021 | 677 | +12 |
Woodside Announce Full-Year 2020 Results Woodside delivered record full-year production of 100.3 million barrels of oil equivalent and its best-ever. safety performance despite the difficult external conditions in 2020.
The reported net loss after tax of US$4,028 million was impacted by the non-cash impairments and onerous contract provision announced in July 2020. Sustained operational excellence helped deliver underlying net profit after tax (NPAT) of US$447 million.
The directors have declared a final dividend of US 12 cents per share (cps), bringing the full-year dividend to
US 38 cps. The dividend was based on the underlying NPAT of US$447 million.
Energean to Invest $170 Million in Israeli Gas Exploration Energean has locked up more than 90% of its current annual capacity of 8 billion cubic meters in the Karish and Tanin gas fields to Israeli contracts, and is therefore looking for more gas to compete for future deals,
Shell reaches peak oil production The company believes that its carbon emissions peaked in 2018, which are estimated to be 1.7 gigatonnes per annum. Shell has set short-term targets to reduce its carbon footprint. By 2023, the company aims to reduce its net carbon intensity by 6-8%, 20% by 2030, 45% by 2035 and 100% by 2050, using a baseline of 2016.
Hitachi ABB Power Grids to install HVDC Light® technology to connect the transmission link on all three phases of Dogger Bank Wind Farm, making it the UK’s first HVDC-connected windfarm.
U.S. will import 62% more crude by 2022 due to domestic production declines, says EIA The U.S. Energy Information Administration’s (EIA) February 2021 Short-Term Energy Outlook (STEO) estimates that 2020 marked the first year that the United States exported more petroleum than it imported on an annual basis.
Surf Air Mobility acquires Ampaire in a deal worth more than $100 million. All Ampaire employees will be joining Surf Air Mobility and its co-founder, Kevin Noertker, will be president of a new division called AMP. Both companies are based in Los Angeles. Ampaire was a hybrid electric aviation pioneer
NASA Helicopter Lands On Mars A NASA helicopter has landed on Mars. Attached to the belly of the Perseverance rover, the four-pound Ingenuity micro copter was parachuted onto the planet’s surface at Jezero Crater on Thursday afternoon following a flight that began at Cape Canaveral, Florida, on July 30, 2020.
GECF and Senegal commit to strengthen cooperation The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing nations, and a high-ranking delegation of the gas-rich Republic of Senegal, headed by Her Excellency Aissatou Sophie Gladima, Senegal’s Minister of Petroleum and Energy held a virtual meeting to pave the ways for enhanced cooperation. HE Mamadou Mamoudou Sall, Ambassador of Senegal to Qatar also attended the meeting. Although Senegal is not yet a producer of natural gas, it is expected to be a behemoth beginning in 2023 thanks to the development of the Great Tortue project in the north of the country as well as two lesser known projects in the south. The gas projects currently running in Senegal amount to around 32 billion cubic metres (bcm) of gas reserves.
Source / More information: Newstrack compiled by Oil and Gas Press / Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
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