Crude Oil Prices, News to 23/12/2020

Crude Oil Prices, News to 23/12/2020

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.70 million barrels for the week ending December 18.

Global attention is increasingly focused on the need to accelerate clean energy transitions in order to mitigate the risks of climate change. With its major emissions footprint, the energy sector – including the oil and gas industry – is at the heart of the matter – IEA

Commodity At press timeUnitsPrice $Change
Crude Oil (WTI)USD/bbl47.050.00%
Crude Oil (Brent)USD/bbl50.140.00%
Bonny LightUSD/bbl50.060.00%
Natural GasUSD/MMBtu2.730.00%
OPEC basket 18/12/20USD/bbl50.780.00%
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

PetroChina Makes Huge Gas Find PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend.

Exxon Guyana Well Hits 120,000 Bpd Milestone Exxon, together with its partner in the Stabroek Block, Hess Corp, has made 18 discoveries there in less than five years, with a combined potential for producing up to 750,000 bpd of crude. Liza Phase 1, the first discovery, is already producing, and Liza Phase 2 should start producing in 2022, Exxon said, at a rate of 220,000 bpd.

Gazprom Board of Directors approves investment program and budget for 2021 As per the investment program for 2021, the overall amount of investments will be RUB 902.413 billion, including RUB 864.062 billion for capital investments, RUB 20.764 billion allocated for the acquisition of non-current assets, and RUB 17.587 billion assigned for long-term financial investments.

Baker Hughes Rig Count to 18th December 2020

RegionPeriodNo. of RigsChange
U.S.A18 Dec. 2020346+8
Canada18 Dec. 2020102-9
International20 Nov. 2020669+13
The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. [Read more…]

Siemens Gamesa 5.X platform continues to break ground in Sweden and globally onshore Siemens Gamesa has signed a 66 MW deal to supply Swedish wind energy supplier Rabbalshede Kraft with its Siemens Gamesa 5.X platform, as the take up for this market-leading turbine gathers strength in the Nordic region. The contract is the first with Rabbalshede Kraft in 11 years, with a renewed collaboration now to supply one of the most competitive platforms in the onshore segment offering customers a low Levelized Cost of Energy. The deal will also cover a 25-year service agreement.

Oxford scientists develop record-breaking solar power technology Solar technology developed by British scientists has set a new world record for the amount of the sun’s energy converted to electricity by a single cell. Oxford PV’s ultra-efficient cells will be incorporated into solar panels for residential roofs

Newstrack compiled by Oil and Gas Press / Segun Cole , Please email us your industry related news for publication