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2018-02-12 07:25:00

U.S. SALES 100 MB

U.S. SALES 100 MB

PLATTS - Congress early Friday approved a two-year budget agreement which mandates the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve within a decade and authorizes sales of another $350 million of government-owned crude this fiscal year.

The House of Representatives passed the legislation by a 240-186 vote after the Senate approved it by a 71-28 vote early Friday. The passage of the bill, which President Donald Trump signed into law Friday morning, ended a brief, partial government shutdown when a funding deadline was missed at midnight.

The budget deal, which will boost federal spending by nearly $300 billion, calls for a total of 30 million barrels of crude to be sold from the SPR in fiscal 2022 through 2025, 35 million barrels to be sold in fiscal 2026, and 35 million barrels in fiscal 2026.

A Congressional Budget Office analysis of the bill, released Thursday afternoon, said the sales would raise $6.36 billion in federal revenue between 2022 and 2027. The analysis assumed an average oil price of nearly $64/b, but ignored the initial cost of purchasing the crude and the costs of storing it in underground salt caverns for years.

The legislation also authorized sales "not to exceed" $350 million worth of crude from the SPR in fiscal 2018. Proceeds from the 2018 sales, initially mandated in a 2015 budget bill, will be used for upgrading and modernizing the SPR, according to the text of the bill.

'RESOUNDING DECLARATION' OF ENERGY SECURITY

The proposal to sell off 100 million barrels from the SPR, the largest non-emergency selloff of government-owned crude in US history, would hinder the purpose of the stockpile, which was created to lessen the impact of a potential supply shock in the global oil market, said Robbie Diamond, president and CEO of Securing America's Future Energy.

"Geopolitical risk is alive and well in the oil market, and the SPR is America?s only formal short-term line of defense against oil supply disruptions and price spikes," Diamond said.

Kevin Book, managing director with ClearView Energy Partners, said the proposal to sell 100 million barrels of SPR crude was "a resounding declaration of lawmakers' new perspective on energy security."

As of last week, the SPR held 665.1 million barrels of crude, including 406.2 million barrels of sour crude and 258.9 million barrels of sweet crude.

Millions of barrels of crude were already scheduled to be sold from the reserve in sales mandated by Congress through 2025.

After the sales now mandated by Congress take place, the SPR will hold as little as 406 million barrels of oil within a decade after all the mandated sales, or about 56% of its total capacity, according to estimates from the Department of Energy, which manages the reserve.

The Trump administration last May announced plans to sell off 270 million barrels of crude from the SPR over the next decade, while shutting two of four storage sites along the Gulf Coast, and selling a 1 million barrel gasoline reserve to the highest bidder. The administration later backed off of those plans.

The US in 1974 reached an agreement with 29 International Energy Agency countries to hold inventories equal to at least 90 days of net crude and petroleum product imports.

The SPR currently holds an estimated 141 days of import protection, and if domestic commercial stocks are counted, the US holds 216 days of import protection, according to the Government Accountability Office.

BIODIESEL CREDIT

The budget deal passed Friday also includes a $1/gal US tax credit for blending biodiesel, which would be restored retroactively through end-2017.

The biodiesel tax credit expired at the end of 2016.

Biofuel proponents have been lobbying for a multiyear extension of the incentive since its expiration, and some had urged Congress to convert it from a blender's credit to a producer's credit so it would no longer apply to imported fuel.

ENHANCED OIL RECOVERY

The bill also extends and modifies a tax incentive for enhanced oil recovery, a measure pushed by top Permian oil producer Occidental Petroleum and governors of six oil- and gas-producing states including North Dakota and Oklahoma.

The new incentive offers credits worth $35/mt of CO2 used in EOR and $50/mt of CO2 permanently stored underground.

Smaller tax credits already existed for EOR, but the program was nearly tapped out. The existing program offered credits worth $10/mt of CO2 used in EOR and $20/mt of CO2 stored underground, with an overall program cap of 75 million mt.

ClearView Energy Partners said the existing incentive was on pace to max out in the first half of this year.

Oxy President and CEO Vicki Hollub said last year that it was "imperative" that Congress pass the legislation because the current EOR incentive has reached its limit.

Oxy produced 150,000 b/d of oil equivalent from EOR in third-quarter 2017, about 25% of its overall output of 600,000 boe/d.

That makes Oxy the largest injector of CO2 in the Permian. As of Q2 2017, it operated 34 CO2 projects in Permian, with more than 15,000 active wells, of which 6,100 are injectors.

By flooding mature fields with CO2, Oxy said it boosts oil recovery by 10%-25%.

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Earlier:

N.America
2018, February, 7, 07:40:00

U.S. DEFICIT UP TO $53.1 BLN

BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $53.1 billion in December, up $2.7 billion from $50.4 billion in November, revised. December exports were $203.4 billion, $3.5 billion more than November exports. December imports were $256.5 billion, $6.2 billion more than November imports.

 
 N.America
2018, February, 2, 12:17:00

U.S. ENERGY WAR

PLATTS - President Donald Trump said Tuesday that the "war" on American energy is over in a State of the Union speech given as US crude oil output is set to reach levels not seen in more than 47 years.

 

 N.America
2018, January, 31, 11:05:00

U.S. - RUSSIA SANCTIONS ANEW

REUTERS - U.S. Secretary of State Rex Tillerson said in Warsaw on Saturday that the United States sees Nord Stream 2 as a threat to Europe’s energy security.

 

 N.America
2018, January, 31, 10:30:00

RUSSIAN GAS TO U.S.

BLOOMBERG - The Gaselys carries liquefied natural gas originally produced in Siberia, according to vessel tracking data. The ship, poised to dock at Engie SA’s Everett import terminal, would be the first LNG shipment from anywhere other than Trinidad and Tobago in about three years.

 

 N.America
2018, January, 29, 08:30:00

U.S. WANT RUSSIA'S MARKET SHARE

BLOOMBERG - The expansion of Russia’s gas pipeline to Germany under the Baltic Sea, which bypasses a number of east European nations, will allow the Kremlin to use energy as a “political tool,” U.S. Secretary of State Rex Tillerson said in Warsaw.

 

 N.America
2018, January, 26, 12:20:00

U.S. SHALE OIL BOOM

REUTERS - U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.

 

 N.America
2018, January, 19, 12:30:00

U.S. FOSSIL FUELS WILL UP

EIA - EIA forecasts that total fossil fuels production in the United States will average almost 73 quadrillion British thermal units (Btu) in 2018, the highest level of production on record. EIA expects total fossil fuel production to then set another record in 2019, with production forecast to rise to 75 quadrillion Btu.

 

 

Tags: USA, OIL,

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IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

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UZBEKISTAN - LUKOIL GAS

LUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov.

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ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

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2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

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