King Salman Replaces The Most Powerful Figure In OPEC. Saudi Arabian King Salman has replaced oil minister Ali Naimi. The move was announced Saturday and comes a month after the Royal Kingdom announced plans to decrease its economy’s reliance on oil. [Oilpro]
Helmerich & Payne CEO Says All But The Very Best US Land Rigs May Be Dead. H&P, with a fleet of high spec modern land rigs, has always been quick to point out the flaws of the antiquated rigs owned by other drillers. But last week, CEO John Lindsay took it a step further, saying that all but the very best land rigs may never work again. [Oilpro]
Wildfires Take Out More Than 1/3 Of Total Daily Canadian Oil Production. Though oil infrastructure is mostly still in tact, more than 1 M/bpd of oil production has been shut-in as a result of the fires. This lost capacity is equivalent to more than a third of Canada’s average daily oil output. [Oilpro]
Oil Surrenders Gains From Canada Fires. Oil fell on Monday, surrendering gains made after Canada’s most destructive wildfire in recent memory knocked out over a million barrels in daily production capacity, as caution among investors prevented a return to late April’s 2016 price highs. [Reuters]
Newest Refinery in U.S. Could Fall to Low Oil Prices. A brand new North Dakota refinery-the only new refinery built in the United States since the 1970s–has been forced to cut production, while its owners and operators are forced to concede that a sell-off might be in order thanks to the consistently low oil prices. [Oilprice.com, Oilpro]
Nigerian Oil Output Plunges To 20-Year Low As Attacks Escalate. Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase in number and audacity. [Bloomberg]
Iran to Build Underground Oil Reserves. The project will be implemented near a Persian Gulf littoral city at a distance of 100 kilometers from the coast, Managing Director of Iranian Oil Terminals Company (IOTC) Pirouz Mousavi said. [tasnimnews.com, Oilpro]
Iran: No Freeze Ever. How oil prices can go higher with three major producers saying they’re pumping full throttle remains a mystery. Iran’s Oil Minister reiterated on Sunday that the country will not accept any production freeze. Ever. [Forbes]
Kosmos Makes Significant Gas Discovery Offshore Senegal. Dallas, Texas, based Kosmos Energy has laid claim to more than 25 Tcf of gas in the Senegal-Mauritania fairway after making its latest gas discovery. [oedigital.com, Oilpro]
Malaysian Company To Ramp Up Manufacturing Of Vessels. Sealink is looking to build more vessels which have a niche market, according to its CEO/deputy managing director Yong Kiam Sam. He said the company sold two landing crafts for some RM34mil to an external customer early this year. [thestar.com.my, Oilpro]
Meet Mihaela Musat Of Bucharest, Romania #HUMANSofOG. She writes, “In this photo I was traveling for work in the Buzau area, which is a traditional oil area such is Oil Mine area Sarata Monteoru – unique in Europe. Here oil is exploited by a system of galleries. I was involved in a nice project here rehabilitating air compression systems in Sarata Monteoru.” [Oilpro]
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