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In brief.

Bapco hydrocracker restarts MANAMA: Bahrain Petroleum (Bapco) has restarted a 50,000 barrel per day (bpd) hydrocracker at its Sitra refinery after a maintenance outage, the company said. "It came (online) on schedule...last week," Adel Almoayyed, chairman of Bapco, told Reuters. The unit had been shut down to work on a gas compressor.

Eni Q2 profit falls 55pc MILAN: Italian oil and gas group Eni said its net profit fell 55 per cent in the second quarter impacted by losses at 43-per cent-owned Saipem and lower production from outages in Libya and Nigeria. In a statement, Eni said its adjusted net profit in the quarter was 580 million euros ($770.15 million), below a Reuters analyst poll of 683 million euros.

Libya oil output drops 70pc TRIPOLI: Libya's oil production has slumped by 70 per cent to 330,000 barrels a day (bpd) as armed security guards shut down four export ports, Oil Minister Abdelbari Al Arusi said. "Libya's production has fallen by 70 per cent," he told reporters, adding that the ports of Es Sider, Ras Lanuf, Marsa Al Brega and Marsa Al Hariga had been shut down.

GE O&G HQ now in London FLORENCE, ITALY: GE Oil & Gas (O&G) said it will establish its new global headquarters in London, while Florence will remain the global headquarters for GE O&G Turbomachinery Products & Services.

"London was selected as the new headquarters location given its position as a leading international business and travel hub," said Dan Heintzelman, president and CEO of GE O&G.

Oman to build steamcracker MUSCAT: Oman plans to invite bids to build a steam cracker plant worth $3.5 billion with a production capacity of one million tonnes a year of petrochemical products, two sources close to the project said.

The planned cracker would be built in the northern industrial port city of Sohar and produce polypropylene and polyethylene, which are used in making plastics.

The project will include building a 300-km pipeline, a gas extraction plant and headquarters buildings, one industry source told Reuters. Oman Oil Refineries and Petroleum Industries Co (Orpic), which owns oil refineries in Sohar and Muscat, will finance the new steam cracker.

Transco pipeline work to end NEW YORK: Williams Cos's Transcontinental Gas Pipeline Co (Transco) unit said planned maintenance associated with a small leak on the offshore portion of its Southeast Louisiana Lateral gas pipeline would be completed soon. An earlier estimate called for the work to be done by July 26. Two locations remain unavailable for flow to the Transco system until the work is completed, a company website posting said. The leak was discovered in late June, according to a prior posting.

Transco's 10,200-mile gas pipeline system has the capacity to carry 9.9 billion cubic feet of supply per day from the Gulf Coast to markets throughout the Southeast, mid-Atlantic and Northeast, including New York City.

US natgas rig count at 369 NEW YORK: The number of rigs drilling for natural gas in the US was unchanged this week at 369, data from Houston-based Baker Hughes showed. The gas-directed rig count, which posted an 18-year low of 349 five weeks ago, had climbed in four previous weeks.

The gains stirred concerns that the gas price run-up in May, to a 21-month high of $4.444 per million British thermal units, may have encouraged some producers to hedge forward production and keep output flowing, adding to already-high supplies.

Producers had been mostly curbing dry-gas drilling in favor of more profitable crude oil and liquids-rich plays such as Eagle Ford in Texas and Marcellus in Appalachia.

Pemex posts bigger loss MEXICO CITY: Mexican state oil monopoly Pemex posted its steepest loss since 2011, hurt by lower crude export prices and a stronger peso. Pemex posted a loss of 49 billion pesos ($3.8 billion) in the second quarter compared with a year earlier loss of 33.6 billion ($2.6 billion), according to a statement. It was the company's biggest loss since the third quarter of 2011.

The announcement comes just weeks before the government is due to unveil a plan for a major overhaul of the oil industry aimed at attracting more private capital. Pemex, a symbol of Mexican self-sufficiency since the industry was nationalized in 1938, is struggling to reverse a decline in crude output, which has fallen by a quarter since peaking at 3.4 million barrels per day in 2004.

BP reports SO2 emissions NEW YORK: BP reported potential sulphur dioxide emissions at its 225,000 barrel-per-day (bpd) Cherry Point refinery in Blaine, Washington, according to a filing with the Northwest Clean Air Agency. The company did not specify the unit in the report.

Pemex boosts production MEXICO CITY: Mexico's state oil monopoly Pemex said it produced 2.52 million barrels per day (mbpd) of crude in June, the highest output since February, and an increase of 0.4 per cent compared with May.

Pemex also said crude exports in June reached an average of 1.09 mbpd, up nearly 6 per cent compared with average crude shipments the previous month. While crude shipments rose in June, the monthly average is the second lowest this year for the company. Mexico is a top oil exporter to the US, but has to import nearly half of its gasoline due to a lack of domestic refining capacity.

Phillips 66 reports flaring NEW YORK: Phillips 66 reported flaring at its 139,000 barrels-per-day (bpd) Los Angeles-area refinery in Carson, California, according to a filing with state pollution regulators. There was a release of around 500 pounds of suphur dioxide, and the cause was under investigation, the filing with the California Emergency Management Agency said. A company spokesman said no planned maintenance work was underway at the refinery.

Energy Eastline 'will proceed' CALGARY: TransCanada, which earlier reported a 34 per cent jump in second-quarter profit, said it expects its proposed Energy East pipeline will receive sufficient support from potential shippers to allow construction to proceed.

The company, which is also backing the controversial Keystone XL project, said the planned 700,000-barrel-per-day (bpd) project, even as it awaits results from a open season process, where shippers sign long-term contracts for space on the line. Those results are expected within two weeks.

But TransCanada chief executive Russ Girling said he is confident the project, which will take Alberta crude to the Atlantic seaboard, is expected to go ahead, will garner enough support to allow construction to proceed.

Destin works on plant restart NEW YORK: Destin Pipeline said it continued to remove liquids from the Pascagoula liquid handling facility in Mississippi and estimates work will be completed, versus a previous estimate. The 225-mile Destin gas pipeline system is majority-owned by BP's, Amoco Destin Pipeline Co, with Enbridge's Enbridge Offshore owning a 33 per cent stake.

Petroecuador exports up QUITO: Ecuador's state oil company, Petroecuador, exported 58.7 million barrels of oil in the first half of this year, slightly more than during the same period in 2012, the company said.

Ecuador, Opec's smallest member, produces about 530,000 barrels of oil per day and income from crude exports has helped drive spending by President Rafael Correa's leftist government.

In a statement, Petroecuador said the state had earned $5.7 billion from its exports during the first half of this year. It said its Oriente crude had been priced at an average of $99.13 per barrel and that its Napa crude fetched $94.61 per barrel.

Spectra JV wins contract NEW YORK: Spectra Energy said its joint venture with NextEra Energy will construct a $3 billion gas pipeline to fuel the rising demand for power generation in Florida. NextEra's Florida Power and Light (FPL) utility has selected the Sabal Trail Transmission JV to build the 465-mile pipeline, which could carry 1 billion cubic feet per day (bcfd), from Alabama through Georgia to Florida. The pipeline will provide gas for power generation starting in May 2017, FPL said.

Father of fracking dies HOUSTON: George Phydias Mitchell, a petroleum engineer who transformed the natural gas industry by using hydraulic fracturing to pull the fuel out of shale formations, died of natural causes at the age of 94.

A native of Galveston, Texas, who rose from modest means to become a billionaire philanthropist, he was the chairman and chief executive officer of Mitchell Energy & Development Corp, which was sold to Devon Energy for $3.5 billion in 2002.

His death was announced on the website of his foundation.

Born in 1919, he rose to become a successful wildcatter - a person who drills exploratory wells in areas not known to hold oil - after being raised by a father he described as a hardscrabble gambler and small-time entrepreneur. His parents were Greek immigrants.

Philadelphia shuts alky unit NEW YORK: Philadelphia Energy Solutions reported the shutdown of no 869 alkylation unit for repairing a block valve at the Point Breeze section of its 335,000 barrel-per-day (bpd) refinery in Philadelphia, according to a filing with state regulators.

The company also reported that it restarted an isomerisation unit at the Girard Point section of the refinery. Philadelphia energy reported its hydrotreater unit down for a compressor overhaul.

Kufpec signs $750m loan KUWAIT: The international arm of Kuwait's state oil company said it had signed a $750 million, five-year syndicated loan which it will use to increase liquidity and support its global operations. Kuwait Foreign Petroleum Exploration Company (Kufpec) said five banks -- Bank of Tokyo-Mitsubishi, HSBC, JP Morgan Chase, National Bank of Kuwait and Royal Bank of Scotland -- had arranged the loan, according to a statement cited by state news agency Kuna.

Ruwais issues bonds ABU DHABI: Taqa, an Abu Dhabi-based energy company, said the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of $825 million in project bonds.

The plant, which is 54 per cent owned by Taqa, issued the bonds at a coupon of 6 per cent with a final maturity in August 2036 and an average life of 21.5 years. Stephen Kersley, chief financial officer at Taqa, said: "We are pleased to have reached a successful execution of the Shuweihat 2 bond transaction in the face of a difficult market environment. Strong support from our key investors allowed us to build a substantial order book and achieve an attractive coupon of 6 per cent."

Iraq oil exports to be cut BASRA: Crude oil exports from Iraq will be cut by between 400,000 and 500,000 barrels per day (bpd) in September due to rehabilitation and maintenance work on the country's southern ports, an oil official told Reuters.

The official said a third offshore terminal would be installed as well as a metering station, and that the rehabilitation will boost export capacity from Iraq's southern ports by 900,000 bpd.

"We decided to start rehabilitation works and maintenance of the southern oil ports and offshore terminals in September and that will cut exports by 400,000-500,000 bpd," said the senior South Oil Company official, who declined to be named.

Yemen's pipeline resumes SAN: Yemen's main oil pipeline has started pumping crude oil again after it was repaired following an attack by tribesmen late last week, oil officials said.

Tribesmen blew up the pipeline, in the latest of a series of attacks on the government's main source of foreign currency earnings.Officials said oil started flowing again in the early hours to the export terminal on the Red Sea. "A team of engineers were able to repair the damage caused to the pipeline," the interior ministry said on its website.

NLNG lifts force majeure ABUJA: Nigeria's Liquefied Natural Gas (NLNG) company has lifted a force majeure on gas exports, after the maritime security agency ended a blockade on its ships over a tax dispute, the company said.

The Nigerian Maritime Administration and Safety Agency (Nimasa) began lifting a three-week blockade on NLNG ships two weeks ago, after the company agreed "under protest" to pay $140 million back taxes Nimasa said it was owed.

The cost of the blockade in lost LNG exports was $475 million, said NLNG, which is 49 per cent owned by Nigeria's state oil firm, 25.6 per cent by Shell, 15 per cent by Total and 10.4 per cent by Eni.

"Nigeria LNG today lifted the force majeure declaration made to its buyers and gas suppliers, after it lost all its product export capability due to the blockade of access to its terminal by Nimasa," spokesman for NLNG Kudo Eresia-Eke said in a statement.

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Publication:Oil & Gas News
Geographic Code:6LIBY
Date:Aug 5, 2013
Words:2112
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