A Barrel Full

I don’t look at petrochemicals very much, but this week’s combination was too interesting to miss.
Shell has completed its largest petrochemicals project.
Shell today announced the successful completion of the Shell Eastern Petrochemicals Complex (SEPC) project in Singapore. SEPC is Shell’s largest petrochemicals investment to date and the second world-scale petrochemicals project the company has completed […]

As if the shale gas boom were not enough, Alaska has a surplus that it would like to shift to consumers. All that is needed is a few tens of billions of dollars for a gas pipeline, and all that lovely gas will come flowing down into the lower 48.
So who wants to spend such […]

Exxon has two seperate news items today, both about is Qatari Gas Business.
They have a new LNG train up and running.
Ras Laffan Liquefied Natural Gas Company Limited (3) (Ras Laffan 3) today announced the completion and start-up of Train 7 at Ras Laffan Industrial City, Qatar.
They also have news of new production.
Qatar Petroleum and Exxon […]

Exxon have announced another major LNG Deal.  
Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation (NYSE:XOM) and operator of the PNG LNG Project, today announced that the Project participants have finalized a Sale and Purchase Agreement with Osaka Gas Co., Ltd. for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.5 million […]

It is a major step forward for foriegn involvlement in China’s refining sector.
ExxonMobil and its partners, Sinopec, Fujian Province and Saudi Aramco, today celebrated the full operation of China’s first integrated refining and petrochemical facility with foreign participation.  
The project was a major expansion and upgrade of an existing facility.
More than $4.5 billion was invested […]

Italian oil giant ENI has signed a new deal to increase its activities in Kazakstan.
Under the agreement, Eni and KazMunayGas will jointly study the Isatay and Shagala exploration areas located in the Caspian Sea. 
Other reports are talking of $50 billion investments. Whether or not that happens, there is no doubt it is a big deal for […]

They are reporting at a furios rate, and the results are well down on last year’s records.

BP is down by half.

BP’s third-quarter replacement cost profit was $4,981 million, compared with $10,029 million a year ago, a decrease of 50%. 

Conoco Phillips was down by a lot more.

Third-quarter earnings of $1.5 billion, or $1.00 per share, a […]

Its been a while since I have been able to post, and in the meantime, one of the most significant developments has been the continuation of the Gorgon story.
Exxon Mobil Corporation announced today that the Gorgon liquefied natural gas (LNG) project has been approved for development by the project participants.  
It was hardly a surprise, […]

It would have been unthinkable just a few years ago.
ExxonMobil Exploration Company announced today that its affiliate, ExxonMobil Libya Limited, has started drilling the first deepwater exploration well in Libya. 
Libya was of course completely off limits. What with Iraq back in the picture and work progressing well in Libya, it must seem almost like the […]