Divorce: it appears Mrs Jeff Bezos wants to monetize her marriage.
Peak oil? Hardly. Saudi Arabia revises
up its reserves estimate to 268.5 billion bbls. Previously: 268 billion bbls. LOL. An increase of 0.5 billion bbls = 0.19% increase. There's a little confusion there: Saudi Arabia state figures say that the previous estimate was 266 billion bbls although wiki has had it at 268 billion bbls for quite time time. If 2.5 increase, then 2.5/266 = 0.9%. The precision seems a bit ludicrous. Venezuela? 2011 estimate of 297 billion bbls. Back to Saudi Arabia: at 30 million bopd, 270 billion bbls will last 24 years. Having said that, Saudi Arabia reserves estimates have never dropped in the last 50 years?
China-US trade talks, extended a third day, have ended. Positive message to be released tomorrow, Thursday, January 10, 2019.
LOOP: I think one could devote an entire blog to the LOOP. See below.
Site added to the sidebar at the right:
powerline.
Price hike: in the local area, north Texas, overnight, regular unleaded jumped by about 20 cents/gallon, now around $1.99 / gallon to $2.09 / gallon. Was about $1.79 until the jump.
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Back to the Bakken
Only one well coming off the confidential list today --
Wednesday, January 9, 2018:
- 26348, 492, NP Resources, DeMores Federal 21-11PH, Three Forks, 24 stages; 4.5 million lbs, DeMores; t7/18; cum 33K 11/18;
Active rigs:
| $50.81 | 1/9/2019 | 01/09/2018 | 01/09/2017 | 01/09/2016 | 01/09/2015 |
|---|
| Active Rigs | 63 | 53 | 37 | 58 | 167 |
RBN Energy:
suddenly, a slew of gulf coast loadings onto VLCCs.
In 2018, a handful of midstream companies started racing to develop
deepwater export terminals along the Gulf Coast that can fully load Very
Large Crude Carriers (VLCCs) with 2 MMbbl of crude oil from the Permian
and other plays. While some of those companies are moving toward final
investment decisions (FIDs) that would bring their plans to fruition in
the early 2020s, terminal operators with existing VLCC-capable assets —
both onshore and offshore — turned up the volume in a major way in
December.
Today, we outline the strides made in recent days by the
export programs of the Louisiana Offshore Oil Port (LOOP), Seaway Texas
City and Moda Midstream.The U.S. is now the largest oil-producing country in the world —
recently surpassing both Russia and Saudi Arabia — with output at 11.7
MMb/d per the Energy Information Administration’s (EIA) Weekly Petroleum
Status Report for the week ended December 28 (2018) and averaging 10.8
MMb/d for the full year. Additionally, RBN’s mid-case scenario forecasts
that volume will grow by about 900 Mb/d each year to 16.2 MMb/d by
2024, with 60% of that growth coming from the Permian. Figure 1 below
shows our latest view of where U.S. crude production is headed.
Amad: yesterday it was the Amad that had departed the LOOP. The Amad, now just north of Cuba,
can be tracked here. Bound for
KR YOS -- Port of Yeosu, Korea. ETA: February 26, 2019.
LOOP: from the linked RBN Energy note above --
In today’s market, there’s only one existing terminal that can fully
load a VLCC in one fell swoop — that’s the Louisiana Offshore Oil Port,
or LOOP, off Port Fourchon, LA. In February 2018 LOOP kicked off its export program, loading an
entire supertanker for shipment to China. They did it again in March,
and then sent out one a month from June through September. The exports
out of LOOP quieted for a few months as the facility worked on expanding
its capacity to load tankers at a faster rate.
When December rolled
around, LOOP showed off its new upgrades to the market by loading three
supertankers — about 6 MMbbl of crude in total — in a matter of only
seven days. That’s impressive — it had never been done before — but
companies like Enterprise Products Partners have indicated that their
planned offshore terminals will be capable of more than doubling that
pace — to as many as seven supertankers in a week’s time.
While LOOP remains way ahead of the curve in terms of its
VLCC-loading capabilities, the folks at LOOP weren’t the only ones
making a splash last month. The export hub in Ingleside, TX, located in
the northeast corner of the Port of Corpus Christi, has made a lot of
headlines over the last couple of years. In May 2017, when the property
was still owned by Occidental Petroleum and dubbed the Oxy Ingleside
Energy Center (OIEC), Oxy and the port held a very public ceremony as
the VLCC Anne was brought to the dock to test if it would even
be possible to partially load crude onto a VLCC from OIEC someday (see
photo below.) The experiment confirmed that, yes, it could get done,
with a few relatively minor modifications. In August 2018, Oxy announced
a deal to sell the terminal to Moda Midstream, and in December 2018,
Moda completed the improvements needed to partially load VLCCs at the
hub and got to work.
