NrgEdge Editor

Sharing content and articles for users
Last Updated: June 29, 2018
1 view
Business Trends
image

Market Watch

Headline crude prices for the week beginning 25 June 2018 – Brent: US$74/b; WTI: US$68/b

  • News that OPEC has agreed to raise output at its June 22 meeting in Vienna arrested fears of undersupply, leading crude prices to cool down.
  • Though details are scarce, the agreement could see a million barrels per day of additional supply, framed by OPEC as a ‘return to compliance’ as members seek to make up for unanticipated falls from other members – a measure done to appease Iran, and a victory for Russia and Saudi Arabia.
  • Further co-operation is expected, with Saudi Arabia pushing for a new OPEC+ alliance that would include Russia and the exiting NOPEC countries.
  • The OPEC announcement led Brent prices to cool faster, bringing the Brent-WTI differential down to some US$5/b, down from US$10/b+ previously.
  • Financial and equity markets were also routed, as the trade spat between the US and China deepens, along with trade fires with other US allies like Canada, Mexico and the EU.
  • However, US Energy Secretary Rick Perry believes the OPEC boost may not be enough to a market ‘stressed from the point of supply’, with Goldman Sachs also anticipating an oil market deficit for 2H18.
  • The mood is also calming down in the US, as the net count of active US rigs fell by 7, with a loss of one oil rig and six gas rigs.
  • Crude price outlook: After a lull, outages in Syncrude’s oil sands facility could push up WTI prices above US$70/b, with US-Iran and US-China tensions continuing. Brent has less upside space to move, but global trade tensions should keep it at some US$77-78/b.

Headlines of the week

Upstream

  • As the US directly asks Japan to halt imports of Iranian crude, Tehran is moving ahead with plans to upgrade its oilfields output by 400,000 b/d, shrugging off a possible withdrawal of Total from South Pars.  
  • Agreeing with CNOOC’s recent statements, Total expects upstream production at the Tilenga project in Uganda to only begin in 2021, later than the 2020 target set by the Ugandan government.
  • Norway’s monthly crude oil output fell to a six-year low in May due to maintenance and technical issues; 12 new oil and gas exploration licenses were awarded, as Norway seeks to reverse its declining output trend, particularly in the Arctic where the state believes has ‘greatest potential’.
  • ExxonMobil has made yet another discovery in Guyana – its eighth – as tests at the Longtail-1 well in the Stabroek block yielded positive results.
  • Shell may be returning to US shale in a big way, as it is said to be partnering with Blackstone Group to bid on BHP Billiton’s planned US$10 billion asset sale, putting it on track to double its American onshore output.
  • The Scottish Court of Sessions has ruled against INEOS and its attempt to challenge the Scottish government’s moratorium on fracking for oil and gas.
  • Following disappointing results, Eni has exited the upstream sector in Croatia, selling its assets (of a tiny 2,500 boe/d) to INA-Industrija Nafte.
  • Mozambique’s upstream regulator said the contracts for the 2015 upstream licensing round are almost finalised, paving the way for ExxonMobil and Eni to begin their additional development plans.
  • Shell has sold its 44.56% and 12% interest in the Draugen and Gjøa fields in Norway to OKEA AS for NOK 4.52 million (US$556 million).

Downstream

  • Following in the footsteps of Saudi Aramco, Abu Dhabi’s ADNOC has bought a 25% share in India’s planned US$44 billion refinery and petrochemical project, joining the 1.2 mmb/d Ratnagiri project led by the three state refiners.
  • Mongolia has started construction of its first oil refinery, a 30,000 b/d site assisted by funds from India, designed to reduce dependence on Russia.
  • As the 335 kb/d Isla refinery in Curacao slows to minimum capacity operations due to a shortage of crude shipments, the state is seeking an operator to immediately replace PDVSA and its deteriorating situation.
  • ExxonMobil’s new 90 mtpa hydrogenated hydrocarbon resins plant and 140 mtpa butyl plant at its integrated Singapore refinery has started up.

Natural Gas/LNG

  • Shell has completed its sale of 22.22% of the Bongkot field (and adjoining acreage) in Thailand, sold to PTTEP for US$750 million.
  • Trader Trafigura has signed its second deal with Singapore LNG, expanding its use of SLNG’s excess storage to an additional 160,000 cbm for 24 months.
  • ExxonMobil is looking to protect its market share in south eastern Australia’s supply-constrained gas market by importing LNG by 2022, joining AGL Energy’s plans to import LNG by 2021 and a JERA-led project aimed for 2020.
  • A new gas discovery has been made in Egypt by SDX Energy, this time at the SD-4X well in the onshore South Disouq concession, which may be joined up with production at SD-1X, scheduled for 4Q18.
  • Egypt has issued possibly its last ever LNG tender, as it prepares to reap the rewards from increased production from Zohr and the West Nile Delta.

oil and gas oil and gas news news weekly update market watch market trends latest trends
3
0 0

Something interesting to share?
Join NrgEdge and create your own NrgBuzz today

Latest NrgBuzz

Must have features of a chat service agent.

Communication is an art. Period”



It is true when we say that connecting with people is not everyone’s cup of tea. The first step is listening and then responding accordingly. 



When it comes to chatting services, it becomes even more crucial to be clear and transparent.



It falls under the category of Managed Chat Services. People are trained to know inside out about a particular service/product.



But what are the exact requirements and features for anyone to become a chat service agent? Find about them below:

.

This form of communication requires the agent to understand the need of the user properly and respond in a way that the easiest for them to understand. This differs from person to person easily.



It has been found that using managed services helps in acquiring customers and converting leads easily. People get quick quality responses which creates a good image of the seller in their minds. 



Be quick in responding. This show how alert and active the employees are. If the response takes a long amount of time, then it can leave the customer frustrated. This can end up creating a negative impact on the customer. 



There can be times when a shopper can get distracted or can get busy exploring other options/varieties online. This can look like the customer has helped but the reality is far away from it. Give the user a sufficient amount of time before declaring a chat dead or unresponsive.

October, 04 2022
Propane Bullet Tank: What Is It?


A Propane Bullet Tank, also known as LPG Above Ground Tanks, is used for storing liquid natural gas. The tanks have components that best fit your company's needs and are available in various sizes.


The size of a propane bullet tank can be anything from 6,000 and 30,000 gallons, with an 18,000 tank generally the most popular. Tank fill levels should not exceed 70–80% for liquid natural gas to expand inside the vessel.


For holding trucks to reach the site and collect liquids, a tank's average pressure should be approximately 250 psi. This will keep liquid natural gas contained and under low pressure.

What & Where Is Propane Bullet Tank Used?


You're undoubtedly wondering, "Where should I utilize or keep them?" A propane bullet tank is linked to the cold separator drain on a Joule Thomson System (JTS) or mechanical refrigeration devices for the collection and short-term storage of the recovered natural gas liquids.


These tanks are also utilized in refineries and other end-use facilities for the bulk storage of goods that can be sold, such as propane or butane.


LPG is kept in propane bullet tanks because the liquid gas needs to be kept under intense pressure to remain fluid. Bullet tanks effectively do this because of their evenly dispersed, consistent pressure. Since there are no edges, there is also no possibility of a variable pressure region.



What Can a Propane Bullet Tank Do?

  1. A channel called a bulkhead stanchion prevents unintentional vehicle pull-away.

  2. The most important valve on any tank is the pressure relief valve. It is intended to release too much pressure. 

  3. The level gauge continuously measures the levels of liquid natural gas.

  4. Reduces fluid loss during emergencies thanks to the emergency shutoff valve.

  5. If trucking drives away while the hoses are still attached and move, the bulkhead, flexible hose, and hose couplings protect the piping. The flexible hoses won't break the ridged pipework; they will stretch.

  6. The high-pressure regulator controls the pneumatic pressure necessary for all ESVs to operate effectively.


GasnTools offer the most excellent propane Bullet tanks at affordable prices. Offering high-quality bullet tanks is what they are involved in doing due to their knowledge and experience in this particular field.


LPG gas is frequently kept and stored in these tanks. These LPG Above Ground Tanks serve a variety of industrial utilities quite effectively. Only top-notch raw materials and cutting-edge technologies are used when making this tank.



October, 03 2022
Where To Buy Nitrogen Gas?

Nitrogen in liquid form is a colorless, odorless, nonflammable, inert cryogenic liquid. It has a boiling point of less than -130 °F (-196 °C). Although this product is freezing, Nitrogen is widely used in chemical analysis during sample preparation. It is employed in the concentration and condensing of liquid sample volumes. It is used in the production of explosives, nylon, nitric acid, fertilizers, and color-safe operation precautions must be taken when handling or using it in Dubai.

Buy Liquid Nitrogen Cylinder in the UAE from GasNtools and improve the display of your frozen items!

Ways To Deliver Nitrogen

You must be wondering where to buy nitrogen gas. GasNtools is one of the best liquid nitrogen suppliers that can meet your needs for nitrogen gas no matter what they are. They provide nitrogen to:

  • Compressed nitrogen is offered in a variety of cylinder sizes:

40-liter nitrogen cylinder with a 6 m3 capacity at 140 bar and a 10 m3 capacity at 200 bar.

  • Different-sized pour spouts of liquid nitrogen are available.

  • Massive service: For high-volume applications, liquid nitrogen is transported in cryogenic tankers to on-site storage. It is kept as a cryogenic liquid in a vacuum-insulated vessel that can hold enough over many days and is available as either a liquid or a gas on demand.

Food Industry

It has spread throughout the industry and is now widely used in restaurants to quickly freeze liquids to ice creams and desserts for live food displays. Because liquid nitrogen has a temperature of -196 °C, the liquid ice cream mixture can be quickly cooled and frozen. Any remaining nitrogen escapes as a gas. Another advantage of freezing is that it reduces dehydration losses, which can reach crucial economic tiers with these items under ambient air. The cost of liquid nitrogen in Dubai is completely inexpensive. As a result, many customers approach GasNtools to obtain this nitrogen gas quickly and affordably.


Warnings

Although liquid nitrogen is safe in food and beverages, it should not be consumed immediately. Before providing it to the customer, it must have vanished entirely from the food or drink. Because it can be highly hazardous or devastating if not handled properly, this product is only maintained by trained chefs.

When managing liquid Nitrogen, wear dielectrics gloves and carefully made PPEs (Personal Protective Equipment).

GasNtools is Dubai's most dependable nitrogen gas supplier. They always transport nitrogen gas in a trustable container. You must use a service elevator to transport this gas.



October, 01 2022