This Week in Oil and Gas - 3/13/2016

I've had to take a hiatus from posting due to work obligations but I'm back...here we go (note some news events are older but I've mentioned them as they are of significance):

Industry News

Former CEO Aubrey McClendon, Shale revolutionary dies in car wreck

A day after former Chesapeake Energy CEO Aubrey McClendon was indicted on charges of rigging bidding process for O&G leases, McClendon died in a car accident after he drove his car into an overpass wall in Oklahoma City.

First US Ethane Export Cargo Ships Out From Pennsylvania

The first shipment of US-produced ethane was exported on Wednesday from Sunoco's Marcus Hook refinery in Pennsylvania, bound for a petrochemical facility in Norway. The Danish-flagged vessel carried 173,000 barrels of ethane which is used in plastics manufacturing.

DSME cutting 12,000 jobs in 2 years

The world's second-largest shipbuilder, Daewoo Shipbuilding & Marine Engineering (DSME), plans to layoff up to 12,000 employees in the next two years as it continues to restructure its business amid the depressed oil market.

The shipbuilder has already downsized its workforce from 55,000 to 42,000. The company is working on 9 offshore projects and does not anticipate any additional losses from them. It's also seeking to secure $10.8 billion in total orders in 2016, more than double the $4.5 billion received last year.

Head Of Odebrecht Sentenced To 19 Years In Petrobras Bribery Scandal

In the ongoing fall out of Brazil's Petrobras scandal, Marcelo Odebrecht was sentenced to 19 years and four months in jail for corruption and money laundering. This part of the corruption scheme investigation by Federal Police's Carwash operation.

Saudi Arabia Seeks $6-8 Billion Bank Loan To Shore Up State Coffers

Due to the fall in crude prices which have effected Saudi Arabia's treasury, the KSA is asking banks to submit proposals to extend its 5 year $6-8 Billion bank loan with an option to increase its size.

UAE Oil Chief Sees Oil Price "Correction" By End Of 2016

The UAE Energy Minister said that he foresees a "correction" in oil prices by the end of this year. He also said he has not yet received an invitation to a possible meeting later this month of oil producing countries to freeze output at January levels.

Nigeria and Venezuela have been looking for a potential compromise in the form of production cuts to bring back stability to oil prices. Previously Saudi Arabia agreed to hold production steady but did not mention potentially cutting production.

TransCanada Reportedly In Talks To Buy U.S. Pipeline Company For $10 Billion

TransCanada is reportedly in talks to acquire Columbia Pipeline Group, Inc., a U.S. company, for as much as $10 billion dollars, according to the Wall Street Journal.

Columbia Pipeline's market value is approximately $8 billion and a deal would add over 14,912 miles of gas pipelines in the U.S., mostly in the Marcellus and Utica natural gas regions that Columbia currently owns.

Graph of the Week

WTI Is Up Almost 50% In A Month

Comments (3)

 
Mar 14, 2016 - 11:27am

Read a great article on SNL this morning. It discussed global LNG prices falling as much as 65% due to the first trains of American LNG being shipped out. This included China (20/bbl to 6/bbl) and Brazil (22/bbl to 6/bbl).

USA! USA! USA!

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