EIA: US Crude Inventories Slip To February 2015 Low

U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015 as exports jumped and stocks at the Cushing hub dropped, the Energy Information Administration (EIA) said July 25.

Crude inventories fell 6.1 million barrels in the week to July 20, compared with analysts' expectations for a decrease of 2.3 million barrels. At 404.9 million barrels, inventories, not including the nation's emergency petroleum reserve, were at their lowest level since February 2015.

"You’re seeing a 6 million draw ... so the tightening of the fundamental picture continues,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Conn.

Oil futures rebounded after the data, but pared those gains as investors discounted the drawdown as most of it came from the West Coast, which is isolated from the rest of the country's supply.

U.S. crude was at $68.40 a barrel, down 13 cents by 10 a.m. CST (15 GMT), while Brent crude fell 10 cents to $73.35 a barrel.

It is unclear whether the market will sustain a rally due to concerns about global demand growth and talk of increased supply, McGillian said.

Net U.S. crude imports fell last week by 2.5 million barrels per day (bbl/d), as exports jumped sharply by 1.2 million bbl/d to 2.7 million bbl/d, close to its record of 3 million bbl/d hit in the week to June 22.

Crude stocks at the Cushing, Okla., delivery hub fell by 1.1 million barrels, EIA said.

Cushing's inventories have been dwindling, in part due to an outage at a Syncrude facility in Canada that has reduced the flow of oil into the Oklahoma hub. Inventories at Cushing have fallen to 23.7 million barrels, lowest since November 2014.

Gasoline stocks fell 2.3 million barrels, compared with expectations in a Reuters poll for a 713,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell 101,000 barrels, vs. expectations for a 207,000-barrel increase, the EIA data showed.

Refinery crude runs rose by 46,000 bbl/d, EIA data showed. Refinery utilization rates fell by 0.5 percentage point.

https://www.oilandgasinvestor.com/eia-us-crude-inventories-slip-february-2015-low-1710466#p=full

Enel begins construction on 475-megawatt Brazilian solar park

Enel Green Power Brasil Participacoes (EGPB) has begun construction of a 475 megawatt (MW) solar facility in Brazil.

EGPB is a renewable energy subsidiary of the Enel Group. The Sao Goncalo solar park is located in the north-eastern state of Piaui and is expected to commence operations in 2020.

In a statement Monday, the Enel Group said it would be investing around $390 million in the project, which it described as the largest photovoltaic (PV) facility currently being built in South America.

Photovoltaic systems "directly convert solar energy into electricity," according to the International Energy Agency (IEA).

Last year, cumulative solar PV capacity hit nearly 398 gigawatts and generated more than 460 terawatt hours, accounting for approximately two percent of global power output, the IEA adds.

When construction on the Sao Goncalo facility is finished and the plant is functioning, it will be able to produce more than 1,200 gigawatt hours per year and prevent the emission of over 600,000 tons of carbon dioxide into the atmosphere.

The head of Enel Green Power, Antonio Cammisecra, said in a statement Monday that the plant's construction strengthened the firm's leadership in the Brazilian renewable energy sector.

"Sao Goncalo will further contribute to the diversification and resilience of the country's energy mix," Cammisecra added.

https://www.cnbc.com/2018/10/23/enel-begins-construction-on-475-megawatt-brazilian-solar-park.html

Carlton: A mad dash to improve transportation instead of staying stuck

Trying to fix transportation around here is like a recurring bad dream. You keep running, but you never catch up.

Referendums fail. Politicians, terrified of the anti-tax crowd that keeps shouting boondoggle at them, won’t do what needs to be done.

So we sit, stuck in traffic.

As Tyler Hudson, Tampa lawyer and a leader of the grassroots push called All for Transportation put it this week: "The time to act was 20 years ago. The second best time to act is today."

Because suddenly, the idea of taking it to the people of Hillsborough County is tantalizingly close. Maybe even reachable.

And who needs politicians?

All for Transportation is in the homestretch with a Friday deadline to collect just short of 49,000 signatures. That’s what it would take to put the question of adding a penny sales tax for transportation on the November ballot for voters to decide.

Though the group had mere weeks to push their petitions, nearly 59,000 signatures had been collected by Monday — a sure sign some of us are over going nowhere.

But even this doesn’t mean getting the question on the ballot is a done deal. Really, it’s too close to call.

Not quite a third of the petitions processed by the Hillsborough County Supervisor of Elections Office as of Monday were found not to be valid. So there’s still work to do to find citizens who think the people should decide.

It’s notable who’s already in. Among those donating to this effort are Tampa Bay Lightning owner Jeff Vinik — currently redeveloping a southern swath of downtown Tampa into an entertainment district around Amalie Arena — and philanthropist Frank Morsani. There’s also the Tampa Bay Partnership business group and the Coastal Construction Services development firm.

In other words, people and organizations with an interest in improving the place.

Should they get enough signatures by Friday, then it’s another mad sprint — this one to educate voters and convince them by Election Day how and why it’s worth that penny.

Because upping the sales tax from seven to eight cents on the dollar is not chump change, and voters are understandably leery of being taken for a ride. So the details matter.

That extra penny would raise about $280 million each year over the next 30 years for a wide range of traffic solutions. Forty-five percent would improve our sadly lacking bus service, plus pay for other mass transit. The rest would go to Hillsborough County, Tampa, Temple Terrace and Plant City, to fix roads, bridges and potholes, for sidewalks, bike lanes and "intelligent" transportation systems to ease congestion.

Okay, forget what I said about not needing politicians.

Leadership by those with an eye toward the future — and not just on their own reelections — could be pretty critical.

And remember, it’s a referendum. If the people don’t want it, it will not pass.

But getting it on the ballot means they get a say. It means Hillsborough County voters get the chance to move forward, or at least catch up.

https://www.tampabay.com/news/transportation/Carlton-A-mad-dash-to-improve-transportation-instead-of-staying-stuck_170278090

Officials to present transportation safety plan after spike in wrecks seen in Houston-area

HOUSTON, Texas (KTRK) -- Transportation planners have noticed a spike in wrecks in our region over recent years, according to the Houston-Galveston Area Council.

The panel says our region saw an increase in wrecks by 40 percent between 2012 and 2016. Members are working on a plan to make transportation - from cars to bikes, to walking - a lot safer, and they're ready to present their ideas to the public.

On Wednesday, you will have the opportunity to hear the start of a new "Regional Safety Plan." The public meeting will take place at the Houston-Galveston Area Council offices at 3555 Timmons Ln. in the Greenway Plaza area, from 5:30 p.m. to 7 p.m.

The presentation begins at 6 p.m.

The major concerns are impaired driving, distracted driving, speeding, intersection safety, as well as bicycle and walking safety.

If these issues are important to you, you're invited to hear the ideas they have for making neighborhoods safer, and offer your feedback.

http://abc13.com/traffic/officials-to-present-safety-plan-as-spike-seen-in-houston-wrecks/3818318/

Petronas buys stake in Khazzan field in Oman

Malaysia’s state-held Petronas has acquired a 10% stake in BP PLC-operated Khazzan field in the Oman Desert 350 km south of Muscat (OGJ Online, Sept. 25, 2017). Petronas unit PC Oman Ventures will acquire the share in Block 61.

BP currently holds 60% interest in the Khazzan project, which encompasses Khazzan and Makarem tight gas fields. State-owned Oman Oil Co. Exploration & Production (OOCEP) holds 40%.

“The announcement highlights Petronas’ strong appetite for international business development and gas resource capture, coming less than 6 months after it joined Shell’s LNG Canada project,” said Max Petrov, part of Wood Mackenzie Ltd.’s corporate analysis team.

“We believe the company is buying into the project for its strong gas reserves potential. The size of resource on Block 61 means that future phases could be developed, beyond the current expansion, provided the partners can secure a buyer for the additional gas.”

For Petronas, the field could contribute 2% of Petronas’ global output by 2023.

For OOCEP, the deal “could be worth in excess of $1.3 billion,” an important consideration as spending on Khazzan’s second phase, Ghazeer, ramps up, said Liam Yates, WoodMac analyst for the Middle East and North Africa upstream.

“Khazzan recently celebrated 1 year of gas delivery in Oman, with field output around 1 bcfd. When Ghazeer comes onstream in the early-2020s, output will increase to 1.5 bcfd,” he said.

According to OOCEP, more than 300 wells will be drilled over Khazzan field’s estimated lifetime.

https://www.ogj.com/articles/2018/10/petronas-buys-stake-in-khazzan-field-in-oman.html

Shocker! Cities are learning to evolve their transportation plans

Last year, Seattle relaunched its bike sharing program using dockless systems from a variety of providers (Lime, Spin and Ofo). Its former docked bike share system, which used one nonprofit organization, failed and was shut down in early 2017.

So far, it seems to be a pretty successful reboot. One interesting lesson learned from the relaunch was the way the city was able to work with a neutral third party to collect ridership data, said Stephen Smyth, CEO of Coord, a startup that was spun out of Sidewalk Labs and is part of the Alphabet family (you know, Google).

Seattle worked with the University of Washington around collecting ridership data, and stipulated that the city could access data in a private and anonymized way. Meanwhile, the companies providing the ridership data could rest assured that their competitive information was kept out of the hands of competitors. "We think this is an interesting approach and one that will be adopted more broadly," Smyth told me.

Coord is looking to build a developer platform for mobility services and wants to be seen as a neutral third party. Being separate from Google is important for its neutral brand building.

It's clear that as cities face some of these struggles with mobility and transportation — as Seattle did with its failed bike share program — they're starting to learn better ways, and the management of data will be a big part of that. London has reached an agreement to allow Uber to start operating in the English city again, but with greater government oversight, partly using data.

As Wall Street Journal reporter Christopher Mims put it in a column last week, regulators have seen the disruption movie and "want a different script." Companies at the same time are rediscovering "why shaping regulations to fit a business model has long been a favored tactic of more established industries."

There will still be struggles over data and mobility providers. Lyft and Uber historically have held a lot of their data close to the vest, although that's starting to change. (We're hosting a session at VERGE 18 focused just on data sharing and cities.)

It's hard to believe that Uber had its debut in San Francisco just eight years ago this month. Remember, it used to be called UberCab and only employed black car services at the start. But it's been enough time that regulators and cities are starting to be prepared for the disruption and some hurdles.

So yes, cities and regulators are actually learning and starting to get savvier about how to deal with the Ubers and now Limes of the world. Surprised?

https://www.greenbiz.com/article/shocker-cities-are-learning-evolve-their-transportation-plans

UA, Lyft form transportation partnership

The University of Alabama and ride-sharing company Lyft on Monday began a partnership to provide transportation around campus.

According to a news release, UA students, faculty and staff can use Lyft's app to request a ride with a 15 percent discount within a 2-mile radius of the campus bus hub. Eligible UA recipients will receive an email with details on how to obtain the discount.

In addition to the 15 percent discount, which can be accessed any time of day, Lyft and UA will offer an additional 10 percent discount from 9 p.m. to 3 a.m. on Thursdays, Fridays and Saturdays for a total 25 percent discount.

UA’s contract with Lyft was initiated by the Student Government Association in an effort to provide the university community with a convenient mode of transportation while traveling outside of the university’s Crimson Ride and 348-RIDE service areas.

“We’ve had the whole team of UA leaders getting involved," Price McGiffert, president of the UA Student Government Association, said in the news release. "Our partnership with Lyft is going to make a big difference with our students and create another easy way to access transportation.”

Chris D’Esposito, UA’s director of Transportation Services, said Lyft will provide "another tool in that toolbox" to provide UA students with transportation options.

“It’s a seamless way for our students to access the downtown and surrounding communities while complementing our existing transportation options,” D’Esposito said.

Jake Darby, general manager for Lyft, said the ride-sharing company will fill a need "whether students need a ride to class early in the morning or a reliable ride home late at night ..."

Because of road closures and heavy traffic, the additional 10 percent weekend discount will not be available on the last three home football games, Nov. 10, 17 and 24. The 15 percent discount will still apply on those dates.

https://www.tuscaloosanews.com/news/20181023/ua-lyft-form-transportation-partnership

Tesla’s Model 3 Is The Most Profitable EV, Says Early Critic

An automotive consultant who has been critical of the fit and finish of Tesla’s Model 3 is now praising the EV maker’s sedan as a “symphony of engineering” and the most profitable electric vehicle on the market.

Sandy Munro, the president of Michigan-based automotive consultant Munro & Associates, finished the teardown and analysis of the Tesla Model 3, and came away impressed.

At first, “I thought this was one of the worst fit and finishes I’ve seen in decades,” Munro told the Autoline television show this week.

After Munro and his team tore down the Model 3, the early critic now said that the electronics at Tesla are a “symphony of engineering” and that “they did a really good systems integration job.”

In April, Munro was praising the battery pack of Model 3, but lamented the poor fit and finish and believed that the vehicle was costly and heavy to build.

Now, after the total teardown, Munro thinks that the electronics “density is out of this world, the layouts are wonderful.”

“This is like a symphony of engineering,” Munro told the Autoline show.

Asked about the big takeaway conclusion from the teardown of the Model 3, Munro said:

“The Model 3 is profitable, so I have to eat crow. I didn’t think it was going to happen this way, but the Model 3 is profitable.”

Model 3 is “over 30 percent profitable,” he added.

“No electric car is getting 30 percent net, nobody.”

Tesla is banking on Model 3 production ramp-up and sales to turn in its first ever profit, while may analysts continue to doubt that the EV maker can become profitable as it burns a lot of cash in the process.

Earlier this month, Tesla said that it had actually reached the 5,000-a-week Model 3 production goal that many Wall Street analysts had doubted it would. Tesla said that it had reached its 5,000-per-week Model 3 production rate by the end of June. In the last seven days of the second quarter, Tesla produced 5,031 Model 3s and 1,913 Model S and X vehicles. The EV maker also expects to increase its Model 3 production rate to 6,000 Model 3s per week by late August.

https://oilprice.com/Latest-Energy-News/World-News/Teslas-Model-3-Is-The-Most-Profitable-EV-Says-Early-Critic.html

GE Transportation Secures First Locomotive Deal in Chile to Continue Growth in South American Market

Associated Press |

CHICAGO--(BUSINESS WIRE)--Jul 19, 2018--GE Transportation (NYSE: GE) will supply Chilean private transport provider FCAB – Ferrocarril de Antofagasta with five diesel-electric locomotives in 2019. This is the first deal between the two partners and includes a parts, service and warranty agreement.

The order continues GE Transportation’s growth in South America. The market is growing and a modernized infrastructure is a key driver in the region’s economic development. GE Transportation has facilitated the growth with strategic projects in Brazil, Chile, Colombia, Uruguay, Argentina and Bolivia. Over the past three years, GE Transportation has seen increased locomotive and digital sales of 40 percent in the region. These locomotives will be used to transport different products for the mining industry in Chile, which represents approximately 50 percent of Chile’s export trade.

“Sustainability, safety and productivity are fundamental within our management approach. The acquisition of these five new GE locomotives, along with other brand new rolling stock, trigger a step change on greenhouse gases emission reduction, improves safety features for our crews and enhances train productivity. We are sure the changes we are making will lead us to provide a more safe and reliable service to our customers in Chile and beyond the border,” said Mauricio Ortiz, General Manager of FCAB.

The new C23EMP single-cab AC/DC locomotives are designed for light-axle load operations. These locomotives have been specially designed for FCAB, equipped with a GE FDL 12-cylinder engine to operate at high altitude and utilize GE’s Electronic Fuel Injection, which provides fuel efficiency. It has low clearance and can operate on narrow gauge tracks. The C23EMP is based on a proven GE technology with great reliability, availability and tractive effort. The locomotives will be assembled at GE Transportation’s facility located in Contagem, Brazil.

“We are excited to partner with FCAB and expand our presence across Latin America,” said Marcos Costa, General Manager of GE Transportation for Latin America. “With this agreement, we will help the region improve its rail infrastructure and bring products to market faster and more efficiently.”

https://www.oaoa.com/news/business/article_e33649db-5ef2-5856-a9a3-9e776e28e89d.html

Vancouver Sends Its Biggest Oil Shipment To China Since 2015

A tanker loaded with around 514,000 barrels of oil has set sail from Vancouver en route to China in what is the largest shipment of oil from the Canadian port to the world’s top oil importer since 2015, according to Thomson Reuters trade flow data.

The Serene Sea Aframax tanker was loaded at Kinder Morgan’s Westridge Marine Terminal in Vancouver and set sail on July 4 toward the southern Chinese province of Guangdong, where it is expected to arrive on July 26. This latest shipment would bring Canada’s oil exports to China to 16,600 bpd for the month of July, Thomson Reuters data show.

Canadian oil shipments to China and to Asia are a rare sight, also because oil-rich but landlocked Alberta doesn’t have enough pipeline capacity to the West Coast. Most of the crude oil shipped out of Vancouver is being delivered to the U.S. West Coast.

But in recent months, oil shipments out of Vancouver to Asia have picked up, and tankers have departed to China, South Korea, and Thailand, according to Thomson Reuters data.

In April, the Solomon Sea oil tanker and the Diva oil tanker departed from Vancouver for ports in Thailand and South Korea, and eastern China, respectively. Thomson Reuters flows show that the two tankers carried a combined 742,000 barrels of crude oil to Asian customers.

“There is an opportunity for Canada to send material to China, but I don’t think demand is going to be overwhelming,” Thomas Finlon, director of Energy Analytics Group, told Reuters, commenting on Canada’s current chances of attracting Asian buyers now that the Brent Crude-WTI Crude spread has narrowed to around $5 a barrel and there’s less call for U.S. crude.

Earlier this year, Canada took a step toward ensuring that its oil would have an export outlet to the world’s fastest-growing energy market, Asia. Analysts believe that the federal government stepping in to save the Trans Mountain expansion project has boosted the chances that the pipeline will be built and give Canada an export outlet from the Pacific Coast to the Asian markets

https://oilprice.com/Latest-Energy-News/World-News/Vancouver-Sends-Its-Biggest-Oil-Shipment-To-China-Since-2015.html

Overnight lane closures on the 99 due to High-Speed Rail construction

NORTHWEST FRESNO, Calif. (FOX26 NEWS) — The California High-Speed Rail Authority has announced there will be overnight lane closures on the 99 due to construction.

It says work begins July 17th but that the closures will take place Sunday through Thursday between 7:00 p.m. – 6:00 a.m. Multiple lanes will be closed on northbound and southbound lanes on the 99 at Cedar Avenue.

According to the High-Speed Rail Authority the schedule is subject to change. For up-to-date information please visit BuildHSR.com or the Caltrans Quickmap. Traffic laws will be fully enforced and commuters are expected to be aware of the surrounding activities, remain alert and watch for construction vehicles and personnel. The public is asked to drive carefully and be extra cautious while traveling through construction areas.

https://kmph.com/news/local/overnight-lane-closures-on-the-99-due-to-high-speed-rail-construction

McFarlane Toys Is Making ‘Cuphead’ Construction Sets

Studio MDHR’s cel-shaded, brutally difficult indie platformer “Cuphead” is getting its own line of construction sets courtesy of McFarlane Toys.

The sets will range from 100 to 300 pieces and will stay true to the game’s hand-drawn 1930’s art style, McFarlane Toys said. Each one will focus on Cuphead, Mugman, and the game’s colorful bosses, incorporating scenes from all across Inkwell Isle.

The “Cuphead” Construction Sets will be available at major retailers in Fall 2019. But, fans can get a sneak peek before then. Construction set prototypes will be on display to the public for the first time at San Diego Comic Con July 18-22 in the Diamond Comics booth.

“It’s easy to get lost in the visuals of this game … that’s how stunning it is!” said Todd McFarlane, owner and CEO of McFarlane Toys. “Studio MDHR has created a world that is gorgeous and unique, and we can’t wait to make toys just as beautiful as the game they are based on.”

“Cuphead” launched in September 2017 on PC and Xbox One and has sold over two million copies worldwide. It’s won over 20 major awards, including Xbox One’s game of the year and special achievement in animation at the 45th Annual Annie Awards.

“Even in our wildest dreams, we never thought our crazy little characters would be embraced by this many fans from around the world and we are continuously humbled by your support,” Studio MDHR said in a December 2017 post on its website. “So to everyone who has drawn fan art, composed memes, performed songs, conquered challenge runs, streamed their playthrough, or just played ‘Cuphead’ and had a good time, we love and appreciate all of you from the bottom of our hearts.”

https://variety.com/2018/gaming/news/mcfarlane-toys-cuphead-construction-sets-1202875557/

Construction to begin on San Francisco's 'last true condominium complex' on waterfront

SAN FRANCISCO (KGO) -- Construction is about to begin on what's being called San Francisco's last true condominium complex on the waterfront.

The building is going up on the corner of Howard Street and the Embarcadero.

Representatives from the projects development team, as well as city and labor, took part in a ceremonial ground breaking on Tuesday.

The 20-story building will include 120 units and will provide jobs for some 200 union workers.

"It's not often we get to work on San Francisco's waterfront. Something people will see when they cross that bridge, something they'll see coming in on the ferry. Something our members could be proud of, something the community could be proud of, this will be a very handsome building, a great addition to San Francisco," said Michael Theriault from the San Francisco Building and Construction Trades Council.

The building will also include retail space on the ground floor and a restaurant. Construction is expected to be completed by late next year.

http://abc7news.com/realestate/construction-to-begin-on-sfs-last-true-condominium-complex-on-waterfront/3778316/

Administration: Referendum construction to begin in March

The Chippewa Falls school district anticipates bidding and construction on referendum projects to begin in spring of 2019, a district official said Tuesday.

The three projects are in a “design phase,” district financial manager Chad Trowbridge said Tuesday at a school board meeting.

The $65 million referendum passed in April will pay for a new Stillson Elementary and remodels and additions for Chippewa Falls Middle School and Chippewa Falls Senior High School.

The district will work with architects for schematic design in the fall of 2018. Trowbridge anticipates bids to open in March, he said.

Although in June Trowbridge told the board construction costs are trending at 18 percent higher than in 2017, calling the number “staggering,” school board president Dave Czech said Tuesday the projects’ price tag will not run past $65 million.

“Our referendum was passed for a certain dollar amount,” Czech said. “We cannot and will not exceed that referendum.”

If construction costs lower as March closes in, the district may explore “alternative bid packages,” Trowbridge said in June.

Soil tests from the future Stillson Elementary site in the town of Lafayette were conducive to the planned construction, Trowbridge said Tuesday.

As a result of those soil tests, the new school will have a conventional septic system.

School board member Steve Olson, who sits on the referendum project executive committee, said the district teams’ designs for the middle school and Stillson are “nailed down,” while the high school plans are “coming together.”

“This process is giving staff, leadership and administration a chance to interject some of their feelings,” Olson said.

Construction work on the high school and middle school may be done in phases, Olson said.

Booster Club hits million mark

Chippewa County Judge Steve Gibbs, president of the Chippewa Falls Senior High School Athletic Booster Club, presented a check for more than $138,000 Tuesday on behalf of the club to the school’s new principal, Donna Goodman.

The booster club hit a key milestone in 2018, Gibbs said.

“We’ve raised over a million dollars in 17 years,” Gibbs said. “That’s what we’re really proud of there.”

The club’s Spring Extravaganza event alone raised $118,000, Gibbs said.

The club contributed $16,000 for a metal score booth, scoreboard and mic system at Chippewa Falls’ Casper Park.

Czech praised the club’s purchases of athletic equipment, but highlighted the club’s help for disadvantaged students.

“To me, the more important thing is the fact we’re never going to not let a kid play a sport … or eat a lunch because they can’t afford it,” Czech said. “Providing kids in this community with an equal opportunity is huge.”

The board was also slated to discuss the district’s onsite health clinic at its Tuesday meeting.

https://chippewa.com/news/local/administration-referendum-construction-to-begin-in-march/article_5cf7b895-b069-5273-8654-33970213ca5d.html

Extraction Oil & Gas Stock Getting Very Oversold

In trading on Monday, shares of Extraction Oil & Gas Inc (Symbol: XOG) entered into oversold territory, changing hands as low as $13.48 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Extraction Oil & Gas Inc, the RSI reading has hit 27.4 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 48.4, the RSI of WTI Crude Oil is at 42.4, the RSI of Henry Hub Natural Gas is presently 38.4, and the 3-2-1 Crack SpreadRSI is 38.0. A bullish investor could look at XOG's 27.4 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), XOG's low point in its 52 week range is $10.28 per share, with $17.42 as the 52 week high point - that compares with a last trade of $13.54. Extraction Oil & Gas Inc shares are currently trading off about 7.1% on the day

https://www.nasdaq.com/article/extraction-oil-gas-stock-getting-very-oversold-cm991793

ExxonMobil-led JV submits Rovuma LNG plan to Mozambique

The Exxon Mobil-led Mozambique Rovuma Venture SPA submitted its development plan to Mozambique’s government for the first phase of the Rovuma LNG project, which will produce, liquefy, and market natural gas from Mamba fields in Area 4 block offshore Mozambique. The plan details the proposed design and construction of two 7.6-million tonne/year LNG trains.

ExxonMobil will lead construction and operation of natural gas liquefaction and related infrastructure on behalf of the joint venture, and Eni SPA will lead upstream construction and operation.

A final investment decision by the Area 4 joint venture parties is scheduled in 2019, with LNG production expected to start in 2024. Marketing activities are progressing, with negotiations on sales and purchase agreements underway, targeting completion in parallel with the development plan approval process.

Rovuma LNG is operated by Mozambique Rovuma Venture, an incorporated joint venture owned by ExxonMobil, Eni, and China National Petroleum Corp., which holds a 70% interest in the Area 4 concession alongside partners Galp Energia, Korea Gas Corp., and Mozambique’s state-owned Empresa Nacional de Hidrocarbonetos EP, each of which hold 10%.

https://www.ogj.com/articles/2018/07/exxonmobil-led-jv-submits-rovuma-lng-plan-to-mozambique.html

Oil and gas production efficiency in UK increases for fifth year in a row

Oil and gas production efficiency in the UK has increased for a fifth year in a row, according to an industry report.

The Oil and Gas Authority (OGA) said an additional 12 million barrels of oil equivalent were produced.

Production efficiency on the UK Continental Shelf rose to 74% in 2017 - a 1% improvement from the year before.

The authority said it helped contribute an additional 32,000 barrels of oil equivalent every day.

Production efficiency is the volume of oil and gas extracted in a year as a percentage of the potential maximum amount that is thought to be economically viable.

The report takes both the North and Southern North Sea into account, with three out of five regions seeing improvements in efficiency compared to the previous year.

In March, Oil and Gas UK revealed exploration in the North Sea sector was at its lowest level since the early 1970s, with only 94 wells drilled last year.
'Challenging year'

This was the first time the number had fallen below 100 since 1973.

The OGA's head of performance, planning and reporting, Loraine Pace, said: "I'm really pleased that PE has continued to improve year on year in the UKCS.

"The report shows that industry has worked hard to deploy new technologies and shift towards efficiency cultures which has helped to achieve the 1% improvement."

The Forties Pipeline System (FPS), which carries 40% of North Sea oil and gas, was shut down for two weeks in December last year to repair a crack to the onshore section in Aberdeenshire.

Matt Nicol, chairman of the Production Efficiency Task Force (PETF), said the "challenging" end to the year meant to results were "positive news".

He added: "Industry's and individuals' hard work and focus on best practice and new technology is sustaining these efficiency improvements, and I see many companies and people working together to deliver tangible progress."

https://www.bbc.com/news/uk-scotland-scotland-business-44856454