The USA was importing an average of 500,000 bopd of sulphur-heavy Venezuelan crude, The US refinery sector’s reliance on this cheap material cannot be replaced with the lighter grades of oil produced in much of the USA.
Efforts to retool the USA’s refineries to better suit ballooning US production are under way.
Reuters reported that ExxonMobil said on Tuesday that it will expand its Beaumont plant to make it the largest refinery in the US, while Chevron has agreed to buy the Pasadena refinery owned by Brazilian NOC Petrobras.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
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BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
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