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gasfacts2019

US crude oil inventories for the week ended Feb. 8, excluding the Strategic Petroleum Reserve, increased by 3.6 million bbl from the previous week, data from the US Energy Information Administration showed.

A Suncor Energy Inc. subsidiary is building a network of fast-charging stations for electric vehicles across Canada. More than 50 charging facilities will be installed at Petro-Canada service stations along the Trans-Canada Highway between Victoria, BC, and St. John’s, Newf.

The US Bureau of Ocean Energy Management plans to hold a Gulf of Mexico-wide oil and gas lease sale in March that will include all available unleased areas in federal waters covering about 78 million acres. Lease Sale 252 will include about 14,696 unleased blocks in a range of 3-231 miles offshore across the gulf’s western, central, and eastern planning areas in 9-11,115 ft of water.

Global supply fell 1.4 million b/d to 99.7 million b/d in January, according to data from the International Energy Agency’s latest Oil Market Report. The decline reflected factors including sanctions against Iran, a supply fall in the Organization of Petroleum Exporting Countries of 930,000 b/d in January, US sanctions against Venezuela’s state oil company Petroleos de Venezuela (PDVSA), and Alberta supply cuts.

PetroQuest Energy emerged from bankruptcy after meeting conditions of its Chapter 11 plan of reorganization, which was confirmed by the US Bankruptcy Court for the Southern District of Texas on Jan. 31. Through the process, the company eliminated $295 million in debt and preferred equity obligations.

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