Europe
OPEC boosts group oil production to highest level since '08 recession
Acting to dampen market nervousness amid Iran supply fears, OPEC on Thursday said it was pumping more oil than the market needs - at levels not seen since summer 2008 - and signaled demand destruction had been halted for now. Crude production was up 317,000 bpd month on month.
Petroplus finds buyer for Swiss refinery in Cressier
Varo Holding SA, the joint venture between oil trader Vitol and AtlasInvest, has agreed to buy the 68,000 bpd Cressier refinery in Switzerland from beleaguered Swiss refiner Petroplus. Varo intends to restart the refinery and continue refining operations. The deal is expected to close in the 2012 second quarter.
Mozambique works with Shell on LNG development
Mozambique is in talks with Royal Dutch Shell about the oil giant developing the country's natural-gas resources, including a possible liquefied-natural-gas project. Shell upped its bid to acquire Cove Energy, a junior partner in the potentially huge Rovuma gas field in the country, on April 24.
Aker Solutions starts up Mongstad carbon capture plant in Norway
Aker Solutions on Monday inaugurated its carbon capture plant in Mongstad, Norway, calling it an important milestone for the company. The plant was completed mechanically in June 2011 and was followed by commissioning and start-up activities.
US likely to limit LNG exports to keep low gas price
The US government is likely to impose limits on exports of LNG in order to keep its natural gas prices low, said executives from two major oil firms. Several companies are planning to build plants that would convert some of this domestic surplus of gas into LNG that could be shipped internationally.
Finland's Neste Oil sells first biodiesel to US market
Finland's Neste Oil has recently supplied its first batch of NExBTL biodiesel to the US market. NExBTL renewable diesel is an ideal low-carbon fuel for the US market because it is compatible with existing infrastructureand is accepted within the existing refinery and pipeline distribution system, the company says.
OTC '12: Global operators see access challenges
While ample evidence exists to effectively debunk the peak oil theories, locating and extracting reserves that are more than capable of meeting future demand remains a primary challenge going forward.
Who should you call for process pump repair?
Amid pump industry consolidation, independent shops can provide upgrade and repair services for key process equipment.
Consider updating your lubricant system
Oil mist extends equipment life over other lube methods
Improve seal designs for ‘dirty’ services
Amid regulatory legislation issues, a compliance strategy can drive solutions to optimize reliability of rotating equipment.
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