11/24/2020 Outlook 2011 For Mac Version 14.7.7 (170905)Has A Conflict And Closes After Signing InRead Now
The storage facility is valued at 250m, and it will be developed in two phases by creating multiple caverns in an existing underground salt formation.The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending July 17th indicated a large addition to our stored commercial supplies of crude oil for the 5th week of the past seven, following a large withdrawal from supplies last week, despite little net change in the other metrics that effect oil supplies.our imports of crude oil rose by an average of 373,000 barrels per day to an average of 5,567,000 barrels per day, after falling by an average of 1,827,000 barrels per day during the prior week, while our exports of crude oil rose by an average of 450,000 barrels per day to an average of 2,993,000 barrels per day during the week, which means that our effective trade in oil worked out to a net import average of 2,948,000 barrels of per day during the week ending July 17th, 77,000 fewer barrels per day than the net of our imports minus our exports during the prior week.over the same period, the production of crude oil from US wells reportedly rose by 100,000 barrels per day to 11,100,000 barrels per day, and hence our daily supply of oil from the net of our trade in oil and from well production totaled an average of 14,048,000 barrels per day during this reporting week.This Weeks Rig Count the US rig count fell for the 20th week in a row during the week ending July 24th, and is now down by 68.3 over that twenty week period.Baker Hughes reported that the total count of rotary rigs running in the US decreased by 2 rigs to 251 rigs this past week, which again was the fewest active rigs in Baker Hughes records going back to 1940 and 153 fewer rigs than the all time low prior to this year.it was also down by 695 rigs from the 946 rigs that were in use as of the July 26th report of 2019, and 1,678 fewer rigs than the shale era high of 1,929 drilling rigs that were deployed on November 21st of 2014, the week before OPEC began to flood the global oil market in their first attempt to put US shale out of business.
PTTGC, Mountaineer agree on Ohio NGL storage project -- PTT Global Chemical (PTTGC; Bangkok, Thailand) has entered into a precedent agreement with Mountaineer NGL Storage to develop storage and pipeline infrastructure that would support PTTGCs proposed petrochemical complex in Belmont County, Ohio. Under the agreement, Mountaineer, a subsidiary of Energy Storage Ventures, will develop multiple 500,000 bbl salt caverns capable of storing natural gas liquids (NGLs) or ethylene on a 200-acre site in Monroe County, Ohio. The 250-million storage project will come in two phases of around 1.5 million bbl of capacity each. Mountaineer says it has the necessary permits to begin construction on the first phase, which is slated for completion by 202223. PTTGC America is working with Mountaineer on 1 million bbl of ethane storage and a pipeline that will link the storage facility to the project 8 miles away. If realized, this would represent the first underground NGL storage site in the Marcellus and Utica shale formations in the US Northeast. Mountaineer first floated the project in 2016 following a successful open season and, according to local news reports, has been courting PTTGC America as a potential customer since at least 2019. Ethane storage and transportation will be a crucial element of a world-scale petrochemical complex, PTTGC America president and CEO Toasaporn Boonyapipat says in a statement. Mountaineer NGL Storage will provide essential infrastructure and capabilities to our project. Our impending partnership with this first-rate organization brings us one step closer to a final investment decision. Outlook 2011 Version 14.7.7 (170905)Has A Conflict And Closes After Signing In Cracker And AssociatedThe agreement comes after PTTGC America announced on 14 July that it was searching for a new partner in its 1.5-million metric tonsyear ethane cracker and associated derivatives units following the withdrawal of South Koreas Daelim Chemical USA as an equity partner. In June, PTTGC America announced it would delay its final investment decision on the project until late 2020 or early 2021 due to oil price volatility and the COVID-19 pandemic. PTTGC America has completed the first stage of preparation, engineering, and design work for the petrochemical complex and has invested around 200 million into front-end engineering design. The Ohio Environmental Protection Agency has also issued air and water permits for the project following an environmental review. The project would take four to five years to construct once the company makes a final investment decision. It would be the second major petrochemical development in the US Northeast. Shells 1.5-million metric tonsyear ethane cracker and polyethylene complex is under construction in Monaca, Pennsylvania, about 60 miles north of the PTTGC site. A Shell presentation earlier this year put the target completion date for the Monaca plant in 2022. PTTGC signs deal to develop NGL storage in northeast US --PTTGC America signed a precedent agreement that outlines the terms and conditions to develop underground natural gas liquids (NGL) storage in northeastern US. This is a critical piece of infrastructure for a proposed polyethylene (PE) complex that the company could develop in the region, it said on Wednesday. It would be the first underground site to store ethane and other NGLs in the Marcellus and Utica shale formations of the northeast US, PTTGC said. Under the agreement, Mountaineer NGL Storage will develop the underground salt caverns on a 200-acre (81 ha) site in Monroe county, Ohio, eight miles (13 km) south of PPTGCs proposed petrochemical complex in Belmont county, Ohio.
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