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Released June 27, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
U.S. Drillers Add Rigs - The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week ending June 24, its highest since March 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose 10 to 594 last week, their highest since March 2020, while gas rigs gained three to 157, their highest since September 2019. (Reuters)
LNG
Germany Looks to Convert Part of Nord Stream 2 to LNG Link - The German Economy Ministry is considering converting parts of the Nord Stream 2 gas pipeline from Russia, which has never been put into operation, into a connection for a liquefied natural gas (LNG) terminal on the Baltic Sea coast, magazine Der Spiegel reported on Friday. The ministry is looking at possibly expropriating the part of the pipeline system located on German territory and cutting it off from the rest of the pipeline, Spiegel added. (Reuters)
REFINING
Mexican Refinery Cost Could Reach $12 Billion - A new oil refinery under construction on Mexico's southern Gulf coast will probably cost between $11 billion and $12 billion, rather than the $8 billion originally estimated, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador told a news conference that the flagship project in the port of Dos Bocas, owned and operated by state-run oil company Petroleos Mexicanos (Pemex), will be ready to start producing gasoline in 2023. The president conceded it would end up costing an additional 20%-30%, giving a figure of between $11 billion and $12 billion, pointing to increased outlays. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed report. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
PRODUCTION
U.S. Drillers Add Rigs - The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week ending June 24, its highest since March 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose 10 to 594 last week, their highest since March 2020, while gas rigs gained three to 157, their highest since September 2019. (Reuters)
LNG
Germany Looks to Convert Part of Nord Stream 2 to LNG Link - The German Economy Ministry is considering converting parts of the Nord Stream 2 gas pipeline from Russia, which has never been put into operation, into a connection for a liquefied natural gas (LNG) terminal on the Baltic Sea coast, magazine Der Spiegel reported on Friday. The ministry is looking at possibly expropriating the part of the pipeline system located on German territory and cutting it off from the rest of the pipeline, Spiegel added. (Reuters)
REFINING
Mexican Refinery Cost Could Reach $12 Billion - A new oil refinery under construction on Mexico's southern Gulf coast will probably cost between $11 billion and $12 billion, rather than the $8 billion originally estimated, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador told a news conference that the flagship project in the port of Dos Bocas, owned and operated by state-run oil company Petroleos Mexicanos (Pemex), will be ready to start producing gasoline in 2023. The president conceded it would end up costing an additional 20%-30%, giving a figure of between $11 billion and $12 billion, pointing to increased outlays. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed report. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
