Daily News Energy Headlines from June 3, 2016

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
U.S. Drillers Add Oil Rigs - Baker Hughes reports that U.S. oil drillers added nine rigs for the week ending June 3, bringing the total up to 325. This marks only the second time this year that the oil rig count has increased.

Exxon: Argentina's Vaca Muerta Shale Could Lead to $10 Billion Investment - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) CEO Rex Tillerson says that the company will invest $250 million in a pilot project in the coming months in Argentina's Vaca Muerta shale gas region. If the pilot project is successful, Tillerson says the company could begin full development in the area in excess of $10 billion over a 20- to 30-year period.

OPEC Stays With Unfettered Production - The latest OPEC meeting led to the organization sticking to no limits on oil production after members failed to agree on a new output ceiling.

CRUDE OIL
Sinopec Processed U.S. Crude for First Time in May - China's Sinopec Corporation (Beijing) says that it processed U.S. crude for the first time at the end of May and is expecting to process a second shipment of U.S. crude later in June.

POWER
First U.S. Offshore Windfarm On Schedule for Completion in Fourth-Quarter 2016 - Construction of the country's first offshore windfarm is on schedule for completion in the fourth quarter of this year. Builders of the 30-megawatt (MW) Block Island Windfarm in Rhode Island completed the first phase of construction in December, with construction recently resuming.

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About Industrial Info
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