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Released August 16, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
Development Plan for Guyana's Seventh Oil Project Expected Early Next Year - A development plan for Guyana's seventh offshore oil project is expected early next year, Natural Resources Minister Vickram Bharrat said on Wednesday, and would bring the South American nation's total oil production to more than 1.4 million barrels per day (BBL/d). Guyana has emerged as the fastest growing oil nation in the last decade, with more than 30 discoveries off its coast. A consortium led by Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) is producing about 650,000 BBL/d from three production platforms. The seventh project, called Hammerhead, is projected to add up to 180,000 BBL/d of production capacity after it starts output in 2029. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the project report. (Reuters)
REFINED PRODUCTS
EIA: China's June Diesel Demand Fell by Most in Three Years - China's diesel demand fell by 11% year over year to 3.9 million BBL/d in June, the biggest percentage drop since July 2021, the U.S. Energy Information Administration (EIA) said on Thursday. (Reuters)
CORPORATE
Chevron to Pay $550 Million to Richmond, California - Chevron Corporation (NYSE:CVX) (San Ramon, California) is to pay Richmond City Council in California $550 million over 10 years, the city said in a statement, in a settlement that saw it drop a proposed ballot on a new tax on the oil major's Richmond refinery. Richmond planned to seek voters' approval for a tax on the refinery, which processes about 250,000 BBL/d, saying Chevron should pay its fair share to the community it has been in for over a century. As a result of the settlement the council approved on Wednesday, the city agreed to withdraw the measure. Chevron will pay the money in annual installments starting from July 1, 2025, to June 30, 2035, it said. Subscribers to Industrial Info's Refining Plant Database can click here for the Richmond refinery's profile. (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 leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
PRODUCTION
Development Plan for Guyana's Seventh Oil Project Expected Early Next Year - A development plan for Guyana's seventh offshore oil project is expected early next year, Natural Resources Minister Vickram Bharrat said on Wednesday, and would bring the South American nation's total oil production to more than 1.4 million barrels per day (BBL/d). Guyana has emerged as the fastest growing oil nation in the last decade, with more than 30 discoveries off its coast. A consortium led by Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) is producing about 650,000 BBL/d from three production platforms. The seventh project, called Hammerhead, is projected to add up to 180,000 BBL/d of production capacity after it starts output in 2029. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the project report. (Reuters)
REFINED PRODUCTS
EIA: China's June Diesel Demand Fell by Most in Three Years - China's diesel demand fell by 11% year over year to 3.9 million BBL/d in June, the biggest percentage drop since July 2021, the U.S. Energy Information Administration (EIA) said on Thursday. (Reuters)
CORPORATE
Chevron to Pay $550 Million to Richmond, California - Chevron Corporation (NYSE:CVX) (San Ramon, California) is to pay Richmond City Council in California $550 million over 10 years, the city said in a statement, in a settlement that saw it drop a proposed ballot on a new tax on the oil major's Richmond refinery. Richmond planned to seek voters' approval for a tax on the refinery, which processes about 250,000 BBL/d, saying Chevron should pay its fair share to the community it has been in for over a century. As a result of the settlement the council approved on Wednesday, the city agreed to withdraw the measure. Chevron will pay the money in annual installments starting from July 1, 2025, to June 30, 2035, it said. Subscribers to Industrial Info's Refining Plant Database can click here for the Richmond refinery's profile. (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 leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
