Sapphire Energy and refiner Phillips 66 – comprised of ConocoPhillips’ former refining assets – have announced a joint development agreement to commercialize Sapphire’s Green Crude, an algae-based crude oil. The two companies will expand Sapphire’s ongoing testing program to ensure that Green Crude can be processed in traditional refineries and meet Environmental Protection Agency standards under the… Keep reading →
Saudi oil output hit a record 9.51 million barrels per day in 2012, when the country lifted output to offset the impact of supply disruptions in Libya and a 1 July EU embargo on Iranian crude shipments. Saudi Arabia exported about 6.9 million bbls/d of oil last year, of which more than 50% went to… Keep reading →
Papua New Guinea is set to join the global LNG game in 2014 when the ExxonMobil-led PNG LNG project is scheduled to ship its first deliveries, but a major announcement today by InterOil suggests an additional LNG export project could come on stream in the Asian Pacific island nation not long after.
InterOil has been active in PNG since the late 1990’s and operates the country’s only refinery which supplies about 65% of domestic refined product demand. Profits from InterOil’s downstream operations are often used to offset the costs of the company’s LNG export project, a major long-term strategic objective for the independent firm. Keep reading →
