Hi quest ,  welcome  |  sign in  |  registered now  |  need help ?

Definition List

Flag Counter

Cano Limon pipeline Stop Operating after a bomb attack

Written By pipeline-engineer.com on Wednesday, February 19, 2020 | 9:12:00 PM

BOGOTA (Reuters) - Colombia's state-run oil company Ecopetrol has halted pumping on its Cano Limon pipeline after a bomb attack in the country's northeast caused a fire and spillage of crude into waterways.
The attack took place on Tuesday afternoon in Toledo municipality in Norte de Santander province, which borders Venezuela, Ecopetrol pipeline subsidiary Cenit said in a statement on Wednesday.
"The attack produced a rupture in the pipeline, a fire and the falling of crude into the La Petra ravine and the Sararito and Margua rivers," Cenit said.
There were 71 attacks on Colombian pipelines in 2019, down 33.6% from the year before.
The 480-mile (770-km) Cano Limon is a top target for bombings; it has suffered eight attacks so far this year and weathered 42 in 2019, according to Ecopetrol.
The attack has not affected exports or work in the Cano Limon oilfield, which is operated by Occidental Petroleum , because crude can also be transported on the mostly underground Bicentenario pipeline.
Although Cenit did not name the group responsible for the bombing, an army source in the region said leftist National Liberation Army (ELN) rebels, considered a terrorist organization by the United States and the European Union, were responsible.
The 2,000-strong ELN regularly attacks oil infrastructure.
9:12:00 PM | 0 comments

First time in a decade global oil demand expected to drop

LONDON (Bloomberg) - Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said.
The new estimates show that oil markets face a significant surplus despite the latest production cuts by OPEC and its partners. Crude already sank to a one-year low below $50 a barrel last week and the impact of the epidemic will be felt throughout the year, the agency said.

“Demand has been hit hard by the novel coronavirus and the widespread shutdown of China’s economy,” the Paris-based IEA said. “The crisis is ongoing and at this stage it is hard to be precise about the impact.”
World fuel consumption -- which had previously been expected to grow by 800,000 barrels a day during the three-month period, compared with a year earlier -- will instead contract by 435,000 a day, the IEA said in its monthly oil market report.
For 2020 as a whole, the virus will curb annual growth in global consumption by about 30% to 825,000 barrels a day, the lowest since 2011. The effects will be more significant than those of the 2003 SARS epidemic because of China’s increased importance and integration within the world economy.
The outbreak has shuttered businesses and prompted the quarantine of tens of millions of people in China, the world’s biggest crude importer. The country accounted for about 75% of last year’s oil-demand growth, according to the IEA, which advises most major economies.
Earlier this week, the U.S. Energy Information Administration also cut its demand outlook due to the virus. The EIA lowered its first quarter global petroleum and liquids consumption forecast by 880,000 barrels a day.
U.S. crude futures have fallen 17% this year as traders assessed the impact of the epidemic. Consumers are unlikely to benefit from the drop in fuel prices because the disease will inflict damage on the wider economy, the IEA said.

The outbreak has prompted Saudi Arabia, the world’s largest oil exporter, to push its allies in the Organization of Petroleum Exporting Countries and beyond to consider an emergency meeting and further production cuts. However, Russia, the kingdom’s most important partner in managing supplies, has so far resisted the initiative.

Even though the group launched new supply curbs at the start of this year, the slump in demand threatens markets with a surplus of about 1.7 million barrels a day during the first quarter and 560,000 in the second. Last month, OPEC was already pumping the least crude since the financial crisis of 2009, according to the IEA.

The OPEC+ alliance had already faced an oversupply in the first half of 2020 because of the ongoing output surge from U.S. shale-oil drillers, the agency said. That industry is likely to remain resilient against the price slump until later in the year, it predicted.
Given the abundance of supply, disruptions in OPEC members such as Libya and Nigeria are having little impact on prices, the agency said.

9:03:00 PM | 0 comments

Ask Wikipedia

Search results

Subscribe to Pipeline-Engineer.com

Adsspace 140x140

Site Links

Blog Archives

Total Pageviews

Recommended Books

Recommended Books