-Pemex is considering selling its refining and petrochemical business in order to invest more in exploration and production, the company’s CFO said Wednesday. Via Reuters, the oil price plunge has hurt the company’s revenue, and its oil production has fallen by nearly one-third since 2004. Meanwhile, Pemex’s refining unit has lost billions of dollars over the past few years and major refinery reconfigurations and other projects have been delayed.
-The U.S. is importing less natural gas than it has in nearly three decades, according to a new report by the Energy Information Administration (EIA). Net natural gas imports decreased by 9% in 2014, continuing an eight-year decline. Imports totaled 1,171 billion cubic feet in 2014 — the lowest level since 1987. Nearly 98% of all U.S. imports of natural gas come from Canada by pipeline.
-ExxonMobil on Wednesday said it made a “significant” oil discovery off the coast of Guyana. The company said its affiliate Esso Exploration and Production Guyana encountered more than 295 feet of high-quality oil-bearing sandstone reservoirs. ExxonMobil said it would analyze the well data in the coming months to gauge how much oil can be recovered.
-Husky Energy began steam operations at its 10,000-barrel-per-day heavy oil thermal project in Saskatchewan. The project is eight weeks ahead of schedule and is expected to reach full production in a “short time period,” Husky said.
-The Canadian oil sands industry will see a wave of mergers and acquisitions in the coming years as producers seek efficiencies amid low oil prices, a Bank of Montreal representative said today. Via Bloomberg, Bank of Montreal’s Brian Belski said slower global growth and sluggish prices will require companies to invest in new technologies to make them more efficient, resulting in acquisitions. Oil sands producers have cut jobs and reduced spending in recent months.
