After more than one hundred years of production experience in Norway, Exxon Mobil has agreed to sell its assets for an estimated $4 billion. Exxon’s Norwegian portfolio consisted of more than twenty oil fields operated by producers Equinor and Royal Dutch Shell. In 2017, the average net production of these fields was about 170,000 barrels per day. By 2019, Exxon had controlled more than 530 million barrels of oil on the Norwegian continental shelf. Just the control that they have in the Snorre field alone is valued at around $700 million.
As global terrorism increases, the attacks on oil and gas facilities are at an increase as well. Cyber-attacks on the Industrial Control Systems (ICS) are on the rise. ICS’s can be anything from computer software all the way to the control system that regulates the valves on a pipeline. If a system is compromised, it has the ability to delay operations causing a significant loss for the company.
Within the last year, we have witnessed very tight truck capacity. Shippers have engaged the Spot Market to find scarce capacity at budget straining prices. The absence of transparency in the market, along with sourcing and pricing, also results in a lack of operational flexibility which leads new market opportunity service failure. With the technology we have in 2019, this attracts new market opportunity unlocking potential for real-time freight.
Since making recent headlines, many people are familiar with the Philadelphia Energy Solution (PES) oil refinery explosion that occurred on Friday, June 21st at approximately 4:00 a.m. in South Philadelphia. The blaze injured five workers that were treated for minor injuries. The explosion caused a 3.5% - 3.9% jump in RBOB prices on the NYMEX due to concern that the outage may constrain supply.