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ENERGY MARKETS REPORT INCLUDING: Exxon Mobil has reported a leak or spill at its 238,000 BPD Joliet refinery in Channahon, Illinois

January 17 2013, 11:33am
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WTI futures are currently trading near their highest levels in four months due to weakness in the USD (-0.25%) during European morning trade.

Oil & Gas News

Iraq is said to be in talks with Exxon, Shell and ENI to cut outputs at west Qurna-1 oil fields.

TAQA (Abu Dhabi National Energy Co.) has started the process to restore most of the oil production through North Sea's Brent pipeline system that was halted two days ago.

Geopolitical News

The Algerian army currently surrounds Ain Amenas gas field where al Qaeda linked terrorist group holds some 41 foreigners hostage for the second day. The group threatened to blow up the BP-operated facility unless France ends its military operation in N. Mali.

A series of bomb attacks across Iraq killed 12 people and wounded 64 others according to officials.

China has voiced support for Iran's reaffirmation of the Fatwa (religious decree) on the prohibition of nuclear weapons and its registration as an international document. China has persistently expressed its support for Iran's civilian nuclear program.

Corporate News

Lukoil will today sign an agreement with Iraq for the West Qurna-2 oil field according to Iraq oil ministry's licensing department.

Exxon Mobil has reported a leak or spill at its 238,000 BPD Joliet refinery in Channahon, Illinois.

ENI has successfully drilled Sankofa-2 east well in offshore Ghana. Co. sees overall potential of discovery about 450mln barrels of oil and recoverable resources of up to 450mln barrels.

Seadrill has secured a contract extension worth around USD 450mln from Tullow Oil for the use of its ultra-deepwater semi-submersible rig West Leo for work off West Africa.

Brazil venture Deep Sea Supply and Brazil’s BTG Pactual Oil & Gas have joined forces on the ownership and operation of platform supply vessels (PSVs) and anchor-handling tug and supply (AHTS) vessels in Brazil. The venture is valued at USD 852mln.

Weather news

A chilly rain will fall from the central Gulf Coast into the southern Mid-Atlantic States. Persistent rainfall in recent days has led to pockets of lowland flooding in the region. A new system forming across Texas will bring the possibility of snow further south according to Accuweather.



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