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ast. During2012whentheBrentcrudepremiumtoWTIaveraged$12/BblBakkenproducersandmidstreamcompaniesbuilt outtwentyrailloadingterminalsinNorthDakotatobypassthecrudecongestionintheMidwestthatwasdiscountingtheir netbackprices.UsingrailtheycouldgetBakkencrudetocoastalmarketswherepricestradedclosertoBrent. Thismonth(October2013)theBrentpremiumtoWTIhaswidenedoutagaintomorethan$10/BblasUSGulfrefinersare oversuppliedattheGulfCoast FuelFixPhillips66tobuild$1billionLPGexportterminal Phillips66isplanningtobuildaliquefiedpetroleumgasexportterminalinFreeport,Texas,a$1billionpushtotap internationalmarketsforrefinedproductsusedingasolineblendingandheating,thecompanysaidThursday. TheHoustonbasedoilrefinersaiditplanstoassembleanexportcapacityof4.4millionbarrelspermonthby2016,about thesizeofeightverylargegascarries. SouthAmerica: BatistasOGXSaidtoPlanBankruptcyProtectionFilingBloomberg OGXPetroleo(OGXP3)&GasParticipacoesSA,theoilcompanycontrolledbyformerbillionaireEikeBatista,couldfilefor bankruptcyprotectionassoonastoday,saidapersonwithdirectknowledgeoftheplans. Theproceedingswillput$3.6billionofdollarbondsintodefaultinLatinAmericaslargestcorporatedebtdebacleandmark thefinalchapterinBatistasdemiseasposterchildforBrazilianentrepreneurialism.OGXwillneedcreditorstoapprovea restructuringplanthatispresentedtothecourttocontinueoperations,saidLeonardoTheondeMoraes,abankruptcy lawyeratSaoPaulobasedMussi,Sandri&PimentaAdvogados. Europe: AfrenExpectsFullYearOilProductionatUpperEndofForecastBusinessweek AfrenPlc(AFR),aU.K.oilandgasproducerinAfricaandIraq,saidhigherflowsfromNigeriawillpush2013outputtoward theupperendofitsforecast. ShellProfitMissesAnalystEstimatesasGlobalOutputDropsBloomberg RoyalDutchShellPlc(RDSA),Europesbiggestoilcompany,reportedthirdquarterearningsthatmissedanalystestimates asprofitsatrefineriesplunged,disruptioninNigeriacutoutputandspendingincreased. Asia/Pacific: GAILIndiainTalksWithOphirforStakeinTanzaniaGasBlocksWallStreetJournalWSJ.com StateownednaturalgasprocessinganddistributioncompanyGAILIndiaLtd.isintalkswithOphirEnergyPLCforastakein itsoffshoregasassetsinTanzania,twopeoplewithdirectknowledgeofthemattersaidTuesday,asIndiastepsupits effortstosecureenergysuppliestomeetsurgingdomesticdemand. Ifsuccessful,itwouldmarkthefirstmajortransactioninTanzaniasoffshorenaturalgassector,whereenergycompanies havemadesignificantdiscoveriesinrecentyears,underscoringthequalityoftheassetsandsettingabenchmarkforfuture deals,analystssaid. SinopecProfitPrecedesLisPlantoReduceStateRoleBloomberg
Africa: FuelFixAlgeriaannouncesmajoroildiscovery Algeriasenergyministersaysanewoilfieldcontaininganestimated1.3billionbarrelshasbeendiscovered. Headdedthestateoilcompany,Sonatrach,willrelyonunconventionaltechniquestoextract50percentofthereserves, includinghydraulicfracturing,alsoknownasfracking. GhanaEconomytoExpand7.2%ThisYear:VicePresidentBloomberg Weexpecttaxrevenuetogrowquitesignificantlynextyearasbusinessinvestmentsexpand,hesaid.Therevenue agencyisexpandingthetaxnet,puttinginplacemeasurestobemoreefficient. BotswanaChamberofMinesSaysRailNetworktoCost$33BillionBloomberg BotswanasChamberofMinessaidaplannedheavyhaulagerailwaynetworktoshipcoalfromthelandlockedcountryto portswillcostabout$33billion. Therailwaylinesarevery,veryimportanttous,CharlesSiwawa,thechamberschiefexecutiveofficer,saidtodayinan interviewinJohannesburg.Theywilltakeustothenextlevelofourdevelopment. ShellLookstoSellNigerianPipelineWallStreetJournalWSJ.com Inrecentweeks,theAngloDutchenergygianthashadearlytalkswithNigeriabasedcompaniesoversellingthemfouroil productionblocksandamajorpipelineinthesouthernNigerDelta,saytwopeoplewithknowledgeofthetalks. SellingtheNembeCreekTrunkLinewhichmovesoilthroughtheDeltatotheAtlanticcoastwouldbeShellsbiggest moveyettoexitonshorecrudeproductioninaregionthathascausedproblemsfordecades.Overthepastyear,the NembeCreeklinehashadmultiplepuncturesandclosures,andatleastonefire. EniSaysProblemsinLibya,NigeriaWillPushOutputLowerThisYearWSJ.com Thedeclineinoutputloweredthecompany'scoreprofitinthethirdquarterandproddedEniintolaunchinga6billion ($8.25billion)buyback. Theenergycompanystressedthatthenegatives,suchasastrongereuroandweakeconomicgrowth,willsubsideandthat itsstrategyisontrack. MiddleEast: GenelSeesOutputRising50%OnceTurkeyPipelineinUse GenelEnergyPlc(GENL),thebiggestoilproducerintheKurdistanregionofnorthernIraq,saidoutputwillrisemorethan50 percentwhenanewexportpipelinetoTurkeybecomesoperationalnextyear. Ifwehadthepipelineimmediately,wecouldgetto80,000barrelsaday,ChiefFinancialOfficerJulianMetherellsaidina telephoneinterview.Outputwasabout53,000barrelsadayinthethirdquarter,thecompanysaidtodayinastatement.