About 56 miles west of the Nicaraguan capital, Managua, a new refinery is being built. The project is a joint venture between PDVSA and Petronic.
The new refinery will be capable of producing 150,000 b/d.
Venezuela President, Hugo Chavez, said the new refinery will produce five fold what Nicaragua consumes, which means Nicaragua will be a net exporter of oil within five years.
While Canada’s rig count is lower than last year, the US has 1,790 rigs working, which is close to a 21-year high, according to Baker Hughes Inc.
US rig counts dropped by one from last week, but remain higher on the year.
The biggest gaining state was Oklahoma, which increased rigs from 186 to 189. Wyoming was close behind—adding two to 71.
Today, Schlumberger Limited (Symbol: SLB) announced earnings and they beat Wall Street’s expectations.
The world’s largest oil service company had 2nd quarter profits increase by 47% thanks to its exposure in international markets. The market expected 96 cents per share and Schlumberger delivered $1.02 cents per share.
Shares closed 3.46% higher at $96.68—up $3.23 on the day.
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