[TE Summary] Jun 15th '17 Build pipelines, not walls - American energy firms are enjoying a bonanza south of the border
Build pipelines, not walls
American energy firms are enjoying a bonanza south of the border
But a ham-fisted assault on NAFTA could jeopardize it
Print edition, Business, Jun 15th, 2017, KU-MALOOB-ZAAP
Summary
1. a chemical engineer at Pemex poured from 3,500 meters below the seabed into a jar of heavy Mexican crude oil
2. A flow of Mexican oil from exploration to refinery: about 2.5m barrel crude oil got stored in FPSO and a supertanker which sails north to Texas and Louisiana where it runs through refineries and often then come back to Mexico.
3. Mr. Trump overlooked at these transactions, and US's surplus of $11.5bn in 2016, earning as much from exporting hydrocarbon to Mexico as from cars and trucks.
4. This trade-balance flipping has been caused by US's shale boom and Mexico's slumping oil output and energy liberalizing. A recent bump in oil prices with cost-cutting has led to more profits of Pemex.
5. Petrol from the US refineries amounted to half of Mexico's consumption and Tesoro won an auction to move imported oil through Pemex's tanks and pipelines.
6. In terms of natural gas the US exports, Mexico has become more important than ever considering Sales doubled since 2014, and the capacity of pipelines is expected to double over the next three years
7. Growing investment into Mexico: US oil firms bought five out of the eight deepwater oil licenses of Mexico last year and Pemex's boss encouraged the US oil firms to co-invest in their six refineries.
8. ExxonMobil would open its 1st petrol station this year and invest $300m in fuel distribution over the next decade, where, currently, BP owns only one petrol station.
9. By 2020, US, Mexico, and Canada are on track to achieve independence meaning their supply exceeds the consumption, which leads to more industrial competitiveness and less dependence on unstable exporters such as Venezuela and the Persian Gulf nations.
10. Nevertheless, NAFTA renegotiation could jeopardize this vibrant network of North American energy markets.
Words and expressions
1. ham-fisted: lacking skill with the hands (or in the way that you deal with people)
2. succulent: (of food) tender, juicy, and tasty
3. decant: gradually pour (liquid, typically wine or a solution) from one container into another, especially without disturbing the sediment
- sediment: matter that settles to the bottom of a liquid; dregs
- dregs: the remnants of a liquid left in a container, together with any sediment or grounds
4. FPSO: a Floating Production Storage and Offloading unit is a floating vessel used by the offshore oil and gas industry for the processing of hydrocarbons and for storage of oil
5. about-turn: a turn made so as to face the opposite direction
6. derail: cause (a train or trolley car) to leave its tracks accidentally
7. decrepit: elderly and infirm
8. staunch: loyal and committed in attitude
9. blunder about: make a stupid or careless mistake; act or speak clumsily
Permalink
http://eoesociety.blogspot.com/2017/06/te-article-summary-jun-15th-17-build.html
American energy firms are enjoying a bonanza south of the border
But a ham-fisted assault on NAFTA could jeopardize it
Print edition, Business, Jun 15th, 2017, KU-MALOOB-ZAAP
Summary
1. a chemical engineer at Pemex poured from 3,500 meters below the seabed into a jar of heavy Mexican crude oil
2. A flow of Mexican oil from exploration to refinery: about 2.5m barrel crude oil got stored in FPSO and a supertanker which sails north to Texas and Louisiana where it runs through refineries and often then come back to Mexico.
3. Mr. Trump overlooked at these transactions, and US's surplus of $11.5bn in 2016, earning as much from exporting hydrocarbon to Mexico as from cars and trucks.
4. This trade-balance flipping has been caused by US's shale boom and Mexico's slumping oil output and energy liberalizing. A recent bump in oil prices with cost-cutting has led to more profits of Pemex.
5. Petrol from the US refineries amounted to half of Mexico's consumption and Tesoro won an auction to move imported oil through Pemex's tanks and pipelines.
6. In terms of natural gas the US exports, Mexico has become more important than ever considering Sales doubled since 2014, and the capacity of pipelines is expected to double over the next three years
7. Growing investment into Mexico: US oil firms bought five out of the eight deepwater oil licenses of Mexico last year and Pemex's boss encouraged the US oil firms to co-invest in their six refineries.
8. ExxonMobil would open its 1st petrol station this year and invest $300m in fuel distribution over the next decade, where, currently, BP owns only one petrol station.
9. By 2020, US, Mexico, and Canada are on track to achieve independence meaning their supply exceeds the consumption, which leads to more industrial competitiveness and less dependence on unstable exporters such as Venezuela and the Persian Gulf nations.
10. Nevertheless, NAFTA renegotiation could jeopardize this vibrant network of North American energy markets.
Words and expressions
1. ham-fisted: lacking skill with the hands (or in the way that you deal with people)
2. succulent: (of food) tender, juicy, and tasty
3. decant: gradually pour (liquid, typically wine or a solution) from one container into another, especially without disturbing the sediment
- sediment: matter that settles to the bottom of a liquid; dregs
- dregs: the remnants of a liquid left in a container, together with any sediment or grounds
4. FPSO: a Floating Production Storage and Offloading unit is a floating vessel used by the offshore oil and gas industry for the processing of hydrocarbons and for storage of oil
5. about-turn: a turn made so as to face the opposite direction
6. derail: cause (a train or trolley car) to leave its tracks accidentally
7. decrepit: elderly and infirm
8. staunch: loyal and committed in attitude
9. blunder about: make a stupid or careless mistake; act or speak clumsily
Permalink
http://eoesociety.blogspot.com/2017/06/te-article-summary-jun-15th-17-build.html
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