News Feed – Oil & Gas News

  • DRBC approves dock, adds products to Gibbstown project
    on June 17, 2019 at 6:55 pm

    The Delaware River Basin Commission (DRBC) unanimously approved construction of a second dock and associated storage that would add LNG and other energy products to the proposed Gibbstown Logistics Center in southern New Jersey. The commission’s June 12 action followed a June 6 public hearing and a 15-day comment period. […]

  • Aker BP granted North Sea drilling permit
    on June 17, 2019 at 5:16 pm

    Aker BP has been granted a drilling permit by the Norwegian Petroleum Directorate for well 25/2-20 in production license 442 in the North Sea. […]

  • MARKET: Brent for August tops $62/bbl
    on June 17, 2019 at 4:59 pm

    Brent oil prices rose moderately on the London market June 14 with the August contract closing slightly above $62/bbl while light, sweet crude prices in New York held fairly flat, again settling above $52/bbl. […]

  • Baker Hughes: US rig count down 6 units to 969
    on June 14, 2019 at 8:09 pm

    The US drilling rig count fell 6 units, reaching 969 rigs working for the week ended June 14, according to Baker Hughes data. The count is down 90 units from the 1,059 rigs working this time a year ago. […]

  • Russia’s Kharyaga field starts gas sales
    on June 14, 2019 at 7:04 pm

    Zarubezhneft and production-sharing partners have started sales of associated sour gas at Kharyaga oil field in the Nenets Autonomous Region of northwestern Russia. […]

  • WoodMac: Argentina LNG poised to meet Asian demand
    on June 14, 2019 at 7:00 pm

    Rising natural gas production in Argentina coupled with competitive global LNG transportation costs are expected to position the country as an emerging source of gas supply to Asia during peak demand periods, recent research from Wood Mackenzie shows. […]

  • IEA consecutively cuts oil demand growth forecast
    on June 14, 2019 at 6:45 pm

    In its latest monthly Oil Market Report, the International Energy Agency cut its forecast for global demand growth in 2019 for a second consecutive month. It is now projected at 1.2 million b/d, reduced from 1.3 million b/d in the previous report and 1.4 million b/d in the April report. […]

  • Husky fined for 2016 Saskatchewan oil spill
    on June 14, 2019 at 6:23 pm

    Husky Oil Operations entered guilty pleas June 12 on federal and provincial charges related to a 2016 oil spill in Saskatchewan and will pay fines totaling $3.82 million. Husky was fined $2.5 million under the federal Fisheries Act and $200,000 for a violation of the federal Migratory Birds Convention Act. It was fined $800,000 under the Saskatchewan Environmental Management and Protection Act and assessed a 40% victim impact surcharge of $320,000. […]

  • MARKET: Oil prices rise on tanker attacks
    on June 14, 2019 at 5:42 pm

    Oil futures rallied on the New York and London markets June 13 following attacks on two oil tankers near the Strait of Hormuz although crude settlements failed to completely recover from the previous trading session losses of more than $2/bbl. […]

  • CSB: Operational lapses led to well blowout, fire
    on June 13, 2019 at 7:48 pm

    Poor barrier management combined with underbalanced operations performed without proper planning, procedures, or needed equipment to make an Oklahoma natural gas well blow out and catch fire on Jan. 22, 2018, killing five workers in the driller’s cabin on the rig floor, a US Chemical Safety Board investigation concluded. […]

  • EPA chief extends emergency fuel waivers in Pennsylvania
    on June 13, 2019 at 6:35 pm

    US Environmental Protection Agency Administrator Andrew R. Wheeler extended temporary emergency fuel waivers on June 12 for Allegheny County, Pa. The waivers were due to expire on June 17. […]

  • Callon closes sale of noncore Midland assets
    on June 13, 2019 at 6:21 pm

    Callon Petroleum Co., Natchez, Miss., has closed on the sale of noncore assets in the southern Midland basin to Sequitur Permian LLC for net cash proceeds of $245 million. Proceeds do not include potential contingent consideration payments of up to $60 million based on West Texas Intermediate average annual pricing over 3 years. […]

  • CAPP: Canadian crude output growth slowing
    on June 13, 2019 at 6:14 pm

    Canadian production of crude oil and condensate will increase through 2035 but at rates sharply lower than predicted before the crude-price slump of 2014-15 and the onset of problems associated with pipeline congestion. In its annual outlook for crude oil, the Canadian Association of Petroleum Producers projects total Canadian production of 5.86 million b/d of crude oil in 2035, compared with 4.59 million b/d in 2018. […]

  • Canada nixes controversial-bill overhaul
    on June 13, 2019 at 5:47 pm

    Industry groups warned of further damage to Canadian oil and gas investment after federal Environment Minister Catherine McKenna rejected most amendments made in the Senate to a bill overhauling environmental review of energy projects. […]

  • ExxonMobil, SABIC to proceed with USGC petchem project
    on June 13, 2019 at 5:38 pm

    SABIC and ExxonMobil are proceeding with their previously announced plan to build the Gulf Coast Growth Ventures project, a 1.8 million-tonne/year ethane cracker currently planned for construction in San Patricio County, Tex. The ExxonMobil-SABIC joint venture has received final environmental regulatory approval to proceed with construction of the GCGV project, which will include an ethane steam cracker, two polyethylene units, and a monoethylene glycol unit. […]

  • MARKET: NYMEX oil prices plunge more than $2/bbl
    on June 13, 2019 at 5:22 pm

    Light, sweet crude oil prices for July and August dropped steeply by more than $2 on July 12 to settle below $52/bbl on the New York market while Brent crude oil also dipped by more than $2 in London to settle under $60/bbl. […]

  • Divisive bills raise odds in Canada for Trans Mountain nod
    on June 13, 2019 at 3:20 pm

    Two bills making the oil and gas industry anxious have survived in the Canadian Senate—one less damaging than its original version and one not. &nbs […]

  • World Bank: Global gas flaring up 3% in 2018
    on June 12, 2019 at 10:05 pm

    Flaring of natural gas rose 3% year-to-year in 2018 to an estimated 145 billion cu m, the World Bank’s Global Gas Flaring Reduction Partnership disclosed on June 12. The growth was associated with increased US crude oil production, although US flaring intensity—the volume of gas flared per barrel of produced oil—remained low at 2.2 cu m, it said. […]

  • BP report sees energy-emissions ‘mismatch’
    on June 12, 2019 at 7:57 pm

    Citing a “growing mismatch” between hope and action, BP executives released the company’s annual Statistical Review of World Energy featuring slow progress on climate change and rapid growth in energy demand and emissions of carbon dioxide. The report also noted that the US recorded the largest-ever annual production increases by any country for oil and natural gas, “the vast majority” coming from onshore shale plays. […]

  • Third KG D6 project off India sanctioned
    on June 12, 2019 at 7:01 pm

    Reliance Industries and BP have sanctioned the third of three projects in the integrated natural gas development of Block KG D6 in deep water off eastern India. The new project, MJ, is a high-pressure, high-temperature gas condensate field with well depths of 4,200 m below mean sea level in 700-1,100 m of water. It’s also called D55. […]

  • AFPM seeks court review of EPA’s year-round E15 authorization
    on June 12, 2019 at 5:55 pm

    The American Fuel & Petrochemical Manufacturers asked a federal appeals court to review the US Environmental Protection Agency’s authorization for gasoline with 15% ethanol (E15) to be sold year-round in the US. AFPM submitted its petition June 11 to US Appeals Court for the District of Columbia. […]

  • ExxonMobil wraps expansion project at Singapore refinery
    on June 12, 2019 at 5:49 pm

    ExxonMobil Corp. has completed a project to expand production of high-quality lubricant base stocks at affiliate ExxonMobil Asia Pacific's 592,000-b/d integrated, two-site refining complex on mainland Jurong and Pulau Ayer Chawan, Jurong Island, offshore southwestern Singapore. […]

  • Petrobras advances downstream divestment plans
    on June 12, 2019 at 5:41 pm

    Petrobras has signed a commitment agreement with Brazil’s Administrative Council for Economic Defense consolidating an understanding between the parties on the operator’s previously announced plan to divest its Brazilian refining assets. […]

  • DNO to decommission up to 21 wells offshore UK
    on June 12, 2019 at 5:36 pm

    DNO North Sea (ROGB), a unit of DNO, hired Well-Safe Solutions to decommission up to 21 UK Continental Shelf wells in Schooner and Ketch fields, which DNO acquired in 2018 from Faroe Petroleum. The North Sea fields stopped producing in August 2018. […]

  • EIA: US crude inventories up 2.2 million bbl
    on June 12, 2019 at 5:28 pm

    US crude oil inventories for the week ended June 7, excluding the Strategic Petroleum Reserve, increased 2.2 million bbl from the previous week, according to data from the US Energy Information Administration. Separately, the American Petroleum Institute said its own estimates showed US crude inventories increased 4.9 million bbl for the week. […]

  • Joint Louisiana Austin chalk work planned
    on June 12, 2019 at 5:22 pm

    Prime Rock Resources, a portfolio company of Lime Rock Partners, and privately held New Dawn Energy have agreed to jointly develop properties contributed by both companies in the Cretaceous Austin chalk play of Louisiana. […]

  • MARKET: NYMEX crude oil prices edge up
    on June 12, 2019 at 5:07 pm

    Crude oil prices gained slightly to hold fairly flat on markets in New York and London June 11. Analysts note that prices are down 20% from April based on concerns about slowing oil demand coupled with rising US production. […]

  • Shell to shed Martinez refinery
    on June 12, 2019 at 4:47 pm

    PBF Energy subsidiary PBF Holding Co. has entered an agreement with Royal Dutch Shell to purchase Shell subsidiary Equilon Enterprises’s (dba Shell Oil Products US) 157,000-b/d dual-coking refinery and integrated logistics assets at Martinez, Calif., for $0.9-1 billion plus the value of hydrocarbon inventory, crude oil supply, and product offtake agreements, and other adjustments. […]

  • IHS Markit: Canadian oil sands production growth to slow
    on June 12, 2019 at 7:27 am

    Canadian oil sands production growth is slowing, yet total production is expected to reach nearly 4 million b/d by 2030—nearly 1 million b/d more than current levels—according to a 10-year production forecast by IHS Markit. […]

  • EIA: Oil price forecast lower for 2019 on demand concerns
    on June 11, 2019 at 10:43 pm

    Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this month’s STEO, EIA reports expecting Brent to remain at $67/bbl in 2020. EIA’s lower Brent price path for this year reflects rising uncertainty about global oil demand growth. […]

  • Culzean field starts production off UK
    on June 11, 2019 at 7:53 pm

    Production has begun from Culzean gas condensate field in the Central Graben area of the UK North Sea. Development by Total SA and partners involved the drilling of six wells and construction of three bridge-linked platforms and a floating storage and offloading unit. […]

  • Russian gas exports to Hungary rise over 2018
    on June 11, 2019 at 7:25 pm

    Natural gas supplies from Gazprom to Hungary from Jan. 1 through June 5 totaled 4.3 billion cu m, a 57.5% increase vs. the same period last year. In addition to the contracted amounts, Hungary bought from Gazprom another 2 billion cu m of gas, which will be delivered this year. […]

  • Shell’s Prelude ships first LNG cargo
    on June 11, 2019 at 6:59 pm

    Shell Australia’s Prelude floating LNG project, 475 km offshore Broome, Western Australia, has shipped its first LNG cargo, loading the 173,400-cu m Valencia Knutsen for delivery to Asia. Prelude came on stream in January and shipped its first condensate cargos in March. […]

  • IEA: UK makes major progress reducing emissions
    on June 11, 2019 at 6:18 pm

    The UK has made major progress in reducing emissions, according to the International Energy Agency’s latest country review. “The United Kingdom has shown real results in terms of boosting investment in renewables, reducing emissions, and maintaining energy security,” said Fatih Birol, IEA’s executive director. “It now faces the challenge of continuing its transition while ensuring the resilience of its energy system.&rdquo […]

  • Eni enters waste-conversion partnership
    on June 11, 2019 at 5:50 pm

    Eni SPA has signed a partnership agreement with NextChem, Maire Tecnimont’s green chemistry subsidiary, to become codeveloper of technology to produce hydrogen and methanol from solid urban waste and nonrecyclable plastic. […]

  • Lukoil, KazMunayGaz mull Kazakh block JV
    on June 11, 2019 at 5:47 pm

    Lukoil and KazMunayGaz have signed a heads of agreement calling for negotiation of mineral rights on the I-P-2 block offshore Kazakhstan. The block is 130 km off Aktau in 300-400 m of water. Lukoil said 2D seismic surveys have been shot over the area. […]

  • Petrobras, SBM sign LOI for Mero 2 FPSO
    on June 11, 2019 at 5:40 pm

    Petroleo Brasileiro SA (Petrobras) signed a letter of intent with SBM Offshore for a 22.5-year lease and operation of the Mero 2 floating production, storage, and offloading vessel to be installed on giant Mero oil field in the Santos basin offshore Brazil. […]

  • ExxonMobil proceeds with Vaca Muerta expansion
    on June 11, 2019 at 5:30 pm

    ExxonMobil Corp. announced plans to proceed with long-term oil development on Bajo del Choique-La Invernada block within Argentina’s Vaca Muerta basin. The project is expected to produce as much as 55,000 boe/d within 5 years. The project will include 90 wells, a central production complex, and export infrastructure connected to the Oldeval pipeline and refineries. […]

  • MARKET: Brent for August drops $1/bbl
    on June 11, 2019 at 5:11 pm

    Brent crude oil for August delivery dropped by $1 to dip below $63/bbl on June 10 while light, sweet crude oil prices for July and August delivery also dropped moderately but both settled above $53/bbl. Ole Hansen of Saxo Bank said, “Crude oil began the week on the defensive with continued focus on the risk to global growth and demand.” He also noted rising weekly US crude oil inventories. […]

  • Phillips 66 forms crude oil pipeline JVs
    on June 11, 2019 at 12:00 am

    Phillips 66 has formed two separate 50-50 joint ventures to build pipelines that will transport crude oil from the Rockies and Bakken production areas to Cushing, Okla. and from Cushing and the Permian basin in West Texas to the Gulf Coast. […]

  • Guidance issued on states’ CWA Section 401 certification
    on June 10, 2019 at 11:41 pm

    The US Environmental Protection Agency issued new guidance on states’ certification authority under Section 401 of the Clean Water Act. The guidance provides recommendations to clarify and streamline the certification process and to promote greater investment in and certainty for national infrastructure projects while continuing to protect local water quality, EPA said. […]

  • Tariffs on Mexico
    on June 10, 2019 at 8:48 pm

    In ways both narrow and sweeping, US tariffs imposed on Mexican goods in response to illegal immigration would hurt the oil and gas industry. […]

  • OGJ’s new new owner
    on June 10, 2019 at 8:43 pm

    Until Apr. 3, 2018, the Oil & Gas Journal had not had a new owner since Apr. 20, 1910. Now it has had two of them. […]

  • Devon establishes target to reduce methane emissions
    on June 10, 2019 at 7:31 pm

    Devon Energy Corp., Oklahoma City, has set a methane-intensity rate target for its US oil and natural gas production operations of 0.28% or lower by 2025. In 2018, Devon’s methane-intensity rate was estimated at 0.32%, which is pending US Environmental Protection Agency review and third-party verification. […]

  • Indian refiners plan long LPG pipeline
    on June 10, 2019 at 7:21 pm

    Three state-owned refiners in India have agreed to form a joint venture to lay what they say will be the world’s longest LPG pipeline, spanning 2,757 km between Kandla, Gujarat, and Gorakhpur, Uttar Pradesh. Indian Oil Corp. will hold a 50% share of the venture. Bharat Petroleum and Hindustan Petroleum will hold 25% interests each. […]

  • Hartree to buy gas storage assets from Martin Midstream
    on June 10, 2019 at 6:41 pm

    Hartree Cardinal Gas, a subsidiary of Hartree Bulk Storage, has agreed to acquire from Martin Midstream Partners its membership interests in Arcadia Gas Storage, Cadeville Gas Storage, Monroe Gas Storage, and Perryville Gas Storage for $215 million in cash. […]

  • Partners reach FID on Whistler gas pipeline
    on June 10, 2019 at 6:29 pm

    MPLX, First Infrastructure Capital-backed WhiteWater Midstream, and a joint venture of Stonepeak Infrastructure Partners and West Texas Gas have reached a final investment decision to move forward with the design and construction of Whistler Pipeline which will transport natural gas from the Permian basin to the Texas Gulf Coast. […]

  • Comstock to acquire Covey Park for $2.2 billion
    on June 10, 2019 at 6:17 pm

    Comstock Resources has agreed to acquire privately held, Haynesville-focused Covey Park Energy in a $2.2-billion cash and stock deal. The deal, which includes the assumption of Covey Park’s outstanding debt and the retirement of its $1.1 billion in existing preferred units, expands Comstock’s position in the Haynesville natural gas basin. […]

  • Oman-Kuwait JV lets contract for Duqm petchem complex
    on June 10, 2019 at 5:09 pm

    Duqm Refinery & Petrochemical Industries, a joint venture of state-owned Oman Oil and Kuwait Petroleum subsidiary Kuwait Petroleum International, has let a contract to John Wood Group to provide front-end engineering design for a proposed onshore petrochemicals complex in the Duqm Special Economic Zone in Duqm, Al Wusta Governate, on Oman’s southeastern coast. […]

  • MARKET: Oil prices gain for two trading sessions
    on June 10, 2019 at 4:43 pm

    Light, sweet crude oil on the New York market and Brent crude oil prices in London gained for a second consecutive trading session June 7. Each of the two oil benchmarks rallied to settle more than $1/bbl higher compared with the previous settlement. […]

Comments Off on News Feed – Oil & Gas News

Comments are closed.