Oil And Gas News / Reports
EIA’s 2018 IEO
Uncertain projected economic conditions and growth patterns in China, India, and Africa dominated the US Energy Information Administration’s 2018 International Energy Outlook when it was released on July 24.
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DOE rules to speed approval of small-scale gas exports

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BP acquires US shale assets from BHP
BP American Production Co. has agreed to acquire from BHP its entire interests of the issued share capital of Petrohawk Energy Corp., the BHP subsidiary that holds the Eagle Ford, Haynesville, and Permian onshore US oil and gas assets for $10.5 billion.
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Eni gets license, extensions in Egypt

Eni plans to drill an exploration well this year on its Nour prospect in the East Nile Delta basin under a new license in Egypt.


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APA board recommends $13-billion (Aus.) takeover offer from CKI venture

The board of Australian gas pipeline company APA Group has unanimously recommended its shareholders vote for a $12.98-billion (Aus.) takeover offer from Hong Kong firm CK Infrastructure Holdings and Power Assets Holdings at a meeting scheduled for late November.


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Santos brings in fourth rig for Cooper basin gas development

Santos has brought in a fourth drilling rig to strengthen its gas development program in the Cooper basin. The rig is scheduled to drill eight wells by yearend, beginning with four deviated wells in Big Lake field in South Australia. This will be followed by four appraisal wells in Moomba South field.


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Petronas unit due interest off Senegal

PC Senagal, a Petronas subsidiary, has agreed to acquire a 30% participating interest in the Rufisque Offshore Profond block in Senegal from Total E&P Senegal. Total remains operator with a 60% interest. Petrosen holds the other 10%.


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Santos, Total add new prospect with Beehive 3D program

The Beehive 3D seismic program in the Bonaparte Gulf, funded by Santos Ltd. and Total SA as part of farm-in obligations to obtain an option to drill in Melbourne-based Metana Energy Ltd.’s WA-488-P permit, has been completed and evaluation has begun.


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Williams receives FERC approval for Transco expansion

Williams Cos. Inc., Tulsa, has received a certificate of public convenience and necessity from the US Federal Energy Regulatory Commission authorizing the Rivervale South to Market project—an expansion of the Transco natural gas pipeline to serve the US Northeast.


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Study: Upstream project delivery improving

Execution of upstream oil and gas projects is improving, says a new study by Wood Mackenzie. Midsize to large projects in growing numbers have been delivered on target during the past 12 months.


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MARKET WATCH: NYMEX, Brent oil prices drop on higher OPEC production

Light, sweet crude oil prices for September delivery dropped moderately on the New York market Aug. 13 while the Brent contract for October also fell in London after the Organization of Petroleum Exporting Countries said the cartel’s production rose in July.


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North Sea wildcat comes up dry for Spirit Energy

Spirit Energy Norge AS has permanently plugged and abandoned wildcat well 7322/7-1 in the North Sea, the Norwegian Petroleum Directorate said. The well, the first exploration well in Spirit-operated production license 852, is dry.


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Neptune Energy to buy certain UK North Sea assets from Apache

Neptune Energy Group has agreed to acquire from Apache North Sea Ltd. (ANSL), a subsidiary of Apache Corp., Houston, certain development and exploration assets in the UK Central North Sea. The purchase price was undisclosed.


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Libyan oil output gyrates again as terminals attacked
After a relatively steady year, oil production in Libya plunged in June as militancy once again hobbled oil export terminals. Output had stayed about 1 million b/d most months since July 2017, having recovered from 260,000 b/d in August 2016.
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Watching Government: Colorado’s Initiative 97
Colorado Rising turned in more than 171,000 signatures to Secretary of State Wayne W. Williams (D) on Aug. 6 in support of its proposed November ballot initiative. It said Initiative 97 would establish “commonsense initiatives for our communities from the dangers of oil and gas development and fracking (sic).” Others saw it much differently.
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Petron lets contract to expand capacity at Bataan refinery
Petron Corp., Mandaluyong City, Philippines, has let a contract to Honeywell UOP LLC to provide technology licensing for expanding and upgrading production capacity at the 180,000-b/d Bataan refinery at Limay, about 150 km southwest of Manila.
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ExxonMobil commissions Baytown ethane cracker
ExxonMobil Chemical Co. has started up its 1.5 million-tonne/year ethane steam cracker at the company’s integrated chemical and refining complex in Baytown, Tex.
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USVI legislature approves agreement for St. Croix refinery restart
Senators of the 32nd Legislature of the US Virgin Islands have approved a proposed $1.4-billion operating agreement between the government and ArcLight Capital Partners LLC, Boston, to restart the 500,000-b/d refinery at Limetree Bay, on the island of St. Croix
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MEG: Christina Lake output surged in July
MEG Energy Corp., Calgary, says bitumen production surged last month at its Christina Lake thermal project south of Fort McMurray, Alta., after a 33-day turnaround in the year’s second quarter and application of new technology in the latest development phase.
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Oil Search finds gas in quality reservoir in Papua New Guinea
Oil Search Ltd.’s Barikewa-3 appraisal well in retention license PRL-9 in the forelands of Papua New Guinea has encountered natural gas in the target Toro and Hedinia sandstone reservoirs.
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Whiting makes bolt-on Williston basin deal
In late July, Whiting Petroleum Corp., Denver, completed a $130-million acquisition of Williston basin properties, the company said as part of its second quarter operating and financial report.
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Pemex’s Salina Cruz refinery returning to normal operations

Mexico’s Petroleos Mexicanos processing subsidiary Pemex Transformacion Industrial (formerly Pemex Refinacion) has resumed operations at its 330,000-b/d Antonio Dovali Jaime refinery in Salina Cruz, Oaxaca, following a power outage that led to a shutdown of the site late on Aug. 8.


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Caspian leaders sign territorial agreement

Leaders of countries with Caspian Sea coasts have signed an agreement on territorial claims under dispute since collapse of the Soviet Union in 1991. Clarification of at least some legal questions will ease impediments to oil and gas exploration and development and to pipeline construction.


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MARKET WATCH: Crude oil prices end week higher after IEA demand forecast

Light, sweet crude oil prices for September delivery rose to close above $67.60/bbl on the New York market Aug. 10 while Brent crude for October also gained to close above $72.80/bbl. Analysts attributed the gains to the International Energy Agency’s oil demand growth forecast.


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Basra Oil lets contract to expand central processing at Majnoon

Basra Oil Co. has let a contract to Petrofac to expand the central processing facility at Majnoon oil field in Basra, Iraq. As part of the lump-sum, $370-million contract, Petrofac will deliver engineering, procurement, and construction services for two oil processing trains equipped to process a combined 200,000 b/d of oil from the field.


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FERC’s Mountain Valley Pipeline stop-work order may be temporary
The US Federal Energy Regulatory Commission has issued a stop-work order for the proposed Mountain Valley interstate natural gas pipeline. Opponents immediately said the Aug. 3 action was a major setback for the planned 303-mile system from Wes
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US groups voice concerns about Chinese LNG tariff plans
Officials from three leading US groups that support increased exports of US LNG separately addressed concerns on Aug. 3 over the Chinese Ministry of Commerce’s announcement that tariffs ranging 5-25% will be imposed on US LNG.
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NGC: Gas systems resilient in three big weather events
US natural gas systems clearly demonstrated their resilience during three recent major weather events, a study commissioned by the Natural Gas Council concluded.
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What OPEC counterweight?
With sound governance and a little cooperation, Canada, the US, Mexico, Colombia, Brazil, and Argentina once might have envisioned formation of a Western Hemisphere counterweight to the Organization of Petroleum Exporting Countries. So much for dreams.
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Deciphering Cushing’s draw
According to the US Energy Information Administration’s weekly data, crude inventories at Cushing, Okla., were 22.4 million bbl as of July 27. Cushing crude inventories have fallen continually since they peaked at 69 million bbl in April 2017.
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OGJ Newsletter

International news for oil and gas professionals


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Saudi-Canadian row reveals much about approach to rights

In the bizarre diplomatic row between Saudi Arabia and Canada, a development scarcely reported reveals much.

 


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Tap Oil supports increased Risco takeover offer

Tap Oil Ltd., Perth, entered into a binding implementation agreement with Singapore’s Risco Energy Investments (SEA) Ltd. following Risco’s announcement of an increased takeover offer to acquire all the ordinary fully paid Tap Oil shares on issue that Risco does not already own for 9.1¢ (Aus.)/share cash.


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Diamondback to acquire Ajax Resources in $1.25-billion deal

Diamondback Energy Inc. will acquire privately held Ajax Resources LLC, Houston, in a cash and stock deal valued at $1.25 billion, bringing its total leasehold interests to 230,000 net surface acres in the Permian basin.


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IEA: Oil demand growth cooling, but might not last

Brent crude oil prices on London’s International Commodity Exchange fell in July on higher global output, while West Texas Intermediate crude prices on the New York Mercantile Exchange rose on strong US refining and exports. Both benchmarks are up 50% year-over-year. The Brent-WTI differential in July narrowed sharply vs. June.


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Baker Hughes: US rig count jumps 13 units to 1,057

The US drilling rig count jumped 13 to reach 1,057 units working for the week ended Aug. 10, according to Baker Hughes data. The count is up 90 units from this time a year ago when the count stood at 954.


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BLM’s Bakersfield office seeks input on potential fracing impacts

The US Bureau of Land Management’s Bakersfield office reported it is seeking public input on potential impacts if hydraulic fracturing is allowed on federally managed land in the state. Comments must be received by Sept. 7.


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Norwegian Sea wildcat well comes up dry for Shell

AS Norske Shell, operator of PL 832 in the Norwegian Sea, will plug and abandon wildcat well 6304/3-1. The well, drilled 35 km northwest of Ormen Lange field and 165 km northwest of Molde, is dry, the Norwegian Petroleum Directorate reported.


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Pemex to restart Salina Cruz refinery after power outage

Mexico’s Petroleos Mexicanos (Pemex) processing subsidiary Pemex Transformacion Industrial (formerly Pemex Refinacion) is in the process of restarting operations at its 330,000-b/d Antonio Dovali Jaime refinery in Salina Cruz, Oaxaca, following a power outage that led to a shutdown of the site late on Aug. 8.


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ExxonMobil signs intent to ship gas on Permian Highway line

ExxonMobil Corp. plans to support the proposed Permian Highway Pipeline (PHP) Project, signing a letter of intent for subsidiary XTO Energy to contract for as much as 450,000 dekatherms/day of capacity on the pipeline.


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CARB reaches proposed agreement with SoCalGas on Aliso Canyon leak

The California Air Resources Board has reached a proposed agreement with SoCalGas aimed at fully mitigating natural gas released during a leak at the Aliso Canyon gas facility during October 2015-February 2016. Residents from the nearby Porter Ranch subdivision were evacuated as a result.


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MARKET WATCH: NYMEX, Brent crude oil prices steady following tariff exemption

Crude oil benchmark prices were down slightly on New York and London futures markets Aug. 9, one day after the tumultuous $2/bbl-drop midweek. China’s declaration to impose additional tariffs of 25% on certain US imports spooked the market, but the exemption of crude oil helped steady prices Aug. 9.


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NuVista to acquire Pipestone assets for $625 million (Can.)

NuVista Energy Ltd. has entered into an agreement with Cenovus Energy Inc., both of Calgary, to acquire Cenovus Pipestone Partnership, which holds the Pipestone and Wembley natural gas and liquids business in northwestern Alberta, for $625 million (Can.).


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Essar to lift Indian CBM output, study shale

Essar Oil & Gas Exploration & Production Ltd. plans to double production from its Raniganj East coalbed methane block in West Bengal and assess shale resources there and in CBM holdings elsewhere in India.


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Horizon finds partner to bring Lachowice gas field to production

Horizon Petroleum has signed a farm-in agreement on Lachowice natural gas field in the Bielsko-Biala concession in southern Poland, a concession the company is in the process of acquiring.


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Evans named president, CEO of MEG Energy

Derek Evans has been named president and chief executive officer of MEG Energy Corp.


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Apache, KAAC to form $3.5-billion pure-play Permian midstream C-corp

Apache Corp. will contribute its midstream assets at Alpine High to Altus Midstream LP, a partnership jointly owned by Apache and Kayne Anderson Acquisition. At closing, KAAC will be renamed Altus Midstream Co., a C-corporation anchored by substantially all of Apache's gathering, processing, and transportation assets at Alpine High in the Delaware basin.


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RockRose acquiring Dana’s Arran field stake

RockRose Energy has agreed to acquire Dana Petroleum (E&P)’s 20.43% interest in Central UK North Sea blocks encompassing Arran gas and condensate field for what it described as “nominal consideration.”


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McNally named president and CEO of EQT

Robert J. McNally will become president and chief executive officer of EQT Corp. when the company completes the separation of its upstream and midstream businesses. Now chief financial officer, McNally will succeed David L. Porges, who has been interim president and CEO since the resignation in March of Steven Schlotterbeck.


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Tatweer Petroleum lets contract to expand gas production

Tatweer Petroleum, a subsidiary of the National Oil & Gas Authority of Bahrain’s business development and investment arm NOGA Holding Co., has let a contract to Petrofac to provide additional works related to the service company’s previous installation of a new central gas dehydration plant for Tatweer in Bahrain field.


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