Oil And Gas News / Reports
MMEX Resources lets contract for proposed Texas refinery

MMEX Resources has let a contract to Blanchard Industrial to provide engineering, procurement, and construction on the first 10,000-b/d phase of its proposed Pecos County, Tex., refinery near the Sulfur Junction spur of the Texas Pacifico railroad, about 20 miles northeast of Fort Stockton.


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Imperial restarts Norman Wells production, Line 21 transport

Imperial Oil Ltd. has restarted production at its Norman Wells operations in the Northwest Territories following the return to service of Enbridge Inc.’s Line 21 pipeline. Imperial had previously resumed limited shipments of crude oil from storage in September. The company expects production to ramp up in the months ahead to about 10,000 b/d, consistent with rates prior to the shutdown.


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Gazprom advancing East Siberian gas field

Gazprom plans to start drilling production wells next year in Kovyktinskoye natural gas and condensate field in the Irkutsk Region of East Siberia. The state-owned company expects the field to start production in 2022 into the Power of Siberia gas pipeline, which will carry gas to Russia’s Far East and China.


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BP granted approval for Alligin development

BP expects production to begin in 2020 from Alligin oil field in the North Sea, for which it has received development approval from the UK Oil & Gas Authority. Alligin is a 20 million-bbl recoverable oil field in the Greater Schiehallion area about 140 km west of Shetland in 475 m of water. It is expected to produce 12,000 boe/d (gross) at peak from two wells tied back to the existing Schiehallion and Loyal subsea infrastructure using processing and export facilities of the Glen Lyon FPSO.


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Strike Energy makes $16-million (Aus.) bid for UIL Energy

Strike Energy Ltd., Adelaide, has made an off-market takeover offer UIL Energy Ltd. of Brisbane. Under the offer, UIL shareholders will receive 0.485 of a share of Strike for each share of UIL—a deal that implies an indicative price for UIL of 7.03¢/share and an indicative market capitalization of $16.1 million (Aus.).


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Petronas buys stake in Khazzan field in Oman

Malaysia’s state-held Petronas has acquired a 10% stake in BP PLC-operated Khazzan field in the Oman Desert 350 km south of Muscat. Petronas unit PC Oman Ventures will acquire the share in Block 61. BP currently holds 60% interest in the Khazzan project, which encompasses Khazzan and Makarem tight gas fields. State-owned Oman Oil Co. Exploration & Production holds 40%.


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Equinor lets contract for jack up rig in Norwegian North Sea

Equinor ASA has let a two-well contract with five options for single-well drilling to Rowan Cos. PLC for its Rowan Stavanger N-Class ultra-harsh environment jack up rig for use in Gudrun field in the Norwegian North Sea. In addition, Equinor and Rowan have signed a framework agreement based on terms that will also apply to future rig contracts with the company.


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IHS Markit: US chemical producers pressured by midstream constraints

The surge in production of associated and nonassociated natural gas from US shale gas and tight oil plays, combined with a wave of new petrochemical steam-crackers coming online, has created a major pinch-point for producers and purchasers of those ethane gas molecules, according to a recent market analysis by IHS Markit.


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MARKET WATCH: Brent crude, WTI end week in decline

Brent crude oil for December remained under $80/bbl on the London market Oct. 19 while light, sweet oil for November and December delivery settled over $69/bbl in New York. All were up slightly Oct. 19 as China showed signs of increased demand, but Brent crude ended the week with a 0.3% decline and West Texas Intermediate was down almost 3% for the week.


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Prejudgment, resort to oil weapon harmful to Khashoggi response

Imagine an oil market with one quarter of total supply controlled by two countries hostile to the West.

 


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Energy Transfer unit launches open season for Bakken pipeline system

Energy Transfer LP subsidiaries Dakota Access LLC and Energy Transfer Crude Oil Co. LLC (ETCO) launched a binding expansion open season to solicit shipper commitments for expanded transportation service through the Bakken pipeline system.


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What’s really doomed in new IPCC report? Politics of hysteria

If doom really exudes from the Intergovernmental Panel on Climate Change’s latest jeremiad, it relates more to politics than planetary temperature.

 


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Baker Hughes: US rig count up 4 units to 1,067

The US drilling rig count was up 4 units to 1,067 rigs working for the week ended Oct. 19, according to Baker Hughes data. The count is up 154 units from the 913 rigs working this time a year ago.


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Chandler named Laredo senior VP, COO

T. Karen Chandler has been promoted to the positions of senior vice-president and chief operating officer of Laredo Petroleum Inc., Tulsa.


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EPC contract let for Thai refinery upgrade

Thai Oil PLC has let a $4-billion contract to a consortium of Saipem, Petrofac, and Samsung for the Clean Fuel Project at its 275,000-b/d refinery at Sriracha, Thailand. The work will include engineering, procurement, construction and start-up for new units and upgrading of existing units.


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API: US petroleum demand in September slowed from August

With seasonal slowing after the summer driving season, US petroleum demand was 20.1 million b/d in September, down 3.5% from August but up 2.4% compared with September 2017. This is according the latest monthly statistics report from the US American Petroleum Institute. Year-to-date through September, US petroleum demand remained at its strongest since 2007, averaging 20.4 million b/d. This was an increase of nearly 500,000 b/d over the same period in 2017.


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Aker BP continues delineation of Gekko discovery in North Sea

Aker BP, operator of production license 203, and its partners are considering tie-back of its Gekko oil and gas discovery well (25/4-3) in the North Sea to the Alvheim floating production, storage, and offloading vessel after drilling two appraisal wells about 5 km east of Volund field and 200 km northwest of Stavanger.


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US regulators approve more development in NPR-A

US government regulators approved ConocoPhillips Alaska Inc.’s plan for development of its Greater Mooses Tooth 2 (GMT2) project in the National Petroleum Reserve-Alaska. The approval came less than 2 weeks after oil production started from Greater Mooses Tooth 1 (GMT1).


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Interior reports $2.5 billion in regulatory relief from reforms

Reforms in response to US President Donald Trump’s Executive Order 13771 have resulted in $2.5 billion of regulatory relief for oil and gas producers during the fiscal year 2018, the Department of the Interior indicated on Oct. 17. “The Trump Administration is doing exactly what was promised and making smart decisions to reform and reduce the regulatory burden on the American people and economy, and it’s producing big results,” Sec. Ryan Zinke said.


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MARKET WATCH: Brent crude oil price settles under $80/bbl

Brent crude oil for December settled under $80/bbl on the London market Oct. 18 while light, sweet oil for November and December settled under $69/bbl in New York. The Oct. 18 Brent settlement was the lowest since Sept. 21. Earlier this month, Brent briefly reached above $85/bbl although it failed to settle at that level. Crude oil benchmark prices since fell, which analysts attributed to stock market volatility worldwide.


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PGNiG to acquire Tommeliten interests from Equinor

PGNiG will acquire non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf in the greater Ekofisk area from Equinor for $220 million. Equinor will divest its 42.38% interest in the Tommeliten Unit (PL 044 TA) and 30% interest in PL 044. Both are operated by ConocoPhillips.


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BP starts production from Thunder Horse Northwest expansion project

BP PLC has started production from the Thunder Horse Northwest expansion project in the deepwater Gulf of Mexico, boosting production at the Thunder Horse facility by an estimated 30,000 boe/d at its peak and taking gross output from the oil field to more than 200,000 boe/d.


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Talos, Hokchi to cross-assign interests in two blocks off Mexico

Talos Energy Inc., Houston, entered into a transaction with Hokchi Energy SA de CV, a subsidiary of Pan American Energy LLC, to cross-assign its participating interest (PI) in Block 2 and Hokchi’s PI in Block 31. Both blocks are in the Sureste basin offshore Mexico.


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Another attempt by Samson to sell Foreman Butte project falls through

Samson Oil & Gas USA Inc. remains in discussions with Eagle Energy Partners I LLC, but also is seeking an alternate buyer for substantially all its Foreman Butte project after a $40-million agreement with Eagle Energy expired on Oct. 15.


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JupiterMLP secures funding to advance Permian-to-GC oil line

JupiterMLP LLC has secured enough funding from Charon System Advisors to build the 1 million-b/d capacity Jupiter Pipeline from the Permian basin to the Port of Brownsville, Tex., and will hold an open season for remaining capacity in November.


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EPA: US reports GHG emissions in 2017 down 2.7% from 2016

US reported greenhouse gas emissions totaled 2,898 million tonnes of carbon dioxide equivalent, 2.7% less than in 2016, the US Environmental Protection Agency reported on Oct. 17. The direct emissions data from 7,544 facilities in nine energy sectors as of Aug. 19 represent about half of the nation’s total GHG emissions, it said.


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MARKET WATCH: Oil prices drop on surprise build in US oil inventory

Light, sweet oil prices settled under $70/bbl, down more than $2 on the New York market Oct. 17 compared with the previous day after a government report showed an unexpected rise in the US crude oil inventory, excluding the Strategic Petroleum Reserve.


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Noreco to buy Shell Denmark upstream unit for $1.9 billion

Norwegian Energy Co. ASA (Noreco) has acquired from Royal Dutch Shell PLC the company’s upstream interests in Denmark via its shares in Shell Olie-og Gasudvinding Danmark BV (SOGU) in a deal valued at $1.9 billion. SOGU, a wholly owned Shell subsidiary, holds a 36.8% non-operating interest in the Danish Underground Consortium (DUC).


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Crimson Midstream, MPLX launch open season for Swordfish line

Crimson Midstream and MPLX have launched a binding open season to assess interest and solicit commitments from prospective shippers for crude oil transportation service on the Swordfish Pipeline. The pipeline is being developed to connect existing terminal facilities in St. James, La., and Raceland, La., to the Louisiana Offshore Oil Port terminal facility in Clovelly, La.


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Wintershall granted drilling permit in the Norwegian Sea

Wintershall Norge AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 6706/6-2 S in the Norwegian Sea. The well will be drilled using Transocean Ltd.’s Transocean Spitsbergen ultradeepwater semisubmersible drilling rig about 7 km northwest of the 6706/6-1 (Hvitveis) natural gas discovery made in 2003.


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EIA: US crude inventories increase 6.5 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.5 million bbl for the week ended Oct. 12, according to data from the US Energy Information Administration. At 416.4 million bbl, US crude oil inventories are about 2% above the 5-year average for this time of year, the report indicated.


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MARKET WATCH: Oil price rally pauses given US stock market volatility

Light, sweet oil prices climbed to settle slightly higher on Oct. 16 but fell Oct. 17 in early trading on the New York market, which analysts attributed to broader US equity market jitters. Crude prices had climbed to multiyear highs recently on oil supply concerns worldwide.


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Lukoil lets EPC contract for Kstovo coker

Lukoil NizhegorodNefteorgSyntez has let an engineering, procurement, and construction contract to McDermott International Inc. for a delayed coking unit at the 17 million-tonne/year refinery at Kstovo in Central Russia’s Nizhny Novgorod region. The 2.1 million-tpy coker will be part of a deep-conversion complex under construction at the refinery.


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Tallgrass, Silver Creek expand combine to transport PRB production

Tallgrass Energy LP, Leawood, Kan., and Silver Creek Midstream LLC, Irving, Tex., will expand their Powder River basin joint venture to own the Iron Horse Pipeline, the Powder River Express Pipeline (PREP), and crude oil terminal facilities in Guernsey, Wyo. Tallgrass will operate Powder River Gateway LLC with 51%. Silver Creek will own 49%.


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DrillCo plans fall through for Jones Energy

Jones Energy Inc., Austin, has scrapped plans to form a drilling joint venture in the Merge and Western Anadarko basins after a potential financing deal fell through.


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Shell Australia, QGC to drill 250 gas wells in Queensland

A group led by Royal Dutch Shell PLC that includes Queensland Gas Co. (QGC) plans to drill 250 coal seam gas wells during 2019-20 as part of its program in the Western Downs region of Queensland. The wells will be connected to the existing QGC gas processing plants and produce about 930 petajoules of gas over the next 30 years.


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Chances rise for Goddard gas development

Chances for development of the Goddard natural gas discovery in the UK North Sea have risen to 75% after third-party confirmation of the resource estimate, reports Independent Oil & Gas. ERC Equipoise estimated gross midpoint contingent resources at 108 bcf for the main Goddard structure and at 73 bcf for two adjacent structures directly east of the discovery, in line with IOG estimates.


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Po Valley keeps Italian oil fields after aborted sale

Po Valley Energy Ltd., Perth, has kept full ownership of its two onshore oil fields in northern Italy northeast of Modena following the blockage of their sale to private UK company Delta Energy Ltd. by a major Delta shareholder.


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Devon restores full-scale operations at Jackfish 1 complex

Devon Energy Corp., Oklahoma City, completed additional facilities work at its Jackfish 1 heavy oil project in the southern Athabasca oil sands region of Alberta, and full-scale operations have been restored. The work was related to minor facility repairs identified during turnaround startup activities.


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MARKET WATCH: Oil benchmark prices supported by ongoing US-Saudi tensions

Crude oil benchmark prices rose moderately on New York and London markets Oct. 15 amid rising US-Saudi tensions after the disappearance and suspected killing of a dissent Saudi journalist. US President Donald Trump has suggested some punishment if the Saudi government is found to have been involved in the disappearance of journalist Jamal Khashoggi who was last seen entering the Saudi consulate in Istanbul on Oct. 2.


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Survey sees fading appreciation for economic freedom
More important than country rankings in the Fraser Institute’s annual Economic Freedom of the World (EFW) report are indications of fading appreciation for the ability of individuals to make their own economic decisions.
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Watching Government: Improving pipeline cybersecurity
The US Departments of Energy and Homeland Security jointly announced a new Pipeline Security Initiative on Oct. 3 as their Oil and Natural Gas Subsector Coordinating Council (ONG SCC) held its final 2018 meeting at DOE.
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API: US petroleum net imports rose strongly on falling exports
The US has reached a new record for crude oil production of 10.8 million b/d over the past 2 months, but petroleum exports decreased by 1.3 million b/d since June, according to a recent industry outlook for the third quarter from the American Petroleum Institute.
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Shell unit advances construction at Appalachian ethylene complex
Shell Chemical Appalachia LLC has completed installation of major equipment at its long-planned grassroots petrochemical complex currently under construction along the Ohio River in Potter Township, Beaver County, Pa., about 30 miles northwest of Pittsburgh.
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Beach Energy sells 40% of its Otway basin interests
Beach Energy Ltd., Adelaide, has sold 40% of its Victorian-Tasmanian Otway basin interests to Monaco-based Israeli businessman Eyal Ofer’s OG Energy Holdings Ltd. for $344 million (Aus.) in cash.
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Michigan in new deal or Enbridge to replace Line 5 in straits
Enbridge Inc. will shut down and replace its Line 5 across the Straits of Mackinac with a multiuse utility tunnel that the Calgary energy transmission company will pay for, Michigan Gov. Rick Snyder (R) announced.
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Polish president seeks more US help in fighting Russian energy moves
The US and Poland will need to keep working together to fight European energy security threats represented by the Nord Stream 2 natural gas pipeline and possible additional Russian-backed projects, Polish President Andrzej Duda said following a White House meeting last month with US President Donald Trump.
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EPA proposes revisions in oil and gas operations’ emissions limits

The US Environmental Protection Agency proposed changes in regulations it issued in 2016 limiting emissions at oil and gas operations. Specifically, it is reconsidering fugitive emissions requirements, wellsite pneumatic pump standards, requirements for certification of closed vent systems, and the alternative means of emissions limitations provisions, EPA said in an Oct. 15 Federal Register notice.


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Trump orders EPA to waive volatility limits for E15
US President Donald Trump ordered the US Environmental Protection Agency to waive volatility limits for gasoline with a 15% blend, facilitating its year-round sale in the country.
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EPA starts oil, gas wastewater management study amid complexities
The US Environmental Protection Agency is studying oil and gas wastewater management requirements and policies with the intention of producing a white paper early in 2019 that will help it determine if new federal regulations are necessary, officials said Oct. 9. They also acknowledged that it will be difficult.
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