A possible resumption of Niger Delta militancy threatens a 5-month recovery in oil production in Nigeria, one of two wildcard members of the Organization of Petroleum Exporting Countries warns an analyst at Verisk Maplecroft, Bath, UK.
Sydney-based Elk Petroleum Ltd. has agreed to acquire a subsidiary of Resolute Energy Corp., Denver, including its 63% interest in Greater Aneth oil field in the Paradox basin of southeastern Utah, for $160 million.
The New York State Department of Environmental Conservation (NYSDEC) waived authority to issue or deny a water-quality certification for the Millennium natural gas pipeline’s 7.8-mile Valley Lateral in Orange County, NY, when NYSDEC did not act within the federal Clean Water Act’s Section 401 1-year timeframe, the US Federal Energy Regulatory Commission ruled on Sept. 15.
China National Petroleum Corp. and Eni SPA have signed an agreement to cooperate in “oil and gas exploration and production, gas and LNG value-chain opportunities, trading and logistics opportunities, refining, and petrochemicals,” the Italian company said in a press statement.
The US light, sweet crude oil contract for October settled flat on Sept. 15 at $49.89/bbl, unchanged from the previous day, after alternating between gains and losses throughout that day’s trading session.
It's no secret that onshore oil and gas producers would like to see states play a bigger part in producing deposits on federally managed land.
Russia probably has a stronger interest now than China in propping up President Nicolas Maduro’s regime to gain more access to Venezuela’s massive crude oil deposits, two witnesses told a US House Foreign Affairs subcommittee on Sept. 13. But China has more financial leverage over the South American country’s government, with up to $60 billion of loans since 2007 in exchange for 500,000 b/d of Venezuelan crude, they said.
Inpex Corp., Tokyo, said it will acquire a 40% interest in exploration license PL767 in the western Barents Sea offshore Norway from Bayerngas Norge AS.
Carbon capture and storage (CCS) faces bigger financial obstacles than environmental ones if it is to spread beyond enhanced oil recovery (EOR) in the US, witnesses agreed at a Sept. 13 US Senate Environmental and Public Works Committee hearing.
The US light, sweet crude oil contract for October approached $50/bbl while the November contract settled above $50/bbl Sept. 14 on the New York market. Oil price gains slowed Sept. 15 after North Korea fired a missile over Japan for the second time in a month. The launch came days after the United Nations Security Council adopted fresh sanctions against North Korea.
The US House of Representatives approved the Fiscal 2018 Interior Department, Environment, and Related Appropriations bill on Sept. 14 that included two amendments affecting oil and gas producers that it adopted the previous day. Approval of the amended bill was by a 211-198 vote, heavily along party lines.
DGR Global Ltd., Brisbane, has made an agreement with fellow explorer Armour Energy Ltd., also of Brisbane, to take part in Armour’s application for the Kanywataba block at the southern end of Lake Albert in Uganda.
The government of Papua New Guinea has started paying local landholders royalties from the ExxonMobil Corp.-operated Papua New Guinea LNG (PNG-LNG) project.
World energy consumption is projected to rise to 736 quadrillion btu (quads) in 2040 from 575 quads in 2015, an increase of 28%, according to the latest International Energy Outlook 2017 (IEO2017) from the US Energy Information Administration.
The US light, sweet crude oil contracts for October and November jumped more than $1 to each settle above $49/bbl Sept. 13 on the New York market, the highest in a month. The Brent contract for November settled above $55/bbl on the London market, its highest since April.
Enable Midstream Partners LP has agreed to acquire Align Midstream LLC from Tailwater Capital LLC for $300 million.
American Petroleum Institute Pres. Jack N. Gerard expressed confidence that the 115th Congress could pass important energy legislation before yearend because the oil and gas industry is so essential to the general US economy. “If it wasn’t apparent before, it became obvious the past 2 weeks during Hurricanes Harvey and Irma,” he told OGJ during a Sept. 13 reception that API hosted on Capitol Hill.
In the latest Oil Market Report (OMR), the International Energy Agency has revised upwards its estimates of global oil demand growth in 2017, this time by 100,000 b/d to 1.6 million b/d.
Sabinal Energy LLC, The Woodlands, Tex., has acquired assets comprising 7,500 boe/d of production and covering 66,500 net acres in Hockley, Terry, and Gaines counties in Texas, part of the Central Basin Platform and Northern Shelf, from Chevron USA Inc.
Seadrill Ltd., Hamilton, Bermuda, has filed prearranged Chapter 11 cases in the Southern District of Texas along with an agreed upon restructuring plan.
A rival bidder to Zeta Energy Pte. Ltd. for the takeover of New Zealand Oil & Gas Ltd. (NZOG) has emerged in the form of OG Oil & Gas Ltd. (OGOG), a subsidiary of the Monaco shipping company Ofer Global Group.
Origin Energy Ltd., Sydney, on behalf of its oil and gas subsidiary Lattice Energy, has acquired Benaris International’s 28% interest in the Otway gas project offshore Tasmania and Victoria for $250 million (Aus.).
The impact of Hurricane Harvey is still being felt in US markets with crude oil inventories jumping and gasoline inventories diving for a second straight week.
The US light, sweet crude oil contract for October gained slightly on Sept. 12 on the New York market as did Brent crude oil prices in London after the Organization of Petroleum Exporting Countries reported a production drop.
Hurricane Harvey has tremendously disrupted the US crude oil and product markets in recent weeks. At the peak of disruption, an estimated 3.9 million b/d of US Gulf Coast refining capacity was taken offline, and oil transportation capacity in the region was restricted.
An election seen partly as a referendum on Norway’s future as an oil-producing country went solidly for the status quo.
Block Energy PLC, London, has agreed to sell gold-mining subsidiary Antubia Resources Ltd. and will concentrate on oil and gas development in the Republic of Georgia.
The US light, sweet crude oil contract for October gained modestly on the New York market Sept. 11 while heating oil and gasoline futures prices fell as Hurricane Irma moved north along Florida’s Gulf Coast.
Oman’s Ministry of Oil & Gas has opened 10 blocks to be tendered over the next several years. Bidding starts Sept. 20 for Blocks 43B, 47, 51, and 65. The ministry deployed a living data room in 2016, making high-quality raw data available via its web interface.
The government of Kuwait has moved toward development of four border oil fields in cooperation with the government of Iraq.
BP Midstream Partners, a wholly owned, indirect subsidiary of BP PLC, has filed a registration statement on Form S-1 with the US Securities and Exchange Commission related to its proposed initial public offering of common units representing limited partner interests.
At the request of the Lebanese Petroleum Administration (LPA), Energy and Water Minister Cesar Abi Khalil has extended to Oct. 12 the deadline for the country’s first oil and gas bidding round from the original Sept. 15 deadline.
The White House intends to nominate Howard R. Elliott, who presently leads public safety, health, environment, and security operations for CSX Transportation in Jacksonville, Fla., to serve as the new administrator of the US Pipeline & Hazardous Material Safety Administration, it announced on Sept. 8.
BP PLC and Bridas Corp., Buenos Aires, have agreed to merge their interests in oil and gas producer Pan American Energy LLC (PAE) and refiner and marketer Axion Energy Argentina SA in a cash-free deal, forming the privately owned, integrated Pan American Energy Group (PAEG).
The US light, sweet crude oil contract for October dropped more than $1.60 on the New York market Sept. 8 while market participants monitored the path of Hurricane Irma, which made landfall in Florida over the weekend about 2 weeks after Hurricane Harvey hit Texas.
The overall US rig count has made another slight gain again this week. Baker Hughes’ calculation of active US rigs increased 1 unit during the week ended Sept. 8 to 944.
A wide range of changes since Hurricane Katrina in 2005 clearly improved the recovery since Hurricane and Tropical Storm Harvey tore through Texas and Louisiana where 25% of the nation’s refining capacity is located, two experts agreed in a Sept. 7 teleconference sponsored by the American Petroleum Institute.
CEFC China Energy Co. Ltd., Shanghai, has agreed to buy 14.16% of the share capital of Rosneft from a combine of Glencore, Baar, Switzerland, and Qatar Investment Authority (QIA).
US light, sweet crude oil prices declined slightly on the New York market on Sept. 7 while Brent extended a week of steady gains. Analysts said US crude prices appeared to be stuck at pre-Hurricane Harvey levels.
Contradictory signals from the Trump administration could help push North American Free Trade Agreement renegotiations now under way into 2019 and possibly beyond, speakers said during a Sept. 7 discussion at the Atlantic Council.
Refinery shutdowns and slowdowns on the US Gulf Coast caused by Tropical Storm and Hurricane Harvey caused the first US crude oil inventory gain in weeks, while gasoline stockpiles experienced a drawdown in relief of the decreased refining capacity.
Oil & Gas UK is hoping the UK Continental Shelf will get “a badly needed investment boost” as a result of almost $6-billion worth of mergers and acquisitions in this year’s first half.
Light, sweet crude oil prices for October delivery gained 50Â¢/bbl on the New York market Sept. 7 while the US gasoline benchmark fell 2.5Â¢ as some US Gulf Coast refineries restarted operations.
Statoil ASA, in two transactions, has ramped up its offshore participation in South Africa. The operator acquired 35% interest in the 12/3/252 Transkei-Algoa Exploration Right from ExxonMobil Exploration & Production South Africa Ltd.
The US Bureau of Land Management’s Utah state office said on Sept. 1 that it will accept protests through Oct. 2 of two sets of oil and gas leases it plans to offer as part of its quarterly online lease sale on Dec. 12. The proposed tracts were prepared by its Vernal and Price field offices.
The Natural Gas Supply Association and American Petroleum Institute filed an amicus brief in the Electric Power Supply Association’s and three other plaintiff’s appeal to the US Seventh Circuit Appeals Court to overturn a lower court’s ruling supporting Illinois’s Zero Emissions Credit (ZEC) program.
The Western Australian government has joined the growing number of Australian states and territories to place a moratorium on hydraulic fracturing.
US Sec. of the Interior Ryan Zinke appointed 18 primary and 20 alternate members to the royalty policy committee he announced he would form in March.
Qiping Men has been appointed interim chief executive officer of Sunshine Oilsands Ltd., Calgary, succeeding Hong Luo, who remains an executive director.
Light, sweet crude oil prices jumped more than $1/bbl on the New York market Sept. 5 while the US gasoline benchmark fell nearly 5Â¢. Traders attributed the price moves to growing demand for crude oil from restarted refineries along the Texas coast.
US Gulf Coast refiners and shippers continue to restore operations amid possible damages and logistical constraints caused by Hurricane and Tropical Storm Harvey. Meanwhile, upstream firms are still monitoring the midstream and downstream recovery to determine how much oil and gas they can produce.
The US will be a net oil exporter by 2023, predict analysts at PIRA Energy Group.
The US Department of Energy proposed a rule that would allow it to authorize natural gas exports of as much as 140 MMcfd to customers in countries that do not have a free-trade agreement with the US, providing the application does not require an environmental impact statement or assessment under the 1969 National Environmental Policy Act. Comments on the Sept. 1 proposal will be accepted through Oct. 16.
Canadian Natural Resources Ltd. is to buy assets in northern Alberta for gross cash consideration of $975 million (Can.) from Cenovus Energy Inc.
China National Offshore Oil Corp. signed a production-sharing contract with SK Innovation Co. Ltd., Seoul, for Block 17/08 in the South China Sea.
Acquisition by Oil & Natural Gas Corp. of the Indian governments’ majority interest in Hindustan Petroleum Corp. Ltd. (HPCL) will not result in a merger, according to an ONGC executive.
Maria Moraeus Hanssen has been named chief executive officer and chairman of DEA Deutsche Erdoel AG, effective January 2018.
Light, sweet crude oil prices gained slightly on the New York market Sept. 1 as contracts for both October and November delivery closed above $47/bbl after some refineries discussed plans to restart operations following Hurricane and Tropical Storm Harvey.
With the remnants of Hurricane Harvey finally clear of the region, many US Gulf Coast refiners and upstream operators are gradually increasing output in areas not overly beset by flooding or logistical constraints.
The American Petroleum Institute reiterated its concerns about possible consequences from allowing ethanol blends of more than 10% in the nation’s gasoline supplies in comments it submitted to the US Environmental Protection Agency.
Hurricane Harvey has created considerable uncertainty for gasoline supply and prices, as the area affected by the storm is home to much of the nation’s petroleum infrastructure, the US Energy Information Administration said.
Relaxation of ethanol requirements for gasoline sold in the US would help relieve pressure on fuel supplies and costs to consumers caused by Hurricane Harvey, according to the Energy Policy Research Foundation Inc.
The US Energy Information Administration reported underground natural gas storage across the Lower 48 states rose 30 bcf for the week ended Aug. 25.
The light, sweet crude oil contract for October jumped by more than $1 to settle above $47/bbl Aug. 31 while gasoline futures prices reached 2-year highs, having gained for 8 consecutive days on the New York futures market.
Government authorities and plant operators along the US Gulf Coast continued to assess how extensively refineries and petrochemical installations were damaged as Hurricane Harvey became a tropical storm and made a second landfall in Louisiana before heading inland northeast across Mississippi and Tennessee.
As personnel attempt to move in on upstream, downstream, and midstream sites along the US Gulf Coast to assess possible damage following passage of Hurricane and Tropical Storm Harvey, the US government will send oil to the region’s beleaguered refining segment and a major fuel pipeline system will try to restart a portion of its operations.
The light, sweet crude oil price for October delivery fell to settle below $46/bbl while gasoline futures jumped for a third consecutive day Aug. 30 in the aftermath of Tropical Storm Harvey’s flooding, prompting multiple refinery closing along the Gulf of Mexico coast.
Kuwait Foreign Petroleum Exploration Co. KSC wholly owned subsidiary Kufpec Norway AS has reached agreement to acquire 15% interest in Gina Krog field from Total E&P Norge AS for $317 million.
Crude oil and natural gas production outages persist in the US Gulf of Mexico as well as onshore Texas as Tropical Storm Harvey moves over East Texas and southwestern Louisiana, another major US downstream region.
Global capital spending in 2018 will increase a modest 4%, down from 2017 growth of 8%, according to preliminary results of Barclays’ midyear global spending survey of more than 200 companies.
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 5.4 million bbl for the week ended Aug. 25 compared with previous week, the US Energy Information Administration said.
The light, sweet crude oil price for October delivery fell while gasoline futures jumped for a second consecutive day Aug. 29 as Tropical Storm Harvey’s flooding kept Texas refineries closed, raising fears of fuel shortages.
The US Department of Energy’s Fossil Energy Office extended the deadline for bidding on crude oil it has offered for sale from the US Strategic Petroleum Reserve until 2 p.m. CDT on Sept. 6. It cited impacts from Hurricane Harvey along the US Gulf Coast, where the reserve’s storage facilities are located, as the reason for its Aug. 28 move.
Light, sweet crude oil prices on the New York Mercantile Exchange dropped by more than $1 on Aug. 28 while gasoline futures climbed as expected after Hurricane Harvey slammed Texas on Aug. 25. Tropical Storm Harvey returned offshore Texas on Aug. 28.