Thirteen are feared dead after a CHC helicopter on assignment for Statoil ASA crashed on Apr. 29 outside Turoy in Fjell municipality outside Bergen, Norway.
Opponents and supporters of the US Bureau of Land Management’s proposed venting and flaring rule for oil and gas producers quickly defined their main differences at an Apr. 27 House Natural Resources subcommittee hearing.
ExxonMobil Corp. posted first-quarter earnings of $1.8 billion compared with $4.9 billion a year earlier. The impacts of sharply lower commodity prices and weaker refining margins were partly offset by strong chemical results.
Chevron Corp. posted a first-quarter loss of $725 million compared with earnings of $2.6 billion in first-quarter 2015. Foreign currency effects decreased earnings in the quarter by $319 million compared with an increase of $580 million a year earlier.
Worldwide natural gas consumption in 2015 was characterized by moderate growth, up 1.6% to 3,472 billion cu m, after having stagnated in 2014, according to first estimates of Cedigaz, the international association for natural gas.
Vicki A. Hollub has been appointed by the board of Occidental Petroleum Corp., Houston, as president and chief executive officer, completing the previously disclosed succession plan with Stephen I. Chazen.
Light, sweet crude prices for June delivery gained 70Â¢ on the New York market, closing Apr. 28 at $46.03/bbl and marking a second consecutive record settlement for 2016. Brent crude oil for June delivery closed above $48/bbl, and the Brent June contract was set to expire with Apr. 29 closing.
Suncor Energy Inc. is to buy an additional 5% of Syncrude Canada Ltd. for $937 million (Can.) from the Canadian subsidiary of Murphy Oil Corp. The purchase will bring Suncor’s interest in Syncrude to 53.74% and close out Murphy’s participation (OGJ Online, Dec. 9, 2015).
Nova Chemicals Corp. has halted construction on the Polyethylene 1 (PE1) plant expansion project at its ethylene and PE complex in Joffre, near Read Deer, Alta., following an industrial accident at the site.
The author of a US House bill that aims to facilitate US exports of LNG applauded its adoption as an amendment to the fiscal 2017 defense appropriations bill by the Armed Services Committee on Apr. 27. “That greatly improved its chances of being enacted because the president isn’t about to veto the Department of Defense budget,” said Rep. Bill Johnson (R-Ohio).
Henry Kusch, formerly general manager of Chevron Corp.’s Escravos gas-to-liquids venture in Nigeria, has assumed the role of general manager of firm’s El Segundo, Calif., refinery.
Shareholders of Malaysian company Sona Petroleum Bhd. have voted against the company’s proposed acquisition of Stag oil field in the Carnarvon basin offshore Western Australia.
ConocoPhillips has reduced its 2016 capital expenditures guidance to $5.7 billion from $6.4 billion, primarily driven by reduced deepwater exploration activity, deferrals, and lower costs across its portfolio.
The Natural Gas Council, an organization of groups from all phases of the US gas industry, released an independent guide to 75 different studies of methane emissions from gas systems. The ICF International report, “Finding the Facts on Methane Emissions: A Guide to the Literature,” found several recurring findings.
Light, sweet crude prices for June delivery gained by more than $1 to close Apr. 27 at $45.33/bbl—the highest front-month settlement since Nov. 4, 2015. Analysts attributed that in part to a weekly government report showing US oil production has declined for 7 consecutive weeks.
An American Petroleum Institute official called on President Barack Obama’s administration to maintain and promote US offshore oil and gas development during the 2017-22 federal program now being prepared.
The US House Energy and Commerce Committee unanimously passed HR 5050, the pipeline safety reauthorization bill, on Apr. 27. The action followed the Transportation and Infrastructure Committee’s approval of its own pipeline safety bill, HR 4937, a week earlier.
Ocean Rig UDW Inc.’s recently announced acquisition of a deepwater drillship at less than 10% of its newbuild cost provides yet another signal of the dim market outlook for offshore drillers, Fitch Ratings said Apr. 27, saying the sale established a new offshore rig valuation low.
Total SA reported first-quarter adjusted net income of $1.61 billion, up from a $1.63-billion net loss in fourth-quarter 2015 but down from earnings of $2.66 billion in first-quarter 2015.
Hess Corp. reported a first-quarter net loss of $509 million compared with a net loss of $389 million during first-quarter 2015.
Reflecting lower prices for liquids and natural gas, Statoil ASA reported first-quarter earnings of $857 million, a decline of 71% compared with $2.945 billion in the same period in 2015.
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2 million bbl during the week ended Apr. 22 compared with the previous week's average, according to data from the US Energy Information Administration’s Petroleum Status Report.
Light, sweet crude prices for June delivery jumped by more than $1/bbl in Apr. 26 trading. The momentum continued in early Apr. 27 trading with benchmark prices on the New York market reaching above $45/bbl for the first time this year.
Depressed prices have made oil and gas a very minor issue in the 2016 US election campaigns, but candidates’ few references to the industry are so polarized that they reveal unusual and discouraging ignorance, speakers agreed during an Apr. 26 discussion at the Center for Strategic and International Studies.
Pioneer Natural Resources Co. says it expects 2016 production growth of more than 12% compared with the company’s previous target of 10%, reflecting improving Spraberry-Wolfcamp well productivity. Second-quarter production is forecast to average 224,000-229,000 boe/d.
The US Energy Information Administration reported that Canada’s National Energy Board (NEB), in a recent publication projects that both Canada’s natural gas production and consumption will increase through the next decade.
BP PLC reported a loss of $583 million for this year’s first quarter compared with a $2.6-billion profit in the same quarter in 2015. The company reported an underlying replacement cost profit of $532 million for this year’s first quarter compared with a profit of $196 million for the previous quarter and a profit of $2.6 billion for first-quarter 2015.
Husky Energy Inc., Calgary, is to sell a 65% interest in certain midstream assets in the Lloydminster region of Alberta and Saskatchewan to Cheung Kong Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. (PAH).
Swift Energy Co. has completed financial restructuring and emerged from voluntary bankruptcy after completing the sale of 75% of its interests in South Bearhead Creek and Burr Ferry oil fields in central Louisiana.
Public-sector refining firms Indian Oil Corp. Ltd. (IOC), Bharat Petroleum Corp. Ltd. (BPC), and Hindustan Petroleum Corp. Ltd. (HPC) are advancing a previously announced plan to jointly invest in construction of a grassroots 60 million-tonne/year integrated refining and petrochemical complex in India’s Maharashtra state.
Light, sweet crude prices for June delivery dropped $1/bbl on Apr. 25 after Genscape Inc. released a report showing oil inventories in Cushing, Okla., storage tanks recently increased by an estimated 1.5 million bbl.
Reduced dependence by Saudi Arabia on revenue from oil is among targets of sweeping economic reform outlined Apr. 25 by Deputy Crown Prince Mohammad bin Salman.
Statoil AS has acquired a 50% interest in a €1.2 billion wind project that E.On AG, Essen, will build and operate offshore Germany.
The New York State Department of Environmental Conservation (DEC) denied a water-quality certificate required for construction of the proposed Constitution natural gas pipeline, saying it failed to meet the Empire State’s water-quality standards.
Light, sweet crude prices for June delivery gained half a dollar on the New York market Apr. 22 to close out the week at just below $44/bbl, marking the highest settlement since Nov. 10, 2015. For the week, both US benchmark crude oil in New York and Brent crude oil futures in London each gained about $2.
Thailand’s Banpu PLC has acquired a 29.4% stake in Chaffee Corners joint exploration agreement for $112 million. The deal provides Banpu with a net interest equivalent 156 bcfd of gas. The agreement targets the net output of about 21 MMcfd this year, the company said in a statement published on Thai stock exchange.
Current Arctic offshore oil and gas platform designs are capable of withstanding sea ice demands during extreme weather under an existing International Organization for Standardization (ISO) practice, a University of Alaska at Anchorage study for the US Bureau of Safety and Environmental Enforcement found.
The Independent Petroleum Association of America and three other associations representing US independent oil and gas producers jointly urged the US Bureau of Land Management to withdraw its proposed venting and flaring rule.
Oil and gas producer associations welcomed royalty innovations published Apr. 21 by the Alberta government for new wells not in the oil sands.
A partnership of privately held Casillas Petroleum Corp., Tulsa, and Kayne Anderson Energy Funds, Los Angeles, has purchased producing interests in the South Central Oklahoma Oil Province (SCOOP) play from Chesapeake Energy Corp. for $106 million.
Total SA has become a founding member of the Terrawatt Initiative, a global nonprofit organization promoting solar energy.
Light, sweet crude prices for June delivery dropped $1 on the New York market Apr. 21 to settle above $43/bbl, down from the session’s intraday high of $44.49/bbl during a volatile trading day, which traders attributed to economic-related comments and statistics by European and US officials.
Total US petroleum deliveries, a measure of demand, gained 0.4% in March from the same period last year to average 19.3 million b/d, the American Petroleum Institute said. These were the highest March deliveries since 2008.
US Senate passage of a broad bipartisan energy with language to expedite federal approvals of LNG export projects was a significant step, an American Petroleum Institute official said. But states also need to help remove politics from what should be a straightforward process for gas pipelines as well as LNG export installations, API Executive Vice-Pres. Louis Finkel maintained.
Kinder Morgan Inc. has cancelled both its Northeast Energy Direct (NED) natural gas and Palmetto liquids pipeline projects, citing insufficient contractual commitments for the former and unfavorable action by the Georgia legislature regarding eminent domain for the latter.
Pembina Pipeline Corp., Calgary, has completed its previously announced deal for the purchase of sour gas processing properties in the Musreau area of Alberta from Paramount Resources Ltd.
Chevron Corp. has signed its first domestic gas supply deal for the $29-billion Wheatstone LNG domestic gas project offshore Western Australia with supplier Alinta Energy.
Light, sweet crude prices for May delivery rose more than $1/bbl on the New York market Apr. 20, which was the last day of trading for that futures contract. Analysts attributed the price support to traders making short-covering transactions before the contract’s expiry and also to a weakening US dollar.
Chevron Corp. subsidiary Chevron USA Inc. has entered a deal for the sale of its 54,000-b/d Kapolei, Ha., refinery on the island of Oahu and other associated Hawaiian downstream assets to Island Energy Services LLC, a subsidiary of One Rock Capital Partners LP, New York.
The US Senate passed broad bipartisan energy legislation that would facilitate approvals of liquefied natural gas export projects while promoting more alternative and renewable energy resource development. S. 2012, which Energy and Commerce Committee Chair Lisa Murkowski (R-Alas.) introduced in September, now heads to conference with the US House, which passed its own energy bill, H.R. 8, in December.
Merger and acquisition activity in the US oil and gas industry held steady while deal values were down during this year’s first quarter compared with first-quarter 2015, according to the latest analysis by PwC US.
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 2.1 million bbl to 538.6 million bbl during the week ended Apr. 15 from the previous week’s total.
A bill that would delay the US Environmental Protection Agency’s implementation of a 70 ppb ground-level ozone limit drew nearly as much fire as EPA’s implementation of the new limits did at a US House Energy and Commerce subcommittee hearing.
Elliot J. Chambers has been named chief executive officer, in addition to his role as chief financial officer, of White Star Petroleum LLC, formerly an affiliate of American Energy Partners LP known as American Energy-Woodford LLC.
White Star Petroleum LLC, until recently known as American Energy-Woodford LLC, has entered a definitive agreement to buy Mississippi Lime and Woodford shale properties from Devon Energy Corp. for $200 million.
Crude oil prices on the New York market rallied more than $1/bbl on Apr. 19, settling above $41/bbl on reports of the Kuwaiti oil-workers strike and pipeline outages elsewhere. The Brent crude oil price for June delivery rose by more than $1 to close above $44/bbl on the London market.
Turkish Petroleum Refineries Corp. (Tupras) is investigating a fire that broke out on Apr. 17 at its 11 million tonne/year Izmit refinery in Turkey’s northwestern province of Kocaeli.
Total SA is reorganizing to give new emphasis to natural gas, renewable energy, and electric power.
The Texas oil and gas industry shed 84,000 jobs during the Texas Petro Index’s 16-month decline from November 2014 through last month, the Texas Alliance of Energy Producers reported on Apr. 19.
Deloitte Marketpoint forecasts a step up in oil prices from the mid-$40s in 2016 to increase to about $58/bbl by 2018 due to a supply shortage of more than 1 million b/d.
Crude oil prices on the New York and London markets were volatile in Apr. 18 trading, settling modestly lower on the first day of trading after a meeting of major producers in Qatar failed to result in any agreement on a production freeze that was proposed in February.
US greenhouse gas emissions were an estimated 6.87 billion tonnes of carbon dioxide equivalent (tCO2e) in 2014, 1% more than in 2013 but 9% below 2005 levels, the US Environmental Protection Agency said on Apr. 15 in its 21st annual GHG inventory.
Magnolia LNG LLC, a wholly owned subsidiary of Liquefied Natural Gas Ltd., received US Federal Energy Regulatory Commission authorization to site, construct, and operate a plant to liquefy and export US-produced natural gas from its LNG terminal in Lake Charles, La. The Louisiana Department of Environmental Quality (LDEQ) also approved Magnolia LNG’s air permit.
South America’s two largest oil producing nations face bigger threats from political turmoil than depressed crude prices, but reforms in their national oil companies (NOC) and energy ministries may be essential for their governments to survive, speakers suggested at an Apr. 12 discussion at the Center for Strategic and International Studies.
Privately held Sage Midstream Ventures LLC, Houston, has received a commitment of $500 million from private equity firm Stonepeak Infrastructure Partners for investment in North American energy projects.
Kuwait oil workers went on strike Apr. 17 over a government overhaul of the payroll system spawned by low oil prices.
Crude oil prices on the New York and London markets fell on Apr. 15 leading into the Apr. 17 meeting in Qatar about a production freeze proposal, which resulted in no agreement despite much anticipation leading up to the meeting.
Privately held Cox Oil Offshore LLC, Dallas, has acquired Gulf of Mexico properties from Chevron Corp. that include 19 oil and gas fields and associated assets in federal and Louisiana state waters.
Signs that the US Federal Reserve might boost interest rates this month provide a useful reminder that supply and demand don't explain everything about oil prices.
Upstream technology advancements often materialize during hard times for industry, such as low oil prices, various speakers told the Improved Oil Recovery conference in Tulsa sponsored by the Society of Petroleum Engineers Mid-Continent Section.
The Canadian Association of Petroleum Producers (CAPP) said total capital spending in upstream oil and natural gas operations in Canada is forecast to decline to $31 billion in 2016. Spending reached $81 billion in 2014.
The US and Canada will require an average $26 billion/year, or $546 billion from 2015 to 2035, to build new natural gas, crude oil, and natural gas liquids infrastructure, a study commissioned by the INGAA Foundation Inc. concluded.
An underground natural gas pipeline's presence does not affect residential properties' sales prices or insurability, a study commissioned by INGAA Foundation Inc. concluded. The study by Integra Realty Resources Inc. for the Interstate Natural Gas Association of America's foundation based the finding on analysis of property sales in Ohio, New Jersey, Virginia, and Mississippi.
An eruption of proposed US Environmental Protection Agency regulations in the last year could create such substantial compliance costs for oil and gas producers that many would not be able to participate in EPA's voluntary Methane Challenge Program, two American Petroleum Institute officials warned.
Widespread toleration of reckless overstatement must mean something. In presidential campaigns of the recent past, Donald Trump and Bernie Sanders long ago would have been laughed out of the news cycle-the latter for making outlandish promises and the former for general outlandishness.
Williams Partners LP has received US Federal Energy Regulatory Commission (FERC) approval of affiliate Transco’s Garden State Expansion project, fully contracted to deliver 180 MMcfd of additional natural gas for retail distribution by New Jersey Natural Gas.
Goodrich Petroleum Corp., Houston, has filed for voluntary bankruptcy to implement a restructuring agreement and expects to remain liquid enough to sustain business.
Beach Energy Ltd., Adelaide, has flagged its intention to withdraw from the Basker-Manta-Gummy (BMG) joint venture in Bass Strait effective Oct. 27, the end of the current permit year.
Offshore operators in the US face toughened standards and new requirements for blowout preventers and other elements of their work under the final well-control rule issued Apr. 14 by the Department of the Interior.
Crude oil prices on the New York and London markets appeared to be falling for a third consecutive day on Apr. 15 leading into Sunday’s production freeze meeting in Doha.
The US Department of the Interior issued offshore oil and gas well control regulations aimed at reducing the risk of a blowout that could result in the loss of lives, serious injuries, or substantial harm to the environment.
An oil-production freeze to be discussed in Doha Apr. 17 would have limited “real results,” predicts Wood Mackenzie.
Offshore oil and gas regulatory changes since the 2010 Macondo deepwater oil well accident and crude oil spill do not do enough to place the onus on industry to reduce risk, nor sufficiently empower the federal regulator to proactively oversee industry’s efforts to prevent a similar disaster, the US Chemical Safety Board said in a draft report.
Energy XXI Ltd., an independent oil and gas producer active in South Louisiana and the Gulf of Mexico, has filed for voluntary bankruptcy to accommodate a restructuring it says will allow operations to continue.
The scenario anticipated for months of steady oil demand growth and falling supply from producers outside the Organization of Petroleum Exporting Countries is now taking shape, and the “oil market looks set to move close to balance in the second half of this year,” the International Energy Agency said in its latest Oil Market Report.
Kuwait oil and gas workers have plans for a strike beginning Sunday, Apr. 17.
Oil and gas-producing states in the US “need to rethink how they manage the fiscal side of the boom-and-bust cycle of resource economies,” argue two Brookings Institution analysts.
Light, sweet crude oil prices for May delivery declined modestly to settle under $42/bbl on the New York market Apr. 13 while Brent crude oil prices on the London market for June also dropped modestly but still closed above $44/bbl.
Saying that it could be issued soon, an American Petroleum Institute official repeated concerns that the US Bureau of Safety and Environmental Enforcement’s proposed offshore well control rule could cause more problems than it solves.
The next US president should implement policies that embrace America’s new energy abundance, are based on sound science and economics, and continue technological and economic progress which has been made, the American Petroleum Institute said.
Schlumberger Ltd. has joined other service companies trimming work in Venezuela because of payment problems.
Woodside Petroleum Ltd. subsidiary Woodside Energy Trading Singapore Pte. has signed a heads of agreement with Indonesian state company PT Pertamina for supply of 0.5-1 million tonnes/year of LNG for 15-20 years.
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.6 million bbl to an estimated total of 536.6 million bbl for the week ended Apr. 8 compared with the previous week, the Energy Information Administration reported Apr. 13.
The US and Canada will require an average $26 billion/year, or $546 billion from 2015 to 2035, to build new natural gas, crude oil, and natural gas liquids infrastructure, a study commissioned by the INGAA Foundation Inc. concluded.
Light, sweet crude oil prices for May delivery climbed nearly $2 on the New York market Apr. 12 to settle slightly above $42/bbl, marking the highest front-month closing for the year so far. Brent crude oil prices on the London market for June closed above $44/bbl.
Upstream technology advancements often materialize during hard times for industry such as low oil prices, Janeen Judah, 2017 president-elect of the Society of Petroleum Engineers and general manager for Chevron Corp.’s Southern Africa business unit, told SPE IOR conference participants in Tulsa Apr. 12.
Saipem has entered a memorandum of understanding (MOU) with Razavi Oil & Gas Development Co., Tehran, about possible cooperation in the development of Toos natural gas field 100 km northeast of Mashhad, Iran.
Merit Energy Co., Dallas, has agreed to acquire all of the upstream and midstream assets in Wyoming that belong to Marathon Oil Corp., Houston, for $870 million, a Marathon official confirmed to OGJ on Apr. 12.
The US Energy Information Administration forecasts in its April Short-Term Energy Outlook that, during the April-through-September summer driving season this year, US regular gasoline retail prices will average $2.04/gal, compared with $2.63/gal last summer.
Sen. Bernie Sanders (I-Vt.), seeking to become the Democratic Party’s candidate in this year’s presidential election, has called for a nationwide ban on hydraulic fracturing.