Canada is a “late entrant” to the global LNG market and the next several years will be critical, according to a recent report from the country’s National Energy Board.
The UK Oil & Gas Authority (OGA) has provided more offshore data in advance of its 30th offshore licensing round, which is expected to be announced later this year.
ExxonMobil Corp. has decided to walk away from development of the East Natuna natural gas permit in Indonesia saying it no longer wishes to continue discussions or activity in the block.
The US House of Representatives has approved H.R. 806, which would give state and local governments more time to implement federal ground-level ozone limits and avoid nonattainment penalties. The 231-188 vote followed party lines, with Republicans supporting the bill and Democrats opposing it.
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 4.7 million bbl during the week ended July 14 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.
Light, sweet crude oil prices gained moderately July 18 to settle at $46.40/bbl. That price held flat in early July 19 trading while market participants awaited a weekly US government report on oil and product inventories.
The Indian government is reported to be considering mergers of state-owned oil and gas companies to create two integrated giants.
Mexico is poised to become an increasingly important global oil and gas supplier as reforms take hold and foreign participation grows, International Energy Agency and US Department of Energy leaders agreed during a joint press conference on July 18.
Two state-owned oil companies in Iran have signed separate memoranda of understanding with international counterparts covering field development in the Islamic Republic.
Horizon Oil Ltd., Sydney, has increased its interest in the total certified resources in the western foreland fields in Papua New Guinea.
US President Donald Trump intends to nominate Kevin J. McIntyre, co-leader of the global energy practice at Jones Day in Washington, as a member and, ultimately, chairman of the Federal Energy Regulatory Commission.
Light, sweet crude oil prices fell July 17 to settle just above $46/bbl, breaking a 5-day gaining streak, which analysts attributed to concerns about lingering ample world oil supplies amid growing uncertainty about major producers’ future output levels.
The UK Oil & Gas Authority (OGA) has reported offering for award 12 licenses to 10 companies in the 2016 Supplementary Offshore Licensing Round, which closed for applications in March.
Centrica PLC, Windsor, UK, has agreed to merge its European oil and gas exploration and production business with Bayerngas Norge AS, Oslo, to form a newly incorporated joint venture.
Light, sweet crude oil prices rose for a fifth consecutive day on the New York market July 14 as the US dollar’s value fell against other currencies. The US benchmark oil price settled above $46/bbl for a second consecutive day.
In an otherwise restorative year for US energy policy, a large item of business goes unfinished. Reintroduction in the Senate late last month of supposedly comprehensive energy legislation underscores the deficiency.
Rising natural gas supplies from the US along with expanding industrial demand will dramatically shift the global market through 2022, according to the International Energy Agency’s latest market analysis and 5-year gas forecast.
Light, sweet crude oil prices for August and September delivery made gains July 13 for the fourth consecutive trading session. Prices appeared to be holding steady on July 14 although the US benchmark slipped slightly in early trading.
Brent crude oil prices have closed below $50/bbl each day since early June and few investors expect a recovery anytime soon, the International Energy Agency said in its July Oil Market Report (OMR).
The Trump administration’s intentions to consider opening more of the US Outer Continental Shelf to oil and gas leasing in a new management program it plans to develop drew equally strong support from Republicans and opposition from Democrats at a July 12 US House of Representatives Natural Resources subcommittee hearing.
The US Bureau of Ocean Energy Management conditionally approved a Beaufort Sea exploration plan it received from Eni US Operating Co., a subsidiary of Italian multinational oil and gas company Eni SPA, for the drilling of four exploration wells in federal submerged lands from its preexisting Spy Island drill site in Alaskan state waters starting in December, the US Department of the Interior agency said on July 12.
Operational excellence, product sustainability, and collaboration should be goals of an oil and gas industry needing to supply growing amounts of energy while cutting emissions of carbon dioxide, according to BP PLC Group Chief Executive Bob Dudley.
Light, sweet crude oil prices gained July 12 on the New York market after the US Energy Information Administration reported US crude oil supplies fell by 7.6 million bbl for the week ended July 7.
Royal Dutch Shell PLC is exiting Ireland’s upstream segment in a deal that includes its 45% interest in the Corrib gas venture.
Statoil ASA is to buy an additional 10% interest in the BM-S-8 license in the Santos basin offshore Brazil for $379 million.
The US Energy Information Administration expects Brent crude oil prices to average $51/bbl in 2017 and $52/bbl in 2018, down $2/bbl and $4/bbl, respectively, from last month’s Short-Term Energy Outlook.
The office of US Sen. Bill Nelson (D) of Florida released two letters on July 11 from officials at the US Department of Defense urging retention of a moratorium on offshore oil and gas leasing in the eastern Gulf of Mexico.
Regions along the US Gulf of Mexico will play an increasing role as oil exporters with US crude oil exports forecast to rise to 2.25 million b/d by 2020, a fourfold increase from 2016, said a special report from PIRA, an analytics and forecasting unit of S&P Global Platts.
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 7.6 million bbl during the week ended July 7 compared with the previous week’s total, the US Energy Information Administration reported.
Light, sweet crude front-month oil prices gained, settling above $45/bbl in trading on July 11.
Halcon Resources Corp., Houston, has agreed to sell its operated oil and gas properties in the Williston basin to Bruin E&P Partners LLC, a Houston portfolio company of private equity firm ArcLight Capital Partners LLC, for $1.4 billion. The move further solidifies Halcon’s new Delaware basin focus.
The American Petroleum Institute and four other US trade associations filed an amicus brief supporting National Fuel Gas Co.’s federal court appeal of the New York State Department of Environmental Conservation’s denial of water quality certificates for the Northern Access natural gas pipeline project.
Royal Dutch Shell PLC will invest $1 billion/year on its New Energies division by the end of the decade as part of a global energy transition often misrepresented as a revolution, according to the company’s chief executive officer.
Upstream oil and gas investment continued to tumble in 2016, falling 26% in nominal terms to $434 billion, which was close to the rate of decline in 2015, according to the International Energy Agency’s 2017 World Energy Investment report.
Saudi Aramco will invest more than $300 billion on oil and gas projects during the next decade, the company’s president and chief executive officer said while warning of lagging investment elsewhere.
Silverback Exploration II LLC, San Antonio, will “pursue organic development projects and strategic acquisitions in conventional and unconventional resource plays across the US” after securing a $500 million equity commitment from EnCap Investments LP, according to a news release.
Egdon Resources PLC, Odiham, UK, plans well interventions to boost production at small Fiskerton Airfield oil field in Lincolnshire after acquiring 100% interest from Cirque Energy (UK) Ltd., for $750,000 cash.
Light, sweet crude oil prices gained modestly on the New York market July 10 as did Brent prices on the London market, which analysts attributed to reports the Organization of Petroleum Exporting Countries might suggest Nigeria and Libya curb oil production.
A full or partial prohibition of Venezuelan crude oil imports as part of sanctions against that country’s government could harm US refiners, consumers, and the economy, American Fuel & Petrochemical Manufacturers Chet Thompson warned.
The Ohio Environmental Protection Agency’s (OEPA) director asked Atty. Gen. Michael DeWine (R) on July 7 to seek civil penalties against Rover Pipeline LLC for bentonite slurry and other discharges along the project’s route.
The American Petroleum Institute strongly supports the US Environmental Protection Agency’s review of New Source Performance Standards, which were adopted in 2016 because they did not fully consider costs to oil and gas producers, an API official testified at a July 10 public hearing about the rule’s proposed reevaluation.
Abu Dhabi National Oil Co. is expanding its partnership model to cover all of its value chain and to more actively manage its assets.
Light, sweet oil prices and Brent crude oil prices dropped by more than $1/bbl on June 7, which analysts attributed to lingering ample world oil supplies despite production-cut targets by major producers.
Linn Energy Inc., Houston, and Citizen Energy II LLC, Tulsa, have each agreed to contribute 70,000 net acres in Oklahoma to form Roan Resources LLC, an equally owned company focused on the Merge-SCOOP-STACK play of the Anadarko basin.
Carrizo Oil & Gas Inc., Houston, has agreed to buy 16,488 net acres in Reeves and Ward counties of West Texas from Midland-based ExL Petroleum Management LLC, a portfolio company of Houston private equity firm Quantum Energy Partners, for $648 million in cash.
Two senior Republicans on the US House Science, Space, and Technology Committee asked Treasury Sec. Steven T. Mnuchin to investigate allegations that Russian state-sponsored entities funneled money to US environmental organizations opposed to fossil fuels in an effort to disrupt domestic energy markets.
Lebanese officials reported on plans to award four offshore blocks by Nov. 15 in the country’s first attempt at establishing its domestic oil and gas resources. Citing the 150-year history of oil and gas operations worldwide, Minister of Energy and Water Cesar Abi Khalil said, “We’re coming a bit late.” His remarks were made at a roadshow hosted by law firm Mayer Brown on July 6 in Houston.
A new crude oil pipeline across the Mackinac Straits between Lakes Michigan and Huron would be more efficient and have fewer potential environmental impacts than pipeline or rail route alternatives, a draft analysis commissioned by Michigan’s Petroleum Pipelines Task Force suggested.
Apache Corp., Houston, is selling all of its Canadian assets in three deals totaling $713 million, or $927 million (Can.). Combined second-quarter production from the assets averaged 300 MMcfd of gas equivalent, two thirds of which was natural gas.
The US Bureau of Ocean Energy Management lowered the shallow-water royalty rate for proposed Outer Continental Shelf Lease Sale 249 in the Gulf of Mexico to 12.5% from the original 18.75%. The new rate, which is the same as the one for federal onshore oil and gas royalties, would apply in water less than 200 m, the US Department of the Interior agency reported on July 7 after completing an analysis of its royalty rates.
Petroleo Brasileiro SA (Petrobras) wants to sell its oil trading and marketing assets in Paraguay.
Light, sweet crude oil prices settled slightly above $45.50/bbl on the New York market July 6 after a weekly government report showed US oil supplies fell 6.3 million bbl for the week ended June 30.
US Interior Sec. Ryan Zinke signed an order on July 6 aimed at reducing oil and gas drilling permit delays on federal onshore lands and holding lease sales at least quarterly.
The Gambian government has approved an agreement in which FAR Ltd., Perth, will acquire 80% interest and operatorship of Houston-based Erin Energy Corp.’s offshore A2 and A5 blocks. Erin Energy will retain 20% working interest.
Williams Partners LP, Tulsa, has completed the sale of its indirect ownership interest in the recently rebuilt and expanded Geismar, La., olefins plant and complex to Nova Chemicals Corp., Calgary.
The US Environmental Protection Agency proposed renewable fuel obligations for 2018 that generally are lower than quotas it previously adopted for 2017. The proposed volumes reflect market realities focused on actual production and consumer demand while recognizing challenges in bringing advanced biofuels to the marketplace, Administrator E. Scott Pruitt said.
The Canadian Association of Petroleum Producers proposes that the Alberta government and oil and gas industry create a committee to streamline regulation and revitalize investment.
The Organization of Petroleum Exporting Countries produced 32.49 million b/d in June—an increase of 220,000 b/d from May and representing a 6-month high, according to the most recent survey data from S&P Global Platts.
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 6.3 million bbl during the week ended June 30 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.
Light, sweet crude oil prices for August and September each fell by nearly $2/bbl on July 5, breaking an eight-session gaining streak as traders returned to work after the US Independence Day holiday. It was the largest single-day drop in a month. Previously, the US oil benchmark was up 11% over the 8 consecutive trading days of price increases, which marked the longest gaining streak in at least 5 years.
Texas upstream activity increased in May for a sixth straight month, but a plateau could be on the horizon “absent a meaningful increase in crude oil prices,” said Karr Ingham, economist and creator of the Texas Alliance of Energy Producers’ Texas Petro Index (TPI).
The US Bureau of Safety and Environmental Enforcement has approved 69 federal offshore oil and well permits during this year’s first half, BSEE Director Scott A. Angelle said.
NuStar Logistics LP received approval from the US Department of State to construct a 108,000-b/d oil products pipeline to Mexico. The system will cross the US-Mexico border near Penitas, Tex., said acting Asst. Sec. for Oceans and International Affairs Judith Garber said in her June 29 announcement. President Donald J. Trump mentioned the project in his energy policy reforms address on June 30.
India’s ONGC Videsh Ltd. is to acquire 30% in an exploration license offshore Namibia from a unit of Tullow Oil PLC.
A federal appeals court vacated the US Environmental Protection Agency’s 90-day pause and ordered it to implement the Obama administration’s limits on methane emissions from oil and gas operations.
Light, sweet crude oil prices for August and September gained by about $1/bbl on July 3 but trading was light on the US July 4 holiday.
The US Bureau of Land Management began to revise its planning procedures by soliciting comments on ways it can be timelier and more efficient. The July 3 action came after US President Donald Trump signed House Joint Resolution 44, which nullified the agency’s Planning 2.0 rule, in March.
PJSC Gazprom Neft has acquired a 25.02% stake in Evrotek-Yugra, which is owned by Spain’s Repsol SA and holds exploration and production rights to seven license blocks in the Khanty-Mansiysk autonomous okrug.
Delek US Holdings Inc., Brentwood, Tenn., has completed its purchase of Alon Israel Oil Co. Ltd.’s US-based refining and marketing subsidiary Alon USA Energy Inc., Dallas, which owns and operates a 74,000-b/sd refinery in Krotz Springs, La.; an idled 70,000-b/sd, three-refinery complex in California; and through its majority interest in Alon USA Partners LP, a 73,000 b/sd refinery at Big Spring, Tex.
The US and Brent crude oil futures benchmarks both ended June on a seven-session gaining streak. Light, sweet crude oil for August jumped more than $1 to settle above $46/bbl on June 30 while Brent gained 50Â¢ to close at nearly $48/bbl on the London market.
A Utah official recommended that Congress develop a process to give states primacy in managing federal oil and gas resources within their borders that are willing to assume the responsibility.
Key Petroleum Ltd., Perth, and AWE Ltd., Sydney, have agreed binding terms for Key’s acquisition of AWE’s 100% interest in production licence L7 (R1) in the onshore North Perth basin, which contains Mount Horner oil field.
A pipeline expansion able to relieve a looming production bottleneck in the Alberta oil sands faces new opposition after a change of government in British Columbia.
US Senate Energy and Natural Resources Committee leaders introduced fresh legislation on June 29 to address long-standing federal energy policies that recent improvements in the US oil and gas outlook may have rendered obsolete. S. 1460 is the successor to their earlier broad policy reform bill that failed to advance out of a House-Senate conference toward the end of 2016.
US President Donald Trump announced a series of actions aimed at achieving not just American energy independence, but dominance. The initiatives include opening federal offshore areas to oil and gas development under a 2019-24 leasing program, building a crude oil pipeline to Mexico, and authorizing more LNG exports sooner, he told government, business, and labor leaders at the US Department of Energy.
Light, sweet crude oil prices continued gaining on the New York market on June 29 while US natural gas futures touched a 4-week high in early June 29 trading. Gas futures settled 5Â¢ lower than the previous day, ending a four-session gaining streak.
ConocoPhillips has agreed to sell its interests in the Barnett shale of North Texas to an affiliate of Miller Thomson & Partners LLC, Lafayette, La., for $305 million plus net customary adjustments.
US President Donald Trump intends to nominate Richard Glick, presently general counsel for the US Senate Energy and Natural Resources Committee, as a Federal Energy Regulatory Commission member, the White House announced on June 28.
The government of India will offer two types of oil and gas contract, based on the span of operation, under its new Open-Acreage Licensing Program.