Norway’s Statoil ASA has been awarded an exploration permit on the Exmouth plateau offshore Western Australia.
Russia and Ukraine signed a $4.6 billion agreement in Brussels that secures natural gas supplies for Ukraine and, ultimately, much of Europe through March 2015. Ukraine will be required to pay $3.1 billion in two tranches by yearend for gas it previously bought from Russia’s Gazprom under the Oct. 30 deal.
The New York Mercantile Exchange December crude oil contract dropped $1.08 on Oct. 30, closing at $81.12/bbl. The January 2015 contract dropped $1.06 to $80.90/bbl.
The US currently dominates global upstream capital spending, and producers in many unconventional plays can still make a profit with futures prices for benchmark light, sweet crude oil fetching a price less than $80/bbl, a Wood Mackenzie Ltd. senior analyst told an oil breakfast forum hosted by consulting firm Decision Strategies.
Increased US LNG exports would raise natural gas prices and increase production, reduce end-users’ demand, push higher total primary energy use and related carbon dioxide emissions, and modestly increase consumer expenditures for gas and the electricity it generates, according to a recent report from the US Energy Information Administration.
American Energy–Permian Basin LLC (AEPB), an affiliate of Oklahoma City-based American Energy Partners LP (AEP), has completed or entered into definitive agreements with multiple parties to acquire acreage in the Wolfcamp shale of the central Midland basin, primarily in Reagan County, Tex., for $726 million.
Innovations in hydraulic fracturing and horizontal drilling that have driven the energy renaissance in the US were responsible for about 48% of the nation’s crude oil production and shaved as much as 94Â¢/gal off of fuel prices in 2013, according to a recent report commissioned by the American Petroleum Institute.
A federally coordinated effort to determine whether oil and gas activities are related to growing reports of induced seismic activity has identified several information gaps that need to be closed, speakers said during an Oct. 30 briefing at the US Energy Association.
3D Oil Ltd., Melbourne, has completed the sale of its interests in Victorian offshore production licence Vic/L31 to Malaysian’s Hibiscus Petroleum Bhd.
The US Bureau of Land Management released its final supplemental environmental impact statement for the proposed Greater Mooses Tooth (GMT1) oil and gas project within the National Petroleum Reserve-Alaska. “Reaching this stage of permitting is a major milestone for the project and for the future of balanced, responsible federal oil production in the NPR-A,” BLM Director Neil Kornze said.
Crude oil prices for December delivery climbed nearly 80Â¢ on the New York market Oct. 29 while Brent prices in London gained more than $1/bbl although oil prices still remain low compared with a few months ago.
Western Gas Partners LP will acquire Nuevo Midstream LLC for $15 billion in cash, Nuevo Midstream and its private equity backer EnCap Flatrock Midstream have reported.
Hovensa LLC, the joint venture of Hess Corp. and Petroleos de Venezuela SA (PDVSA), has found a buyer that hopes to restart its idled 500,000-b/d refinery on the island of St. Croix, US Virgin Islands government officials confirmed
Driven by a rise in billion-dollar deals, midstream activity, and interest in upstream shale plays from foreign buyers, mergers and acquisitions in the US oil and gas industry reached the highest levels in the past decade during the third quarter, according to a quarterly report from PwC US Energy Practice.
Crude oil prices for December delivery rose modestly on the New York market Oct. 27 pending the weekly government petroleum inventory report, which showed another gain in US oil supplies, and industry spokesmen discussed how low oil prices might slow tight-oil production.
Total SA has appointed Philippe Sauquet as president, refining and chemicals, and as a member of the company’s executive committee, effective immediately.
Production is to begin in 2018 from deepwater Stampede oil field in the Gulf of Mexico under a development plan approved by operator Hess Corp. and partners.
Shell Offshore Co. has requested a 5-year extension of its federal offshore leases in the Beaufort and Chukchi seas offshore Alaska. “The request reflects the extent of the actual delays we have experienced as a result of court decisions and agency actions for the last several years,” a Shell spokesman in Alaska told OGJ.
Tengizchevroil (TCO), a joint venture of Chevron Corp., ExxonMobil Corp., KazMunayGas, and LukArco, has let an engineering, procurement, and construction contract to Bechtel to build four crude-oil storage tanks at the TengizChevroil oil production facility in Tengiz, Kazakhstan. Bechtel also will modernize the fire and gas detection systems across the entire crude tank farm.
PGNiG Upstream International, the Norway-focused subsidiary of Polish Oil & Gas Co., has agreed to acquire 8% interest in Gina Krog field, 24.243% in Vilje field, 24.243% in Vale field, and 6% in Morvin field on the Norwegian continental shelf from Total E&P Norge AS, a wholly owned subsidiary of Total SA, for $317 million. The deal is effective Jan. 1, 2014.
DNO ASA, Oslo, has appointed Jeroen Regtien as chief operating officer based in Dubai, effective Jan. 1, 2015.
Perpetual Energy Inc., Calgary, reported it will sell several heavy oil properties it considers to be noncore in eastern Alberta for $21.6 million. A deposit of $3.24 million has been paid to Perpetual, and closing is expected on or before Nov. 7.
Crude oil prices for December delivery edged down a penny on the New York market Oct. 27 while analysts and traders await US economic indicators as well as the weekly government petroleum inventory report.
Oneok Partners LP, Tulsa, has agreed to acquire NGL pipelines and related assets in the Permian basin from affiliates of Chevron Corp. for $800 million. The deal is expected to close in the fourth quarter.
Continental Resources Inc., Oklahoma City, has formed a joint venture with a wholly owned US subsidiary of SK E&S Co. Ltd. to jointly develop a significant portion of Continental’s northwest Cana Woodford natural gas assets, primarily in Blaine and Dewey counties, Okla.
Carrizo Oil & Gas Inc., Houston, has completed its acquisition of 6,820 net acres primarily in LaSalle, Atascosa, and McMullen counties, Tex., part of the Eagle Ford shale, from Eagle Ford Minerals LLC (EFM) for $250 million in cash.
Constitution Pipeline Co. LLC has received a final environmental review from the US Federal Energy Regulatory Commission, which clears the way for construction of the proposed 124-mile, 30-in. Constitution natural gas system from supply areas in northeast Pennsylvania to existing transmission pipelines in Schoharie County, NY.
Removing US crude oil export restrictions would likely increase crude prices and decrease consumer fuel prices, the Government Accountability Office said in a recent report.
Overseas crude oil production and transportation interruptions could be strategic warnings that are too important to ignore, a US Senate Energy and Natural Resources Committee minority staff report suggested.
TransCanada Corp. reported that the British Columbian Environmental Assessment Office has issued an environmental assessment certificate (EAC) for the Coastal GasLink pipeline project.
The New York Mercantile Exchange December crude oil contract declined $1.08/bbl on Oct. 24, closing at $81.01/bbl. The January 2015 contract fell 95Â¢ to $80.80/bbl.
In a keynote speech at the Society of Petroleum Engineers (SPE) Annual Technology Conference & Exposition (ATCE), SPE General Chairperson Matthias Bichsel emphasized the role of innovation in moderating the price of energy.
Williams Partners LP and Access Midstream Partners LP, both owned by Williams Cos., Tulsa, have agreed to merge. Williams in June purchased the remaining 50% general partner interest that it didn’t previously hold in Access Midstream, giving way to the merger proposal.
ATP Infrastructure Partners LP (ATP-IP) agreed to pay a $1-million fine and perform corrective measures to resolve federal claims that it violated the Clean Water Act (CWA) and Outer Continental Shelf Lands Act (OCSLA), the US Department of Justice, Environmental Protection Agency, and Bureau of Safety and Environmental Enforcement (BSEE) jointly announced.
Mexico plans to publish its technical bidding requirements in November, outlining logistics for the first upstream bid round, according to hydrocarbon officials visiting Houston to update the oil and gas industry on the country's progress in opening up its assets to non-Mexican companies.
A phenomenon known as the Big Crew Change is under way in the oil and gas industry as the baby boomer generation reaches retirement age, and the industry works to bring young people up-to-speed to fill the shoes left behind.
International news for oil and gas professionals
In US politics, green jobs seem to have met the fate of compromise and polite disagreement. Once hailed as an answer to recessionary unemployment, green jobs no longer receive much press. But the oil and gas industry shouldn't be fooled.
The head of an independent oil and gas company that in late June received one of the first two federal approvals to export condensate urged the US Department of Commerce to begin issuing similar permits to other applicants.
The European Commission quietly acknowledged the possibility of a Russian natural gas supply interruption amid unrest in Ukraine when its member countries put energy security measures it adopted in May to a "gas stress test" this fall.
The US Environmental Protection Agency is setting booby traps for the economy as the last half term of the Obama presidency lumbers into view.
California's Bay Area Air Quality Management District (BAAQMD), the public agency responsible for regulating stationary sources of air pollution in the nine counties that surround San Francisco Bay, has launched an aggressive plan to cut emissions from the region's five refineries.
Australia’s National Offshore Petroleum Titles Administrator (NOPTA), through the 2013 Offshore Petroleum Exploration Acreage Release, has awarded Statoil ASA 100% equity share in the 13,000-sq-km permit WA-506-P in the Northern Carnarvon basin on the Northwest shelf of Australia.
The New York Mercantile Exchange December crude oil contract increased $1.57/bbl on Oct. 23, closing at $82.09/bbl. The January 2015 contract increased $1.62 to $81.75/bbl.
Anticosti Hydrocarbons LP has signed a strategic agreement in principle with natural gas distributor Gaz Metro Ltd. Partnership to develop associated gas from Anticosti Island in the Gulf of St. Lawrence offshore Quebec.
The US Bureau of Ocean Energy Management plans to prepare an environmental impact statement for a possible oil and gas lease sale in Cook Inlet off Alaska’s south-central coast, BOEM said in an Oct. 23 Federal Register notice. Comments will be accepted through Dec. 8, it indicated.
According to the latest data from the US Census Bureau, US exports of crude oil reached 401,000 b/d in July—the highest level in 57 years and the second-highest monthly export volume for the US Energy Information Administration’s records dating back to 1920.
Crude oil prices dropped nearly $2/bbl for December delivery on the New York market Oct. 22 after a weekly US government report showed a larger-than-expected increase in crude oil inventories.
US Sen. Ronald L. Wyden (D-Ore.), who chaired the Energy and Natural Resources Committee before taking the Finance Committee’s helm in early February, urged the US Department of Energy to begin reevaluating the US Strategic Petroleum Reserve as the Government Accountability Office recommended in an Oct. 20 report.
Alaska’s Division of Oil and Gas awarded two Beaufort Sea leases pending since 2011 and published tract maps for Nov. 19 Beaufort Sea and North Slope lease sales that accurately reflect the Arctic National Wildlife Refuge’s western boundary following a thorough review.
Convening after the sudden death of Chairman and Chief Executive Officer Christophe de Margerie, the board of Total SA has unanimously appointed Thierry Desmarest as chairman and Patrick Pouyanne as CEO and president of the executive committee.
Crude oil prices rebounded slightly on the New York market Oct. 21 as traders and analysts anticipated a build in US crude oil inventories for the week ended Oct. 17. Separately, a better-than-expected economic indicator from China also supported Oct. 21 oil prices.
The Chinese government and China National Petroleum Corp. are reviewing their relationships with Sudan and South Sudan following years of growth that changed both sides, a researcher said at Johns Hopkins University’s School for Advanced International Studies.
California’s Bay Area Air Quality Management District (BAAQMD), the public agency responsible for regulating stationary sources of air pollution in the nine counties that surround San Francisco Bay, has launched an aggressive plan to cut emissions from the region’s five refineries.
Two federal agencies’ proposals to change the Endangered Species Act’s critical habitat designation procedures potentially could cause serious damage to the general economy, warned nearly a dozen US business groups, including two oil and gas entities.
Noble Energy Inc. reported that the company has elected David L. Stover as president and chief executive officer. Stover succeeds Charles D. Davidson as chief executive officer. Davidson earlier this year announced plans to retire effective May 1, 2015.
In a long-awaited move, India’s Cabinet Committee of Economic Affairs (CCEA) has approved a natural gas pricing policy that modifies the Rangarajan formula.
Christophe de Margerie, chairman and chief executive officer of Total SA, died Oct. 20 in the crash of a private airplane at Vnukovo Airport in Moscow.
Cairn India Ltd. has appointed Mayank Ashar as managing director and chief executive officer, effective Nov. 17.
Crude oil prices fell only slightly on the New York market Oct. 20 after the US light, sweet crude benchmark tumbled much of last week and has been down for 3 consecutive weeks while Brent crude oil prices have declined on the London market for 4 consecutive weeks.
-Momentum appears to be shifting in the oil and gas industry's favor in Colorado after Gov. John Hickenloooper brokered a compromise that keeps off the November ballot two initiatives that were poised to place greater restrictions on development, and legal and political setbacks befell separate local measures that sought to restrict or ban hydraulic fracturing.
Mexico plans to publish its technical bidding requirements in November, outlining logistics for the first upstream bid round, according to hydrocarbon officials visiting Houston to update the oil and gas industry on the country’s progress in opening up its assets to non-Mexican companies.
Removing US crude oil export restrictions would likely increase crude prices and decrease consumer fuel prices, the Government Accountability Office said in a recent report. It also called for a reexamination of the size of the US Strategic Petroleum Reserve.
Crude oil futures prices in New York ended the week slightly higher, but still remained below $83/bbl.
Tesoro Corp. affiliate Tesoro Logistics LP has agreed to acquire QEP Resources Inc.’s wholly owned subsidiary QEP Field Services LLC (QEPFS), including its 58% partnership interests in QEP Midstream Partners LP for $2.5 billion.
Alaska is seeking priority conveyance of nearly 20,000 acres of uplands at the western boundary of the Arctic National Wildlife Refuge, the state’s Department of Natural Resources reported on Oct. 17 in Anchorage. It previously requested the acreage, between the Staines and Canning rivers, under the Alaska Statehood Act and Alaska National Interest Lands Conservation Act.
The International Energy Agency's Oil Market Report (OMR) for October continues to reduce its forecast of global oil demand for 2014 by 200,000 b/d from the previous month, to 92.4 million b/d.
Wild Well Control Inc., a subsidiary of Superior Energy Services, has completed a subsea capping stack stationed in Singapore to serve the area during a deepwater well control incident. The company's first unit resides in Aberdeen.
The BlueGreen Alliance, a coalition of 10 national labor unions and 5 environmental organizations, urged the Obama administration to adopt a strong methane reduction strategy with the US oil and gas industry as a major component.
Governments of major producing countries and six multinational oil and gas companies formed a methane emissions reduction taskforce during the United Nation's global climate change summit in New York.
National Ocean Industries Association Pres. Randall B. Luthi takes a back seat to no one when it comes to applauding increased onshore unconventional oil and gas production's contribution to the nation's dramatically improved energy outlook.
National Fuel Gas Co. Chief Executive Officer Ronald J. Tanski was elected as chairman of the Interstate Natural Gas Association of America for a 1-year term during the trade association's annual board meeting on Oct. 10.
Europe's natural gas supply mix likely won't change much without drastic policy interventions despite recent renewed concern over instability in Ukraine, a new Brookings Institution policy brief concluded.
As oil prices fall, speculation naturally arises about winners and losers in the event a decline of the moment becomes something more severe.
Total US petroleum deliveries, a measure of demand, averaged 18.6 million b/d last month, down 3.5% from September 2013, as stated in the latest monthly statistics from the American Petroleum Institute. For the third quarter, petroleum deliveries fell 0.9% from the same period last year.
The New York Mercantile Exchange November crude oil contract gained 92Â¢ on Oct. 16, closing at $82.70/bbl. The December contract price rose $1.01 to $81.95/bbl.
Veresen Inc., Calgary, has named Elizabeth Spomer as president and chief executive officer of Jordan Cove LNG LLC and executive vice-president of Veresen.
With one third of the Mexican government's budget funded by PetrÃ³leos Mexicanos (Pemex), a decline in the state-owned oil company's production hits the government hard.
David Lawler has accepted the role of chief executive officer of BP PLC.'s Lower 48 Onshore business and resigned his role as executive vicepresident and chief operating officer of SandRidge Energy Inc.
Merger and acquisition activity in the US oil and gas industry jumped in the second quarter of 2014, and nearly half of total deal value was related to shale plays, according to the Energy Practice of PwC.
Bill Barrett Corp. has agreed to divest the majority of its acreage in the Powder River basin and its remaining position in the Gibson Gulch area in the Piceance basin to undisclosed parties in agreements valued at $757 million.
ATP Infrastructure Partners LP (ATP-IP) agreed to pay a $1 million fine and perform corrective measures to resolve federal claims that it violated the Clean Water Act (CWA) and Outer Continental Shelf Lands Act (OCSLA), the US Department of Justice, Environmental Protection Agency, and Bureau of Safety and Environmental Enforcement (BSEE) jointly announced.
Goodrich Petroleum Co. reported encouraging results from another well targeting the emerging Tuscaloosa Marine shale (TMS) in Louisiana and Mississippi.
Newfield Exploration Co. has agreed to sell its Granite Wash assets to Templar Energy LLC for $588 million.
Capital spending in the Wolfcamp tight oil formation is on track to exceed $12 billion in 2014-making the play the second highest area of investment among US unconventional plays, according to analysis by Wood Mackenzie.
The government of Nova Scotia plans to introduce legislation this fall that would prohibit high-volume hydraulic fracturing.
Rex Energy Corp. has signed a $120 million deal to acquire 207,000 net acres prospective to the Marcellus, Upper Devonian Burkett, and Utica shales in Pennsylvania and Ohio from Swepi LP, an affiliate of Royal Dutch Shell PLC.
The recent acquisition of Kodiak Oil & Gas Corp. by Whiting Petroleum Corp. is set to create the largest producer and most active driller in the Bakken-Three Forks tight oil play.
Antero Resources has surpassed 1 bcfd of net gas-equivalent (bcfed) production from the Marcellus and Utica shales and secured the gas processing and pipeline capacity needed to meet aggressive production growth targets.
Marcellus shale companies expect to hire more than 2,000 new employees in 2014, according to a workforce survey released by the Marcellus Shale Coalition (MSC).
The American Gas Association’s board of directors approved creation of a nationwide peer safety and operations review program beginning in 2015. It will let the more than 200 local distribution companies in AGA observe their peers, share leading practices, and identify opportunities to better serve customers and communities, the trade association said.
Royal Dutch Shell PLC has signed two separate deals that will enable it to exit its positions in the Haynesville shale and Pinedale field in exchange for $2.1 billion in cash and additional acreage in the Utica and Marcellus shales in Pennsylvania.
Improvements in drilling and completion techniques, along with additions of regional pipeline and processing capacity, are expected to propel Marcellus shale production even higher in coming years.
Pioneer Natural Resources Co., Irving, Tex., has agreed to sell all of its Barnett shale assets in North Texas to an undisclosed private company for $155 million.
The US Bureau of Ocean Energy Management (BOEM) has proposed Gulf of Mexico central planning area Lease Sale 235 for March 2015 in New Orleans. BOEM will make available 7,477 tracts covering 43.5 million acres offshore Louisiana, Mississippi, and Alabama.
Southwestern Energy Co., Houston, has agreed to acquire assets in the southern Marcellus shale and a portion of the eastern Utica shale in West Virginia from Chesapeake Energy Corp., Oklahoma City, for 5.375 billion.
Crude oil prices fell only slightly on the New York market Oct. 15 after plunging the previous day. Brent crude oil prices fell by more than $1/bbl on Oct. 15, and the average for the Organization of Petroleum Exporting Countries basket dropped more than $3/bbl.
Federal proposals to amend portions of the Endangered Species Act would significantly reshape and further complicate the law’s critical habitat process, and unjustifiably expand two federal services’ authority to make such designations, the American Petroleum Institute and five other oil and gas industry associations said.
The head of an independent oil and gas company that in late June received one of the first two federal approvals to export condensate urged the US Department of Commerce to begin issuing similar permits to other applicants.
American Midstream Partners LP (AMP), Denver, has acquired Costar Midstream LLC from Energy Spectrum Partners VI LP and Costar management for $470 million. The deal closed Oct. 14.