Latest News

General Interest

The White House released an energy plan following Donald J. Trump’s inauguration as the 45th US president in which he promised to put America and its people first. “To all Americans, hear these words: You will never be ignored again,” Trump said in his Jan. 20 inauguration address.

Posted: January 20, 2017, 7:00 pm

The government of Indonesia has implemented new production-sharing terms for oil and natural gas.

Posted: January 20, 2017, 6:57 pm

Brazil's state-owned Petroleo Brasileiro SA (Petrobras) has finalized the sale of its Japanese refining business, including subsidiary Nansei Sekiyu KK’s 100,000-b/d idled Nishihara refinery on Japan’s southwestern island of Okinawa, to Taiyo Oil Co. Ltd., Tokyo.

Posted: January 20, 2017, 5:36 pm

Benchmark crude oil prices rose slightly on markets in New York and London Jan. 19 on indications that major producers are making progress toward cutting production in their effort to rebalance oil supply and demand worldwide.

Posted: January 20, 2017, 3:50 pm

Former Texas Gov. Rick Perry (R) praised the US Department of Energy’s research programs, said he would try to protect their funding, and repudiated his call as a 2012 presidential candidate for DOE’s elimination during the US Senate Energy and Natural Resource Committee’s hearing on his nomination to be US Energy Secretary.

Posted: January 19, 2017, 8:55 pm

A natural gas and condensate release has been reported from a Kinetica Partners LLC-operated pipeline on West Cameron Block 165 in the Gulf of Mexico, 32 miles southwest of Cameron, La.

Posted: January 19, 2017, 8:28 pm

Petroleum Development Oman has invited oil and gas companies to invest in what it calls a “sourcing exercise” targeting development of heavy oil in Oman’s Habhab region.

Posted: January 19, 2017, 6:20 pm

Daniel Coombs has been appointed LyondellBasell’s executive vice-president, manufacturing and refining. He succeeds Kevin Brown, who is retiring in mid-February.

Posted: January 19, 2017, 4:56 pm

DONG Energy, Fredericia, Denmark, expects to sell its oil and gas exploration and production business by yearend.

Posted: January 19, 2017, 4:52 pm

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2.3 million bbl during the week ended Jan. 13 compared with the previous week's, according to the US Energy Information Administration’s Petroleum Status Report.

Posted: January 19, 2017, 4:26 pm

Crude prices fell on markets in New York and London on Jan. 18, which analysts attributed to a strengthening US dollar and also concerns that rising US shale production could offset a production cut by major producers elsewhere.

Posted: January 19, 2017, 3:30 pm

TonenGeneral Sekiyu KK is investigating the cause of an early morning fire that took place on Jan. 18 at its 132,000-b/d refinery in Arida City, Wakayama Prefecture, Japan.

Posted: January 18, 2017, 10:13 pm

Rule of law, cooperative federalism, and public participation would be core philosophies of Oklahoma Atty. Gen. E. Scott Pruitt (R) if he becomes US Environmental Protection Agency administrator, he said. He also would consider proposed regulations’ economic as well as environmental regulations, he told the US Senate Environment and Public Works Committee during his Jan. 18 confirmation hearing.

Posted: January 18, 2017, 7:37 pm

New Zealand Oil & Gas Ltd. (NZOG) has now taken full control of Cue Energy Resources Ltd. after having launched a hostile takeover the Melbourne-based Cue nearly 2 years ago.

Posted: January 18, 2017, 5:22 pm

US Rep. Ryan Zinke said he would work to have more federal land management decisions reached outside of Washington, DC, as a product of closer collaboration with states and stakeholders if he is confirmed as the next US Secretary of the Interior.

Posted: January 18, 2017, 3:45 pm

Light, sweet crude prices gained slightly on the New York market on Jan. 17 as trading resumed after the Martin Luther King Jr. holiday on Jan. 16. But the US benchmark fell in early Jan. 18 trading on reports of a strengthening dollar and expectations that US producers will increase unconventional oil production.

Posted: January 18, 2017, 3:34 pm

Twenty-nine companies have been awarded 56 new production licenses on the Norwegian continental shelf as part of Norway’s Awards in Predefined Areas (APA) 2016 licensing round. Thirty-three companies were eligible to apply for 148,014 sq km.

Posted: January 17, 2017, 9:40 pm

ExxonMobil Corp. has agreed to acquire companies primarily focused on New Mexico’s Delaware basin from the Bass family of Fort Worth in a deal that could total $6.6 billion.

Posted: January 17, 2017, 5:26 pm

A federal district court judge in Wyoming denied a preliminary injunction against the US Bureau of Land Management’s venting and flaring rule. Petitioners—which included the Independent Petroleum Association of America, the Western Petroleum Association, and the states of Wyoming, North Dakota, and Montana—did not demonstrate that a preliminary injunction is warranted, US District Judge Scott W. Skavdahl said in his Jan. 16 decision.

Posted: January 17, 2017, 3:59 pm

Crude oil benchmarks gained support Jan. 17 after Saudi Arabia’s energy minister reportedly made positive remarks about a quick rebalancing of the world oil markets. US markets were closed Jan. 16 for the Martin Luther King Jr. holiday.

Posted: January 17, 2017, 3:56 pm

The boards of Noble Energy Inc., Houston, and Clayton Williams Energy Inc., Midland, Tex., have unanimously approved a definitive agreement under which Noble Energy will pay $2.7 billion in cash and stock to acquire Clayton Williams.

Posted: January 16, 2017, 9:53 pm

Cairn India Ltd. reported a 7% decline in production in its latest quarter. The company cited a planned maintenance shutdown at its Mangala processing terminal on the Rajasthan block as well as natural declines in production from offshore assets.

Posted: January 16, 2017, 6:34 pm

DCP Midstream LLC, the Denver-based 50-50 joint venture of Phillips 66 and Spectra Energy Corp., and DCP Midstream Partners LP (DMP) have signed a definitive merger agreement under which the companies will combine their businesses to form a new entity that, by late January, will be the largest NGL producer and gas processor in the US.

Posted: January 16, 2017, 5:08 pm

US Sec. of Transportation Anthony Foxx has signed an advanced notice of possible rulemaking (ANPR) seeking government, industry, and public contributions on questions about establishing a vapor pressure threshold for crude oil as it is being transported.

Posted: January 16, 2017, 5:07 pm

Inpex Corp., Tokyo, reported an agreement in principle with Abu Dhabi National Oil Co. to extend the duration of joint development of Satah and Umm Al Dalkh oil fields offshore Abu Dhabi.

Posted: January 16, 2017, 5:04 pm

Lucas Energy Inc., Houston, has agreed to partner with a private Houston-based oil and gas holding company in the Permian basin of Texas, and will change its name to Camber Energy Inc. to reflect the firm's new operational focus.

Posted: January 16, 2017, 5:01 pm

Capital expenditures (capex) of global integrated oil and gas companies are expected to fall a further 8% in 2017, according to a recent outlook by RBC Capital Markets.

Posted: January 16, 2017, 4:57 pm

Energy policy improvements will need to be an essential part of US policy reforms voters demanded on Nov. 8 and expect in the next 4 years, American Petroleum Institute Pres. Jack N. Gerard maintained.

Posted: January 16, 2017, 4:55 pm

The US Bureau of Ocean Energy Management extended the deadline by 6 months for offshore oil and gas operators to implement a risk management and financial assurance program for decommissioning facilities under a notice to lessees it issued in September because of liability questions that have emerged.

Posted: January 16, 2017, 4:50 pm

The US Bureau of Ocean Energy Management has denied six pending applications to conduct offshore oil and gas geological and geophysical (G&G) surveys on the US South and Mid-Atlantic Outer Continental Shelf. 

Posted: January 16, 2017, 4:48 pm

As expectations grow that oil exporters actually might cut production to support the price of crude, a new complication emerges. It attaches to a proposal gaining political momentum in the US: tax reform.

Posted: January 16, 2017, 4:30 pm

Foiled efforts so far to rename the Texas Railroad Commission remind this OGJ editor of a state antilitter campaign: "Don't mess with Texas." TRC may have the most colorful history of any state agency.

Posted: January 16, 2017, 4:24 pm

Crude oil benchmarks traded moderately lower on Jan. 13, ending a 2-day rally driven by some major producers cutting production, especially Saudi Arabia. Light, sweet crude prices settled above $52/bbl on the New York market while Brent crude settled above $53 on the London market.

Posted: January 16, 2017, 3:42 pm

The US Pipeline & Hazardous Materials Safety Administration completed one of its top priority rulemakings for 2016 as Administrator Marie Therese Dominguez signed long-awaited safety requirements for onshore hazardous materials pipelines. The final rule makes critical safety improvements, PHMSA said. An American Petroleum Institute official said it still falls short of what is needed.

Posted: January 16, 2017, 3:28 pm

International news for oil and gas professionals

Posted: January 16, 2017, 6:00 am

WPX Energy Inc., Tulsa, has agreed to acquire 18,100 net acres in Reeves, Loving, Ward, and Winkler counties in Texas from private equity backed firms Panther Energy Co. II LLC and Carrier Energy Partners LLC for $775 million in cash.

Posted: January 13, 2017, 9:06 pm

US senators considering nominees to lead the US Departments of the Interior and Energy and the Environmental Protection Agency should ask about ways policies can be improved to create jobs, benefit consumers, and improve the general economy and domestic energy security, an American Petroleum Institute official said days before scheduled hearings.

Posted: January 13, 2017, 9:00 pm

Jesse Norman has been named UK parliamentary undersecretary of state, minister for industry and energy, a position that includes regulation of oil and natural gas.

Posted: January 13, 2017, 6:05 pm

Oil and gas operators in the central US show growing optimism in a survey by the Federal Reserve Bank of Kansas City.

Posted: January 13, 2017, 5:52 pm

Sanchez Energy Corp., Houston, and funds managed by private equity firm Blackstone Energy Partners LP have entered a 50-50 partnership and agreed to acquire working interest in 318,000 gross operated acres in the western Eagle Ford shale of South Texas from Anadarko Petroleum Corp., The Woodlands, Tex., for $2.3 billion.

Posted: January 13, 2017, 5:08 pm

Oil prices rose on both the New York and London markets Jan. 12 following reports that Saudi Arabia has cut production by more than it had previously agreed.

Posted: January 13, 2017, 4:01 pm

The American Petroleum Institute urged the US Environmental Protection Agency to limit ground-level ozone controls implementation to one set of requirements at a time so that the Clean Air Act’s requirement to “insure that economic growth will occur in a manner consistent with the preservation of existing clean air resources” will be met.

Posted: January 12, 2017, 6:49 pm

The Trinidad and Tobago government said it will divest part of state-owned Petrotrin as it tries to increase crude production, increase efficiency, and return the company to profitability.

Posted: January 12, 2017, 6:44 pm

The United Arab Emirates wants nearly half the energy consumed in the federation to be “clean energy” by 2050.

Posted: January 12, 2017, 6:29 pm

Hess Corp. has set its 2017 capital expenditure budget at $2.25 billion, up from the $1.9 billion spent in 2016.

Posted: January 12, 2017, 4:48 pm

Paul McDade will be appointed chief executive officer of Tullow Oil PLC following its annual general meeting on Apr. 26. He currently serves as chief operating officer.

Posted: January 12, 2017, 4:38 pm

The light, sweet crude oil contract for February delivery gained more than $1.40/bbl on the New York market Jan. 11. Analysts said evidence of supply cuts by major producers offset a stronger-than-expected climb in US oil inventories.

Posted: January 12, 2017, 3:50 pm

Global petroleum and other liquid fuels inventory builds averaged 900,000 b/d in 2016, marking the third consecutive year of gains. According to the US Energy Information Administration’s Short-Term Energy Outlook, issued this month, the pace of stock builds is expected to slow considerably to an average of 300,000 b/d in 2017 and 100,000 b/d in 2018.

Posted: January 11, 2017, 9:32 pm

US Chamber of Commerce Pres. Thomas J. Donahue called for federal regulatory relief and reforms as a primary component of a new American Growth Agenda. “There is no justification for the regulatory overkill we have seen over the last 8 years,” he said. “An unelected fourth branch of government—the regulatory branch—is holding our small businesses back while imposing unnecessary costs on larger companies too.”

Posted: January 11, 2017, 9:24 pm

Abu Dhabi Oil Refinery Co. (Takreer), the refining arm of state-owned Abu Dhabi National Oil Co., has confirmed a fire broke out on Jan. 11 at its recently expanded Ruwais refining complex in the UAE, about 240 km west of Abu Dhabi City.

Posted: January 11, 2017, 8:27 pm

The federal government should use a new framework to estimate carbon dioxide’s social cost for regulatory impact analysis that would strengthen the scientific basis, provide greater transparency, and improve characterization of the estimates’ uncertainties, a recent report from the National Academies of Sciences, Engineering & Medicine said.

Posted: January 11, 2017, 6:36 pm

Final investment decisions (FID) are expected to double globally in 2017 while exploration and production spending will increase for the first time since 2014, according to Wood Mackenzie Ltd.’s global upstream outlook.

Posted: January 11, 2017, 6:27 pm

Parsley Energy Inc., Austin, has agreed in several deals to acquire undeveloped acreage and producing oil and gas properties in the Midland and southern Delaware basins of Texas for $607 million in cash.

Posted: January 11, 2017, 6:08 pm

Saif Humaid Al Falasi, chief executive officer of ENOC Group, Dubai, has been named CEO of ENOC subsidiary Dragon Oil.

Posted: January 11, 2017, 4:57 pm

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 4.1 million bbl during the week ended Jan. 6 from the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

Posted: January 11, 2017, 4:01 pm

The US Bureau of Land Management announced final amendments to federal oil share regulations that give the Secretary of the Interior flexibility in setting rates lease-by-lease and require oil shale operations to include environmental protection plans.

Posted: January 11, 2017, 3:55 pm

The light, sweet crude oil contract for February delivery dropped more than $1/bbl on the New York market Jan. 10, but prices were trading higher on early Jan. 11 pending release of the weekly US oil and products report.

Posted: January 11, 2017, 3:53 pm

Comstock Resources Inc., Frisco, Tex., and USG Properties Haynesville LLC have agreed to jointly develop certain acreage recently acquired by USG that’s prospective for the Haynesville shale in Louisiana and Texas.

Posted: January 10, 2017, 9:55 pm

The US Department of Energy formally announced that it will sell as much as 8 million bbl of sweet crude oil from three Strategic Petroleum Reserve storage sites at competitive prices.

Posted: January 10, 2017, 5:40 pm

Australia and Timor Leste have jointly announced an agreement to abandon the temporary treaty that regulates maritime boundaries in the Timor Sea and has given rise to a long-running dispute over sharing revenues from oil and gas.

Posted: January 10, 2017, 5:24 pm

Nelson Martinez has been named Venezuela’s minister of petroleum, according to Petroleos de Venezuela SA. He succeeds Eulogio Del Pino, who was named petroleum minister in 2015 in addition to serving as president of PDVSA. Del Pino has been president since 2014 and retains that role.

Posted: January 10, 2017, 4:58 pm

The light, sweet crude oil contract for February delivery fell more than $2/bbl on the New York market Jan. 9 as did the Brent crude oil contract price for March delivery on the London market. It was the largest daily loss for the US and Brent benchmarks in about 3 weeks.

Posted: January 10, 2017, 3:45 pm

Following an unprecedented 2 years of double-digit declines, global exploration and production spending is expected to increase 7% in 2017, according to Barclays’ latest E&P spending survey.

Posted: January 9, 2017, 6:30 pm

The government of Papua New Guinea has deployed about 300 armed troops into Hela province in the Southern Highlands to contain and stop gun violence near the ExxonMobil Corp.-led PNG-LNG project.

Posted: January 9, 2017, 6:23 pm

The US Bureau of Ocean Energy Management extended the deadline by 6 months for offshore oil and gas operators to implement a risk management and financial assurance program for decommissioning facilities under a notice to lessees it issued in September because of liability questions that have emerged.

Posted: January 9, 2017, 6:10 pm

Total SA said it expects “a project sanction in the near future” after agreeing to pay Tullow Oil PLC $900 million for a 21.57% interest the companies’ Lake Albert joint venture in Uganda.

Posted: January 9, 2017, 6:06 pm

The US Environmental Protection Agency proposed adding natural gas processing facilities, including those that extract gas liquids, to reporting requirements under Section 313 of the Emergency Planning and Community Right-to-Know Act (EPCRA), commonly known as the Toxics Release Inventory (TRI).

Posted: January 9, 2017, 4:24 pm

The light, sweet crude oil contract for February delivery rose modestly on the New York market Jan. 6 to settle at nearly $54/bbl while the Brent crude oil price for March delivery rose on the London market to settle above $57/bbl.

Posted: January 9, 2017, 4:17 pm

The Texas upstream oil and gas economy contracted in November for the 24th consecutive month, according to the Texas Alliance of Energy Producers' Texas Petro Index (TPI).

Posted: January 9, 2017, 7:54 am

Royal Dutch Shell PLC has completed the sale of subsidiary Shell Overseas Holdings Ltd.'s majority interest in Shell Refining Co. (FOM) Bhd. (SRC) to Malaysia Hengyuan International Ltd. (MHIL), a subsidiary of China's Shandong Hengyuan Petrochemical Co. Ltd. (SHP), Shandong (OGJ Online, Jan. 27, 2016).

Posted: January 9, 2017, 7:51 am

Delek US Holdings Inc., Brentwood, Tenn., has entered a definitive agreement to buy all outstanding shares 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. (OGJ Online, Nov. 12, 2014).

Posted: January 9, 2017, 7:47 am

Ohio Gov. John R. Kasich vetoed a state senate bill that included an expansion of the state's exemption from the sales tax of tangible personal property tax directly used in the production of oil and gas that was retroactive to 2010. The Ohio Oil & Gas Association strenuously disagreed with the premise that the governor has line item veto authority within the bill.

Posted: January 9, 2017, 7:39 am

California Gov. Jerry Brown (D) and Coastal Commission Chair Dayna Bochco each asked US President Barack Obama on Dec. 13 to add federal waters off the state's coast to portions of the US Outer Continental Shelf he permanently closed to future oil and gas activity a week later under Section 12-A of the 1953 OCS Lands Act (OGJ Online, Dec. 20, 2016).

Posted: January 9, 2017, 7:33 am

Departing administrations often encourage political appointees to complete reports and regulations before their successors arrive soon after the new president's inauguration. 

Posted: January 9, 2017, 7:28 am

Shares of federal revenue and royalties from oil and gas operations on public land and offshore should continue to go directly to states and counties and not be reduced to offset cuts elsewhere in the federal budget, western US governors said in a policy resolution adopted during their recently concluded winter meeting in San Diego.

Posted: January 9, 2017, 7:24 am

US Sen. Lisa Murkowski (R-Alas.) urged the US Bureau of Land Management to rescind its draft regional mitigation strategy (DRMS) for the National Petroleum Reserve-Alaska because it is deeply flawed, fails to establish predictability and transparency, and reflects a disregard for comments the state of Alaska and others provided previously.

Posted: January 9, 2017, 7:20 am

US President Barack Obama closed 3.8 million acres off the US North and Mid-Atlantic coasts and 115 million acres in the US Arctic Ocean to future oil and gas activity.

Posted: January 9, 2017, 7:14 am

Tax reform, newly in fashion in the US, presents a dilemma to the oil and gas business. It's both desirable and treacherous.

Posted: January 9, 2017, 7:09 am

International news for oil and gas professionals

Posted: January 9, 2017, 6:00 am

Cary Bounds has been appointed chief executive officer of Vaalco Energy Inc. on a permanent basis effective Dec. 29, 2016. He assumed the interim role on Sept. 1 following the retirement of Steve Guidry.

Posted: January 6, 2017, 8:42 pm

The US Bureau of Ocean Energy Management has denied six pending applications to conduct offshore oil and gas geological and geophysical (G&G) surveys on the US South and Mid-Atlantic Outer Continental Shelf. The Jan. 6 move came more than 4 years after BOEM set the stage for what would have been the first seismic evaluation of potential oil and gas resources there in more than 30 years.

Posted: January 6, 2017, 8:36 pm

DCP Midstream LLC, the Denver-based 50-50 joint venture of Phillips 66 and Spectra Energy Corp., and DCP Midstream Partners LP (DMP) have signed a definitive merger agreement under which the companies will combine their businesses to form a new entity that, by late January, will be the largest NGL producer and gas processor in the US.

Posted: January 6, 2017, 8:27 pm

Pembina Pipeline Corp., Calgary, has received regulatory approval for and has initiated construction on its previously announced $235-million expansion of its pipeline system in northeast British Columbia.

Posted: January 6, 2017, 6:51 pm

Antero Resources Corp., Denver, has set its 2017 capital budget at $1.5 billion, up 7% from 2016. The total includes $1.3 billion for drilling and completions and $200 million for core leasehold additions and extensions.

Posted: January 6, 2017, 5:22 pm

Light, sweet crude oil futures rose on the New York market for a second consecutive day to approach $53.80/bbl on Jan. 5 as traders and analysts reacted to a mixed inventory report that showed US crude oil supply levels fell while fuel supply levels jumped.

Posted: January 6, 2017, 4:16 pm

According to the US Energy Information Administration’s Annual Energy Outlook 2017 (AEO 2017), which has projections through 2050, the US will become a net energy exporter in most cases as petroleum liquid imports fall and natural gas exports rise.

Posted: January 5, 2017, 6:22 pm

Lucas Energy Inc., Houston, has agreed to partner with a private Houston-based oil and gas holding company in the Permian basin of Texas, and will change its name to Camber Energy Inc. to reflect the firm’s new operational focus.

Posted: January 5, 2017, 6:15 pm
TheGasGame.com (c) 2016 Frontier Theme