News/Media

Drilling & Production

  • MARKET WATCH: NYMEX crude oil climbs above $66/bbl on big inventory drop

    The light, sweet crude oil price for July delivery climbed more than $1/bbl on the New York market June 20 after the US Energy Information Administration reported a bigger-than-expected drop in oil supplies.

  • OKEA to acquire Shell’s interests in Draugen, Gjoa fields off Norway

    Seacrest Capital-backed OKEA AS has agreed to acquire the working interests of AS Norske Shell in Draugen (44.56%) and Gjoa (12%) fields offshore Norway for $556 million. Deal terms call for Shell to retain 80% of the decommissioning liability of the two assets up to an aftertax cap of $78 million subject to CPI indexation and to make a future payment to OKEA of $46 million subject to CPI indexation upon OKEA completing decommissioning.

  • CNX claims basin first in electric fracing

    CNX Resources Corp., Canonsburg, Pa., claims to be the first Appalachian basin operator to commit long term to the use of electric pressure pumping for hydraulic fracturing. 

  • US House oil and gas reform idea uses carrot-stick approach

    US House Natural Resource Committee Republicans presented a fifth proposal at a June 14 hearing to change federal oil and gas policies that ostensibly would increase states’ involvement in federal oil and gas decisions. Democrats on the Energy and Mineral Resources Subcommittee quickly criticized the discussion draft’s plan to reward states that encourage more leasing and development and penalize states that do not. 

  • IHS Markit: US gas production to rise 60% in next 20 years

    IHS Markit expects US natural gas production to rise almost 8 bcfd—more than 10%—this year and by another 60% over the next 20 years, according to a recent report, The Shale Gale Turns 10: A Powerful Wind at America’s Back. IHS Markit also now estimates that about 1,250 tcf of US supply is economic at below a $4/MMbtu Henry Hub price, up from a previous estimate of 900 tcf in 2010. 

  • INA to own 100% of gas fields off Croatia

    INA, Zagreb, has agreed to buy Eni Croatia BV and become 100% owner and sole operator of Northern Adriatic and Marica area gas fields offshore Croatia, reports MOL Group of Budapest, which owns 49.1% of the buyer.

General Interest

  • Repsol sells permits in Papua New Guinea

    Spanish firm Repsol SA will sell its exploration and development permits in Papua New Guinea to Chinese company Balang International. Repsol has not disclosed the transaction amount.

  • ExxonMobil’s Altona refinery to expand crude storage

    ExxonMobil Corp. subsidiary Mobil Refining Australia Pty. Ltd. plans to expand crude storage capacity at its 80,000-b/d Altona refinery in Victoria, 13 km west of Melbourne, as part of its strategy to improve efficiency of its local refining and supply operations to help meet Australia’s growing demand for transportation fuels. 

  • BP pulls out of Woolworths Australian retail outlet acquisition

    BP Australia has decided not to continue with its $1.8-billion (Aus.) purchase of retail giant Woolworths retail outlets across Australia. The British major agreed in December 2016 to buy Woolworths’ 543 fuel and convenience stores, which would have seen it become as the market leader in Australia. 

  • MARKET WATCH: NYMEX crude oil climbs above $66/bbl on big inventory drop

    The light, sweet crude oil price for July delivery climbed more than $1/bbl on the New York market June 20 after the US Energy Information Administration reported a bigger-than-expected drop in oil supplies.

  • OKEA to acquire Shell’s interests in Draugen, Gjoa fields off Norway

    Seacrest Capital-backed OKEA AS has agreed to acquire the working interests of AS Norske Shell in Draugen (44.56%) and Gjoa (12%) fields offshore Norway for $556 million. Deal terms call for Shell to retain 80% of the decommissioning liability of the two assets up to an aftertax cap of $78 million subject to CPI indexation and to make a future payment to OKEA of $46 million subject to CPI indexation upon OKEA completing decommissioning.

  • Trump order establishes interagency Ocean Policy Committee

    US President Donald Trump issued an executive order establishing an interagency Ocean Policy Committee, which will replace the National Ocean Council and nine regional planning bodies that President Barack Obama established in 2010. The June 19 action will establish more-streamlined federal coordination and empower states by eliminating duplicative federal bureaucracy, the White House said. 

Exploration & Development

  • Repsol sells permits in Papua New Guinea

    Spanish firm Repsol SA will sell its exploration and development permits in Papua New Guinea to Chinese company Balang International. Repsol has not disclosed the transaction amount.

  • Trump order establishes interagency Ocean Policy Committee

    US President Donald Trump issued an executive order establishing an interagency Ocean Policy Committee, which will replace the National Ocean Council and nine regional planning bodies that President Barack Obama established in 2010. The June 19 action will establish more-streamlined federal coordination and empower states by eliminating duplicative federal bureaucracy, the White House said. 

  • US House oil and gas reform idea uses carrot-stick approach

    US House Natural Resource Committee Republicans presented a fifth proposal at a June 14 hearing to change federal oil and gas policies that ostensibly would increase states’ involvement in federal oil and gas decisions. Democrats on the Energy and Mineral Resources Subcommittee quickly criticized the discussion draft’s plan to reward states that encourage more leasing and development and penalize states that do not. 

  • ExxonMobil unit makes eighth oil discovery offshore Guyana

    ExxonMobil Corp. affiliate Esso Exploration & Production Guyana Ltd. encountered 265 ft of high-quality, oil-bearing sandstone following the drilling of the Longtail-1 well offshore Guyana, creating potential for additional resource development in the southeast area of the Stabroek block.

  • Denbury sanctions Cedar Creek Anticline carbon dioxide development

    Denbury Resources Inc., Plano, Tex., has sanctioned a carbon dioxide enhanced oil recovery project at Cedar Creek Anticline, which extends across Montana, North Dakota, and South Dakota. Denbury has interest in about 175,000 acres. 

  • Al Jahraa development well has deep target

    The Kuwait Energy Al Jahraa-6, the first of two development wells planned this year on the Abu Sennan license in Egypt’s Western Desert, also will test deeper-pool potential, reports Rockhopper Exploration PLC, a partner in the production-sharing contract.