Post-Macondo lessons learned still need applied, speakers agree

Although the federal government and the US oil and gas industry responded quickly and aggressively to identify and correct problems that caused the Apr. 20 Macondo deepwater well blowout and subsequent crude-oil spill into the Gulf of Mexico, it’s still not clear that safety and environmental lessons learned from the largest offshore environmental disaster in […]

Total-led venture presses on with Elk-Antelope appraisal

A joint venture led by Total SA at the proposed Elk-Antelope gas development in the eastern highlands of Papua New Guinea has decided to bring in a second rig to speed the fields appraisal program. Source: News

Kinder Morgan, BP form joint venture terminal business

Kinder Morgan Inc. (KMI) has finalized agreements with BP Products North America Inc. to acquire 15 refined products terminals and associated infrastructure in the US in a deal valued at $350 million. Source: News

MARKET WATCH: NYMEX crude oil prices fall on China’s economic numbers

Light, sweet crude oil prices for November delivery dropped more than $1/bbl Oct. 19 to settle below $46/bbl on the New York market after China released quarterly statistics showing that economic growth had fallen to 6.9% for the 3 months ended in September. Source: News

Jefferies: Reserve-based lending redeterminations 'surprisingly gentle'

Analysts with Jefferies Equity Research Americas report banks protected their oil and gas producer customers by giving them more time to improve financial health, but next year’s spring Reserve Based Lending (RBL) redeterminations likely could be tougher unless commodity prices improve. Source: News

ONRR fines Chesapeake over Indian tribal gas royalties

The US Department of the Interior’s Office of Natural Resources Revenue (ONRR) has fined Chesapeake Energy Corp. more than $2.1 million for failing to comply with a 2011 order that found repeated, systematic orders in the Oklahoma City-based independent’s monthly reporting of the amount of natural gas it produced and sold from leases on American […]

Sequa Petroleum takes 15% interest in Gina Krog field

Tellus Petroleum AS, a subsidiary of Sequa Petroleum NV, has agreed to acquire 15% interest in Gina Krog oil and gas field on the Norwegian Continental Shelf from Total E&P Norge AS for 1.4 billion kroner. Source: News

COS urges shareholders to reject Suncor offer

Canadian Oil Sands Ltd. (COS) is recommending that shareholders reject the offer made earlier this month by Suncor Energy Inc. to acquire all outstanding COS shares. Source: News

Papua New Guinea, Sojitz sign methanol agreement

Papua New Guinea’s state oil company NPCP Holdings has signed a shareholder’s agreement with Japanese company Sojitz Corp. to develop a methanol manufacturing industry in Papua New Guinea. Source: News