Austria’s OMV AG signed a memorandum of understanding in Tehran with National Iranian Oil Co. for evaluation of various fields in the Zagros area of western Iran. Source: News

Phillips 66 Partners LP has agreed with Phillips 66 to acquire the Standish Pipeline and remaining 75% interest in Phillips 66 Sweeny Frac LLC, which owns the newly constructed Sweeny Fractionator One and Clemens Caverns storage facility, for $775 million. Source: News

Synergy Resources Corp., Denver, has agreed to acquire 33,100 net acres in the Greeley Crescent area of Weld County, Colo., from Noble Energy Inc., Houston, for $505 million. The deal is effective Apr. 1 and expected to close as early as June. Source: News

Following a business review, Oil & Gas UK has reorganized into five teams from seven. The trade organization also said it streamlined the number of work groups it runs for its members by 40% to provide greater focus on industry priorities. Source: News

The US Pipeline & Hazardous Materials and Safety Administration issued a corrective action order requiring Texas Eastern Transmission LP to take necessary corrective actions following the failure of a gas pipeline on its Penn Jersey system. Source: News

Algeria faces economic management challenges equal to those of Nigeria and Iraq amid depressed global oil and gas prices, a speaker said during a discussion of Middle East and North African oil-exporting nations’ economic outlooks. Source: News

“Something has to give” in this languishing oil market, and one industry observer and his firm “are quite convinced that oil prices have to give quite a lot.” Source: News

About 88,000 residents of Fort McMurray in northern Alberta have been evacuated from a wildfire that has destroyed or damaged 1,600 structures. Alberta Premier Rachel Notley called the event the biggest evacuation in the history of the province. Source: News