Swedish refiner Preem Petroleum AB, a wholly owned subsidiary of Corral Petroleum Holdings AB, Stockholm, and US-based project developer Beowulf Energy LLC, New York, have signed a cooperation framework agreement to examine the possibility of installing a residue hydrocracking plant that will be equipped with process technology from Chevron Lummus Global LLC (CLG) at Preem’s […]

Global upstream development spending from 2015 to 2020 has declined 22%, or $740 billion, since fourth-quarter 2014, according to research from Wood Mackenzie Ltd. Including cuts to conventional exploration investment, the figure increases to just more than $1 trillion. Source: News

Yang Hua, chairman of China National Offshore Oil Corp. Ltd., has added the role of chief executive officer following the resignation of Li Fanrong, who had served as chief executive officer and president. Yuan Guangyu has become president. The changes are effective June 15. Source: News

Russia is considering the sale of 19.5% of state-owned OJSC Rosneft in a private transaction, the company’s chief executive officer told an Italian newspaper. Source: News

GeoPark Ltd. has started its drilling program on the Llanos 34 block in Colombia. The company spudded its Jacana 3 appraisal well with plans to follow with the Jacana 4. Source: News