EIA continues to raise oil-price forecasts for 2016-17

North Sea Brent crude oil prices averaged $47/bbl in May, a $5/bbl increase from April and the fourth consecutive monthly increase since reaching a 12-year low of $31/bbl in January. Growing global oil supply disruptions, rising oil demand, and falling US crude oil production have contributed to the price increase. Source: News


Holly Energy buys more Wyoming crude pipeline assets

Holly Energy Partners LP has acquired 50% interest in Cheyenne Pipeline LLC, owner of Cheyenne Pipeline, for $42.5 million. The other 50% interest is owned by an affiliate of Plains All American Pipeline LP, which will continue to operate the line. Source: News


Morocco lets tender for Gharb basin acreage

Morocco’s Office National des Hydrocorbures et des Mines (ONHYM) has set an Aug. 19 deadline for acreage in the Gharb Centre area of the greater Gharb basin in the northern portion of the country. The tender includes 1,362 sq km of acreage, excluding three zones where ONHYM fields and infrastructure exist. Source: News


Shell advances Appalachian petrochemical project

Royal Dutch Shell PLC subsidiary Shell Chemical Appalachia LLC has taken final investment decision to build a grassroots petrochemical complex about 30 miles northwest of Pittsburgh that will produce ethylene and polyethylene (PE) from low-cost Marcellus and Utica shale ethane. Source: News


Williams retained for joint RPSEA-HBW work

Tom Williams, a former official of the US Department of Energy, has been retained by HBW Resources LLC to help manage a new partnership with the Research Partnership to Secure Energy for America. Source: News


Sasol updates progress on Louisiana petchem complex project

Costs have risen and startup schedules have been extended for Sasol Ltd.’s integrated ethane cracker and downstream derivatives complex under construction in Westlake, La., near Lake Charles. Source: News