Targa to buy Permian midstream assets for up to $1.5 billion

Targa Resources Corp. has agreed on behalf of subsidiary Targa Resources Partners LP to acquire 100% of the membership interests of Outrigger Delaware Operating LLC, Outrigger Southern Delaware Operating LLC, and Outrigger Midland Operating LLC for $565 million cash and up to $935 million in additional cash as potential earn-out payments. Source: News

Oil Search exits Middle East, will focus on Papua New Guinea

Sydney and Port Moresby-based Oil Search Ltd. has relinquished its interest in the Taza production-sharing contract in the Kurdistan section of Iraq. The company also is close to completion of the sale of its interest in Block 7 onshore Yemen to Sydney-based Petsec Energy Ltd. That deal is expected to close early this year. […]

MARKET WATCH: NYMEX crude oil for March drops under $53/bbl

Light, sweet crude oil prices for March delivery fell on the New York market Jan. 23 to settle under $53/bbl, but prices climbed in early trading Jan. 24 on reports of a weakening US dollar. Source: News

PGNiG awarded production license in Pakistan

Pakistan’s Directorate General of Petroleum Concessions has awarded Poland state-owned PGNiG SA its first production license for the Kirthar block in southern Pakistan. PGNiG has owned the license since 2005 and will develop Rehman and Rizq natural gas fields, which are currently producing 500,000 cu m/day. Source: News

Nova Chemicals wraps polyethylene expansion at Joffre

Nova Chemicals Corp., Calgary, has commissioned the Polyethylene 1 (PE1) plant expansion project at its ethylene and PE complex in Joffre, near Read Deer, Alta. Source: News