Hilcorp unit to buy ConocoPhillips’ San Juan basin assets for up to $3 billion

Hilcorp San Juan LP, a partnership of Houston-based Hilcorp Energy Co. and Washington DC-based private equity firm The Carlyle Group, has agreed to acquire ConocoPhillips’ interests in the San Juan basin of northwestern New Mexico and southwestern Colorado for up to $3 billion. Source: News

IEA: Oil market already close to balance

It can be argued confidently that the market is already very close to balance, and as more data becomes available this will become clearer, the International Energy Agency said in its monthly oil market report for April. Source: News

Kuwait, Oman finalize partnership for Duqm refinery

Kuwait Petroleum Corp. subsidiary Kuwait Petroleum International Ltd. (KPI) has finalized an agreement with Duqm Refinery & Petrochemical Industries Co. LLC (DRPIC), Muscat, a joint venture of state-owned Oman Oil Co. (OOC) and the UAE’s International Petroleum Investment Co. (IPIC), to jointly develop DRPIC’s grassroots 230,000-b/d refinery and petrochemical complex to be built in the […]

Saipem unit lets marine contract for Tangguh LNG plant

PT Saipem Indonesia, Melbourne, let a marine construction contract to McConnell Dowell Corp. Ltd. for work on the BP PLC-operated Tangguh LNG plant extension in Indonesian New Guinea. Source: News

Marathon lets contract for Tier 3-compliance works at Texas refineries

Marathon Petroleum Corp. has let a contract to Fluor Corp. to provide engineering and procurement (EP) for a major reconfiguration project involving works at both the 459,000-b/d Galveston Bay and 86,000-b/d Texas City refineries in Texas City, Tex. Source: News

MARKET WATCH: NYMEX crude oil prices fall, US production gains

The light, sweet crude oil prices for both May and June fell on the New York market Apr. 12 but held above $53/bbl. Prices fell after the US Energy Information Administration reported US oil production increased 36,000 b/d for the week ended Apr. 7. Source: News