IEA: Much work needed for reducing oil stock overhang

The rebalancing of the world’s oil market is effectively here, and, in the short term at least, is accelerating, the International Energy Agency said in its latest monthly oil market report (MOMR), which was published 9 days before members of the Organization of Petroleum Exporting Countries were scheduled to meet in Vienna. Source: News

Moody’s: Outlook remains positive for global E&P firms

The outlook for global independent exploration and production firms remains positive, according to a recent report from Moody’s Investors Service entitled, “Independent Exploration & Production—Global: Producers Continue to Recover as Commodity Prices Stabilize.” Source: News

Canada Kuwait Petrochemical combine advances Alberta PP facility

Pembina Pipeline Corp., Calgary, and Petrochemical Industries Co. KSC (PIC) of Kuwait have formed Canada Kuwait Petrochemical Corp. (CKPC) and will proceed with front-end engineering design for a proposed 1.2 billion-lb/year integrated propylene and polypropylene (PP) production facility in Sturgeon County, Alta. Source: News

Statoil to add third platform at Peregrino Phase II

The Peregrino Phase II field development will access new acreage out of reach of its current two wellhead platforms and floating production, storage, and offloading vessel. Source: News

Warburg Pincus-backed Chisholm Energy enters Delaware basin

Chisholm Energy Holdings LLC, a Fort Worth startup backed by a $500-million line-of-equity from private equity firm Warburg Pincus LLC, has acquired acreage in Eddy and Lea counties of New Mexico from an undisclosed private seller. Source: News

Beach targets undeveloped Cooper basin oil reserves

A group led by Beach Energy Ltd. and including Cooper Energy Ltd., both of Adelaide, has stated a five-well drilling campaign in South Australian production permit PPL 220, which contains Callawonga oil field on the western flank of the Cooper basin. Source: News