Ineos AG has agreed to acquire DONG Energy AS’s oil and gas business for an unconditional payment of $1.05 billion plus contingent payments of $150 million related to the Fredericia stabilization plant and as much as $100 million subject to development of Rosebank field. Source: News

Tag Oil Ltd., Vancouver, BC, reported the successful drilling and flow testing of its Cheal-E8 exploration well, which will now be tied-in to the company’s existing production systems as a permanent producer. The well was drilled on the company’s operated Cheal East permit (PEP 54877) in New Zealand’s Taranaki basin. The well was drilled to […]

US crude oil stockpiles declined for a seventh straight week last week, continuing to provide some relief to the flooded oil market. Source: News

Majorities of voters in Virginia, West Virginia, and North Carolina support approval and construction of the Atlantic Coast Pipeline and similar projects, telephone surveys commissioned by the Consumer Energy Alliance indicated. Most respondents also consider pipelines the safest way to transport natural gas, and back construction of the Keystone XL crude oil pipeline, CEA officials […]

Light, sweet crude oil climbed modestly on the New York Mercantile Exchange May 23 with the July contract settling at nearly $51.50/bbl. Analysts attributed the gain to growing confidence that major producers will extend production targets into next year to support oil prices and reduce inventories. Source: News