Pertamina to replace Chevron in Rokan Block

Further consolidating oil and gas interests in the state-owned oil company, Indonesia’s energy ministry announced Pertamina will replace Chevron Corp. as operator of the Rokan Block in Sumatra when the production-sharing contract expires in 2021. Chevron had asked for an extension of the PSC, in which it holds a 100% interest. Source: News

EIA: US crude inventories increase 3.8 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, changed direction for the week ended July 27, increasing by 3.8 million bbl after a decline the previous week, according to data from the US Energy Information Administration. Source: News

Sherritt resumes Block 10 drilling in Cuba

Sherritt International has resumed drilling of its second exploration well on Block 10 in Cuba after suspending work last year to study wellbore targeting. It’s drilling the well directionally from land to test Upper Jurassic-Lower Cretaceous Lower Veloz carbonate in the Bay of Cardenas. Source: News

MARKET WATCH: NYMEX oil prices dip over $1/bbl on API inventory gain

Light, sweet crude oil contracts dropped more than $1/bbl July 31 on the New York market, giving up the previous day’s gain. The American Petroleum Institute reported US crude oil inventories increased by 5.59 million bbl for the week ended July 27. Source: News