Baytex Energy Corp. and Raging River Exploration Inc., both of Calgary, received shareholder approval to merge. The combined oil-weighted company would hold assets across North America. Source: News
US Energy signs deal for Bakken asset acquisition
US Energy Corp. plans to acquire oil and gas producing properties targeting the Bakken formation of North Dakota form APEG I Partners. The exclusive, nonbinding memorandum of understanding includes all of APEG’s interest in 67 wells concentrated in Williams and McKenzie counties—assets “highly complementary” to US Energy’s existing portfolio in the state, the company said. […]
Senate Republicans ask FERC about LNG application review process
US Senate Republicans, including Energy and Natural Resources Committee Chair Lisa Murkowski (Alas.) and four of its GOP members, called on the US Federal Energy Regulatory Commission to approve pending LNG export applications as they sought more information about FERC’s approval process and available resources in an Aug. 21 letter to FERC Chairman Kevin McIntyre. […]
Santos to acquire Quadrant Energy
Santos Ltd., Adelaide, has acquired 100% of Quadrant Energy Ltd., Perth, for $2.15 billion. The acquisition includes Quadrant’s 80% share of the Dorado oil and gas discovery in the Bedout subbasin offshore Western Australia. Source: News
Partitioned Zone oil restart seen ‘soon’
Oil production from the Partitioned Zone shared by Saudi Arabia and Kuwait, shut in since 2015, will resume “soon,” according to the Kuwaiti oil minister. “Matters with brothers in Saudi Arabia are going at a steady pace, and we expect the return of production in the divided region soon,” said Bakheet Al-Rashidi, who also is […]
API official: More tariffs on China would further harm US oil, gas
Additional Section 301 tariffs on China would cause further harm to the US oil and gas industry, an American Petroleum Institute official told US Trade Representative Robert E. Lightizer at an Aug. 21 hearing on the matter. “Broadly, this action, especially when added to Section 301 positions taken earlier this year, represent continued steps in […]
Jericho Oklahoma STACK JV to drill third STACK well
Jericho Oil Corp., Vancouver, BC, along with its Oklahoma STACK joint venture partner, will begin drilling the Trebuchet 21-23N-10W No. 1H well. The well is the second in the Osage formation and the third within the JV’s 16,000 net acre position in northern STACK this year. Source: News
EIA: US crude inventories decrease 5.8 million bbl
US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.8 million bbl for the week ended Aug. 17, according to data from the US Energy Information Administration. At 408.4 million bbl, US crude oil inventories are at the 5-year average for this time of year, the Weekly Petroleum Status Report indicated. Source: […]
MARKET WATCH: NYMEX oil prices rise nearly $1/bbl pending US inventory report
Light, sweet crude oil for September delivery rose nearly $1/bbl on the New York market Aug. 21 to settle above $67/bbl, which analysts attributed to expectations of declining US oil supplies. The American Petroleum Institute on Aug. 21 said its data showed a drop of 5.2 million bbl in US crude oil supplies for the week […]
AIE lets contract for FSRU for Port Kembla terminal
Australian Industrial Energy (AIE) has let a contract to Norwegian group Hoegh LNG to provide the floating storage and regasification unit (FSRU) for its planned LNG import terminal at Port Kembla on the New South Wales coast south of Sydney. Source: News