Vanguard Natural Resources Inc., Houston, has agreed to sell certain assets in the Arkoma and DJ basins to an undisclosed buyer for $14.5 million as part of the company’s ongoing transition from upstream MLP to independent exploration and production company. Source: News
South Africa approves Glencore for buyout of Chevron refinery, other assets
South Africa’s Competition Tribunal has conditionally approved a proposal by Glencore to acquire Chevron Corp.’s majority ownership in Chevron South Africa, which operates a 110,000-b/d refinery at Milnerton, Cape Town, as well as the entirety of Chevon’s interest in downstream assets in Botswana. Source: News
US House committee approves bill raising states’ GOMESA shares to 50%
The US House of Representatives’ Natural Resources Committee approved a bill that would increase shares of new federal offshore oil and gas revenue for Texas, Louisiana, Alabama, and Mississippi under the 2006 Gulf of Mexico Energy Security Act to 50% from 37.5%. Source: News
Study: Oil sands GHG intensities falling
The upstream greenhouse-gas emissions intensity of bitumen from the Canadian oil sands has fallen on average since 2009 and will continue doing so through 2030, says a study by IHS Markit. During 2009-17, the study says, emissions from upstream operations per barrel of bitumen produced fell by 21%. A further 16-23% lowering of emissions intensity […]
Moody’s: R&M outlook stays positive through 2019, and beyond
Thanks to stronger distillate margins and favorable crude differentials, refining and marketing companies’ earnings will increase by 13-15% through the end of 2019 and the growth will likely persist beyond 2020. This is according to an analysis from Moody’s Investor Service. Source: News
Summit Midstream extends open season for Double E gas line
Summit Permian Transmission LLC, a subsidiary of Summit Midstream Partners LP, The Woodlands, Tex., is extending its binding open season for firm natural gas transportation capacity on the Double E Pipeline following a high level of interest from prospective shippers, the company said. Source: News
MARKET WATCH: Oil prices fall from months-long highs on emerging market risks
Prices for both light, sweet crude and Brent crude were down Sept. 13 following days of gains as investors focus on demand concerns as trade disputes and possible emerging market crises loom. Source: News
Russian operator commissions methanol-ammonia plant
United Chemical Co. Shchekinoazot has commissioned a methanol and ammonia coproduction plant in Russia’s Tula region. Entered into service in early September, the plant—which is equipped to produce 450,000 tonnes/year of methanol and 135,000 tpy of ammonia using Haldor Topsoe AS’s proprietary Integrated Methanol and Ammonia Production technology—is the first coproduction plant in the world […]
Bill authorizing leasing of unused SPR capacity heads to full House
The Energy and Commerce Committee sent a bill that would authorize leasing of unused Strategic Petroleum Reserve capacity to private entities or foreign governments to the full US House of Representatives by voice vote on Sept. 13. Source: News
IEA: Oil market tightens on falling Venezuelan, Iranian exports
The price of Brent crude oil fell close to $70/bbl in early August and is now climbing back to $80/bbl. According to the International Energy Agency’s latest Oil Market Report, two reasons for the swing are that Venezuela’s production decline continues and the market is approaching Nov. 4 when US sanctions against Iran’s oil exports […]