Adelaide-based Vintage Energy Ltd., Australia’s newest oil exploration and production company, is scheduled to begin trading its shares on the Australian Stock Exchange on Sept. 17. The company has acquired oil and gas exploration assets in South Australia, Queensland, the Northern Territory, and Victoria. Source: News
Jericho Oklahoma STACK JV to participate in additional wells
Jericho Oil Corp., Vancouver, BC, along with its Oklahoma STACK joint venture partner, will participate in its second Meramec formation well and two additional Osage formation wells as part of its strategy to delineate and derisk the 16,000 net acre position. Source: News
India seeks to boost oil, gas recovery
India’s Union Cabinet has approved a policy framework aimed at boosting oil and gas production through enhanced and improved recovery and development of unconventional resources. The framework includes financial incentives through the partial waiver of taxation or royalties on incremental production. Source: News
MARKET WATCH: NYMEX crude pushes past $70/bbl mark
Prices for both light, sweet crude and Brent crude were up Sept. 12 on renewed concerns of a consumption and production imbalance. In its September Short-Term Energy Outlook, the US Energy Information Administration forecasts Brent crude prices to average $74/bbl and West Texas Intermediate prices to average more than $67/bbl in 2019. Both forecasts are […]
Petroleum Development Oman opens solar technology center
Petroleum Development Oman (PDO) has opened a technology center in Muscat in partnership with GlassPoint Solar. The joint initiative is called SolaRISE for Solar Research, Innovation, and Sustainability in Energy. It was formed to develop and test solar technologies in oil fields. Source: News
Ineos lets contract for Grangemouth cracker expansion
Ineos Olefins & Polymers UK, a subsidiary of Ineos, has let a contract to Linde subsidiary Selas-Linde to build a tenth furnace that will improve efficiency and increase production capacity of the existing Kinneil Gas cracker at the ethylene plant of its 10 million-tonne/year integrated refining and petrochemical complex in Grangemouth, Scotland. Source: News
Nexen starts work on Long Lake expansion
Nexen Energy has started work on a 26,000-b/d expansion of its Long Lake integrated oil sands project in the Athabasca region of Alberta, 25 miles southeast of Fort McMurray. The CNOOC Ltd. subsidiary expects production from three well pads in the $400-million (Can.) Long Lake Southwest Expansion project to begin in late 2020. Source: […]
AGDC, ExxonMobil Alaska sign binding gas sales precedent agreement
ExxonMobil Alaska Production Inc. and Alaska Gasline Development Corp. (AGDC) agreed to certain key terms including price and a volume basis in a gas sales precedent agreement signed by officials on Sept. 10 in Anchorage. The agreement represented an important milestone for the Alaska LNG project, the parties noted. Source: News
EIA raises crude-oil price forecasts for 2019
In its September Short-Term Energy Outlook the US Energy Information Administration forecasts Brent crude oil prices to average $74/bbl and West Texas Intermediate crude oil prices to average more than $67/bbl in 2019. Both forecasts are $3/bbl higher than the forecast from the August STEO. Source: News
SOCAR lets contract for Turkish refining, petchem complexes
SOCAR Turkey Energy AS—the Turkish arm of State Oil Co. of Azerbaijan Republic—has let a contract to Baker Hughes, a GE company, to deliver its proprietary Asset Performance Management (APM) software to increase efficiency, productivity, and reliability as part of an asset management system establishment and implementation project at SOCAR’s refining and petrochemical complexes in […]