Saudi Aramco has signed a memorandum of understanding with Zhejiang Petroleum & Chemical Co. Ltd., also known as Zhejiang Petrochemical Co. Ltd. (ZPC), to acquire ownership interest in ZPC’s grassroots 40 million-tonne/year refining and chemical integrated complex currently under construction in Zhoushan, Zhejiang Province, China. Source: News
MARKET WATCH: NYMEX crude oil prices rise on stabilizing US stock market
Light, sweet crude oil prices gained modestly to settle above $67/bbl on the New York market Oct. 25 while Brent crude oil prices also rose to close above $76.80/bbl. Upward momentum in oil prices followed stabilizing equity markets. US stock markets experienced another selloff Oct. 24. The Dow industrials dropped more than 600 points. But […]
Chatterjee named chairman of FERC
Commissioner Neil Chatterjee has been designated chairman of the US Federal Energy Regulatory Commission, replacing Kevin J. McIntyre, who will continue as a commissioner. Source: News
Chevron resolves claims over violations at California refineries
The US Environmental Protection Agency, the US Department of Justice, and the Mississippi Department of Environmental Quality have reached a national settlement with Chevron Corp. that will require subsidiary Chevron USA Inc. to implement safety improvements at all its US refineries. Source: News
BOEM approves Liberty project off Alaska
Hilcorp Alaska LLC has received conditional development and production approval from the US Bureau of Ocean Energy Management for the Liberty oil and natural gas project offshore Alaska. If the company proceeds, the production facility would be the first in federal water off Alaska. Source: News
Woodside’s Greater Western Flank Phase 2 comes on stream
The Woodside Petroleum Ltd.-led North West Shelf Project joint venture has started gas production from its Greater Western Flank Phase 2 project off Western Australia. Woodside’s Chief Executive Officer Peter Coleman said GWF-2 had been delivered $630 million (Aus.) below the initial estimate of $2 billion and 6 months ahead of schedule. Source: News
MARKET WATCH: Brent crude edges lower; NYMEX pushes past $66/bbl
Crude oil prices were mixed on the New York and London markets Oct. 24 after the US Energy Information Administration showed a build in US oil inventories. In its weekly petroleum status report, the EIA said US commercial crude inventories increased by 6.3 million bbl for the week ended Oct. 19. Source: News
Triangle buys interest in permit containing Xanadu discovery
Triangle Energy Ltd. has acquired from Whitebark Energy Ltd. Whitebark’s 15% interest in offshore north Perth basin permit TP/15, which contains the Xanadu-1 oil discovery. The sale brings Triangle’s interest in the Xanadu permit up to 45%. Both companies are based in Perth. Source: News
SOCAR opens Turkish refining complex
STAR Rafineri, a subsidiary of SOCAR Turkey Energy, has officially opened its 10 million-tonne/year SOCAR Turkey Aegean Refinery (STAR) in Izmir, Aliaga, Turkey. STAR Rafineri held a grand opening ceremony to mark the start of full operations of the $6.3-billion project—which initiated preliminary commissioning activities earlier this year—on Oct. 19, SOCAR Turkey said. Source: News
Climate ‘fraud’ allegations hit ExxonMobil
ExxonMobil Corp. is branding as “baseless” a New York attorney general’s lawsuit challenging the company’s disclosures to shareholders about the effects on its finances and markets of future climate-change regulation. New York Atty. Gen. Barbara D. Underwood filed the lawsuit on Oct. 24, alleging the company has misled investors about the risk climate change poses […]