TransGlobe Energy Corp. has spudded its second South Ghazalat exploration well, SGZ 6X, in Egypt’s Western Desert, the company said. SGZ 6X is on the eastern portion of the concession offsetting Rami oil field in the Abu Gharadig basin. The well targets stacked Cretaceous oil targets similar to those of producing Rami and Southwest Rami […]
Canada’s carbon levies hit four provinces
Canada’s federal government will impose a “carbon pollution pricing system” next year in provinces that have not enacted programs meeting its goals for abatement of greenhouse-gas emissions. Source: News
Production under way at Lula Extreme South in Santos basin
New, deepwater production has started from the Lula Extreme South in Brazil’s Santos basin from Petroleo Brasileiro SA’s (Petrobras) P-69 floating production, storage, and offloading vessel, said Shell Brasil Petroleo Ltda. Source: News
WoodMac: Upstream investment needs to rise 20% to meet future demand growth
Spending on worldwide oil and gas developments needs to increase by about 20% to meet future demand growth and ensure companies sustain production over the next decade, according to recent research from Wood Mackenzie. “Companies will need to start investing again to sustain their business. But decision-making will be fraught with uncertainties, the oil price […]
CNOOC, Shell evaluate petrochemical expansions at Nanhai complex
China National Offshore Oil Corp. and Shell International Petroleum have signed a memorandum of understanding to explore their existing collaboration and the development of petrochemical manufacturing installations at Shell Nanhai and CNOOC’s 50-50 joint venture CNOOC & Shell Petrochemicals’ existing petrochemical complex in the Daya Bay Economic & Technological Development Zone, Huizhou, Guangdong Province, China. […]
Enable Midstream expands businesses in Anadarko, Williston basins
Enable Midstream Partners LP, Oklahoma City, is expanding its crude oil midstream business in the Anadarko basin and its crude water gathering systems in the Willison basin. Source: News
EIA: US crude inventories increase 6.3 million bbl
US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.3 million bbl for the week ended Oct. 19, according to data from the US Energy Information Administration. At 422.8 million bbl, US crude oil inventories are about 2% above the 5-year average for this time of year, the report indicated. Source: News
MARKET WATCH: Brent crude falls toward $75/bbl, NYMEX approaches $66/bbl
Brent crude oil prices settled below $77/bbl on the London market Oct. 23, which analysts attributed to traders’ concerns that worldwide oil demand is weakening amid ample crude supply even as US sanctions are fully implemented on Iranian oil exports in nearly November. Source: News
Finlaggan development receives UK approval
Zennor Petroleum Ltd. has received approval from the UK Oil & Gas Authority for its two-well development of Finlaggan gas and condensate field in the Central UK North Sea. Source: News
MARKET WATCH: Eyes turn to Saudis as Brent crude, WTI trend upward
Brent crude oil futures as well as light, sweet crude for November and December delivery were up slightly Oct. 22 as the market turned its eyes to Saudi Arabia. The kingdom plans to increase its crude oil output and does not intend to use its reserves as a political tool in the controversy over the […]