Lundin lets contract for Lundin Luno II, Rolvsnes development

Lundin Norway has let an integrated engineering, procurement, construction, and installation contract to TechnipFMC for the Luno II and Rolvsnes development in 110 m of water in the North Sea. Source: News


MARKET WATCH: Crude oil benchmarks gain $1/bbl on international politics

Benchmarks for light, sweet crude oil and Brent crude both jumped to settle more than $1/bbl higher on Jan. 29 after the US announced sanctions on Venezuela and as US-China talks were scheduled in Washington, DC, Jan. 30-31. New US sanctions were imposed on Venezuela’s state-owned oil company Petroleos de Venezuela SA to block US […]


ExxonMobil adding crude unit at Beaumont refinery

ExxonMobil Corp. has reached a final investment decision to proceed with a previously announced plan to expand crude refining capacity by more than 65% at its 366,000-b/d integrated refining complex in Beaumont, Tex. Source: News


Lundin to acquire Utsira High acreage from Lime Petroleum

Lundin Petroleum AB subsidiary Lundin Norway AS has agreed to acquire the Utsira High acreage position covering the Rolvsnes and Goddo basement area from Lime Petroleum AS, a subsidiary of Rex International Holding Ltd. Source: News


Lundin granted Barents Sea drilling permit

Lundin Norway AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 16/1-31 S in production license 338 in the Barents Sea. Source: News


Rystad Energy: US sanctions on Venezuela will be weaker than expected

US sanctions against Venezuelan state oil company Petroleos de Venezuela SA (PDVSA) will deal a meaningful blow to President Nicolas Maduro’s administration’s cashflow, but the effects will not be as harsh as the US expects, according to Rystad Energy. Source: News


US imposes sanctions on PDVSA in effort to isolate Maduro regime

The US government has imposed sanctions on Venezuela’s national oil company Petroleos de Venezuela SA (PDVSA) on Jan. 28 following a determination by US Treasury Sec. Steven Mnuchin, in consultation with US Sec. of State Mike Pompeo, that persons in PDVSA are plundering operations to smuggle drugs and otherwise increase their personal gain. Source: […]


MARKET WATCH: NYMEX, Brent oil prices fall despite US sanctions on Venezuela

Near-month contracts for light, sweet crude and Brent crude oil benchmark both fell about $1.70/bbl Jan. 28 on concerns about a slowing world economy. Oil investors are watching China’s economy in particular for possible signs of slowing world oil demand. Source: News


CNOOC makes gas, condensate discovery in central North Sea

CNOOC Petroleum Europe has discovered natural gas and condensate pay in the Glengorm prospect in the Central Graben area of the UK central North Sea. Drilled to 5,056 m TD in 86 m of water, the exploration well encountered net gas and condensate pay with a total net thickness of 37 m in a high-quality […]