Oil front-month contracts on the New York Mercantile Exchange and the Intercontinental Exchange in London settled with mild price declines Feb. 21 while product prices rallied as refiners cut crude purchases during seasonal refinery maintenance. Source: News
Sheffield returns to role as PNR chief executive
Scott D. Sheffield has assumed his former role as chief executive officer of Pioneer Natural Resources Co., Dallas, succeeding Timothy L. Dove, who has retired as CEO and from his seat on the board. Source: News
Gran Tierra acquires assets in Putumayo, Llanos basins
Gran Tierra Energy agreed with private companies to acquire assets in Colombia’s Putumayo and Llanos basins for $104.2 million. Source: News
Neptune plans Gjoa tie-back developments
Neptune Energy and partners plan to develop in parallel Duva oil and gas field and an extension designated P1 of Gjoa oil and gas field in the Norwegian North Sea with subsea completions tied back to the Gjoa platform on PL153. Neptune Energy Norge operates both fields, where water depth is about 360 m. […]
Queensland’s CSG-LNG plants unlikely to reach full capacity
The three LNG plants on Curtis Island near Gladstone in Queensland are unlikely to ever fulfill their combined nameplate capacity of 25.3 million tonnes/year, according to a new study by Adelaide-based energy analyst EnergyQuest. The problem is a shortage of coal seam gas (CSG) reserves on which they rely. Source: News
California’s new underground injection rules go into effect Apr. 1
California’s new underground injection requirements will affect some 55,000 underground injection control (UIC) wells when they go into effect on Apr. 1, the state’s Department of Conservation (DOC) reported. It said the new rules affect wells that inject water or steam for enhanced oil recovery, along with wells that return produced water back to its […]
EIA: US crude inventories up 3.7 million bbl
US crude oil inventories for the week ended Feb. 15, excluding the Strategic Petroleum Reserve, increased by 3.7 million bbl from the previous week, data from the US Energy Information Administration showed. At 454.5 million bbl, US crude oil inventories are about 6% above the 5-year average for this time of year, the report indicated. […]
Federal court upholds FERC’s approval of Mountain Valley gas line
The US Appeals Court for the District of Columbia upheld the Federal Energy Regulatory Commission’s approval of the proposed Mountain Valley natural gas pipeline by denying several environmental groups’ petition for review of the decision. Source: News
ADNOC Refining lets contract for grassroots refinery at Ruwais
ADNOC Refining (formerly Takreer) has let a contract to John Wood Group to deliver preliminary front-end engineering and design for a refinery to be built in Ruwais, in the western region of Abu Dhabi. With a proposed nameplate capacity of 600,000 b/d, the new refinery will be designed to have full-conversion capability as well as the […]
MARKET WATCH: Crude oil prices rise on lower-than-expected API inventory
Light, sweet crude oil prices gained on the New York market Feb. 20 while the American Petroleum Institute estimated a limited increase in US crude oil supplies. The US Energy Information Administration was scheduled to release its inventory on Feb. 21. Source: News