Gran Tierra Energy obtains three Ecuador blocks

Gran Tierra Energy Inc., Calgary, announced it obtained three blocks in Ecuador’s Orientie basin, marking the firm’s entry into Ecuador, pending regulatory approvals and finalization of participation contracts. Source: News

CERAWeek: Technology expected to counter productivity declines of low permeability formations

Shale and other low permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston. Source: […]

MARKET WATCH: Oil benchmarks rise slightly pending US inventory

Benchmark crude oil prices edged up on both London and New York markets Mar. 12 pending release of the weekly US government report on oil and product inventory levels. The US Energy Information Administration was scheduled Mar. 13 to release its weekly data. Source: News

EPC contract let for Algeria’s Ain Tsila gas field development

Groupement Isarene—a joint venture of Sonatrach, Petroceltic International PLC, and Enel Trade SPA—has let a contract to Petrofac Ltd. for engineering, procurement, and construction (EPC) services for the Ain Tsila gas field development in Algeria. Source: News

EIA: US crude inventories down 3.9 million bbl

US crude oil inventories for the week ended Mar. 8, excluding the Strategic Petroleum Reserve, decreased 3.9 million bbl from the previous week, data from the US Energy Information Administration showed. Source: News

Wellesley hits dry well north of Vilje field in North Sea

Wellesley Petroleum AS has plugged exploration well 25/1-13 in PL871, 20 km north of Vilje field in the North Sea. The well encountered only traces of gas in the Frigg formation, and is classified as dry. Source: News

EPA proposes year-round sales of E15 gasoline, RIN program changes

The US Environmental Protection Agency formally proposed allowing year-round sales of gasoline with 15% ethanol on Mar. 12, a move which corn ethanol suppliers cheered and oil refiners condemned. It also proposed modifying parts of its Renewable Identification Number (RIN) program which it said would make the biofuel credits more transparent and deter price manipulation. […]

Uganda approves FEED, EPC contractor for proposed refinery

The government of Uganda has approved a plan by the Albertine Graben Refinery Consortium to have Saipem move forward with both front-end engineering design as well as engineering, procurement, and construction of a grassroots 60,000-b/d refinery in Kabaale, in western Uganda’s Hoima district. Source: News

EIA: Oil prices up on lower OPEC, US production

Brent crude oil spot prices averaged $64/bbl in February, up $5/bbl from January and about $1/bbl lower than the same time last year. Declining estimated crude oil production for February from both OPEC and the US contributed to a drawdown of 1.4 million b/d in global liquid fuels inventories, according to the latest Short-Term Energy […]