Denbury, Penn Virginia end merger agreement

Denbury Resources Inc., Plano, Tex., and Penn Virginia Corp., Houston, have ended a merger agreement estimated to have been worth $1.7 billion. Source: News

MARKET WATCH: NYMEX crude oil dips below $60/bbl

Light, sweet crude oil for May delivery dipped to settle just below $60/bbl on Mar. 21, while Brent prices for May settled under $68/bbl. Production cuts by the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela are contributing to a tightening of supply, buoying prices near 2019 highs. Source: News

Equinor: Johan Sverdrup lift sets record

Equinor reported “the heaviest lift ever performed offshore” at Johan Sverdrup oil field under development in the Norwegian North Sea. The company also let a construction installation contract for the second development phase to TechnipFMC. Source: News

Eni plans third development well for Blacktip gas field

Eni Australia has submitted environmental plans for a third production well on its wholly owned Blacktip gas and condensate field in the shallow waters of the southern Bonaparte Gulf offshore Northern Territory. The plans were submitted to the National Offshore Petroleum Safety and Environmental Management Authority. Source: News

Morgan Stanley: Low European gas prices to prompt US LNG utilization cuts

European mainland gas prices have fallen now to about $5/MMbtu, a 50% decline from late September peaks. The loss in supply-demand is due to warmer weather, large LNG imports, and more active renewables. Morgan Stanley argues that poor pricing conditions are likely to prompt US LNG utilization rate cuts. Source: News

Murphy to exit Malaysia to focus on Western Hemisphere assets

A subsidiary of PTT Exploration & Production PCL (PTTEP) will pay $2.127 billion to a subsidiary of Murphy Oil Corp. for Murphy’s two primary Malaysian subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd. A bonus payment of up to $100 million is contingent upon certain future exploratory drilling results prior to […]

Federal judge remands BLM Wyoming leases, orders climate studies

A federal judge ruled that the US Bureau of Land Management did not adequately consider potential climate impacts when it issued oil and gas leases in Wyoming in 2015 and 2016, remanded the leases to the US Department of the Interior agency, and ordered it to conduct further studies. Source: News

Gazprom starts Kharasaveyskoye development

Gazprom has begun full-scale development of Kharasaveyskoye gas and condensate field on Russia’s Yamal Peninsula. It said production will start in 2023 at 32 billion cu m/year from Cenomanian-Aptian deposits. Later production will come from deeper Necomian-Jurassic strata. Source: News

Borouge lets contract for Ruwais petrochemical complex

Abu Dhabi Polymers Co. Ltd. (Borouge), a joint venture of Abu Dhabi National Oil Co. and Borealis AG, has let a contract to WorleyParsons to provide project management consultancy for the proposed expansion of Borouge’s integrated polyolefins complex in Ruwais, about 250 km west of Abu Dhabi City, UAE. Source: News