US crude oil inventories for the week ended Apr. 5, excluding the Strategic Petroleum Reserve, increased by 7 million bbl from the previous week, data from the US Energy Information Administration showed. Source: News
Park Place Energy renamed Trillion Energy
Trillion Energy International Inc. is the new name of Park Place Energy Inc., Vancouver, BC. Source: News
Bills could give US a way to move against OPEC, speakers say
Legislation introduced in the 116th US Congress would give the federal government authority to prosecute members of the Organization of Petroleum Exporting Countries for violating US antitrust laws, speakers at an Apr. 10 Washington event generally agreed. But they were less certain about whether it would actually take place. Source: News
Appraisal results lower Verbier potential
A dry well drilled to appraise Equinor’s Verbier oil discovery in the Moray Firth off Scotland lowers resource potential to the lower end of the initially estimated range, a partner reported earlier this month. Jersey Oil & Gas, which holds an 18% interest in the P2170 license, said the 20/05b-14 appraisal well went to 3,784 m […]
Crestwood to buy Williams’ 50% interest in Powder River basin combine
Crestwood Niobrara has secured operatorship of Jackalope Gas Gathering Services—aligning field operations, project management, and commercial efforts—with a $485-million deal to acquire Williams Cos. Inc.’s 50% interest in the Powder River basin joint venture. Source: News
Sturt becomes CEO of PetroNeft Resources
David Sturt has become president of PetroNeft Resources, replacing Karl Johnson, vice-president of operations, who became interim CEO last year after a retirement. Source: News
Cadogan plans test of well in Ukraine
Cadogan Petroleum plans to test its Blazh-10 well in western Ukraine after open-hole logs indicated oil in the target Paleocene Yamna formation. The well penetrated a 207-m Yamna section at a depth 50 m higher than prognosis. Source: News
Krylov promoted to Approach Resources chief executive
Sergei Krylov, executive vice-president and chief financial officer of Approach Resources Inc., Fort Worth, has been named chief executive officer. Krylov succeeds J. Ross Craft who has resigned as chairman and chief executive officer. Krylov will retain his duties as chief financial officer. Source: News
MARKET WATCH: Brent crude holds above $70/bbl on Libya supply uncertainty
US light, sweet crude oil prices declined moderately Apr. 9 on the New York market, but the May and June contracts still settled above $63/bbl. Brent crude oil for June also dropped modestly in London but again settled above $70/bbl for a third consecutive session. Source: News
EIA revises up oil price forecasts for 2019
Due to a slightly tighter global oil market, the US Energy Information Administration, in its latest Short-Term Energy outlook, forecasts Brent spot prices to average $65/bbl in 2019, up $2/bbl from last month’s STEO forecast, and $62/bbl in 2020. These compare with an average of $71/bbl in 2018. Source: News