The Canada-Newfoundland and Labrador Offshore Petroleum Board has issued a call for bids for exploration licenses in two offshore areas. Source: News
Idemitsu Kosan finalizes integration of refiner Showa Shell Sekiyu
Idemitsu Kosan has completed its long-planned takeover of Japanese refiner and marketer Showa Shell Sekiyu. The consolidation was finalized on Apr. 1, Idemitsu Kosan said. Under the business integration plan, Showa Shell Sekiyu has become a wholly owned subsidiary of Idemitsu Kosan. Source: News
Rystad: Oil production cuts from OPEC, Russia needed to prop up prices
As oil prices approach $70/bbl, Rystad Energy expects that a short-lived price rally through the first half of 2020 will then lose momentum and be replaced by a need for additional production cuts by the Organization of Petroleum Exporting Countries and Russia (OPEC+). Source: News
Pin Oak acquires Utica acreage from SWEPI
Pin Oak Energy Partners LLC has acquired 43,000 acres prospective for Utica shale development in northwestern Pennsylvania from SWEPI LP, a wholly owned Shell subsidiary. Source: News
MARKET WATCH: Oil price benchmarks stable despite unexpected crude inventory build
Light, sweet crude oil prices fell slightly on the New York market Apr. 3 as did Brent crude for June in London. Prices remained close to 2019 highs despite an increase in crude inventories as cuts by members of the Organization of Petroleum Exporting Countries as well as US sanctions keep the supply and demand […]
CPCL lets contract for unit at proposed grassroots refinery
Chennai Petroleum Corp., a partly owned subsidiary of Indian Oil Corp., has let a contract to Chevron Lummus Global—a joint venture of McDermott International Inc. and Chevron Corp.—to provide technology licensing for a delayed coking unit at CPCL’s proposed grassroots Cauvery Basin refinery at Nagapattinam in Tamilnadu, India. Source: News
Qatar Petroleum advancing LNG expansion
Qatar Petroleum will solicit tenders for engineering, procurement, and construction of onshore facilities in its expansion of natural gas liquefaction capacity later this month, according to a project report by Saad Sherida Al-Kaabi, minister of state for energy affairs and QP president and chief executive officer. Source: News
NextDecade signs LNG agreement for Rio Grande project
NextDecade Corp. has entered into a 20-year LNG supply agreement with Shell NA LNG LLC. The agreement with Shell is for 2 million tonnes/year of LNG from NextDecade’s 27 million-tonne/year Rio Grande LNG plant at the Port of Brownsville in South Texas. Source: News
Neptune Energy lets contact for Duva, Gjoa P1 projects
Neptune Energy has let an integrated engineering, procurement, construction, and installation contract to TechnipFMC for the Duva and Gjoa P1 oil and gas development projects in the Norwegian North Sea in 375 m of water. Source: News
EIA: US crude inventories up by 7.2 million bbl
US crude oil inventories for the week ended Mar. 29, excluding the Strategic Petroleum Reserve, jumped 7.2 million bbl from the previous week, data from the US Energy Information Administration showed. At 449.5 million bbl, US crude oil inventories are at the 5-year average for this time of year, the report indicated. Source: News