Chennai Petroleum Corp., a partly owned subsidiary of Indian Oil Corp., has let a contract to McDermott International to provide technology licensing for a polypropylene plant at CPCL’s proposed grassroots Cauvery Basin refinery at Nagapattinam in Tamilnadu, India. Source: News
WoodMac: Exploration survey shows industry optimistic amid geopolitics
Wood Mackenzie said its 11th annual exploration survey shows the oil and gas industry foresees a return to profits enabling exploration of promising prospects. WoodMac surveyed 258 senior energy leaders and exploration professionals worldwide. Source: News
Anadarko signs additional LNG agreement for Mozambique plant
Anadarko Petroleum Corp. reported that Mozambique LNG1 Co. Pte. Ltd.—the jointly owned sales entity of the Mozambique Area 1 coventurers—has entered into a 17-year, 1.6 million-tonne/year LNG supply agreement with Jera Co. Inc. and CPC Corp. Source: News
MARKET WATCH: Oil benchmarks settle mixed for second consecutive trading session
Light, sweet crude oil prices declined slightly May 10 to settle under $62/bbl for both the June and July contracts on the New York market May 10 while Brent prices in London gained with the July contract holding above $70/bbl. Source: News
Diplomacy complicates logistical issues in Druzhba restoration
Real normalcy will come long after mid-May “normalization” promised for Russia’s Druzhba oil pipeline system and the refineries it supplies. Source: News
IFM Investors to acquire Buckeye Partners
IFM Investors, through the IGM Global Infrastructure Fund, agreed to acquire Buckeye Partners LP, Houston, in an all-cash deal with an enterprise value of $10.3 billion and an equity value of $6.5 billion. Source: News
US rig count, down 2 units, stays below 1,000 for third week
The US drilling rig count fell 2 units to reach 988 rigs working for the week ended May 10—the third straight week below 1,000, according to Baker Hughes data. The count is down 57 units from the 1,045 rigs working this time a year ago. Source: News
Energean renews Karish-Cyprus gas line bid
Energean Oil & Gas has submitted an updated proposal to the Cyprus Energy Regulatory Authority to supply gas to the island nation from deepwater Karish field offshore Israel. The operator proposes to lay a 200-km pipeline from the Energean Power FPSO vessel, which will handle production from Karish and Tanin fields, to Vasilicos, Cyprus. […]
Pemex to proceed with Dos Bocas refinery project
Petroleos Mexicanos has decided it will build Mexico’s previously proposed 340,000-b/d refinery in the Port of Dos Bocas, Tabasco, on its own. The refinery, which comes as one of the main projects to help achieve Mexico’s energy independence and ensure national security, will cost about 160 billion pesos and will create 100,000 jobs, Pemex said. […]
OMV, Borealis eye plastic recycling
OMV and Borealis are exploring ways to chemically recycle plastic waste into plastics feedstock at the refining and petrochemical site they share at Schwechat, Austria. Source: News