MARKET WATCH: NYMEX, Brent oil prices continue fall

Light sweet crude prices on the New York market and Brent crude prices in London both fell by more than $2/bbl to settle lower May 30 following a smaller-than-expected decline in US crude supplies. Source: News

Philippines rescinds farmout-farmin ban

The government of the Philippines has lifted a 13-year-old ban on farmouts and farmins by the state oil company. Source: News

NGSA: Ample gas stores to meet record summer demand

Pressure on this summer’s natural gas prices is likely to be neutral compared with last summer, despite expectations for record-setting summer demand, the Natural Gas Supply Association said in its 2019 Summer Outlook assessment. Gas production is expected to set an all-time record, making ample gas supplies available to meet the record demand, NGSA said. […]

Ithaca Energy to acquire CNSL in $2-billion deal

Ithaca Energy, a subsidiary of Delek Group, will acquire Chevron North Sea Ltd. (CNSL) for $2 billion, adding 10 producing field interests to Ithaca’s existing portfolio, four of which relate to assets operated by Ithaca. Source: News

EIA: US crude inventories down 300,000 bbl

US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 300,000 bbl from the previous week, according to data from the US Energy Information Administration. The weekly inventory report was released a day later than usual because of the US Memorial Day holiday. Source: News

MARKET WATCH: NYMEX, Brent oil prices fall

Light, sweet oil for July dropped to settle under $59/bbl on the New York market May 29 while Brent prices dropped to below $70/bbl for the July delivery contract, but the benchmarks did not plummet by more than $3/bbl as they did a few days earlier on geopolitical concerns. Source: News

EPP, Lavaca to build Baymark ethylene pipeline

Enterprise Products Partners reported plans to extend its ethylene pipeline and logistics system further into South Texas, “a leading growth area for crackers and ethylene derivative plants.” The Baymark ethylene pipeline will originate in the Bayport area of southeast Harris County and extend 90 miles to Markham, Tex., in Matagorda County. Source: News

PetroTal advances Bretana oil field development

PetroTal Corp., Calgary and Houston, has received approval of the environmental impact assessment (EIA) to fully develop Bretana oil field on Block 95. The company started oil flow from the field late last year. Separately, the company also signed a contract with state-owned PetroPeru for access to the existing pipeline for transport of crude oil. […]

Galilee basin pipeline agreement signed

Comet Ridge Ltd., Brisbane, and its joint venture partner Vintage Energy Ltd., Adelaide, have signed a memorandum of understanding with the infrastructure company APA Group for APA to undertake surveys to identify a gas pipeline route from the Galilee basin in Queensland to Australia’s east coast. Source: News

NMFS proposes IHA for Hilcorp project in Alaska

The National Marine and Fisheries Service proposed authorizing incidental harassment approval (IHA) of marine mammals on May 28 during construction and operation of Hilcorp’s proposed Liberty Drilling and Production Island in Alaska. The proposed rule would establish a framework under the Marine Mammal Protection Act for 5 years. Comments will be accepted through June 28. […]