Crude oil-to-chemicals (COTC), a new chemical process technology, could more than double the profitability derived from a barrel of crude oil, according to IHS Markit. Based on its analysis, global, integrated refining and petrochemical companies currently earn about $8.50/bbl of refined crude oil. By leveraging the COTC process technology in a world-scale refining and chemical […]
Two areas off Sable Island draw no bids
Exploration rights for two shallow-water areas off Sable Island received no bids in a Canada-Nova Scotia Offshore Petroleum Board round that opened in December and closed on May 8. Source: News
Howard, WPX complete Delaware basin expansion projects
Howard Energy Partners and WPX Energy have completed construction on the majority of the 50-50 joint venture’s previously announced crude oil and natural gas gathering and processing infrastructure in the Permian’s Delaware basin. Source: News
Santos joins P’nyang group in Papua New Guinea
Santos Ltd., Adelaide, reported it intends to acquire a 14.3% interest (pre-government back-in) in petroleum retention licence PRL3 in the western highlands of Papua New Guinea. The licence contains P’nyang natural gas field. Source: News
ExxonMobil lets contract for Baytown chemical expansion
ExxonMobil has let a contract to a consortium of Maire Tecnimont subsidiary Tecnimont SPA and Performance Contractors Inc. to provide front-end engineering design, early execution studies, and early procurement activities for new process units and associated offsites and utilities at the operator’s recently approved $2-billion project to expand its Baytown, Tex., chemical plant. Source: […]
Contract let for offshore Mexico gas production
MODEC of Japan has let a contract to MAN Energy Solutions to supply six compressor trains for a floating production, storage, and offloading vessel in the Gulf of Mexico as part of development of the Eni SPA subsidiary’s Eni Mexico S. de RL de CV-operated Area 1 offshore Mexico. Source: News
MARKET WATCH: Crude prices rise on geopolitical concerns
Benchmark crude oil prices gained modestly while traders and analysts monitored US-Iran tensions. Light, sweet crude oil prices gained to settle above $62/bbl on the New York market on May 15 while the Brent contract for July gained modestly to approach $72/bbl in London. Source: News
EPA issues draft study of how onshore wastewater is managed
The US Environmental Protection Agency issued a draft study on how the agency, states, Indian tribes, and other stakeholders manage wastewater from onshore oil and gas extraction. The undertaking will leverage expertise from those groups to identify challenges and opportunities surrounding the potential benefits of reusing the wastewater, said David Ross, EPA Office of Water […]
US House bill would curb oil, gas methane emissions
US Rep. Diana DeGette (D-Colo.) introduced a bill aimed at limiting methane emissions from oil and gas operations on May 14. “If we’re going to be serious about fixing the climate crisis, we have to be serious about curbing the release of methane into the atmosphere,” she said. Source: News
Senators’ bill would impose Nord Stream 2 sanctions
US Sens. Ted Cruz (R-Tex.) and Jeanne Shaheen (D-NH) have introduced a bill on May 14 that would impose targeted sanctions against vessels involved in constructing the proposed Nord Stream 2 natural gas pipeline and other Russian energy projects. Source: News