BP PLC has sanctioned development of Phase 2 of the Thunder Horse South expansion project in the deepwater Gulf of Mexico. The project—which at peak is expected to add 50,000 boe/d gross of production from the existing Thunder Horse platform—is due for startup in 2021. Source: News
TransCanada will become TC Energy
TransCanada Corp. shareholders, representing 99.55% of votes cast, have approved a special resolution authorizing the company to amend its articles to change its name to TC Energy Corp. Source: News
NPC submits supplemental assessment of Arctic oil, gas potential
The National Petroleum Council approved and submitted a supplemental assessment to its 2015 US Arctic Oil and Gas Potential Resources Report to Energy Sec. Rick Perry on May 2. It contains recommendations addressing enhanced safety and environmental stewardship, regulatory effectiveness and certainty, drilling season length, lease term competitiveness, and enabling infrastructure, the council noted. […]
Oxy continues push to buy Anadarko, proposes Africa deal
Occidental Petroleum Corp. is continuing its push to acquire Anadarko Petroleum Corp., raising the cash portion of its bid in a revised offer following an agreement struck with Total SA to sell Anadarko’s Africa assets for $8.8 billion, contingent on Oxy closing the deal with Anadarko. Source: News
Thai operator wraps revamp of idled Louisiana ethane cracker
Indorama Ventures Olefins, an indirect subsidiary of Thailand’s Indorama Ventures, has achieved mechanical completion of its previously announced project to renovate and restart a dormant ethane cracker in Westlake, La., just west of Lake Charles in Calcasieu Parish. Source: News
MARKET WATCH: NYMEX oil prices hovering around $62/bbl
Light, sweet crude oil for June delivery gained 13¢ to settle at $61.94/bbl on the New York market May 3 while the July contract added 14¢ to settle at $62.04/bbl. Despite the slight rise for the trading session, US oil futures prices fell for the week for a second consecutive week. Source: News
ExxonMobil finances Liza Phase 2 development offshore Guyana
ExxonMobil Corp. has financed the Liza Phase 2 development offshore Guyana after receiving government and regulatory approvals. Liza Phase 2 will produce as much as 220,000 b/d, and ExxonMobil forecasts the Stabroek block will produce more than 750,000 b/d by 2025. Source: News
BC wants no new pipeline—just what flows in the old one
Contortions abound in Canadian energy politics. Source: News
Baker Hughes: US rig count remains below 1,000 units
The US drilling rig count fell 1 unit, remaining below 1,000, reaching 990 rigs working for the week ended May 3, according to Baker Hughes data. The count is down 42 units from the 1,032 rigs working this time a year ago. Source: News
Eni in agreement to explore off Bahrain
Eni SPA has entered an exploration and production-sharing agreement with the National Oil and Gas Authority for Block 1 offshore Bahrain. The company had signed a memorandum of understanding envisioning the agreement in January. Source: News