Third KG D6 project off India sanctioned

Reliance Industries and BP have sanctioned the third of three projects in the integrated natural gas development of Block KG D6 in deep water off eastern India. The new project, MJ, is a high-pressure, high-temperature gas condensate field with well depths of 4,200 m below mean sea level in 700-1,100 m of water. It’s also […]

AFPM seeks court review of EPA’s year-round E15 authorization

The American Fuel & Petrochemical Manufacturers asked a federal appeals court to review the US Environmental Protection Agency’s authorization for gasoline with 15% ethanol (E15) to be sold year-round in the US. AFPM submitted its petition June 11 to US Appeals Court for the District of Columbia. Source: News

ExxonMobil wraps expansion project at Singapore refinery

ExxonMobil Corp. has completed a project to expand production of high-quality lubricant base stocks at affiliate ExxonMobil Asia Pacific’s 592,000-b/d integrated, two-site refining complex on mainland Jurong and Pulau Ayer Chawan, Jurong Island, offshore southwestern Singapore. Source: News

Petrobras advances downstream divestment plans

Petrobras has signed a commitment agreement with Brazil’s Administrative Council for Economic Defense consolidating an understanding between the parties on the operator’s previously announced plan to divest its Brazilian refining assets. Source: News

DNO to decommission up to 21 wells offshore UK

DNO North Sea (ROGB), a unit of DNO, hired Well-Safe Solutions to decommission up to 21 UK Continental Shelf wells in Schooner and Ketch fields, which DNO acquired in 2018 from Faroe Petroleum. The North Sea fields stopped producing in August 2018. Source: News

EIA: US crude inventories up 2.2 million bbl

US crude oil inventories for the week ended June 7, excluding the Strategic Petroleum Reserve, increased 2.2 million bbl from the previous week, according to data from the US Energy Information Administration. Separately, the American Petroleum Institute said its own estimates showed US crude inventories increased 4.9 million bbl for the week. Source: News

Joint Louisiana Austin chalk work planned

Prime Rock Resources, a portfolio company of Lime Rock Partners, and privately held New Dawn Energy have agreed to jointly develop properties contributed by both companies in the Cretaceous Austin chalk play of Louisiana. Source: News

MARKET: NYMEX crude oil prices edge up

Crude oil prices gained slightly to hold fairly flat on markets in New York and London June 11. Analysts note that prices are down 20% from April based on concerns about slowing oil demand coupled with rising US production. Source: News

Shell to shed Martinez refinery

PBF Energy subsidiary PBF Holding Co. has entered an agreement with Royal Dutch Shell to purchase Shell subsidiary Equilon Enterprises’s (dba Shell Oil Products US) 157,000-b/d dual-coking refinery and integrated logistics assets at Martinez, Calif., for $0.9-1 billion plus the value of hydrocarbon inventory, crude oil supply, and product offtake agreements, and other adjustments. […]

EIA: Oil price forecast lower for 2019 on demand concerns

Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this month’s STEO, EIA reports expecting Brent to remain at $67/bbl in 2020. EIA’s lower Brent price path for this year reflects rising uncertainty about […]