PJSC Lukoil has started commercial crude oil production from Pyakyakhinskoye field in Russia’s Yamal-Nenets autonomous district. Source: News
ETP to buy interests in PennTex Midstream
Energy Transfer Partners LP (ETP) has agreed to acquire certain interests in PennTex Midstream Partners LP from various parties for $640 million. Source: News
IEA: US tight-oil output may rise quickly with prices
US crude oil production from tight shale formations could climb quickly as prices recover, but the emphasis likely will be more on short-term onshore projects that are easy to start than on longer-run offshore areas with greater potential, the International Energy Agency’s chief economist said. Source: News
MARKET WATCH: NYMEX crude oil price for December drops under $50/bbl
Light, sweet crude oil prices for December delivery dipped under $50/bbl on the New York market Oct. 25 as market participants said it is looking increasingly unlikely that the Organization of Petroleum Exporting Countries will be able to reach agreement on a proposed production cut. Source: News
EIA: US crude inventories shed 600,000 bbl
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined 600,000 bbl during the week ended Oct. 24 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News
MEGlobal lets contract for Freeport MEG plant
Dubai-based MEGlobal International FZE, a subsidiary of Kuwait’s first international petrochemical joint venture Equate Petrochemical Co., has let a long-term contract to Praxair Inc., Danbury, Conn., to supply industrial gases to its monoethylene glycol (MEG) plant now under construction at Dow Chemical Co.’s currently expanding Oyster Creek petrochemical complex in Freeport, Tex. Source: News
Koeppen becomes principal at Deloitte Consulting
Mark Koeppen has been admitted as a principal within Deloitte Consulting’s CFO strategy practice. Source: News
Luna named SVP, business development at Amec Foster Wheeler
Philip Luna has joined Amec Foster Wheeler PLC as senior vice-president, business development for its Americas business, effective immediately. Source: News
BP Oman expects Khazzan gas production to start in late 2017
BP Oman said Phase 1 of its massive Khazzan natural gas project in the desert 350 km south of Muscat is 80% complete and on track to start gas deliveries in late 2017. The tight gas project began in 2014 and is expected to eventually contribute about 33% of Oman’s gas supply. Source: News
Aker BP’s Ivar Aasen field gets nod for December startup
The Norwegian Petroleum Directorate (NPD) authorized the production startup on Ivar Aasen field in the North Sea. Aker BP AS, the operator, has scheduled the field in 360 ft of water to come on stream during December. Source: News