Stone Energy Corp., Lafayette, La., will file Chapter 11 by Dec. 9 and sell its properties in the Appalachia basin to Ft. Worth investment firm Tug Hill Inc. for $360 million in cash. Source: News
Petrobel lets contract for Zohr gas processing plant
Belayim Petroleum Co. (Petrobel), a joint venture of wholly owned Eni SPA subsidiary IEOC Production BV and Egyptian General Petroleum Corp., has let a contract to a division of Siemens AG to provide processing equipment for a gas plant connected to the first-phase development of deepwater Zohr natural gas field on the the Shorouk block […]
AltaGas advances British Columbian midstream projects
AltaGas Ltd. of Calgary has reached final investment decision (FID) to move forward with construction of the company’s proposed North Pine propane extraction plant about 40 km northwest of Fort St. John, BC. Source: News
American Midstream, JP Energy to merge, form $2-billion MLP
American Midstream Partners LP has agreed to acquire 100% of JP Energy Partners LP in a unit-for-unit merger, creating a $2-billion midstream master limited partnership (MLP) with primary operations in the Permian, Eagle Ford, Bakken, and Gulf of Mexico. Source: News
PDVSA likely to be at center of any Venezuelan changes, speakers say
Venezuela’s national oil company likely will be a significant force if reforms are launched successfully to repair the badly damaged national economy and living conditions, speakers at an Oct. 18 Brookings Institution discussion generally agreed. But some also questioned whether Petroleos de Venezuela SA (PDVSA) itself has been damaged so badly by years of neglected […]
API: US petroleum demand rose in September vs. year ago
According to data from the American Petroleum Institute, total US petroleum deliveries, a measure of petroleum demand, rose 1% in September from the same period last year, but were down 2.6% from August to average 19.6 million b/d. September deliveries were the highest deliveries for the month in 9 years. Source: News
CFTC: Short positions in US crude futures held by producers, merchants at 9-year high
According to data from the US Commodity Futures Trading Commission (CFTC), short positions in West Texas Intermediate crude oil futures contracts held by producers or merchants totaled more than 540,000 as of Oct. 11, the most since 2007. Source: News
Santos to sell remaining Victorian assets to Cooper Energy
Adelaide-headquartered Santos Ltd. has agreed to sell all its remaining Victorian assets to fellow Adelaide company Cooper Energy Ltd. for up to $82 million (Aus.). Source: News
Sentinel to buy FMMR's California assets for $742 million
Sentinel Peak Resources California LLC, backed by Denver-based private equity Quantum Energy Partners, has agreed to buy Freeport-McMoRan Inc.’s (FMMR) onshore oil and gas assets in California for $742 million. Source: News
Gastar focuses on pure STACK play development, sells noncore assets
Gastar Exploration Inc., Houston, will develop 60 wells in its Kingfisher County, Okla., STACK play acreage. The drilling program will target the Meramec and Osage formations within the Mississippi Lime in three townships covering 18,000 net undeveloped acres. Source: News