State Oil Co. of Azerbaijan Republic (SOCAR) has signed a memorandum of understanding with BP PLC, giving the operator the exclusive right to negotiate on exploration and development of offshore Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. Block D230 lies in 300 m of water with reservoir […]
MARKET WATCH: NYMEX, Brent oil prices top $50/bbl
Crude oil prices on both the London and New York markets rose above $50/bbl during trading on May 26 for the first time since last fall. Source: News
Report calls for independent offshore oil and gas safety organization
A report issued by the National Academies of Science, Engineering & Medicine called on the US oil and gas industry to establish an independent organization dedicated to offshore safety and environmental protection, with no advocacy role. Source: News
Duncan named president, COO at Rangeford Resources
Marc L. Duncan has joined Rangeford Resources Inc., a company based in Southlake, Tex., seeking acquisitions in conventional oil and gas plays in Kansas and Texas, as president and chief financial officer. Source: News
Baker Hughes makes organizational, leadership changes
Baker Hughes Inc. has reshuffled its organizational structure and senior leadership team effective May 24. The moves are part of the oil field services firm’s plan to simplify its business structure and reduce costs following the termination of its proposed merger with Halliburton Co. Source: News
TonenGeneral commissions unit at Chiba refinery
TonenGeneral Sekiyu KK has implemented technology from GTC Technology US LLC, Houston, for a recently commissioned grassroots mixed xylene recovery unit at its 152,000-b/d Chiba refinery in Ichihara City, Chiba Prefecture, Japan. Source: News
Alberta submits bill creating carbon tax
The Alberta government has submitted legislation to impose a carbon tax, part of its plan announced last year to address climate change. Source: News
NPD studies cores from northeastern Barents Sea
The Norwegian Petroleum Directorate had seven shallow wells drilled in the northeastern Barents Sea in fall 2015, resulting in 1,000 m of stratigraphic drill cores to help assess the resource base. Source: News
WoodMac: UKCS decommissioning to ramp up over next 5 years
Research and consultancy firm Wood Mackenzie Ltd. estimates based on current crude oil prices that 142 fields will cease production and £55 billion will be spent on decommissioning on the UK Continental Shelf over the next 5 years. Source: News
BP starts up water injection project at Thunder Horse
BP PLC has started up a water injection project at its Thunder Horse platform in the deepwater Gulf of Mexico to boost oil and gas recovery from one of the field’s three main reservoirs. Source: News