The US Pipeline & Hazardous Materials and Safety Administration issued a corrective action order requiring Texas Eastern Transmission LP to take necessary corrective actions following the failure of a gas pipeline on its Penn Jersey system. Source: News
Algeria among oil-exporting nations considering reforms, speaker says
Algeria faces economic management challenges equal to those of Nigeria and Iraq amid depressed global oil and gas prices, a speaker said during a discussion of Middle East and North African oil-exporting nations’ economic outlooks. Source: News
OTC: Panelists say deepwater can help fill oil output void
“Something has to give” in this languishing oil market, and one industry observer and his firm “are quite convinced that oil prices have to give quite a lot.” Source: News
Fort McMurray fire evacuation biggest in Alberta history
About 88,000 residents of Fort McMurray in northern Alberta have been evacuated from a wildfire that has destroyed or damaged 1,600 structures. Alberta Premier Rachel Notley called the event the biggest evacuation in the history of the province. Source: News
MARKET WATCH: Oil prices split as NYMEX gains, Brent falls
The light, sweet crude price for June delivery rose modestly on the New York market May 4 to hold at nearly $43.80/bbl despite a growing US weekly crude oil inventory. Analyst attributed the price rise to concerns about tightening world supply because of threats to Canada’s and Libya’s oil exports. Source: News
Alberta wildfire forces evacuation, oil sands production cuts
A wildfire raging in the Regional Municipality of Wood Buffalo nearby Fort McMurray, Alta., has forced the mandatory evacuation of tens of thousands of people from the area and has caused many oil sands operators to cut production. Source: News
OTC: Service companies respond to Mexico’s energy reforms
Mexico’s energy reforms will mean changes for international service companies as well as for oil and natural gas operators and investors, a May 3 panel of service company speakers told the Offshore Technology Conference in Houston. Source: News
DNO boosts Kurdistan drilling, production
DNO ASA, a Norwegian oil and gas operator controlled by RAK Petroleum PLC, reported it is using increased revenues for a drilling program at Tawke oil field in the Kurdistan region of Iraq, and executives said the company is on track toward increased profitability for 2016. Source: News
Inventory report shows US oil supplies up 2.8 million bbl
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 2.8 million bbl for the week ended Apr. 29 compared with the previous week. The US Energy Information Administration estimated a total of 543.4 million bbl, which is historically high for this time of year. Source: News
Marcellus shale due first methanol plant
Primus Green Energy Inc. (PGE), Hillsborough, NJ, has signed an offtake agreement with methanol distributor Tauber Oil Co., Houston, to sell production from PGE’s planned gas-to-liquids methanol plant in the Marcellus shale. Source: News