Central Gulf of Mexico Lease Sale 241 drew 148 bids on 128 blocks from 30 companies, with apparent high bids totaling $156 million, the US Bureau of Ocean Energy Management (BOEM) reported following the event held in New Orleans on Mar. 23. Source: News
Meridian Energy advances North Dakota refinery project
Meridian Energy Group Inc., Irvine, Calif., has filed the first round of permit applications with local regulators to proceed with its proposed 55,000-b/sd Davis refinery to be built in the heart of southwestern North Dakota’s Bakken shale region, near Belfield, in Billings County, ND. Source: News
EIA: US crude stocks jump 9.4 million bbl
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, jumped 9.4 million bbl during the week ended Mar. 18 compared with the previous week’s total, according to data from the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News
MARKET WATCH: NYMEX oil prices fall ahead of inventory report, Easter holiday
Light, sweet crude oil prices fell slightly on the New York market Mar. 22 with the May contract closing at $41.45/bbl, down 7¢. The May contract is the new front-month contract as of the Mar. 21 closing. The Mar. 22 settlement marked the highest oil front-month closing price on the New York market since Dec. […]
US should flex geopolitical muscles from oil renaissance, forum told
The US should be less hesitant to use its expanded geopolitical influence after changing from a nation relying increasingly on oil and gas imports to one poised to be a major exporter, Manhattan Institute Senior Fellow Mark P. Mills said. Source: News
Petrobras records $9.7-billion loss for 2015
Petroleo Brasileiro SA (Petrobras) reported a 2015 net loss of $9.7 billion, up from a $6-billion loss in 2014. Source: News
Pembina Pipeline to buy Kakwa gas complex
Pembina Pipeline Corp. has agreed to acquire sour gas processing properties in the Musreau area of Alberta from Paramount Resources Ltd. for $556 million (Can.) cash and other consideration pushing the transaction value to more than $600 million (Can.). Both companies are based in Calgary. Source: News
BPTT, EOG enter JV to develop Sercan gas field off Trinidad and Tobago
BP Trinidad & Tobago (BPTT) and EOG Resources Inc. have entered into a joint venture to develop the Sercan natural gas field just off the northeast of Trinidad and Tobago. Source: News
CNOOC-Shell JV take FID on Huizhou ethylene expansion
Royal Dutch Shell PLC subsidiary Shell Nanhai BV and China National Offshore Oil Corp. (CNOOC) have taken final investment decision on the companies’ previously announced plan to expand capacity at their 50-50 joint venture CNOOC & Shell Petrochemicals Co. Ltd.’s (CSPC) petrochemical complex in the Daya Bay Economic and Technological Development Zone, Huizhou, Guangdong Province, […]
Geo-Jade acquiring Bankers Petroleum
Bankers Petroleum Ltd., Calgary, will be acquired by affiliates of Geo-Jade Petroleum Corp., Beijing, in a share purchase valued at $575 million (Can.). Source: News