Valeura Energy Inc. has brought on stream its Bati Gurgen-1 well, which has produced about 3 MMcfd of natural gas through a 20/64-in. choke for nearly 2 weeks at flow rate of 1,570 psi. Source: News
More than markets needed to curb climate change, economist says
Aggressive government policies probably will be necessary to move consumers away from fossil fuels to alternative and renewable energy sources because markets appear unable to the job alone, a University of Chicago economist said. Source: News
PDO shifting from EOR to lower-cost production methods
Petroleum Development Oman (PDO) said enhanced oil recovery (EOR) is expected to account for about 25% of its oil production by 2025, vs. last year’s projection of 33% by 2023. Source: News
MARKET WATCH: NYMEX oil prices rise modestly, hover under $40/bbl
Light, sweet crude oil prices rose modestly on the New York market Mar. 21 but still hovered under $40/bbl by closing. Prices gained strength toward the end of the trading session after waffling between gains and losses throughout Mar. 21, which analysts largely blamed on world oversupply concerns. Source: News
Suncor completes acquisition of COS
Suncor Energy Inc., Calgary, has completed its acquisition of Canadian Oil Sands Ltd. Source: News
Croatian refinery due energy efficiency study
Croatia’s INA Industrija Nafte DD, Zagreb, has let a contract to Neste Jacobs Oy to perform a comprehensive energy efficiency study of its 4.5 million-tonne/year Rijeka refinery along the northern part of the Adriatic Sea at Urinj, Croatia. Source: News
Venoco files Chapter 11, hopes to eliminate $1 billion in debt
Venoco Inc. has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. Source: News
Penn West to sell Slave Point assets for $148 million
Penn West Petroleum Ltd., Calgary, has agreed to sell its properties in the Slave Point area of northern Alberta to an undisclosed buyer for $148 million in cash. Source: News
New Zealand offers five petroleum permits in 2016 tender
New Zealand Petroleum & Minerals (NZPM) has launched its 2016 petroleum block offer tender, which includes four offshore release areas and one onshore release area collectively covering 525,515 sq km. Source: News
Pemex advances ULSD project at Minatitlan refinery
Pemex Transformacion Industrial (formerly Pemex Refinacion), the processing arm of Mexico’s state-owned Petroleos Mexicanos (Pemex), has let a contract to Tecnicas Reunidas SA, Madrid, for work related to the second phase of the country’s ultralow-sulfur diesel (ULSD) project at the 185,000-b/d Lazaro Cardenas refinery near Minatitlan, Veracruz state. Source: News