Bruce Culpepper has been named US country chair of Royal Dutch Shell and president of Shell Oil Co., succeeding Marvin Odum, who will leave the company at the end of March. Source: News
Medallion seeks to expand Permian crude system
Medallion Pipeline Co. LLC, a subsidiary of Medallion Midstream LLC, is holding a binding open season to solicit long-term commitments from shippers for firm transportation capacity on the fourth major expansion of its existing 370-mile crude oil pipeline system. Source: News
Stronger federal oversight of gas storage essential, US House panel told
Problems stopping a leak at Southern California Gas Co.’s Aliso Canyon storage facility near Los Angeles show stronger federal oversight is needed, two US House Democrats from the state told a US House Transportation and Infrastructure subcommittee. Source: News
IHS CERAWeek: US ‘revolutionizing’ growing global LNG market, speaker says
A decade after forecasts of increased construction of LNG import terminals in the US, the nation’s first LNG export cargo departed Sabine Pass, La., this week for Brazil. The event overlapped with a Feb. 24 gathering of leaders from the natural gas sphere at IHS CERAWeek in Houston. Source: News
MARKET WATCH: NYMEX, Brent crude oil prices gain on production freeze hope
Light, sweet crude oil prices rose above $33/bbl on the New York market while Brent crude oil prices rose above $35/bbl on the London market on Feb. 25, and the momentum continued in early Feb. 26 trading. Source: News
EOG cuts 2016 capex in half
EOG Resources Inc., Houston, reported planned capital expenditures for 2016 of $2.4-2.6 billion, a 45-50% year-over-year reduction. Source: News
Encana further reduces 2016 budget by 40%, workforce by 20%
Encana Corp., Calgary, will further cut its planned capital budget for 2016 to $900 million-$1 billion, down 40% from its initial budget for the year and 55% from its 2015 capital investment. Source: News
Bill would loosen Petrobras’s presalt grip
Domination by state-owned Petroleo Brasileiro SA (Petrobras) of presalt licenses offshore Brazil would cease under legislation approved Feb. 24 by the Brazilian Senate. Source: News
Braskem’s Triunfo petrochemical unit due upgrade
Braskem SA, a subsidiary of Odebrecht SA, will invest 45 million Brazilian real ($11.3 million) to upgrade electrical systems at its basic petrochemical unit 2 (Unib 2) in the Triunfo petrochemical complex in Brazil’s Rio Grande do Sul state. Source: News
Vega Pleyade field starts up off Argentina
Production has started from Vega Pleyade natural gas and condensate field offshore Tierra del Fuego, Argentina, reports operator Total SA. Source: News