American Midstream (Alabama Intrastate) LLC (Magnolia Intrastate), a wholly owned subsidiary of American Midstream Partners LP, has begun a nonbinding open season for a proposed 45-mile extension of the Magnolia Intrastate pipeline (Magnolia Extension) to transport as much as 500,000 MMcfd of natural gas beginning in 2019. Source: News

Light, sweet crude oil prices for April delivery fell $1.52 Feb. 23 to close at $31.87/bbl on the New York market and Brent crude oil prices fell $1.42 on the London market to close at $33.27/bbl after Saudi Arabian Oil Minister Ali al-Naimi said no production cuts are likely. Source: News

SP Olefins (Taixing) Co. Ltd., a subsidiary of SP Chemicals Pte. Ltd., Singapore, has let a contract to Technip SA, Paris, to provide technology licensing and process design for the company’s proposed grassroots ethylene plant to be built in Taixing in China’s Jiangsu Province. Source: News

Lucid Energy Group II LLC has secured an initial equity commitment of $350 million from EnCap Flatrock Midstream and Lucid II managers to invest in midstream projects and acquisitions. Source: News

Stone Energy Corp., Lafayette, La., has set an initial 2016 capital expenditure budget of $200 million, compared with capex of $464.5 million in 2015 and $884 million in 2014. Source: News

Sparking fears for the long-term future of the industry, the UK upstream segment is expected to approve fewer than £1 billion in spending on new North Sea projects compared with an average of £8 billion/year over the past 5 years, according to Oil & Gas UK’s 2016 Activity Survey published Feb. 23. Source: News

State-owned Sonatrach has let a $100 million contract to ABB to rebuild and revamp a treatment unit in the LPG plant at Rhourde-Nouss natural gas field in central-eastern Algeria. Source: News

Dana Gas PJSC, Sharjah, reports Zora gas field offshore Sharjah and Ajman has started production with optimization under way to boost flow to a planned 40 MMcfd. Source: News

Ali Al-Naimi, Saudi Arabia minister of petroleum and mineral resources, remains “optimistic” that the world oil market will rebalance supply with demand, and therefore see higher oil prices return. Source: News

Iranian oil production is rising after relaxation of international sanctions last month but remains unlikely to return to presanction rates soon, analysts say. Source: News