OJSC Rosneft said it achieved a 124% reserves replacement ratio in 2015, and has a reserve life of 19 years. Source: News
Oklahoma implements largest reduction plan yet for disposal wells
The Oklahoma Corporation Commission’s Oil & Gas Conservation Division (OGCD) announced its largest volume-reduction plan yet for oil and gas disposal wells in western Oklahoma’s Arbuckle formation in response to increased numbers of earthquakes. Source: News
Cidade de Marica FPSO, Rota 2 gas line begin operations from Santos basin
Petroleo Brasilierio SA (Petrobras) reported the startup of the Cidade de Marica floating production, storage, and offloading vessel, and the Rota 2 subsea gas pipeline, both from the presalt Santos basin. Source: News
Cenovus cuts spending by another 20%, plans to shed more jobs
Cenovus Energy Inc., Calgary, has reduced its planned capital spending for 2016 by an additional 20% to $1.2-1.3 billion (Can.), down 27% from that of 2015 and 59% from that of 2014. The firm outlined its initial 2016 budget in December. Source: News
Shell advances AO capacity expansion at Geismar plant
Royal Dutch Shell PLC subsidiary Shell Chemical LP has started construction on a $717-million project to increase alpha olefins (AO) production at its Geismar, La., chemical manufacturing plant, which post-expansion, will become the largest AO production site in the world. Source: News
Valero lets contract for Pembroke refinery
Valero Energy Corp., San Antonio, has let a contract to Wood Group PLC, Aberdeen, to provide onshore industrial services to the company’s Pembroke refinery located along the Pembrokeshire coast in southwest Wales, UK. Source: News
Analysis: Production freeze clouded by conditions, history
Although countries saying they’ll freeze oil production account for 25% of global supply, conditions of their Feb. 16 agreement and history offer little reason to expect much change in an oversupplied market. Source: News
Sierra Club files federal lawsuit regarding Oklahoma earthquakes, disposal wells
The Sierra Club has filed a lawsuit in US District Court for the Western District of Oklahoma against Chesapeake Operating LLC, Devon Energy Production Co. LP, and New Dominion LLC, saying injection wells have contributed to induced seismicity in Oklahoma and southern Kansas. Source: News
Gas flow reported from In Salah southern fields in Algeria
The In Salah Gas joint venture has started natural gas production from the 2,000-sq-km southern fields project, the latest phase of development of seven gas fields in central Algeria. Source: News
Bangkok refinery due new unit, enters turnaround
Bangchak Petroleum Public Co. Ltd. (BPPC) has let a contract to Axens SA, Rueil-Malmaison, France, to provide process technology and equipment for a grassroots unit to be built as part of the company’s Efficiency, Energy, and Environment (3E) project at its Bangkok refinery. Source: News