Tullow Oil PLC, London, expects capital expenditures during 2016 of $1.1 billion, and says work is ongoing to potentially reduce it further to $900 million. The company spent $1.7 billion in 2015 and $2.2 billion in 2014. Source: News
MARKET WATCH: NYMEX crude oil front-month price dips to 3-week low
The price for light, sweet crude oil for March delivery continued its downward momentum Feb. 10, settling at $27.45/bbl on the New York market, the lowest level since Jan. 20 when prices settled at nearly a 13-year low of $26.55/bbl. Source: News
Supreme Court issues stay of EPA’s Clean Power Plan implementation
The US Supreme Court told the Environmental Protection Agency in a 5-4 vote to delay implementation of its Clean Power Plan until a lawsuit 27 states filed to challenge it can be heard. The Feb. 9 order stays EPA’s implementation while US Circuit Appeals Court for the District of Columbia hears petitions for review by […]
Obama’s fiscal 2017 plan would raise oil, gas regulators’ budgets
Agencies across the federal government that regulate oil and gas activity would receive more money to enforce regulations and implement programs to increase clean-energy alternatives under US President Barack Obama’s proposed fiscal 2017 budget. Source: News
BP: Fossil fuels to remain ‘dominant form of energy’ through 2035
Global energy demand between 2014 and 2035 is expected to rise 34%, an average of 1.4%/year, with fossil fuels remaining “the dominant form of energy over the period,” according to the 2016 edition of the BP Energy Outlook. Source: News
Stampede Lateral crude oil line starts flow in North Dakota
Summit Midstream Partners LP (SMLP), The Woodlands, Tex., reported the start of operations of the Stampede Lateral crude oil transmission pipeline in North Dakota. SMLP is currently in the final stages of completing the nearby Little Muddy crude oil pipeline, which includes an interconnect with Enbridge Inc.’s North Dakota Pipeline System. Source: News
Lukoil reports yearend proved reserves at 16.6 billion boe
PJSC Lukoil reported yearend 2015 proved hydrocarbon reserves of 16.558 billion boe, including 12.585 billion bbl of oil and 23.838 tcf of gas. Source: News
Hengli Petrochemical lets contract for integrated refining complex
Hengli Petrochemical (Dalian) Co. Ltd. (HPDC) has let a contract to Axens SA, Rueil-Malmaison, France, to provide a suite of processing units and technologies for a grassroots crude-to-paraxylene complex under construction at its integrated refining and petrochemical project in Hengli Petrochemical Industrial Park (HPIP) on Changxing Island in Dalian, Liaoning Province, China. Source: News
Gonzalez Anaya appointed Pemex chief executive
Jose Antonio Gonzalez Anaya on Feb. 8 was named chief executive officer of Petroleos Mexicanos (Pemex) by Mexican President Enrique Pena Nieto. He succeeds Emilio Lozoya, who resigned after holding the position since 2012. Source: News
OGUK survey reflects gloomier oil industry outlook
Oil & Gas UK says companies are “increasingly pessimistic” about their business prospects. OGUK’s Business Sentiment Index (BSI) for fourth-quarter 2015 indicated that optimism was at its lowest since the index began in 2009. Source: News