ExxonMobil Corp. plans to reduce its capital and exploration expenditures in 2016 by 25% compared with that of 2015 to $23.2 billion. Source: News
Alberta boosts gas use for petrochemicals
Alberta will award “royalty credits” to petrochemical manufacturers in a competitive application system designed to add value to natural gas produced in the province. Source: News
Governments key to more Black Sea energy amid low prices, forum told
Depressed crude oil prices won’t necessarily doom ambitious transportation projects west from the Black Sea and beyond if participating countries and investors don’t panic, speakers said at an Atlantic Council forum. Source: News
Total invests in solar energy developers
Total SA’s venture capital fund has acquired unspecified interests in two companies that develop solar power in rural areas with limited access to electricity grids, especially in Africa. Source: News
Kinder Morgan, Zenith Energy buy BP terminals
Kinder Morgan Inc. closed an acquisition of 15 products terminals in North America from BP as Zenith Energy signed an agreement to buy the oil company’s products terminal in Amsterdam. Source: News
Gunvor acquires Rotterdam refinery
Gunvor Group Ltd., Geneva, has completed a deal to take 100% ownership of Kuwait Petroleum International Ltd.’s (KPI) 88,000-b/d refinery and supporting product distribution network in Rotterdam, the Netherlands. Source: News
MARKET WATCH: Oil prices slump on fading hopes of production cuts
Light, sweet crude for March delivery settled down $2 on the New York Mercantile Exchange Feb. 1 while the Brent contract for April dropped $1.75 on the London market on fading hopes that major oil producers would cut production despite some talk about that from Russia days ago. Source: News
Anadarko to cut 2016 budget in half after $6.692-billion loss in 2015
Anadarko Petroleum Corp., The Woodlands, Tex., anticipates an initial 2016 budget of $2.8 billion, a reduction of 50% from the company’s actual 2015 capital investments and almost 70% from the 2014 total. Source: News
Murphy reshuffles Canadian gas assets in two deals
Murphy Oil Co. Ltd. (MOCL), the Canadian subsidiary of Murphy Oil Corp., has agreed to acquire operated and nonoperated working interest of production, acreage, infrastructure, and facilities in Kaybob Duvernay area and liquids-rich Montney area in Alberta from Athabasca Oil Corp. for $475 million (Can.). The two firms are forming a joint venture to develop […]
Proposed BSEE well control rule may stifle gulf activity, study finds
A federal rule for offshore oil and gas operations could have bigger adverse impacts than the US Bureau of Safety and Environmental Enforcement projected when it proposed the regulation in April 2015, the Gulf Economic Survival Team announced. Source: News