China National Offshore Oil Corp. Ltd. started oil production at Kenli 10-4 field in southern Bohai Bay. Current production from six wells totals 6,540 b/d, and CNOOC expects output to rise to 9,600 b/d later this year. Source: News
Total acquires 70% of Dominican oil retailer
Total SA has acquired a 70% interest in the leading fuel retailer of the Dominican Republic from Putney Capital Management, which retains 30%. Terms weren’t disclosed. Source: News
Ratings services issue new E&P warnings
Falling expectations for oil and gas prices have further eroded the producing industry’s financial outlook. Source: News
ExxonMobil joins cellulosic biofuel research
ExxonMobil Research & Engineering Co. and Renewable Energy Group Inc.’s Life Sciences subsidiary have agreed to study the production of biodiesel via fermentation of renewable cellulosic sugars. Source: News
Continental slashes 2016 budget by 66% to less than $1 billion
Continental Resources Inc., Oklahoma City, has reported a capital expenditures budget for 2016 of $920 million, a 66% reduction from the planned $2.7 billion for 2015. Source: News
TAEP: Chances of near-term industry recovery in Texas eroded by abundant crude supply
Crude oil production in Texas during 2015 totaled 1.27 billion bbl despite dramatic declines in of permitting, drilling, and completions, according to the Texas Petro Index (TPI) from the Texas Alliance of Energy Producers (TAEP). Source: News
Ahdi field gas plant starting in Pakistan
Pakistani government officials have inaugurated a third natural gas processing plant at Adhi oil and gas field operated by Pakistan Petroleum Ltd. about 70 km south of Islamabad. Source: News
CNPC-Chevron JV starts Luojiazhai gas flow
A joint venture of China Natural Petroleum Corp. and Chevron Corp. has started commercial production from Luojiazhai natural gas field, part of the Chuandongbei sour-gas project in the Sichuan basin of southwestern China (OGJ Online, Nov. 9, 2009). Source: News
Iran advances refinery, pipeline projects
Parsian Oil & Gas Development Co. (POGDC), Iran’s largest nongovernmental petrochemical holding, has entered an agreement with Italy’s Saipem SPA, Milan, to collaborate on future projects involving major overhauls designed to modernize two Iranian refineries under POGDC’s management. Source: News
Highest bidder declared for Quicksilver assets
BlueStone Natural Resources II LLC, Tulsa, has won a Bankruptcy Court-approved auction for assets belonging to Quicksilver Resources Inc., Ft. Worth, and its US subsidiaries following a marketing process that began last September (OGJ Online, Sept. 18, 2015). Source: News