Saudi Arabia, UAE lead GCC subsidy reform

Saudi Arabia and the United Arab Emirates lead the Gulf Cooperation Council in raising energy prices and cutting subsidies in response to fiscal pressures created by the slump in crude oil prices, according to Arab Petroleum Investments Corp. (APICORP), Dammam, Saudi Arabia. Source: News

EIA: US shale oil output to decline 116,000 b/d in February

Crude oil production in February from seven major US shale plays is expected to fall 116,000 b/d to 4.83 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). The agency last month also projected a 116,000-b/d loss for January. Source: News

Suncor extends offer for Canadian Oil Sands

Suncor Energy Inc. is extending its offer for all the outstanding shares of Canadian Oil Sands Ltd. (COS) to Jan. 27. Source: News

Eni brings Mpungi field on production offshore Angola

Italy’s Eni SPA has started deepwater production from Mpungi field on Block 15/06 offshore Angola, reaching a third milestone in the West Hub development project. Source: News

Isobel Deep redrill further confirms discovery in North Falkland basin

Premier Oil PLC’s Isobel Deep redrill, 14/20-2, has confirmed the oil discovery of the original well in May 2015. The well, which is on licence PL004A, 30 km south of Sea Lion field, reached TD at 3,014 m encountering oil-bearing intervals in a number of sandstone reservoirs between 2,564-2,861 m (the base of the Isobel […]

Groups list concerns with proposed PHMSA hazardous liquids rules

The US Pipeline and Hazardous Materials Safety Administration (PHMSA) proposed hazardous liquids pipeline management requirements are a laudable step in some ways, but could create problems and needless duplication in others, according to four national oil and gas associations in three separate filings. Source: News

Pemex lets contract for Madero refinery

Mexico’s Petroleos Mexicanos (Pemex), through its processing subsidiary Pemex Transformacion Industrial (formerly Pemex Refinacion), has let a contract to Fluor Corp. unit ICA Fluor’s industrial engineering-construction joint venture with Empresas ICA SAB de CV for work related to construction of a hydrodesulfurization (HDS) plant as part of the second phase of the country’s ultralow-sulfur diesel […]

MARKET WATCH: NYMEX oil price drops on stronger dollar

Light, sweet crude prices for February delivery settled with another drop Jan. 8 despite experiencing price gains earlier in the day. The US benchmark oil price settled on the New York market at $33.16/bbl on Jan. 8, which was the lowest closing price since Feb. 9, 2004. Source: News