The overall US drilling rig count began the year with its largest decline since last April, plunging 34 units to 664 during the week ended Jan. 8, according to Baker Hughes Inc. data. Source: News
Saudi-Iranian rift blamed for low oil prices
Geopolitical motivations are receiving increasing blame for the collapse of crude oil prices. Source: News
Limetree Bay Terminals finalizes deal for St. Croix refining complex
Limetree Bay Terminals LLC (LB Terminals), an 80-20 joint venture of ArcLight Capital Partners LLC, Boston, and partner Freepoint Commodities LLC, Stamford, Conn., has finalized agreements with Hovensa LLC and the US Virgin Islands for the purchase and planned restart of idled storage terminals, refining units, and marine systems at Hovensa’s idled refinery at Limetree […]
Statoil halts gas leak at Karsto processing plant
Statoil ASA reported that it has stopped a natural gas leak that occurred during the evening of Jan. 7 at the Karsto processing plant north of Stavanger. Source: News
Lundin updates drilling campaign offshore Malaysia
Lundin Malaysia BV, a wholly owned subsidiary of Lundin Petroleum AB, completed the Imbok-1 exploration well on Blocks SB307 and SB308, offshore Saba, East Malaysia. The well, which was drilled using the West Prospero jack up rig, encountered minor oil shows. The well has been plugged. Source: News
Buru makes oil find onshore Canning basin
Buru Energy Ltd., Perth, has found oil in a new play in its Ungani Far West-1 wildcat in production licence L21 in the onshore Canning basin of north Western Australia. Source: News
Fieldwood signs Mexican PSC for offshore block awarded in second tender
Fieldwood Energy E&P Mexico, a subsidiary of Houston-based Fieldwood Energy LLC, has signed a production-sharing contract for Area 4 in the Bay of Campeche, awarded as part of Mexico’s Round 1 second tender. Source: News
Saudi Aramco considering equity options
Saudi Aramco said it is studying various options to allow broad public participation in its equity. Source: News
MARKET WATCH: NYMEX, Brent crude oil for February settle below $34/bbl
Light, sweet crude prices for February delivery settled Jan. 7 below $34/bbl on the New York market, which was the lowest settlement for the front-month contract since February 2004. Brent crude oil for February also settled below $34/bbl on the London market Jan. 7. Source: News
Sweden’s Nynas completes takeover of German refining assets
Nynas AB of Sweden has completed its takeover of Royal Dutch Shell PLC’s former Harburg refining assets in Hamburg, Germany, to operate as a specialty lubricants refinery. Source: News