Industry Insights

Russia’s OJSC Rosneft and BP PLC have gained all required regulatory approvals to move forward with the companies’ recently announced plan to dissolve their Ruhr Oel GMBH (ROG) joint venture. Source: News

The American Petroleum Institute has sued the US Environmental Protection Agency in a challenge of the agency’s most recent biofuel requirements under the federal Renewable Fuel Standard. Source: News

The price for light, sweet crude oil for March delivery dropped more than $1 on the New York market Feb. 11 to settle at $26.21/bbl, the lowest settlement since May 6, 2003. But oil prices appeared to be climbing in early trading on Feb. 12 after news reports of comments about possible production cuts. […]

Saying it is essential to help Pennsylvania address a serious public schools funding shortfall, Gov. Tom Wolf (D) formally asked state legislators to enact a 4.7¢/Mcf natural gas severance tax. The levy would generate more than $1 billion in revenue prior to exemptions, he said in a Feb. 11 policy memorandum to legislators. Source: […]

State Oil Co. of Azerbaijan Republic (SOCAR) has let a contract to KT-Kinetics Technology SPA, a subsidiary of Maire Tecnimont SPA, Milan, to provide technology licensing for a unit to be built under the company’s ongoing modernization and expansion program at its Heydar Aliyev, formerly New Baku, refinery at Baku in Azerbaijan. Source: News

Pioneer Natural Resources Co. (PNR), Dallas, plans a 2016 capital budget of $2 billion, down from the preliminary forecast of $2.4-2.6 billion and actual spending of $2.2 billion in 2015. Source: News