The US should resist congressional calls to sell part of its Strategic Petroleum Reserve to raise money for other federal programs, and concentrate instead on thoroughly analyzing where the SPR fits within dramatically different global markets than existed 40 years ago when it was established, witnesses told the US Senate Energy and Natural Resources Committee. […]
EIA: US heating costs expected to be lower this winter
US average home heating expenditures during the upcoming winter heating season (Oct. 1 through Mar. 31) will be lower than last winter, according to the US Energy Information Administration’s Winter Fuels Outlook. Source: News
Petrobras cuts capital budget for 2015-16
Petroleo Brasileiro SA (Petrobras) reported further cuts to its capital budget, reducing planned spending for 2015 by $3 billion to $25 billion and by $8 billion to $19 billion for 2016. The company cited low crude oil prices and unfavorable exchange rates. Source: News
Canadian Oil Sands board to review Suncor’s unsolicited takeover offer
The board of Canadian Oil Sand Ltd. (COS) reported it will review the unsolicited takeover offer made Oct. 5 by Suncor Energy Inc., Calgary. Suncor’s offer to acquire all the outstanding shares of COS is valued at $4.3 billion (Can.). Source: News
Freeport-McMoRan considers spinning off oil, gas business
Freeport-McMoRan Inc., Phoenix, is reviewing “strategic alternatives” for its oil and gas business, including its possible spinoff to shareholders, joint venture arrangements, and further spending reductions. Source: News
MARKET WATCH: NYMEX, Brent oil prices rise on lower US rig count
Light, sweet crude oil prices for November delivery rose on the New York market Oct. 5 as did Brent crude oil prices on the London market, which analysts largely attributed to cuts in US production capacity as indicated by a falling rig count. Source: News
Ghana block study: 500 million bbl in place
A block with three legacy oil fields in shallow water offshore Ghana holds 500 million bbl of oil and 282 bcf of natural gas in place, according to an independent assessment reported by Erin Energy Corp., Houston. Source: News
New Hampshire Supreme Court rules against ExxonMobil in MTBE appeal
The New Hampshire Supreme Court denied ExxonMobil Corp.’s appeal of a lower court’s $236 million award to the state in a lawsuit charging groundwater contamination from the company’s use of methyl tertiary butyl ether as a gasoline oxygenate additive in the 1980s. Source: News
Targa, Sanchez Energy form Eagle Ford gas JV
Targa Resources Partners LP and Sanchez Energy Corp. have agreed to form joint ventures that will construct a 200-MMcfd cryogenic natural gas processing plant in La Salle County, Tex., and 45 miles of high-pressure gathering pipelines that will connect Sanchez Energy’s Catarina gathering system to the plant. Source: News
Federal, state governments settle Macondo spill civil claims with BP
The US government as well as the governments of five states reached a proposed $20.8-billion settlement with BP PLC to resolve civil claims arising from the 2010 Macondo deepwater well blowout and subsequent crude oil spill into the Gulf of Mexico. It was the largest such settlement with a single entity in US history, the […]