Industry Insights

Asian oil production is declining at a faster rate than other regions worldwide, and China accounts for about half of the anticipated decline, Wood Mackenzie Ltd. said. Source: News

ExxonMobil Corp. has agreed to acquire companies primarily focused on New Mexico’s Delaware basin from the Bass family of Fort Worth in a deal that could total $6.6 billion. Source: News

Norwegian authorities have approved Statoil ASA’s development plans for Utgard and Byrding fields in the North Sea. Source: News

Inpex Australia has let a 5-year, subsea and geoscience services contract to Dutch multinational services firm Fugro NV for operations on Inpex’s Ichthys natural gas-LNG project in the Browse basin, 220 km offshore Western Australia. Source: News

A year after Norway’s Awards in Predefined Areas (APA) 2015 round, Statoil ASA has discovered 20-80 million bbl of recoverable oil with its Cape Vulture well in PL128 offshore Bronnoysund, Norway, in the Norwegian Sea. Source: News

A federal district court judge in Wyoming denied a preliminary injunction against the US Bureau of Land Management’s venting and flaring rule. Petitioners—which included the Independent Petroleum Association of America, the Western Petroleum Association, and the states of Wyoming, North Dakota, and Montana—did not demonstrate that a preliminary injunction is warranted, US District Judge Scott […]

Crude oil benchmarks gained support Jan. 17 after Saudi Arabia’s energy minister reportedly made positive remarks about a quick rebalancing of the world oil markets. US markets were closed Jan. 16 for the Martin Luther King Jr. holiday. Source: News