US LPG exports set to climb
Thu, 23 May 2019 15:06:00 GMT

Renewed LPG demand growth in India and China will lead to growth of US exports later this year, according to ESAI Energy’s newly published Global NGL Outlook. 

MARKET WATCH: Oil prices drop on US inventory gain
Thu, 23 May 2019 14:47:00 GMT

Oil futures dropped May 22 with light, sweet crude contracts for July and August settling down by more than $1.70/bbl each on the New York market, marking the biggest single-session loss in nearly 3 weeks.

EIA: US crude inventories up 4.7 million bbl
Thu, 23 May 2019 11:00:00 GMT

US crude oil inventories for the week ended May 17, excluding the Strategic Petroleum Reserve, increased by 4.7 million bbl from the previous week, according to data from the US Energy Information Administration.

BHP considers conventional oil attractive for decades
Wed, 22 May 2019 15:57:00 GMT

BHP said its conventional oil assets look to be attractive investments “for several decades,” particularly its holdings offshore Mexico and offshore eastern Canada. During an operations update, BHP executives said the company expects to spud an appraisal well on Trion in late December with earliest production expected in the mid 2020s. BHP is the operator with 60% interest.

APLNG okay to buy Ironbark CSG project
Wed, 22 May 2019 15:12:00 GMT

The Origin Energy-operated Australia Pacific LNG group has obtained permission to acquire Origin’s undeveloped Ironbark coal seam gas project in permit ATP 788P in Queensland. The Australian Competition and Consumer Commission said it would not oppose the transaction, first mooted by Origin in February with a sale price of $231 million (Aus.).

Sale an option in CVR Energy review
Wed, 22 May 2019 14:49:00 GMT

CVR Energy Inc., Sugar Land, Tex., has designated Bank of America Merrill Lynch its financial advisor for a review of strategic alternatives, which might include sale of the company. A subsidiary, CVR Refining LP, operates a 132,000-b/cd refinery at Coffeyville, Kan., and a 74,500-b/cd refinery at Wynnewood, Okla.

MARKET WATCH: NYMEX oil price hovers at $63/bbl
Wed, 22 May 2019 14:43:00 GMT

Light, sweet crude oil prices fell slightly May 21 as the contract continues to hover at $63/bbl on the New York market while Brent crude oil prices gained modestly with the July contract settling above $72/bbl.

Move to London approved for SDX Energy
Tue, 21 May 2019 16:30:00 GMT

SDX Energy shareholders have approved a move of corporate headquarters to London from Calgary as part of a court-approved reorganization. A new, UK-based company, SDX Energy PLC, will acquire shares in the former SDS Energy Inc. and apply for its shares to be traded on the London Stock Exchange.

Oil from US shale on track to rise 16% in 2019
Tue, 21 May 2019 15:54:00 GMT

US shale operators are on course to increase oil production markedly in 2019. The growth in US onshore production from the first quarter through the fourth quarter could come in at around 1.1-1.2 million b/d, or 16% for the full year, according to Rystad Energy.

Cowen: E&Ps could return to growth if valuation stays down
Tue, 21 May 2019 15:40:00 GMT

Tracking by Cowen Inc., an American multinational investment bank, shows spending plans for 2019 by independent exploration and production firms are down 11%. Cowen expects independent E&Ps to honor capital discipline commitments for the remainder of this year, but if valuation remains depressed the group may pivot back toward growth.

Naphtha Israel Petroleum buying Isramco
Tue, 21 May 2019 14:36:00 GMT

Isramco Inc., Houston, will become an indirect, wholly owned subsidiary of Naphtha Israel Petroleum Corp. Ltd. under a definitive merger agreement based on a cash purchase of Isramco shares.

MARKET WATCH: Crude oil prices mixed on geopolitics
Tue, 21 May 2019 14:29:00 GMT

Oil prices gained modestly on the New York market May 20, settling above $63/bbl while Brent crude oil prices in London fell slightly to settle under $72/bbl. Light, sweet oil prices rose to their highest level in nearly 3 weeks on May 20, which analysts attributed to US-Iran tensions and major crude producers, including Saudi Arabia, suggesting they might keep existing production-cut targets until Dec. 31.

Inpex shuffle eyes exploration, projects
Mon, 20 May 2019 17:16:00 GMT

Inpex Corp., Tokyo, has reorganized “to reinforce oil and gas exploration and mergers and acquisitions capabilities” and to strengthen project execution.

NOPSEMA extends ruling time on GAB exploration
Mon, 20 May 2019 15:45:00 GMT

Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has told Norwegian company Equinor Australia BV that it needs more time to decide about Equinor’s environmental plan for the proposed exploration drilling program in the South Australian section of the Great Australian Bight (GAB).

Indiana CCS project gets OGCI investment
Mon, 20 May 2019 14:44:00 GMT

An Indiana integrated gasification combined cycle plant (IGCC) to be converted for ammonia production will receive funding from OGCI Climate Investments for an adjacent carbon capture and sequestration (CCS) project.

MARKET WATCH: Oil benchmarks drop ahead of OPEC committee meeting
Mon, 20 May 2019 14:37:00 GMT

Oil prices dropped on both the New York and London markets May 17, ending three sessions of gains. Analysts attributed the price drop to heightened US-Iran tensions and rising concerns about possible disruptions to oil shipments across the Middle East.

US House panel studies E&P impacts on water supplies
Fri, 17 May 2019 17:16:00 GMT

Members split along party lines on May 16 as a US House Natural Resources Committee subcommittee considered whether US above-ground and underwater supplies are protected adequately from potentially damaging leaks or spills from onshore oil and gas exploration and production. Democrats felt more federal regulation is needed while Republicans said many states are providing enough oversight already.

API: US petroleum markets remained solid in April
Fri, 17 May 2019 16:53:00 GMT

US petroleum markets turned in a solid overall performance in April, according to the latest Monthly Statistical Report from the American Petroleum Institute. Crude oil production sustained a record-tying 12.1 million b/d while total petroleum demand was the highest for the month since 2007 at more than 20 million b/d.

Degner named Range Resources senior VP, COO
Fri, 17 May 2019 16:41:00 GMT

Denis Degner has been promoted to senior vice-president and chief operating officer of Range Resources Corp.

ExxonMobil: Permian basin work to benefit New Mexico
Fri, 17 May 2019 16:38:00 GMT

ExxonMobil Corp.’s development of Permian basin resources in New Mexico will generate $64 billion in net economic benefits for the state and local communities over the next 40 years, according to a study conducted for ExxonMobil by Impact Data Source.