PTTEP outlines Malaysian plans after acquisition, block wins
Fri, 22 Mar 2019 16:02:00 GMT

PTT Exploration & Production PCL (PTTEP) has won two exploration blocks in Malaysia while acquiring Murphy Oil Corp.’s properties in the country. PTTEP together with Petronas Carigali Sdn. Bhd. signed production-sharing contracts with Petronas for exploration and production rights of two offshore blocks, PM407 and PM415, in shallow waters off Peninsular Malaysia under the Malaysia 2018 bidding round.

Denbury, Penn Virginia end merger agreement
Fri, 22 Mar 2019 15:45:00 GMT

Denbury Resources Inc., Plano, Tex., and Penn Virginia Corp., Houston, have ended a merger agreement estimated to have been worth $1.7 billion.

MARKET WATCH: NYMEX crude oil dips below $60/bbl
Fri, 22 Mar 2019 15:33:00 GMT

Light, sweet crude oil for May delivery dipped to settle just below $60/bbl on Mar. 21, while Brent prices for May settled under $68/bbl. Production cuts by the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela are contributing to a tightening of supply, buoying prices near 2019 highs.

Morgan Stanley: Low European gas prices to prompt US LNG utilization cuts
Thu, 21 Mar 2019 19:36:00 GMT

European mainland gas prices have fallen now to about $5/MMbtu, a 50% decline from late September peaks. The loss in supply-demand is due to warmer weather, large LNG imports, and more active renewables. Morgan Stanley argues that poor pricing conditions are likely to prompt US LNG utilization rate cuts.

Murphy to exit Malaysia to focus on Western Hemisphere assets
Thu, 21 Mar 2019 19:29:00 GMT

A subsidiary of PTT Exploration & Production PCL (PTTEP) will pay $2.127 billion to a subsidiary of Murphy Oil Corp. for Murphy’s two primary Malaysian subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd. A bonus payment of up to $100 million is contingent upon certain future exploratory drilling results prior to October 2020.

Federal judge remands BLM Wyoming leases, orders climate studies
Thu, 21 Mar 2019 19:21:00 GMT

A federal judge ruled that the US Bureau of Land Management did not adequately consider potential climate impacts when it issued oil and gas leases in Wyoming in 2015 and 2016, remanded the leases to the US Department of the Interior agency, and ordered it to conduct further studies.

CARB calls for improved monitoring around refineries, communities
Thu, 21 Mar 2019 19:13:00 GMT

The California Air Resources Board (CARB) released a report on Mar. 20 that recommends improved routine and emergency air monitoring at major refineries and in nearby communities in the state.

MARKET WATCH: NYMEX crude oil moves above $60/bbl
Thu, 21 Mar 2019 15:26:00 GMT

Light, sweet crude oil for May delivery increased just shy of $1 to settle above $60/bbl on Mar. 20. Government data Mar. 20 indicated a tightening of US oil supplies, pushing the price past the $60/bbl mark for the first time since Nov. 9, 2018. Analysts expected a small drawdown in supplies, but the US Energy Information Administration’s weekly oil and products inventory report showed crude oil inventories for the prior week decreased 9.6 million bbl.

Williams, CPPIB form Marcellus-Utica midstream venture
Wed, 20 Mar 2019 21:51:00 GMT

Williams Cos. has entered into a long-term partnership with Canada Pension Plan Investment Board to establish a $3.8-billion joint venture that will include Williams’ wholly owned Ohio Valley Midstream system and 100% of the Utica East Ohio Midstream system. CPPIB will invest about $1.34 billion for a 35% ownership stake in the venture. Williams will retain 65% ownership, will operate the combined business, and will consolidate the financial results of the venture in Williams’ financial statements.

Region-wide gulf lease sale yields $244.3 million in high bids
Wed, 20 Mar 2019 18:01:00 GMT

The latest region-wide Gulf of Mexico lease sale, held Mar. 20 in New Orleans by the US Bureau of Ocean Energy Management, generated $244.3 million in apparent high bids for 227 tracts. There were a total of 14,699 tracts offered in the gulf’s federal waters.

EPA starts to prioritize 40 chemicals under the amended TSCA
Wed, 20 Mar 2019 17:12:00 GMT

The US Environmental Protection Agency published a list of 40 chemicals on Mar. 20 that it intends to review and prioritize for risk evaluation under the amended Toxic Substances Control Act (TSCA). It said it was releasing the list to give the public opportunities to submit relevant information such as the uses, hazards, and exposure for these chemicals.

ESAI: Project delays to sink oil sands output in 2019
Wed, 20 Mar 2019 16:53:00 GMT

Canadian oil sands production in 2019 will be almost 230,000 b/d lower than last year, according to ESAI Energy’s recently published North America Watch. Planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government.

Nuevo Midstream to acquire Republic Midstream
Wed, 20 Mar 2019 16:09:00 GMT

Nuevo Midstream Dos plans to expand a crude oil gathering, storage, and intermediate transportation system in the Eagle Ford shale following completion of a deal to acquire Republic Midstream from an affiliate of ArcLight Capital Partners.

MARKET WATCH: NYMEX crude oil holds above $59/bbl for second day
Wed, 20 Mar 2019 15:36:00 GMT

Light, sweet crude oil for April delivery declined slightly but settled above $59/bbl on Mar. 19 for a second consecutive day. Some suggested market participants awaited the weekly US oil and products inventory to be released on Mar. 20.

EIA: US crude inventories down 9.6 million bbl
Wed, 20 Mar 2019 15:17:00 GMT

US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed. At 439.5 million bbl, US crude oil inventories are about 2% below the 5-year average for this time of year, the report indicated.

CERAWeek: Technology expected to counter productivity declines of low-permeability formations
Wed, 20 Mar 2019 03:28:00 GMT
Shale and other low-permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston.
Rystad: Oil service market to remain depressed until 2025
Tue, 19 Mar 2019 16:34:00 GMT

It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in revenues lost along the way,” said Audun Martinsen, Rystad Energy’s head of oil field service research.

Moler named Tallgrass president and COO
Tue, 19 Mar 2019 15:20:00 GMT

Bill Moler, chief operating officer of Tallgrass Energy LP, Leawood, Kan., has been promoted to president. David G. Dehaemers Jr. remains chief executive officer and Moler will retain his chief operating officer title.

MARKET WATCH: NYMEX crude oil settles above $59/bbl
Tue, 19 Mar 2019 15:09:00 GMT

Light, sweet crude oil for April delivery settled above $59/bbl, setting a 4-month record high Mar. 18 after the Organization of Petroleum Exporting Countries and other major producers discussed continuing current oil-production cuts through June.

Ithaca to operate Alon D license off Israel
Tue, 19 Mar 2019 14:55:00 GMT

Ithaca Energy Inc., a wholly owned Canadian subsidiary of Delek Group Ltd., Herzlia, Israel, will become operator of the Alon D exploration license offshore Israel under an agreement with Noble Energy Mediterranean Ltd. Noble, the current operator with a 47.059% interest, is withdrawing from the license.