Archives July 2016

Jul
15
2016

Analyst: Violence limits South Sudanese flow

Civil strife lowers prospects for full recovery of oil production in South Sudan, warns an analyst with Verisk Maplecroft, Bath, UK. …read more Source: Oil Gas Journal   

Jul
14
2016

BOEM notifies offshore leaseholders of decommissioning rule changes

The US Bureau of Ocean Energy Management notified federal offshore oil and gas leaseholders that it is updating financial assurance and risk management requirements to ensure that taxpayers never have to pay for decommissioning and removing a company’s offshore production facilities. Officials from two trade associations quickly criticized the agency’s action. …read more Source: Oil […]

Jul
14
2016

Faroe to add interests in five producing fields off Norway

Faroe Petroleum PLC has agreed to acquire interests in five producing oil and gas fields in the southern portion of the Norwegian North Sea from DONG E&P Norge AS for $70.2 million. The deal is effective Jan. 1, and expected to close by yearend. …read more Source: Oil Gas Journal   

Jul
14
2016

Marathon Oil begins gas production at Alba B3 off Equatorial Guinea

Marathon Oil Corp. has started natural gas production at its Alba B3 compression platform at the Alba gas and condensate field, 32 km offshore Malabo in the Gulf of Guinea. …read more Source: Oil Gas Journal   

Jul
14
2016

Laredo to increase Midland basin holdings

Laredo Petroleum Inc., Tulsa, has agreed to acquire Midland basin acreage adjacent to existing holdings that it says will accommodate further development with well laterals of 10,000 ft or longer. The acquisition value is about $125 million. …read more Source: Oil Gas Journal   

Jul
14
2016

Senators introduce bill to extend CCS tax credit

US Sens. Heidi Heitkamp (D-ND) and Sheldon Whitehouse (D-RI) introduced a bill to promote carbon capture technologies by extending a federal tax credit that encourages investment in carbon capture, utilization, and sequestration. …read more Source: Oil Gas Journal   

Jul
13
2016

IEA: High oil stocks pose threat to price stability

In its July Oil Market Report, the International Energy Agency states that the “the market is heading to balance remains on track,” but the road ahead is “far from smooth” as revealed by the recent modest fall back in oil prices. …read more Source: Oil Gas Journal   

Jul
13
2016

WoodMac: Improvements seen for viability of US tight oil

Global oil-market analysis from research and consultancy firm Wood Mackenzie Ltd. indicates that 70% of new drilling in US tight oil plays and pre-final investment decision (FID) conventional oil projects are commercial at Brent crude oil prices below $60/bbl. …read more Source: Oil Gas Journal   

Jul
13
2016

Nexen idling Long Lake oil sands upgrader

Nexen Energy ULC reported it will idle the Long Lake oil sands upgrader in Fort McMurray, Alta., by putting it into cold-stack mode. No date was given for when the upgrader would be returned to service. …read more Source: Oil Gas Journal   

Jul
13
2016

Interests, roles shifting in Argentina block

Holders of interests in the Coiron Amargo Block in Argentina’s Nequen basin and a unit of Royal Dutch Shell PLC have entered a series of agreements that would subdivide the southern part of the 100,000-acre tract and adjust holdings and roles. …read more Source: Oil Gas Journal   

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