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Petrochemicals

EIA: US Crude Oil Stockpiles Jump On Rise In Imports

U.S. crude oil stockpiles rose last week to their highest in about a year and a half as imports increased, even as refiners sharply ramped up output, the EIA says.

Exploration & Production

CNOOC, PetroChina Team Up In South China Sea

CNOOC Ltd. subsidiary CNOOC China Ltd. has signed a petroleum contract with PetroChina Co. Ltd, for the Beibu Gulf 23/29 and Beibu Gulf 24/11 blocks in the South China Sea’s Beibu Gulf Basin, according to a news release.

Discoveries

Shell Makes Deepwater Discovery In Gulf Of Mexico

The company said April 24 that it encountered more than 400 ft net of oil pay.

People

AEGIS Energy Risk Adds Oil Veterans To Bolster Texas Presence

AEGIS Energy Risk added Mark Preng and Erin Sokol as regional vice presidents to support The Woodlands, Texas-based firm’s continued growth in the Lone Star State and surrounding states.

Earnings

Italy’s Eni Keeps Production Outlook As 1Q Profit Misses Forecast

The state-controlled major confirmed oil and gas production would grow by 2.5% in 2019, driven in part by increases at its giant fields in Egypt and Kazakhstan.

Crude Oil

Global Oil Markets Adequately Supplied -IEA

The agency, which coordinates the energy policies of industrialized nations, said global spare production capacity has risen to 3.3 million barrels per day due to high compliance rate with the agreed supply cuts among the OPEC and its allies.

Trending Stories

Markets

A&D Trends: Cash Only

Oil price volatility has helped cast A&D markets adrift leaving many E&P companies in a “no-wind” scenario.

EIA: US Crude Oil Stockpiles Jump On Rise In Imports

U.S. crude oil stockpiles rose last week to their highest in about a year and a half as imports increased, even as refiners sharply ramped up output, the EIA says.

Global Oil Markets Adequately Supplied -IEA

The agency, which coordinates the energy policies of industrialized nations, said global spare production capacity has risen to 3.3 million barrels per day due to high compliance rate with the agreed supply cuts among the OPEC and its allies.

Saudi's Falih: No Need For Immediate Action After End Of Iran Oil Waivers

Saudi Arabia's energy minister said he saw no need to raise oil output immediately after the United States ends waivers granted to buyers of Iranian crude.

Business

HART ENERGY CONNECT: Noble Royalties CEO On Permian Basin Risk, Rewards

After more than 20 years of buying and selling minerals in the oil and gas business, Noble Royalties CEO Scott Noble shares the keys to gauging risks.

Laredo Petroleum Names Jason Pigott As CEO Randy Foutch’s Successor

Permian Basin oil and gas operator Laredo Petroleum said Mikell J. “Jason” Pigott will succeed Randy A. Foutch as CEO following Foutch’s retirement by the end of 2019.

Delek Reportedly Closing In On $2 Billion Deal For Chevron’s North Sea Assets

Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.

Excelsior Energy Capital Acquires 25 MW Operating Solar Project

The Project also has a 25-year power purchase agreement with the Imperial Irrigation District, with a remaining contract term of just under 20 years.

Technology

Augmented Adoption

Multiple trends make midstream’s digital transformation a priority but operators must consider how to make it happen.

CNOOC Extends North Sea Platform Deal With KCA Deutag

KCA Deutag confirmed on April 24 that its offshore business unit has been awarded an extension to its existing contract with CNOOC Petroleum Europe Ltd. for the Scott platform, which it operates in the U.K. North Sea.

Augmented Adoption

Multiple trends make midstream’s digital transformation a priority but operators must consider how to make it happen.

Bechtel, Fluor Bid For NextDecade’s Rio Grande LNG Project

NextDecade Corp. said April 22 it has received bid packages from each of Bechtel Oil, Gas, and Chemicals Inc. and Fluor Corp., two of the global LNG market’s leading engineering, procurement, and construction (EPC) contractors.

Exploration & Production

Private E&P CEOs Give Insight On Permian Basin

Admiral Permian Resources and Discovery Natural Resources talk about production and adding value in the Permian Basin as they move toward full field development mode.

Algerian State Energy Company Sonatrach’s CEO Sacked

Algeria’s interim president has sacked Abdelmoumene Ould Kaddour as the CEO of state energy company Sonatrach, state TV said on April 23, creating uncertainty for investors who had started to return to the oil and gas producer.

Uncertainty Clouds Development Of Argentina’s Vaca Muerta Shale

Analysts are optimistic about Argentina's offshore oil and gas sector, while concerns surround development of the Vaca Muerta Shale.

Sponsored Content

Enhancing Safety, Reducing Downtime in Congested Offshore Environments

ION Geophysical’s Marlin Marine Optimization Software increases safety, security and efficiency with full operational awareness in challenging environments.

Transactions

Occidental Petroleum Kicks Off Anadarko Bidding War With Chevron

Occidental Petroleum launched a $57 billion takeover bid for Anadarko Petroleum on April 24, trumping Chevron’s offer for The Woodlands, Texas-based independent announced earlier this month.

Marketed: Operated, HBP Permian Basin Assets In Andrews County, Texas

Maverick Natural Resources retained EnergyNet for the sale of Permian Basin HBP leasehold and producing assets in Andrews County, Texas, through an auction closing May 8.

Excelsior Energy Capital Acquires 25 MW Operating Solar Project

The Project also has a 25-year power purchase agreement with the Imperial Irrigation District, with a remaining contract term of just under 20 years.

A&D Transactions From The Week Of April 24, 2019

Here’s a snapshot of energy deals from the past week including Murphy’s billion-dollar acquisition of LLOG assets and a nonop Bakken deal worth over $310 million.

Policy & Regulations

HART ENERGY CONNECT: Political Challenges Facing Permian Basin Producers

Hart Energy looks at legislative moves across the country and what above-ground challenges oil and gas producers in the Permian Basin might face moving forward. 

HART ENERGY CONNECT: Political Challenges Facing Permian Basin Producers

Hart Energy looks at legislative moves across the country and what above-ground challenges oil and gas producers in the Permian Basin might face moving forward. 

Nevada Passes Bill To Double Renewable Standard, Aim For Carbon-Free Electricity By 2050

The measure must pass another round of voting in 2020 as constitutional amendments in Nevada must be approved by voters a second time before becoming law.

China’s Sinopec Resumes US Oil Imports After 6 Months

Refiner’s action signals that risks of importing U.S. crude have lessened.

Transport

Apache Delays Production Of Permian Natural Gas After Weak Prices

Oil and gas producer Apache said on April 23 it would delay natural gas production from its Alpine High assets in the Permian Basin due to "extremely" low prices.

Cogent Midstream To Build Midland Basin Gas Pipeline

New line will connect Cogent’s Big Lake Processing Complex to Kinder Morgan’s Gulf Coast Express Pipeline.

Mariner East 1 NGL Pipeline Returns To Service

Energy Transfer’s pipeline again moves NGL from Eastern Ohio to Marcus Hook.

Partners Group To Buy Norway's CapeOmega In $1.4 Billion Deal

Partners Group, which manages $84 billion worth of assets, said it was looking to make more acquisitions in Norway.