While the deal is set to establish Delek’s Ithaca subsidiary as the second largest independent oil and gas producer in the U.K. North Sea, it also marks the second major to pull out of the region.
Devon Energy agreed to sell its Canadian business to Canadian Natural Resources, knocking out a target in the Oklahoma City-based independent energy company’s planned transformation.
Canada will exempt some oil sands projects from federal environmental assessments as long as Alberta maintains a cap on oil sands emissions, draft regulations from the federal government said on May 1.
Equinor and partners are investing more than $7 billion in the development east of the Shetland Islands in the U.K. North Sea.
U.S. sanctions on Venezuela's oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region.
The government said the increase in production limits comes as warmer weather reduces the amount of diluent needed to help oil sands bitumen flow through pipelines, increasing capacity.
British oil firm EnQuest's shares slumped to a three-year low after Cairn Energy, its partner in its flagship Kraken project, cut its estimate of the oil field's reserves by around a fifth.
Few reasons given for how the blackout occurred and how long it will last.
MEG Energy, whose key operations are in Canada's Athabasca oil sands region, said bitumen production fell in the fourth quarter from a year earlier.
Crescent Point Energy's strategy to sell assets to reduce debt and use a part of the money to finance its expansion in oil and gas production is yet to pay off.