Imperial reduces production at Kearl in Alberta

In response to the ongoing fire crisis in Alberta, Imperial Oil Ltd. has reduced production at its Kearl oil sands plant northeast of Fort McMurray. The physical plant is unaffected by the fires. Source: News

Apache reports first-quarter net loss of $489 million

Houston independent Apache Corp. reported a first-quarter net loss of $489 million, including noncash, aftertax ceiling test writedowns of $325 million driven primarily by low commodity prices. That compares with a net loss of $7.2 billion in fourth-quarter 2015 and a first-quarter 2015 net loss of $4.7 billion. Source: News

Shah Deniz partners let $1.5-billion subsea installation contract

BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium. Source: News

Newfield to acquire STACK acreage from Chesapeake unit

Newfield Exploration Co., The Woodlands, Tex., has agreed to acquire 42,000 net acres in the Anadarko basin STACK play from a subsidiary of Chesapeake Energy Corp., Oklahoma City, for $470 million. The deal is effective Apr. 1, and is expected to close during the second quarter. Source: News

MARKET WATCH: NYMEX natural gas price falls on high inventory

Light, sweet crude prices touched above $46/bbl on the New York market May 5 before settling at about $44.30/bbl upon lingering world oil oversupply concerns despite fires in Canada that threaten oil sands producers. Source: News

OTC: Panel seeks to energize deepwater projects

“Nothing draws people together like a common enemy,” said Maersk Oil Houston’s President Bruce Laws, “and the common enemy right now is low commodity prices.” Laws, who addressed an audience at the Offshore Technology Conference in Houston on May 4, was part of a panel discussing worldwide oil and gas deepwater development. Source: News

Environmental groups sue to make EPA regulate production wastes

A group of environmental organizations sued the US Environmental Protection Agency, calling for it to regulate surface handling and underground disposal of oil field production wastes. An Independent Petroleum Association of America official quickly dismissed the May 4 action in US District Court for the District of Columbia as a maneuver to stop or delay […]