US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 4.2 million bbl during the week ended May 20 compared with the previous week’s average, according to the US Energy Information Administration’s weekly Petroleum Status Report. Source: News
MARKET WATCH: NYMEX crude price hits highest settlement since October 2015
The price of light, sweet crude oil for July delivery settled at a high for so far in 2016 and was 1¢ above the settlement price for July Brent on the London market May 24. It was the first time since January that the US benchmark has settled above Brent. Source: News
25 May 2016 10:08:37 EDT – The latest stock information is now available for your stocks
XOM Last 90.24 Change +0.57 % Change 0.64% Volume 1,182,587 As of: 25 May 2016 10:08:37 EDT View: Stock Quote | News CVX Last 101.88 Change +1.69 […]
PPL finds gas with first exploration well on Kotri block in Pakistan
The Kotri X-1 well flowed gas at an a rate of 3.4 MMcfd with a wellhead pressure of 608 psi, according to a press release from Pakistan Petroleum Ltd. (PPL). The operator holds 100% working interest in the Kotri block, and its first exploration well is in the Hyderabad district of Pakistan’s Sindh Province. […]
Parsley Energy to add mineral rights in Southern Delaware basin
Parsley Energy Inc., Midland, Tex., has agreed to acquire mineral rights on 29,813 acres in the Southern Delaware basin with an average royalty interest of 17.5% for $280.5 million in cash. Source: News
KPMG: Price volatility driving energy business model transformations
Volatile oil and natural gas prices have accelerated planning by energy executives to change their business models, KPMG Global Energy Institute said May 24 with the release of annual survey results of US senior energy executives. Source: News
Venezuela, Trinidad and Tobago sign cross-border development deal
Venezuela and Trinidad and Tobago have signed a unitization and unit operating agreement for the development and production of the 10-tcf Loran Manatee cross-border natural gas fields that the two countries share. Source: News
Freeport-McMoRan cancels another drillship contract
Freeport-McMoRan Oil & Gas LLC (FMOG), a unit of Freeport-McMoRan Inc., has agreed with Rowan Cos. PLC to immediately cancel the contract for the Rowan Relentless drillship, which was scheduled to terminate in June 2017. Source: News
KMI withdraws FERC application for NED pipeline
Kinder Morgan Inc. has officially withdrawn its application to the US Federal Energy Regulatory Commission for the Northeast Energy Direct (NED) natural gas pipeline. Source: News
Petroceltic finds gas, condensate with second Ain Tsila appraisal well
The AT-13 appraisal well penetrated 73 m of gas, condensate-bearing Ordovician formation in Algeria’s Ain Tsila development. Petroceltic International PLC reported on May 23 that its latest appraisal well is the second in a campaign of as many as 24 development wells. The AT-13 is north of the field, 1.8 km from the AT-8 well, […]