India is launching a bid round for 67 small fields in 46 contract areas in nine sedimentary basins, reported India’s Press Information Bureau. Source: News
MARKET WATCH: NYMEX crude oil drops for fourth consecutive session
The price of light, sweet crude oil for July delivery settled slightly above $48/bbl May 23, marking its fourth consecutive session in which oil prices declined on the New York market. Source: News
IHS: Conventional discoveries outside N. America drop to lowest level since 1952
Just 12 billion boe of estimated recoverable resources were discovered from conventional wells outside of North America in 2015, representing the lowest level since 1952, according to IHS analysis. Source: News
Regulators cherry-pick research to justify policies, witnesses charge
Federal agencies that regulate US oil and gas activity tend to rely on research that supports their restrictive decisions instead of possibly better information that might facilitate development, three witnesses charged at a May 19 US House Natural Resources subcommittee hearing. Source: News
Statoil cancels West Hercules rig contract with Seadrill
Statoil ASA has cancelled a contract with Seadrill Ltd. for the West Hercules semisubmersible drilling rig. The contract was to expire in 8 months on Jan. 31, 2017. Seadrill said it will receive a lump-sum payment of about $61 million plus reimbursement for costs associated with rig demobilization. Source: News
Pertamina, Aramco let contract for Cilacap refinery upgrade
Indonesia’s PT Pertamina (Persoro) and Saudi Aramco have let a contract to a subsidiary of Amec Foster Wheeler PLC to provide engineering and project management services for the upgrade and expansion of the 348,000-b/d Cilacap refinery on Java, Indonesia. Source: News
Israel cabinet okays gas development deal
The Israeli cabinet has approved a revised outline for natural gas regulation needed for development of deepwater Leviathan field and expansion of nearby Tamar field. Source: News
MARKET WATCH: NYMEX crude oil falls, but gains for week
The price of light, sweet crude oil for June delivery dropped below $48/bbl May 20 but still managed a second consecutive weekly gain on the New York market as the contract for June crude expired with the May 20 settlement. Source: News
Mayer Brown: Oil companies, lenders negotiate RSAs
More oil and gas companies are being forced into bankruptcy filings or other types of financing given the current oil price slump, and lenders are being drawn into what Mayer Brown partner Charles Kelley called “capital structure reengineering.” Source: News
Constitution Pipeline sues to overturn DEC's water-permit denial
Constitution Pipeline LLC has sued in two federal courts to overturn the New York State Department of Environmental Conservation’s (DEC) denial of a water-quality certificate required for the proposed natural gas pipeline’s construction (OGJ Online, Apr. 25, 2016). Source: News