North Sea Brent crude oil prices averaged $47/bbl in May, a $5/bbl increase from April and the fourth consecutive monthly increase since reaching a 12-year low of $31/bbl in January. Growing global oil supply disruptions, rising oil demand, and falling US crude oil production have contributed to the price increase. Source: News
Holly Energy buys more Wyoming crude pipeline assets
Holly Energy Partners LP has acquired 50% interest in Cheyenne Pipeline LLC, owner of Cheyenne Pipeline, for $42.5 million. The other 50% interest is owned by an affiliate of Plains All American Pipeline LP, which will continue to operate the line. Source: News
Morocco lets tender for Gharb basin acreage
Morocco’s Office National des Hydrocorbures et des Mines (ONHYM) has set an Aug. 19 deadline for acreage in the Gharb Centre area of the greater Gharb basin in the northern portion of the country. The tender includes 1,362 sq km of acreage, excluding three zones where ONHYM fields and infrastructure exist. Source: News
Shell advances Appalachian petrochemical project
Royal Dutch Shell PLC subsidiary Shell Chemical Appalachia LLC has taken final investment decision to build a grassroots petrochemical complex about 30 miles northwest of Pittsburgh that will produce ethylene and polyethylene (PE) from low-cost Marcellus and Utica shale ethane. Source: News
Darre to take helm as YPF chief executive officer
Ricardo Darre will take the role of chief executive officer of Argentina’s 51% state-owned YPF SA effective July 1. Source: News
Williams retained for joint RPSEA-HBW work
Tom Williams, a former official of the US Department of Energy, has been retained by HBW Resources LLC to help manage a new partnership with the Research Partnership to Secure Energy for America. Source: News
Sasol updates progress on Louisiana petchem complex project
Costs have risen and startup schedules have been extended for Sasol Ltd.’s integrated ethane cracker and downstream derivatives complex under construction in Westlake, La., near Lake Charles. Source: News
MARKET WATCH: NYMEX, Brent crude oil prices climb on Nigerian disruptions
Light, sweet crude oil prices jumped more than $1/bbl on June 6 on the New York market to settle at nearly $49.60/bbl, the highest front-month contract since July 21, 2015, while the August contract for Brent crude oil settled at $50.55/bbl, marking Brent’s highest front-month contract since Oct. 9, 2015. Source: News
Bad climate policies are riskier than fossil fuels, authors argue
Misguided government climate policies that demonize fossil fuels potentially could stifle significant economic growth and improved North American energy security, two speakers warned at the Heritage Foundation. Source: News
Devon to divest upstream assets for $1 billion
Devon Energy Corp., Oklahoma City, said it is selling about $1 billion in upstream assets to undisclosed buyers. The sales are expected to be completed in this year’s third quarter. Source: News