Ithaca Energy Inc., Aberdeen, reported the successful startup of oil and gas production from Stella field in the central North Sea. Stella field comprises the Stella Andrew sandstone reservoir containing light oil and rich gas-condensate and the Stella Ekofisk reservoir containing a volatile oil. Source: News
Shell: Global LNG demand to rise 4-5%/year to 2030
Global demand for natural gas is expected to increase 2%/year between 2015 and 2030, with LNG demand expected to rise at twice that rate at 4-5%/year, according to Royal Dutch Shell PLC’s first LNG Outlook. Source: News
ADNOC awards CNPC 8% stake in ADCO onshore concession
Abu Dhabi National Oil Co. (ADNOC) has awarded China National Petroleum Corp. (CNPC) 8% interest in Abu Dhabi’s onshore oil concession in exchange for a signup bonus of $1.77 billion. Source: News
NEB plans public hearing on Wyndwood pipeline in British Columbia
Canada’s National Energy Board is planning for a public hearing this spring regarding the Wyndwood Pipeline expansion project in northeastern British Columbia. The meeting’s date and location have not been set. Source: News
BOEM withdraws December sole liability orders to allow review
The US Bureau of Ocean Energy Management announced that it will withdraw sole liability orders it issued to US Outer Continental Shelf oil and gas lease and grant holders in December to give the new administration time to review the complex financial assurance program. Source: News
MARKET WATCH: NYMEX crude oil prices edge upward after higher rig count
Light, sweet crude oil prices for March and April delivery edged upward a few cents on the New York market Feb. 17. Analysts said a higher weekly US rig count and concerns about rising US production dampened oil-price momentum. Source: News
EQT wins auction for Stone Energy's Marcellus assets
EQT Production Co., a subsidiary of Pittsburgh-based EQT Corp., has won a bankruptcy auction to acquire 53,400 core net Marcellus acres, including drilling rights on 44,100 net acres in the Utica, from Stone Energy Corp., Lafayette, La., for $527 million. Source: News
Watson selected as RAK Petroleum COO, CFO
Shelley M. Watson will take the roles at RAK Petroleum PLC of chief operating officer effective immediately and chief financial officer effective Apr. 30. Source: News
Watching Government: Border tax consequences
Talk of the US enacting a border adjustment tax is not as loud now as it was a few weeks ago. But the idea is still being discussed, and it could affect the US oil and gas industry by raising the price of imported crude oil. Source: News
Carbon tax revisited
“At least we need an insurance policy,” asserts a sedate proposal by conservative luminaries for a “carbon tax” responding to climate change. Why? “While the extent to which climate change is due to man-made causes can be questioned, the risks associated with future warming are too big and should be hedged.” Source: News