Basra Oil Co. has let a contract to Petrofac to expand the central processing facility at Majnoon oil field in Basra, Iraq. As part of the lump-sum, $370-million contract, Petrofac will deliver engineering, procurement, and construction services for two oil processing trains equipped to process a combined 200,000 b/d of oil from the field. Source: […]

Officials from three leading US groups that support increased exports of US LNG separately addressed concerns on Aug. 3 over the Chinese Ministry of Commerce’s announcement that tariffs ranging 5-25% will be imposed on US LNG. Source: News

With sound governance and a little cooperation, Canada, the US, Mexico, Colombia, Brazil, and Argentina once might have envisioned formation of a Western Hemisphere counterweight to the Organization of Petroleum Exporting Countries. So much for dreams. Source: News

According to the US Energy Information Administration’s weekly data, crude inventories at Cushing, Okla., were 22.4 million bbl as of July 27. Cushing crude inventories have fallen continually since they peaked at 69 million bbl in April 2017. Source: News

In the bizarre diplomatic row between Saudi Arabia and Canada, a development scarcely reported reveals much.   Source: News

Tap Oil Ltd., Perth, entered into a binding implementation agreement with Singapore’s Risco Energy Investments (SEA) Ltd. following Risco’s announcement of an increased takeover offer to acquire all the ordinary fully paid Tap Oil shares on issue that Risco does not already own for 9.1¢ (Aus.)/share cash. Source: News

Diamondback Energy Inc. will acquire privately held Ajax Resources LLC, Houston, in a cash and stock deal valued at $1.25 billion, bringing its total leasehold interests to 230,000 net surface acres in the Permian basin. Source: News