ExxonMobil Corp. affiliate Esso Exploration & Production Guyana Ltd. encountered 197 ft of high-quality, oil-bearing sandstone following the drilling of the Hammerhead-1 well offshore Guyana, proving a new play concept for potential development. Source: News

Strategic Oil & Gas Ltd., Calgary, said a committee of its independent directors has formed “to consider potential strategic alternatives available to the company.” Source: News

Light, sweet crude oil prices gained nearly $1/bbl on the New York market Aug. 29 after a government report showed US crude oil supplies declined more than analysts had expected for the week ended Aug. 24. Source: News

Jack N. Gerard has ended 10 years as the American Petroleum Institute’s president, but he has left an impressive legacy. Today’s API is more actively involved in issues than its predecessors. Source: News

PetroNeft Resources PLC, Dublin, says drilling has confirmed potential identified by 3D seismic data of the northern half of Cheremshanskoye oil field on License 67 in the Tomsk Oblast of West Siberia. The Cheremshanskoye No. 4 (C-4) well tested a combined 399 b/d of fluids from two horizons in the Upper Jurassic Bazhenov formation, exceeding […]

The US Geological Survey’s Energy Resources Program will need to recognize and adapt to changes during the last 10 years in the world’s energy production and consumption patterns if it expects to retain its reputation as an objective and reliable information source, a new report from the National Academies of Science, Engineering, and Medicine concluded. […]

Imperial Oil Ltd. expects technical improvements to trim emissions of greenhouse gases from its oil sands projects in Canada by 10% during 2016-23. Along with “continuous improvements in energy efficiency,” the company said in a press release, improvements will come from “next-generation oil recovery technology” at its Cold Lake in situ operations and “improvements in […]

Continental Resources Corp., Oklahoma City, completed two STACK wells to the Meramec formation from the same pad in Custer County, Okla., drilling partner FIG Tree Capital Ventures reported. Source: News

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 2.6 million bbl for the week ended Aug. 24, according to data from the US Energy Information Administration. At 405.8 million bbl, US crude oil inventories are at the 5-year average for this time of year, the Weekly Petroleum Status Report indicated. Source: News

S-Oil Corp., Seoul, is carrying out a feasibility study for the proposed construction of a 1.5 million-tonne/year mixed-feed cracker and downstream olefins project as part of its Phase 2 investment plan to expand its petrochemical business portfolio at its integrated refining and petrochemical operations in Ulsan, South Korea. Source: News