Ineos AG will use Lummus technology from McDermott for the propane dehydrogenation (PDH) unit it plans to build with a gas cracker in northwestern Europe. Source: News
MARKET WATCH: Brent crude oil prices approach $85/bbl on supply concerns
Light, sweet crude oil prices for November and December jumped more than $2 to settle above $75/bbl on the New York market Oct. 1 while Brent crude oil for December and January also climbed more than $2 to settle above $84/bbl. Source: News
Marathon completes Andeavor acquisition
Marathon Petroleum Corp. closed on the acquisition of Andeavor to create the largest US refiner by capacity and one of the top five largest refiners globally. Along with Marathon’s six existing refineries in the US Gulf Coast and Midwest, the combined company would operate 16 US refineries with an overall throughput capacity of more than […]
New Indian blocks due $820 million outlay
Companies awarded 55 blocks in India’s first open-acreage licensing bid round collectively have committed to invest the equivalent of $820 million in exploration, Petroleum Minister Dharmendra Pradhan said at a contract-signing event in New Delhi. Source: News
NAFTA successor applauded, analyzed by API, other groups
The American Petroleum Institute and other leading US business organizations initially welcomed the US-Mexico-Canada Agreement, which the Trump administration said would improve terms for them under the 1994 North American Free Trade Agreement it apparently would replace. Business groups also have begun to analyze USMCA to determine whether it preserves investment protections and other important […]
Timor-Leste to buy ConocoPhillips’s interest in Greater Sunrise fields
The Timor-Leste government has agreed to acquire from ConocoPhillips the company’s 30% interest in the Greater Sunrise fields on the maritime border between Australia and East Timor for $350 million. Source: News
Husky proposes MEG Energy share buyout
Husky Energy Inc. has proposed an unsolicited offer to acquire all shares of MEG Energy Corp. in a deal worth an estimated $3.3 billion (Can.). Both companies are based in Calgary. MEG Energy, which produces bitumen via steam-assisted gravity drainage in Alberta’s Athabasca region, said its directors “will consider and evaluate the Husky offer and […]
DJR Energy to acquire San Juan assets from Encana for $480 million
DJR Energy LLC, Denver, will acquire from Encana Oil & Gas (USA) Inc. its San Juan assets in New Mexico in a $480-million deal. The assets include 182,000 net acres that delivered average production of 5,400 boe/d, including 3,900 b/d of liquids, in 2017. Source: News
MARKET WATCH: NYMEX crude settles above $73/bbl, Brent well above $82/bbl
Light, sweet crude oil prices gained more than $1 to settle above $73/bbl on the New York market Sept. 28 while Brent crude oil for November gained $1 to approach $83/bbl in London. Oil prices rose amid concerns about falling Iranian crude exports with full implementation of US sanctions on Nov 4 along with concerns […]