ExxonMobil: Permian basin work to benefit New Mexico

ExxonMobil Corp.’s development of Permian basin resources in New Mexico will generate $64 billion in net economic benefits for the state and local communities over the next 40 years, according to a study conducted for ExxonMobil by Impact Data Source. Source: News

Freeport LNG receives FERC approval for Train 4

Freeport LNG Development LP reported obtaining approval from the US Federal Energy Regulatory Commission to site, construct, and operate its fourth natural gas liquefaction train, which will be integrated into its existing gas liquefaction and LNG export facility on Quintana Island near Freeport, Tex. Source: News

MARKET WATCH: Oil benchmarks gain for third session

Crude oil benchmarks gained on markets in New York and London for a third consecutive trading session May 16 with light, sweet crude marking its biggest single-session gain in 3 weeks as the June contract closed above $62.80/bbl and the July contract closed above $63/bbl. Source: News

Tatneft, Uzbekneftegaz outline PSA

Tatneft and Uzbekneftegaz have signed an agreement outlining main terms of a production-sharing agreement for a block designated Pritashkent in Uzbekistan. Source: News

Lukoil claims record for Baltic Sea well

Lukoil claimed a Baltic Sea length record for one of two extended-reach wells drilled this year from an onshore cluster pad to develop offshore D41 oil field. Source: News

IHS Markit: COTC process seen doubling profits

Crude oil-to-chemicals (COTC), a new chemical process technology, could more than double the profitability derived from a barrel of crude oil, according to IHS Markit. Based on its analysis, global, integrated refining and petrochemical companies currently earn about $8.50/bbl of refined crude oil. By leveraging the COTC process technology in a world-scale refining and chemical […]

Two areas off Sable Island draw no bids

Exploration rights for two shallow-water areas off Sable Island received no bids in a Canada-Nova Scotia Offshore Petroleum Board round that opened in December and closed on May 8. Source: News

Howard, WPX complete Delaware basin expansion projects

Howard Energy Partners and WPX Energy have completed construction on the majority of the 50-50 joint venture’s previously announced crude oil and natural gas gathering and processing infrastructure in the Permian’s Delaware basin. Source: News

Santos joins P’nyang group in Papua New Guinea

Santos Ltd., Adelaide, reported it intends to acquire a 14.3% interest (pre-government back-in) in petroleum retention licence PRL3 in the western highlands of Papua New Guinea. The licence contains P’nyang natural gas field. Source: News