Units of Novatek have acquired exploratory licenses for five areas on the Gydan Peninsula in Krasnoyarsk, Russia. Source: News

Light, sweet crude oil contracts for July and August plunged by more than $3.50/bbl on May 23, marking the sharpest single-session drop since Dec. 24, 2018, and the lowest settlement since Mar. 12. Brent crude oil prices also fell more than a $3/bbl on the London market with the July contract settling under $68/bbl. Analysts […]

Zarubezhneft JSC, Moscow, received a 30% participating interest in the production sharing agreement for Block 09-2/09 in the Cuu Long basin offshore Vietnam under one of several agreements signed during meetings among leaders of the Russian and Vietnamese governments. Source: News

The title transfer for the Ironbark offshore gas prospect off Western Australia to the new BP Development Australia Pty Ltd.-led exploration joint venture has been approved, paving the way for the drilling program, said Melbourne-based Cue Energy Ltd.  Source: News

Energy retailer EnergyAustralia has made an agreement with proposed Port Kembla LNG import facility operator Australian Industrial Energy (AIE) to buy 15 petajoules of gas a year over 5 years starting from January 2021. Source: News

Blocks will be offered offshore in Cuba’s economic exclusive zone in the Gulf of Mexico, said state-owned Union Cuba-Petroleo Co. (CUPET), which is helping promote the licensing round with roadshow presentations and data viewing in London in early June. Source: News

Renewed LPG demand growth in India and China will lead to growth of US exports later this year, according to ESAI Energy’s newly published Global NGL Outlook.  Source: News

Appomattox field in the US Gulf of Mexico started production ahead of schedule in the deepwater Gulf of Mexico about 80 miles offshore Louisiana. Shell Offshore Inc. operates the field in 7,200 ft of water. Source: News

Oil futures dropped May 22 with light, sweet crude contracts for July and August settling down by more than $1.70/bbl each on the New York market, marking the biggest single-session loss in nearly 3 weeks. Source: News

MOL Group subsidiary MOL Petrochemicals Co. Ltd. (formerly TVK PLC) has let a contract to McDermott International Inc. to provide technology licensing for a new unit at its Tiszaújvaros petrochemicals complex in northeastern Hungary. Source: News