Strike Energy Ltd., Adelaide, has made an off-market takeover offer UIL Energy Ltd. of Brisbane. Under the offer, UIL shareholders will receive 0.485 of a share of Strike for each share of UIL—a deal that implies an indicative price for UIL of 7.03¢/share and an indicative market capitalization of $16.1 million (Aus.). Source: News
Petronas buys stake in Khazzan field in Oman
Malaysia’s state-held Petronas has acquired a 10% stake in BP PLC-operated Khazzan field in the Oman Desert 350 km south of Muscat. Petronas unit PC Oman Ventures will acquire the share in Block 61. BP currently holds 60% interest in the Khazzan project, which encompasses Khazzan and Makarem tight gas fields. State-owned Oman Oil Co. […]
Equinor lets contract for jack up rig in Norwegian North Sea
Equinor ASA has let a two-well contract with five options for single-well drilling to Rowan Cos. PLC for its Rowan Stavanger N-Class ultra-harsh environment jack up rig for use in Gudrun field in the Norwegian North Sea. In addition, Equinor and Rowan have signed a framework agreement based on terms that will also apply to […]
IHS Markit: US chemical producers pressured by midstream constraints
The surge in production of associated and nonassociated natural gas from US shale gas and tight oil plays, combined with a wave of new petrochemical steam-crackers coming online, has created a major pinch-point for producers and purchasers of those ethane gas molecules, according to a recent market analysis by IHS Markit. Source: News
MARKET WATCH: Brent crude, WTI end week in decline
Brent crude oil for December remained under $80/bbl on the London market Oct. 19 while light, sweet oil for November and December delivery settled over $69/bbl in New York. All were up slightly Oct. 19 as China showed signs of increased demand, but Brent crude ended the week with a 0.3% decline and West Texas […]
Prejudgment, resort to oil weapon harmful to Khashoggi response
Imagine an oil market with one quarter of total supply controlled by two countries hostile to the West. Source: News
Energy Transfer unit launches open season for Bakken pipeline system
Energy Transfer LP subsidiaries Dakota Access LLC and Energy Transfer Crude Oil Co. LLC (ETCO) launched a binding expansion open season to solicit shipper commitments for expanded transportation service through the Bakken pipeline system. Source: News
Baker Hughes: US rig count up 4 units to 1,067
The US drilling rig count was up 4 units to 1,067 rigs working for the week ended Oct. 19, according to Baker Hughes data. The count is up 154 units from the 913 rigs working this time a year ago. Source: News
Chandler named Laredo senior VP, COO
T. Karen Chandler has been promoted to the positions of senior vice-president and chief operating officer of Laredo Petroleum Inc., Tulsa. Source: News
EPC contract let for Thai refinery upgrade
Thai Oil PLC has let a $4-billion contract to a consortium of Saipem, Petrofac, and Samsung for the Clean Fuel Project at its 275,000-b/d refinery at Sriracha, Thailand. The work will include engineering, procurement, construction and start-up for new units and upgrading of existing units. Source: News