Murphy Exploration & Production Co.-USA and Petrobras America Inc. (PAI) have formed a joint venture comprised of all the current producing Gulf of Mexico assets from Murphy and PAI. Murphy, which will oversee operations, will own 80% of the combine and PAI will own 20%. Source: News
Chariot to plug well offshore Namibia
Chariot Oil & Gas will plug its Prospect S well on the Central Blocks license offshore Namibia after determining the target reservoir is water-bearing. The Ocean Rig Poseidon drillship drilled the well to 4,165 m TMD in 1,650 m of water. Source: News
MARKET WATCH: NYMEX oil prices fall pending US inventory report
Oil prices fell about $1.80 to settle just above $73/bbl on the New York market on Oct. 10. Analysts partially attributed the drop to an anticipated rise in the weekly US oil inventory. The US Energy Information Administration was scheduled to release its Weekly Petroleum Status Report on Oct. 11, a day later than normal […]
‘Major incident’ disrupts operations at New Brunswick refinery
Irving Oil Ltd. is resuming turnaround work following a “major incident” on Oct. 8 at its 300,000-b/d St. John refinery in the eastern Canadian province of New Brunswick. The refinery as a whole is safe, and the specific site of the incident is isolated and contained, Irving said in a news release. Source: News
Russia eyes new imports of Turkmen gas
Russia hopes to resume pipeline imports of natural gas from Turkmenistan after slashing them in 2015 in a dispute over pricing. According to Radio Free Europe, Gazprom CEO Aleksei Miller told an interviewer from a state-controlled television station in Ashgabat that he expects purchases to restart early next year. Source: News
McDermott details contract award for Ineos PDH unit
McDermott International Inc. (formerly CB&I) has confirmed details of its scope of work on an earlier awarded contract by Ineos AG for a propane dehydrogenation (PDH) unit the operator plans to build alongside a gas cracker in northwestern Europe. Source: News
Eni to farm in to BP’s Libyan blocks
Exploration is to resume next year on three Libyan blocks now operated by BP PLC after a planned farmin by Eni SPA. The companies and National Oil Corp. signed a letter of intent to work toward Eni’s acquisition by yearend of a 42.5% participating interest in BP’s exploration and production-sharing agreement. Source: News
Shell unit advances construction at Appalachian ethylene complex
Shell Chemical Appalachia has completed installation of major equipment at its long-planned grassroots petrochemical complex currently under construction along the Ohio River in Potter Township, Beaver County, Pa., about 30 miles northwest of Pittsburgh. The heavy lift of the 2,000-tonne, 87-m tall quench tower was undertaken on Oct. 7 and is now completed, Shell said. […]
Moody’s: Permian basin pipeline constraints to limit 2019 production
A lack of pipelines to carry oil and natural gas out of the Permian basin in West Texas and southeastern New Mexico will limit exploration and production and weaken realized prices until late 2019, when new pipeline capacity comes online, Moody’s Investors Service said in a recent report. Source: News
IPC agrees to acquire BlackPearl Resources
International Petroleum Corp., Vancouver, BC, has agreed to acquire BlackPearl Resources Inc., Calgary, in an all-stock deal that would create a company with an enterprise value of $1.36 billion (US), proved plus probable reserves of 291 million boe, and production of 44,500 boe/d. Source: News