The US should be less hesitant to use its expanded geopolitical influence after changing from a nation relying increasingly on oil and gas imports to one poised to be a major exporter, Manhattan Institute Senior Fellow Mark P. Mills said. Source: News
Petrobras records $9.7-billion loss for 2015
Petroleo Brasileiro SA (Petrobras) reported a 2015 net loss of $9.7 billion, up from a $6-billion loss in 2014. Source: News
Pembina Pipeline to buy Kakwa gas complex
Pembina Pipeline Corp. has agreed to acquire sour gas processing properties in the Musreau area of Alberta from Paramount Resources Ltd. for $556 million (Can.) cash and other consideration pushing the transaction value to more than $600 million (Can.). Both companies are based in Calgary. Source: News
BPTT, EOG enter JV to develop Sercan gas field off Trinidad and Tobago
BP Trinidad & Tobago (BPTT) and EOG Resources Inc. have entered into a joint venture to develop the Sercan natural gas field just off the northeast of Trinidad and Tobago. Source: News
CNOOC-Shell JV take FID on Huizhou ethylene expansion
Royal Dutch Shell PLC subsidiary Shell Nanhai BV and China National Offshore Oil Corp. (CNOOC) have taken final investment decision on the companies’ previously announced plan to expand capacity at their 50-50 joint venture CNOOC & Shell Petrochemicals Co. Ltd.’s (CSPC) petrochemical complex in the Daya Bay Economic and Technological Development Zone, Huizhou, Guangdong Province, […]
Geo-Jade acquiring Bankers Petroleum
Bankers Petroleum Ltd., Calgary, will be acquired by affiliates of Geo-Jade Petroleum Corp., Beijing, in a share purchase valued at $575 million (Can.). Source: News
Valeura Energy brings gas well on stream in Turkey’s Thrace basin
Valeura Energy Inc. has brought on stream its Bati Gurgen-1 well, which has produced about 3 MMcfd of natural gas through a 20/64-in. choke for nearly 2 weeks at flow rate of 1,570 psi. Source: News
More than markets needed to curb climate change, economist says
Aggressive government policies probably will be necessary to move consumers away from fossil fuels to alternative and renewable energy sources because markets appear unable to the job alone, a University of Chicago economist said. Source: News
PDO shifting from EOR to lower-cost production methods
Petroleum Development Oman (PDO) said enhanced oil recovery (EOR) is expected to account for about 25% of its oil production by 2025, vs. last year’s projection of 33% by 2023. Source: News
MARKET WATCH: NYMEX oil prices rise modestly, hover under $40/bbl
Light, sweet crude oil prices rose modestly on the New York market Mar. 21 but still hovered under $40/bbl by closing. Prices gained strength toward the end of the trading session after waffling between gains and losses throughout Mar. 21, which analysts largely blamed on world oversupply concerns. Source: News