Manitok Energy Inc., Calgary, has completed the purchase of natural gas processing and production assets in the Carseland area of its conventional oil and gas reservoirs in southeast Alberta’s Entice lands. Source: News
Imperial Oil to sell 497 company-owned retail outlets
Imperial Oil Ltd., Calgary, is selling its remaining 497 company-owned retail outlets to five fuel distributors for $2.8 billion (Can.). Source: News
EIA: US crude inventories gain 3.9 million bbl
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 3.9 million bbl during the week ended Mar. 4 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Last week, inventories jumped 10.4 million bbl. Source: News
Rosneft starts drilling exploratory well offshore Vietnam
OJSC Rosneft said it started drilling an exploratory well offshore Vietnam in the Nam Con Son basin. It’s the first time Rosneft has been drilling operator in international waters. Source: News
Aramco to nearly double natural gas production in decade
Saudi Aramco plans to nearly double its natural gas production to 23 standard bcfd in 10 years, Aramco Chief Executive Officer Amin Nasser told an industry conference in Jubail on Mar. 8. Source: News
MARKET WATCH: Oil prices drop pending US inventory, world oil oversupply concerns
Light, sweet crude oil prices for April delivery on the New York market dropped more than $1/bbl to settle above $36/bbl on Mar. 8, giving up much of the previous day’s gains. Analysts said world oil supplies remain robust while a supply-demand recovery still has yet to begin. Source: News
Cairn-led group drills SNE-3 appraisal well offshore Senegal
A group led by Cairn Energy PLC has drilled the SNE-3 appraisal well offshore Senegal confirming the field’s upper reservoir units can flow at commercially viable rates and make a material contribution to oil volumes. Source: News
Limetree Bay Terminals names chief executive officer
Darius Sweet has been appointed as chief executive officer of Limetree Bay Terminals LLC, the joint venture of ArcLight Capital Partners LLC and Freepoint Commodities LLC that recently purchased idled storage terminals, refining units, and marine infrastructure at former Hovensa LLC’s idled refinery at Limetree Bay, on the island of St. Croix. Source: News
EIA: Latest STEO shows resilient oil output delaying market rebalance
In its latest Short-Term Energy Outlook, the US Energy Information Administration forecasts the price of Brent crude oil to average $34/bbl in 2016 compared with an earlier forecast of $37/bbl. In 2017, EIA forecasts Brent to average $40/bbl compared with $50/bbl in last month’s forecast. Source: News
Hengli lets technology contract for Chinese refining complex
Hengli Petrochemical (Dalian) Co. Ltd. (HPDC) has let a contract to a division of E.I. DuPont de Nemours & Co. to provide process technologies for an alkylation unit to be built at HPDC’s grassroots crude-to-paraxylene integrated refining and petrochemical project in Hengli Petrochemical Industrial Park (HPIP) on Changxing Island in Dalian, Liaoning Province, China. […]