M3nergy Investment Ltd., a wholly owned subsidiary of M3nergy Bhd. of Malaysia, has agreed to acquire the Bertam floating production, storage, and offloading vessel from Lundin Petroleum AB for $265 million. Source: News
MARKET WATCH: NYMEX crude oil prices briefly climb above $30/bbl
Light, sweet crude oil prices climbed more than $1/bbl on the New York market Jan. 21, reaching a trading session high of $30.25/bbl before settling at $29.53/bbl. The momentum continued with crude prices rallying above $31/bbl in early trading on Jan. 22. Source: News
Husky cuts 2016 budget, defers drilling in western Canada
Husky Energy Inc., Calgary, has revised its capital spending plans for 2016 to $2.1-2.3 billion from $2.9-3.1 billion, primarily reflecting a deferral of discretionary activities in western Canada. Source: News
Aramco, Sinopec move to expand cooperation
Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corp. (Sinopec) have signed a framework agreement for cooperation in activities related to oil and other energy. Source: News
Gazprom lets contract for Amur gas processing plant
OOO Gazprom Pererabotka Blagoveshchensk (GPB), a subsidiary of PJSC Gazprom, and general contractor partner NIPIgazpererabotka (Nipigaz), Moscow, have let a contract to Linde AG, Munich, to provide processing technology for the 49 billion-cu m/year grassroots Amur natural gas processing plant now under construction near Svobodny in Russia’s far-east Amur region. Source: News
Second flow test begins at Antelope-5 in Papua New Guinea
Total E&P PNG Ltd. has begun the second planned extended well test at Antelope-5 on its operated petroleum retention license 15 (PRL15) in the Gulf Province of Papua New Guinea. Source: News
Flint Hills building Texas ethanol terminal
Flint Hills Resources will start construction this month on an ethanol terminal at Buda, Tex. Source: News
Zarubezhneft to operate Kharyaga PSA
Total SA and Zarubezhneft have agreed to shift 20% and operatorship of the Kharyaga production-sharing agreement to the Russian company. No terms were reported. Source: News
Southwestern Energy to reduce workforce by 1,100
Southwestern Energy Co., Houston, plans to reduce its workforce by more than 1,100 employees resulting “primarily from anticipated lower drilling activity,” the company said on Jan. 21. Source: News
MARKET WATCH: NYMEX crude oil for February drops under $27/bbl
Light, sweet crude oil prices dropped nearly $2 on the New York market Jan. 21, settling at $26.55/bbl for February delivery and hitting a low last seen in 2003. Analysts said oil prices slumped along with declining stock market indexes worldwide, which they attributed to a slowing economy in China. Source: News