Oil markets are tightening, as stockpiling gradually slows and inventories start to draw in the second half of 2016, the International Energy Agency forecast in its most recent monthly Oil Market Report. Source: News
Chevron settles with California litigation firm over Ecuadorian lawsuit
Chevron Corp. has reached a settlement agreement whereby H5, a California-based e-discovery and litigation services firm, has withdrawn its support from litigation against Chevron in Ecuador and assigned its 1.25% interest in the $9.5-billion Ecuadorian judgment to Chevron. Source: News
Smorbukk South ‘fishbone’ well flow starts
Statoil ASA has started production from the low-permeability Smorbukk South Extension of Asgard oil and gas field in the Norwegian Sea with what it claims to be the first use of “fishbone” multilateral technology offshore Norway. Source: News
NPD reports small oil discovery by Statoil
The Norwegian Petroleum Directorate reported a small oil discovery by Statoil Petroleum AS in the northern North Sea. Source: News
MARKET WATCH: NYMEX oil prices holding steady before Labor Day weekend
The price for light, sweet crude oil for October delivery settled modestly higher on the New York market to remain above $46/bbl on Sept. 3 before the Labor Day holiday in the US. Source: News
Second segment of Aegis pipeline complete
Enterprise Products Partners LP (EPP) has completed construction of the Aegis pipeline segment connecting Beaumont, Tex., with Lake Charles, La. Source: News
Investigation under way into Venezuelan gas processing plant fire
An investigation is under way into a fire that broke out on Aug. 31 at the onshore Cardon IV gas processing plant at Tiguadare in Venezuela’s northwestern state of Falcon. Source: News
Russia’s Sibur-Gazprom Neft JV commission gas processing plant
A joint venture of Russian conglomerate PJSC Sibur Holding, Moscow, and PJSC Gazprom Neft, St. Petersburg, have commissioned the newly built Yuzhno-Priobskiy gas processing plant (Yuzhno-Priobskiy GPP) in Western Siberia’s Khanty-Mansi Autonomous Area. Source: News
Shell, BG merger cleared by EU
The European Commission has unconditionally approved the planned $70-billion merger of Royal Dutch Shell PLC and BG Group PLC reported in April. Source: News
Holly Energy to buy half of Frontier Pipeline
Holly Energy Partners LP, Dallas, reported it would acquire 50% interest in Frontier Pipeline Co., owner of the Frontier Pipeline, from an affiliate of Enbridge Inc. No acquisition price was disclosed. Source: News