Light, sweet crude oil prices for November delivery plummeted to settle $2.53/bbl lower on the New York market on Oct. 12 on lingering concerns that ample world oil supplies will extend well into 2016, keeping oil prices low. Source: News
MOU signed on Uganda-Tanzania crude line
The governments of Uganda and Tanzania, the Tanzanian Petroleum Development Corp., and Total E&P Uganda have signed a memorandum of understanding on “development principles” for a crude oil pipeline between Hoima, Uganda, and Tanga Port, Tanzania. Source: News
Eni, BP take licenses offshore Egypt in 2015 bid round
Eni SPA and BP PLC have been awarded exploration rights to the 1,927-sq-km Block 4 and 1,389-sq-km Block 7 offshore Egypt following the 2015 Egyptian Natural Gas Holding Co. (Egas) bid round. Source: News
Ireland approves Shell to operate Corrib gas plant
Ireland’s Environmental Protection Agency (IEPA) has approved a license for Royal Dutch Shell PLC to operate its onshore gas processing plant and terminal at Bellanaboy Bridge, Bellagelly South, in County Mayo, which will receive and process as much as 10 million cu m/day of natural gas from Corrib field about 83 km off northwestern Ireland. […]
Latif field exploration well flows 2,500 boe/d
OMV AG made a natural gas discovery with its Latif South-1 exploration well drilled in Pakistan’s Sindh Province, about 25 km south of Latif gas field. Wireline logging and testing operations confirmed the discovery flowed 2,500 boe/d of gas from Lower Goru Intra C sands. The company said further appraisal is needed to confirm the […]
Statoil reports startup of Gullfaks subsea wet gas compression in North Sea
Statoil ASA reported startup of a wet gas compressor in Gullfaks field from the seafloor of the North Sea. Source: News
Phillips 66 slashes 2016 capital budget by $1 billion
Phillips 66 reported plans for a 2016 capital budget of $3.6 billion, excluding Phillips 66 Partners’ capital program. That’s down from the $4.6 billion the Houston-based firm budgeted for 2015. Source: News
INEOS buying offshore UK interests of DEA
INEOS, Rolle, Switzerland, has agreed to acquire the oil and gas properties of DEA Deutsche Erdole AG on the UK Continental Shelf. Source: News
US appeals court delays Waters of the US rule’s implementation
A federal appeals court delayed implementation of the controversial Waters of the United States (WOTUS) rule until it could fully consider its jurisdiction in states’ legal challenges to the regulation. The Sixth Circuit US Court of Appeals order stayed the US Environmental Protection Agency’s and Army Corps of Engineers (ACE) implementation of the rule that […]
MARKET WATCH: NYMEX November oil price gains modestly, closed below $50/bbl
Light, sweet crude oil prices for November delivery traded at $50/bbl briefly Oct. 9, but settled below that level to close out the week with a slight gain while Brent crude oil futures on the London market dropped modestly. Source: News