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Crude prices could climb if Iraq instability persists, SAFE warns

06/19/2014

Despite continuing US production increases, global crude oil prices could climb as much as $40/bbl if instability in Iraq persists, Securing America’s Future Energy (SAFE) warned in a recent report.

MARKET WATCH: Brent crude tops $114/bbl on Iraqi insurgency

06/19/2014

Crude oil futures declined modestly on the New York market June 18 after a weekly inventory report showed US crude oil supplies declined less than analysts had expected for the week ended June 13, and Brent crude oil prices climbed again on the London market given rising concerns about Iraq.

Nikaitchuq oil output reaches 25,000 b/d

06/19/2014

Oil production has reached 25,000 b/d at Nikaitchuq field offshore Alaska’s North Slope, reports Eni SPA.

Chevron advances US Gulf Coast petrochemicals project

06/18/2014

Chevron Phillips Chemical Co. LP has broken ground on two 500,000-tonne/year (tpy) polyethylene (PE) plants in Old Ocean, Tex., initiating a second phase of its US Gulf Coast petrochemicals project.

Barrasso questions purpose of Senate Energy panel’s Keystone vote

06/18/2014

As he announced his support for it, US Sen. John A. Barrasso (R-Wyo.) said the Energy and Natural Resources Committee’s vote on Chairwoman Mary L. Landrieu’s (D-La.) bill to bypass the White House and approve the Keystone XL crude oil pipeline “seems more like a cheerleading exercise than a meaningful effort to get Keystone built.”

EAGE: Southern North Sea yields discoveries, despite conventional wisdom

06/18/2014

In production since 1965, the southern North Sea has long been perceived as a mature play with very few new opportunities. While the region’s production has remained stable, operators focused in the region have been forced to look outside of the productive fairways and other areas to find additional reserves.

Contract let for Porvoo refinery’s sulfur plant

06/18/2014

Neste Oil Corp. has let a contract to Metso Corp. for automation and flow control technology to improve operations at the sulfur plant of its 205,000-b/d Porvoo, Finland, refinery.

API urges EPA administrator to quit delaying ethanol mandates

06/18/2014

The American Petroleum Institute urged the US Environmental Protection Agency to quit dragging its feet and issue final 2014 ethanol blending quotas that are months overdue.

Environmental groups sue FWS over lesser prairie chicken designation

06/18/2014

Three environmental organizations sued the US Fish and Wildlife Service over its Mar. 27 decision to list the lesser prairie chicken as a threatened, but not endangered, species.

Statoil, ExxonMobil make another gas discovery offshore Tanzania

06/18/2014

Statoil ASA and coventurer ExxonMobil Corp. have made what the companies are calling a “high-impact” gas discovery in the Piri prospect offshore Tanzania, marking the sixth discovery on Block 2 by the firms.

American Energy, EMG form midstream unit

06/18/2014

American Energy Partners LP (AEP) and The Energy & Minerals Group (EMG) have formed American Energy–Midstream LLC (AE-MidCo) to focus on areas where affiliates of both companies have active upstream operations.

Canadian government approves Northern Gateway pipeline

06/18/2014

Canada’s federal government approved Enbridge Inc.’s proposed Northern Gateway crude oil pipeline project as long as it meets 209 conditions a joint review panel imposed in December.

MARKET WATCH: Iraqi refinery fire likely to move oil futures

06/18/2014

Crude oil futures hovered around $106/bbl on the New York market June 17 awaiting a weekly US government inventory report while international oil markets remained focused on instability in Iraq where militants attacked a refinery.

Hydrocracker upgrade yields promising results at New Zealand refinery

06/17/2014

New Zealand Refining Co. Ltd. (NZRC) said results from the first in a series of efficiency upgrades to the hydrocracking unit at its 107,000-b/d Marsden Point refinery indicate that the plant is on track to improve diesel processing and lift refining margins.

IEA: Global unconventional oil revolution to launch by decade’s end

06/17/2014

By 2019, tight oil supply outside the US could reach 650,000 b/d, including 390,000 b/d from Canada, 100,000 b/d from Russia, and 90,000 b/d from Argentina, the International Energy Agency forecasts in its annual 5-year Oil Market Outlook released June 17.

Loan approved for grassroots Nigerian refinery

06/17/2014

Nigerian business conglomerate Dangote Group has secured a $300 million loan for the construction and operation of a greenfield refinery and polypropylene plant in Nigeria.

EAGE: Stall continues for Lebanon licensing round

06/17/2014

Lebanon’s Petroleum Administration (LPA) awaits government action to finalize the country’s licensing round announced Apr. 18, 2013. A spokesman from Petroleum Geo-Services (PGS) represented the Lebanon’s Petroleum Administration in absentia at the European Association of Geophysicists & Engineers’ annual conference on June 17.

Australia: Santos, Inpex get block near Ichthys field

06/17/2014

Santos Ltd. and Inpex have been awarded an 83 sq km block in Browse basin northwest of giant Ichthys gas-condensate field offshore Western Australia.

BG Group to sell interest in CATS pipeline for $954 million

06/17/2014

BG Group has agreed to sale its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea along with associated infrastructure to Antin Infrastructure Partners SAS, Paris, for total proceeds of as much as $954 million.

Crestwood Midstream secures capital boost

06/17/2014

Crestwood Midstream Partners LP has received commitments of as much as $500 million in preferred equity for expansions and development projects in unconventional resource plays in the US.

Beach Energy, 3D Oil form JV for offshore Otway basin permit

06/17/2014

Beach Energy Ltd., Adelaide, has acquired a 20% interest in Tasmanian offshore Otway basin permit T/49P from 3D Oil Ltd., Melbourne, for $3 million (Aus.).

Operations normal at Billings refinery following fire

06/17/2014

ExxonMobil Corp. confirmed operations have returned to normal at its 60,000-b/d refinery in Billings, Mont., following a June 13 fire.

Shell sells down its shareholder interest in Woodside

06/17/2014

Royal Dutch Shell PLC reported it will sell 156.5 million shares in Woodside Petroleum Ltd. for $5 billion. The sale will reduce Shell’s shareholding to 4.5% from 23.1%.

MARKET WATCH: Crude futures prices stay high on Iraq instability

06/17/2014

Oil prices held fairly steady on the New York market and climbed modestly on the London market June 16 while traders and analysts remained focused on events in Iraq.

Williams delays Geismar plant restart

06/17/2014

Williams Partners LP, of which Williams, Tulsa, is a general partner, has postponed until July the planned June start-up of its Geismar, La., olefins plant rebuild and expansion projects, the company told investors in a recent financial guidance update for 2014.

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