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Sinochem commissions Quanzhou refining complex

07/10/2014

Sinochem Quanzhou Petrochemical Co. Ltd., a wholly owned subsidiary of Sinochem Group, has commissioned its 240,000-b/d refining complex at Quanzhou in southern Fujian Province, China.

Teekay JV finalizes shipbuilding contracts for Yamal LNG project

07/10/2014

Teekay LNG Partners LP, Hamilton, Bermuda, through a 50-50 joint venture with China LNG Shipping (Holdings) Ltd., has finalized shipbuilding contracts for six internationally flagged icebreaker LNG carriers for the Yamal LNG project, which lies on Northern Russia’s Yamal Peninsula.

BridgeTex pipeline open season commences

07/10/2014

Magellan Midstream Partners LP and Occidental Petroleum Corp. have launched a supplemental open season for additional transportation commitments for the 300,000-b/d BridgeTex pipeline connecting Colorado City, Tex. with the Houston Gulf Coast area.

Middle class key to MENA energy subsidy reforms, speakers say

07/10/2014

Countries in the Middle East and North Africa (MENA) are talking more openly about energy subsidy reforms, but governments need to pay closer attention to middle-class consumers’ concerns if they expect to make more progress, speakers said during a July 10 forum at the Atlantic Council.

Arawak Energy to acquire Lundin’s Komi region assets

07/10/2014

Arawak Energy Russia BV has agreed to acquire all interests in the Sotchemyu-Talyu and North Irael fields in Russia’s Komi region from Lundin Petroleum AB.

MARKET WATCH: Crude oil futures drop with rising Libyan production

07/10/2014

Crude oil prices fell by more than $1/bbl on the New York market July 9 on reports that Libya’s largest oil field had resumed production following the lifting of a force majeure on two ports, Ras Lanuf and Es Sider, which together account for about half of Libya’s oil exports.

Louisiana complex resumes full operations

07/09/2014

Axiall Corp. has returned its vinyl chloride monomer manufacturing plant at the company’s chemicals complex in Lake Charles, La., to full operating rates following a December 2013 fire.

API releases unconventional production community engagement standard

07/09/2014

The American Petroleum Institute issued a new standard specifically aimed at effectively engaging with US communities affected by exploration and development of unconventional oil and gas resources. ANSI-API Bulletin 100-3 emerged following 3 years of meetings and discussions with producers, community leaders, state regulators, property owners and other stakeholders, API Standards Director David Miller said.

Phillips 66 boosts capital expenditures for 2014

07/09/2014

The board of Phillips 66 has approved a $1.2-billion increase for the company’s capital expenditures this year to $3.9 billion to support the company’s growth strategy.

Operations remain halted at Okinawa refinery

07/09/2014

Nansei Sekiyu KK, a wholly owned subsidiary of Brazil’s Petroleo Brasileiro SA (Petrobras), has suspended operations at its 100,000-b/d Nishihara refinery on the island of Okinawa in southwestern Japan ahead of Typhoon Neoguri’s arrival to the region.

Lukoil Overseas makes management appointments

07/09/2014

Lukoil Overseas has made several management appointments.

 

Federal land not part of the US oil output surge

07/09/2014

If it were an oil producer, the US federal government would look much like Mexico, with output declining while adjacent areas boom.

KKR, Riverstone to form Barnett-focused Trinity River Energy

07/09/2014

Kohlberg Kravis Roberts & Co. LP (KKR) and Riverstone Holdings LLC have signed a definitive agreement to combine the existing assets held by KKR Natural Resources Funds with the assets of Legend Production Holdings LLC, a Riverstone company, to create a Fort Worth-based oil and gas company named Trinity River Energy LLC.

Suncor, GE aim to reduce GHG emissions, water usage in oil sands

07/09/2014

Suncor Energy Inc., Calgary, and GE have signed two agreements that aim to reduce greenhouse gas (GHG) emissions and water usage in the oil sands.

MARKET WATCH: Oil prices continue down on London, New York markets

07/09/2014

Crude oil prices on the New York market dropped modestly on July 8, settling down for the seventh consecutive session while oil prices on the London market dropped by more than $1/bbl, marking Brent’s sixth consecutive trading session that ended with a decline.

EIA: Low-permeability formations driving Permian oil production surge

07/09/2014

Crude oil production in the Permian basin has increased to 1.35 million b/d in 2013 from 850,000 b/d in 2007. Since March 2013, the Permian basin has become the largest crude oil producing region in the US, with production exceeding that from the federal offshore Gulf of Mexico region. In 2013, the Permian basin’s production accounted for 18% of total US crude oil production, said the US Energy Information Administration.

Gazprom’s Centrgaz to construct South Stream segment in Serbia

07/09/2014

OAO Gazprom reported that its Centrgaz unit signed a contract July 8 for South Stream gas pipeline construction in Serbia.

Texas refinery completes capacity expansion

07/08/2014

Alon USA Partners LP, Dallas, has completed a turnaround and vacuum tower project which, together, have resulted in increased crude oil processing capacity at its Big Spring, Tex., refinery.

EIA expects higher gasoline prices for driving season, full year

07/08/2014

During the April-September summer driving season this year in the US, regular gasoline retail prices will average $3.66/gal, 8¢/gal higher than last year and 4¢ higher than projected last month, according to a forecast from the US Energy Information Administration in its July Short-Term Energy Outlook (STEO).

Maersk to divest oil field, write off $1.7 billion in Brazil assets

07/08/2014

Maersk Oil, a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, has opted to write off $1.7 billion in investments in Brazil’s Wahoo and Itaipu fields while divesting its ownership share in Polvo field.

Shell bows out of Kidan gas project in Saudi Arabia

07/08/2014

Royal Dutch Shell PLC confirmed it will bow out of the Kidan natural gas development project in Saudi Arabia’s Empty Quarter.

Mongolian petroleum law passage aims to boost foreign investment

07/08/2014

Wolf Petroleum Ltd., Perth, reported the passing of a new petroleum law in Mongolia designed to boost foreign investment in the country.

Ichthys LNG development reaches another milestone

07/08/2014

The Inpex group’s Ichthys LNG development in the Browse basin offshore Western Australia has recorded another milestone with the hull for the project’s condensate floating production, storage, and offloading vessel recently floated from the dry dock at the Daewoo Geoje shipyard in South Korea.

Golden Pass files formal FERC application for LNG project

07/08/2014

Golden Pass Products LLC, Houston, has submitted a formal application with the US Federal Energy Regulatory Commission to construct and operate its proposed LNG project at the existing Golden Pass LNG import facility in Sabine Pass, Tex.

MARKET WATCH: NYMEX crude, gas futures settle lower

07/08/2014

Crude oil prices on the New York market declined in trading July 7 as did natural gas futures prices on forecasts for cooler temperatures in the US Midwest and Northeast for 6-10 days.

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