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EIA: July Brent prices drop on reduced market risk

08/13/2014

In the August issue of its Short-Term Energy Outlook (STEO), the US Energy Information Administration maintains its 2014 US liquid fuels consumption forecast at 18.88 million b/d as projected in July compared with 18.89 million b/d in 2013. The 2015 consumption is set at 18.98 million b/d, 30,000 b/d higher than projected in last month’s STEO.

Work begins on Jordan LNG import-terminal jetty

08/13/2014

Aqaba Development Corp. contractor BAM International BV has begun work on the jetty for Jordan’s planned floating storage and regasification unit (FSRU) project at Aqaba, at the top of the Gulf of Aqaba. ADC expects work on the jetty to be complete in April 2015.

ExxonMobil lets contract for Texas ethylene expansion

08/13/2014

ExxonMobil Corp. has let a contract to Jacobs Engineering Group Inc. to provide engineering, procurement, and construction services as part of a multibillion dollar ethane cracker project at its Baytown, Tex., complex and associated premium product installations in Mont Belvieu, Tex.

Petrobras confirms extension of Jupiter oil discovery

08/13/2014

Petroleo Brasileiro SA (Petrobras) reported that the 3-BRSA-1246-RJS well proved an extension of the Jupiter oil discovery on Block BM-S-24 in the presalt Santos basin.

API urges EPA to expedite 2014 RFS requirements

08/13/2014

The American Petroleum Institute once again has called on the US Environmental Protection Agency to transcend its pattern of missing self-pronounced deadlines and to finalize requirements under the federal 2014 Renewable Fuels Standard (RFS) as soon as possible.

MARKET WATCH: Brent crude oil futures down on lower IEA oil demand forecast

08/13/2014

Oil prices settled about 70¢ lower on the New York market Aug. 12 while oil prices on the London market plunged more than $1 to their lowest level since early July 2013 following a report from the International Energy Agency, which lowered its oil demand forecast.

API leads industry call for more OCS access in next 5-year program

08/13/2014

The Obama administration should consider all parts of the US Outer Continental Shelf for leasing in the 2017-22 OCS program it has begun to prepare so future national energy policy options can be maximized, the American Petroleum Institute and 10 other oil and gas trade associations jointly said.

Numaligarh refinery expansion plans progress

08/13/2014

Bharat Petroleum Corp. Ltd. (BPCL), Mumbai, has let feasibility studies to Engineers India Ltd. (EIL) for projects related to the long-planned expansion of its 3 million tonne/year Numaligarh refinery in the Golaghat district of Assam in far-northeastern India.

PennEast to build $1-billion Marcellus pipeline

08/12/2014

PennEast Pipeline Co. LLC plans to construct a $1-billion, 100-mile pipeline extending from Luzerne County in northeastern Pennsylvania to Transco’s Trenton-Woodbury interconnection in New Jersey.

Maersk Oil lets FEED contract for Culzean project in North Sea

08/12/2014

Maersk Oil UK has let a 10-month front-end engineering and design contract to Intecsea, a unit of WorleyParsons Group, for work on its Culzean ultra high-pressure, high-temperature gas-condensate development about 145 miles east of Aberdeen in the UK central North Sea.

IEA: Oil demand growth forecast lowered on downgraded economic outlook

08/12/2014

The global oil demand growth forecast for 2014 has been curtailed since last month’s report to a more modest 1 million b/d, according to the International Energy Agency’s most recent Oil Market Report.

EIA: Utica gas output to reach 1.3 bcfd in September

08/12/2014

Total natural gas production in Ohio’s Utica region—which includes production from the Utica and Point Pleasant formations as well as legacy production from conventional reservoirs—is expected to increase to 1.3 bcfd in September from just 155 MMcfd in January 2012, according to the US Energy Information Administration’s Drilling Productivity Report (DPR).

Operators to spud exploration well on Block 53 offshore Suriname in 2015

08/12/2014

Apache Suriname Corp. LDC, a subsidiary of Apache Corp., Houston, will spud its first exploration well in February-April 2015, 80 miles offshore Suriname in the Suriname Guyana basin. The well will be drilled to 5,000 m in 650 ft of water, as confirmed by Marny Daal-Vogeeland, Staatsolie Maatschappij Suriname NV’s manager of petroleum contracts.

Columbia to build Marcellus-Utica gas pipeline

08/12/2014

Columbia Gas Transmission (CGT), part of NiSource Inc.’s Columbia Pipeline Group, will build a 160-mile natural gas pipeline, Leach XPress, in Ohio and West Virginia, supporting gas supply development in western Pennsylvania, northern West Virginia, and eastern Ohio.

INGAA Foundation, ICF jointly release infrastructure study data

08/12/2014

Data are now available that underpin a major natural gas infrastructure study the INGAA Foundation Inc. released in March, the foundation and ICF International, which prepared the study, jointly announced on Aug. 11.

MARKET WATCH: NYMEX crude oil futures rise modestly awaiting IEA report

08/12/2014

Oil prices rose modestly on the New York market Aug. 11 while analysts awaited the Aug. 12 release of monthly reports from the International Energy Agency and US Energy Information Administration.

Petronas details RAPID project contract awards

08/11/2014

Malaysia’s state-owned Petronas has confirmed the award of 11 major contracts related to critical milestones in the development of its refinery and petrochemical integrated development (RAPID) complex at Pengerang in southeastern Johor, Malaysia.

Green Dragon enters Chengzhuang cooperation agreement

08/11/2014

Green Dragon Gas Ltd. has entered into a cooperation agreement with China National Petroleum Corp. relating to the Chengzhuang block, a 67-sq-km area included within the Shizhuang South production-sharing contract.

House Democrats call for higher federal onshore royalty rates

08/11/2014

Rep. Alan Lowenthal (D-Calif.) urged the US Department of the Interior to raise the 12.5% royalty rate oil and gas producers pay for production from onshore federal lands.

Brightoil completes $1.046-billion acquisition of Bohai Bay assets

08/11/2014

Brightoil Petroleum Ltd. has closed on its acquisition of interest in two oil producing blocks in Bohai Bay from Anadarko China Holdings 2 Co. Ltd., a wholly owned subsidiary of Anadarko Petroleum Corp., for $1.046 billion.

Second fire hits Pemex’s Ciudad Madero refinery

08/11/2014

The second fire within a month broke out on Aug. 8 at Petroleos Mexicanos’s (Pemex) 190,000-b/d Francisco I. Madero refinery in Ciudad Madero, Tamaulipas.

Gabon signs offshore E&P contracts with six firms

08/11/2014

The government of Gabon has signed exploration and production contracts for offshore blocks with Noble Energy Inc., Woodside Petroleum Ltd., Marathon Oil Corp., Impact Oil & Gas Ltd., Repsol SA, and Petronas.

Suriname puts three deepwater exploration blocks up for bid

08/11/2014

Suriname’s state-owned oil concern Staatsolie has put out three deepwater blocks for bids. The blocks—58, 59, and 60—lie east of Suriname in what is known as the Suriname-Guyana basin.

MARKET WATCH: Crude futures prices continue gains in New York

08/11/2014

Crude oil futures prices ended last week on an upswing, continuing to make gains on geopolitical news of ongoing conflict in Iraq and elsewhere.

KMI executes $71-billion consolidation purchase

08/11/2014

Kinder Morgan Inc. (KMI), Kinder Morgan Energy Partners LP (KMEP), Kinder Morgan Management LLC (KMR), and El Paso Pipeline Partners LP reported that KMI will acquire all of the outstanding equity securities of KMEP, KMR and El Paso, creating a single publicly traded security, KMI. The total purchase price of the transaction was $71 billion: $40 billion KMI equity, $4 billion cash, and $27 billion assumed debt.

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