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Oil and gas midstream ripe for investment, Deloitte specialists say

05/14/2014

Surging US production has made oil and gas midstream operations attractive investment prospects, three Deloitte specialists said during the final day of the financial services company’s 2014 Washington Energy Conference.

Bul Hanine field off Qatar due redevelopment

05/14/2014

Qatar Petroleum will drill 150 wells through 2028 in an $11-billion redevelopment of offshore Bul Hanine oil field.

Marathon lets contract for Alvheim field subsea extension

05/14/2014

Marathon Oil Norge AS has let a contract to Technip SA for the extension of subsea infrastructure on Alvheim field on the Norwegian Continental Shelf.

LGO to log first Goudron redevelopment well

05/14/2014

Leni Gas & Oil PLC (LGO), London, will run electric logs to total depth of 4,212 ft in its first well of a 30-well redevelopment program for Goudron oil field in Trinidad and Tobago.

KMG EP makes oil, gas discovery in Rozhkovskoye field

05/14/2014

KazMunaiGas Exploration Production Joint Stock Co. (KMG EP) reported making an oil and gas discovery in the Bashkirian tier’s sediments of the Carboniferous period in Rozhkovskoye field. On test in reservoirs of the Bashkirian period, the U-24 well flowed at maximum rates of 1,900 b/d of light, dry crude oil and 6 MMcfd of gas through a 9½-mm choke.

GlobalData: Kenya’s first commercial oil find could generate $10 billion

05/14/2014

Kenya’s first commercial oil discovery in South Lokichar basin’s Block 10BB/13T could generate $10 billion in revenue over a 30-year production period based on regional geological characteristics and well test results, according to an analyst with research and consulting firm GlobalData.

MARKET WATCH: NYMEX crude oil prices top $101/bbl as US reconsiders crude exports

05/14/2014

Crude oil futures prices climbed by more than $1 to reach a May 13 settlement of more than $101/bbl for the June contract on the New York market after reports that the US government is contemplating lifting a ban on crude oil exports given robust oil production levels.

Infrastructure critical, Deloitte’s US oil and gas chief says

05/14/2014

Significant challenges exist to creating the necessary transportation systems for the US to fully realize its significant oil and gas potential, according to John England, who leads Deloitte LLP’s US oil and gas practice.

Water concerns could limit US oil, gas development, speakers say

05/14/2014

The oil and gas industry needs to respond more effectively to public concerns about safe water supplies if it expects to realize US unconventional resources’ full potential, speakers at Deloitte LLP’s 2014 Washington Energy Conference warned.

EIA: China promotes AFVs, fuel efficiency to curb rising oil demand

05/13/2014

The Chinese government is adopting a broad range of policies, including improvements of fuel efficiency and the promotion of alternative-fuel vehicles (AFVs), to curb the country’s escalating oil demand and oil imports, according to an analysis of the US Energy Information Administration.

Pembina advances third fractionator project at Redwater complex

05/13/2014

Pembina Pipeline Corp. has reached binding commercial agreements to proceed with constructing a 55,000 b/d propane-plus fractionator (RFS III) at its Redwater fractionation and storage complex, along with a high-vapor pressure (HVP) pipeline lateral that will extend the gathering potential of its Brazeau pipeline in the Willesden Green area of south-central Alberta.

Santos Gladstone LNG project reaches another milestone

05/13/2014

The Santos Ltd.-operated Gladstone LNG project has passed another milestone with the final section of the coal seam gas supply transmission pipeline now laid through a tunnel underneath Gladstone harbor to the LNG plant site on Curtis Island.

Central Petroleum starts development of Dingo gas field

05/13/2014

Central Petroleum Ltd., Brisbane, has started development of its Dingo gas field in Amadeus basin in Northern Territory 65 km south of Alice Springs.

Encana improves Montney shale IP rates; may sell more gas assets

05/13/2014

Encana Corp. has increased initial production rates by about 75% in its Montney shale drilling program.

Romanian government expected to raise royalties in 2015

05/13/2014

Romania’s current royalty rates range between 3.5% and 13% (averaging between 7% and 8%), and this number is likely to increase in 2015.

House panel’s Republicans seek information about DOE’s SPR management

05/13/2014

US House Energy and Commerce Committee Republican leaders requested a meeting with US Sec. of Energy Ernest J. Moniz and other appropriate officials concerning management of the US Strategic Petroleum Reserve as the summer driving season approaches.

Senators to Obama: Exercise restraint on LNG exports

05/13/2014

A bipartisan group of 22 US senators, led by Energy and Natural Resources Committee member Debbie Stabenow (D-Mich.) and Foreign Relations Committee member Edward J. Markey (D-Mass.), urged US President Barack Obama to consider possible impacts on American manufacturing and families that rely on natural gas for heat when looking to approve new LNG export facilities.

MARKET WATCH: Crude oil futures up on Russia-Ukraine uncertainty

05/13/2014

Crude oil futures prices climbed on the New York and London markets on May 12 upon concerns that additional Western sanctions against Russia could hinder the volume of Russia’s oil exports. Crude markets have been volatile since Ukraine’s Crimea region annexed to Russia earlier this year.

Petrobras starts production from Platform P-62 in Roncador field

05/12/2014

Brazil’s Petroleo Brasileiro SA (Petrobras) has started production from Platform P-62 in the Campos basin’s Roncador field.

Jonah Energy completes $1.8 billion purchase of Jonah field assets

05/12/2014

Jonah Energy LLC, a Denver-based TPG Capital affiliate, has completed the acquisition of Jonah field operations in Sublette County, Wyo., from Encana Oil & Gas Inc., a wholly owned subsidiary of Encana Corp., for $1.8 billion, effective Dec. 1, 2013.

South Stream expects first gas from Russia to Bulgaria in late 2015

05/12/2014

Pipelay for South Stream Line 2 will begin in mid-2015, with first natural gas flow from Line 1 following later that year. Trond Gjedrem, materials manager for South Stream Transport BV, made these remarks May 12 at the Pipeline Technology Conference in Berlin, despite the European Parliament having voted last month that South Stream should not be built.

Statoil farms out more interest offshore Angola

05/12/2014

Statoil ASA has farmed out 5% participating interest in the Eni SPA-operated Block 15/06 offshore Angola to Sonangol EP for $200 million.

MARKET WATCH: Crude oil futures down in New York, London

05/12/2014

The New York Mercantile Exchange June crude oil contract price declined 27¢ on May 9, closing at $99.99/bbl. The July contract dropped 23¢ to settle at $99.31/bbl.

Statoil completes observation well in eastern Gimle field

05/12/2014

Statoil Petroleum AS has completed drilling an observation well on the eastern flank of Gimle field, the Norwegian Petroleum Directorate reported.

RIL, partners press India over gas price

05/12/2014

Reliance Industries Ltd. and partners have issued a notice of arbitration seeking action by the government of India on the price of natural gas produced from the deepwater KG-D6 block in the Bay of Bengal.

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