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Murphy Oil to spin off US downstream unit, divest UK downstream assets

Murphy Oil Corp. announced plans to spin off its US downstream subsidiary, Murphy Oil USA Inc. into an independent and separately traded company, and Murphy reaffirmed plans to divest UK downstream operations, saying it is reviewing options for certain UK assets.

Total adjusts upstream, supply-marketing

After restructuring its downstream business in a move it said showed commitment to an integrated company structure, Total has completed a reorganization of its upstream and supply-marketing segments.

OMV buys RWE Deas Edvard Greig stake

OMV AG has acquired RWE Dea’s 20% interest in Edvard Greig oil and gas field under development in the North Sea offshore Norway. OMV paid €247.9 million plus a contingent payment based on performance.

Eni sells 30% of SNAM to financial firm

Eni SPA has completed the sale of an interest in the natural gas infrastructure company SNAM of 30% less one share to Cassa Depositi e Prestiti (CDP), relinquishing control in a government-ordered divestment designed to separate gas production from distribution.

Sinopec, ENN terminate bid for China Gas

China Petroleum & Chemical Corp. (Sinopec) and ENN Energy Holdings Ltd. said they terminated their joint $2.15 billion takeover bid for China Gas Holdings Ltd. of Hong Kong, which operates gasoline stations and is a natural gas distributor in China.

Devon to consolidate US operations

Devon Energy Corp. plans to close its Houston office and consolidate US personnel into a single operations group at corporate headquarters in Oklahoma City.

API, others sue SEC over Dodd-Frank payment disclosure rule

The American Petroleum Institute and other business groups have filed a lawsuit on Oct. 10 against the US Securities and Exchange Commission its implementation of Section 1504 of the Dodd-Frank Act. SEC’s new rule would require publicly traded US oil and gas companies to release sensitive, detailed payment information about projects that potentially could benefit their overseas national oil companies, API said.

Energy XXI, ExxonMobil sign gulf exploration venture

Houston independent Energy XXI agreed to acquire certain shallow-water Gulf of Mexico interests from ExxonMobil Corp., and the two companies also entered an exploration joint venture in the gulf.

Total, ExxonMobil swap interests offshore Norway

Total SA and ExxonMobil Corp. have agreed to swap interests in producing and undeveloped North Sea acreage offshore Norway.

Marathon Petroleum to buy BP's Texas City refinery

Marathon Petroleum Corp. has signed a definitive agreement to buy BP PLC’s 451,000-b/cd Texas City, Tex., refinery and related assets for as much as $2.5 billion.

Rising East Asian oil, gas demand poses US policy questions

The US may need to reconfigure several economic, military, and other strategies as well as energy policies in response to rising East Asian oil and gas demand, experts agreed at a Sept. 20 forum.

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International news for oil and gas professionals

Watching Government: Report blasts state regulators

The gloves came off on Sept. 25 when Earthworks Action and other environmental organizations directly attacked state oil and gas regulators in a new report.

Indian oil firms to buy stake in Carrizo's Niobrara shale assets

Oil India Ltd. (OIL) and Indian Oil Corp. (IOC) jointly agreed to acquire 30% of Carrizo Oil & Gas Inc.’s liquid-rich shale assets in the Niobrara basin in Colorado through their wholly owned US subsidiaries for $82.5 million total, marking the India parent companies’ first US upstream acquisition.

RIL, PDVSA sign supply deal, Orinoco memo

Reliance Industries Ltd., Mumbai, has signed documents with Petroleos de Venezuela SA for heavy-oil supply and joint exploration and development in the South American country’s Orinoco belt.

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