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Room in storage

Rapid growth of oil stocks-a physical manifestation of the surplus that began crushing crude prices in mid-2014-raises a question: How much empty space exists in which to store oil?

American Eagle suspends oil drilling in Bakken for 2015

American Eagle Energy Corp., Denver, has suspended its 2015 drilling budget and does not anticipate resuming drilling operations until crude oil prices improve.

Williams postpones Geismar ethylene sales

Williams Partners LP once again has postponed sales of ethylene production from its newly rebuilt Geismar, La., olefins plant amid ongoing efforts to fully commission the expansion and upgrading project following an explosion that hit the site in 2013.

Gazprom buys South Stream shares from partners

OAO Gazprom has purchased shares in South Stream Transport BV from Italy’s Eni SPA 20%, Germany’s Wintershall AG 15%, and France’s EDF Energy 15%. Financial terms weren’t disclosed beyond reimbursement of “cash invested.”

Southwestern agrees to second Marcellus acquisition this month

Southwestern Energy Co., Houston, has agreed to acquire 20% of the Marcellus shale assets belonging to Statoil ASA for $394 million.

Vietnam, Japan sign MOU for grassroots Vietnamese refinery

State-run Vietnam National Petroleum Corp. (Petrolimex) and JX Nippon Oil & Energy Corp., a subsidiary of JX Holdings Inc., have signed a memorandum of understanding (MOU) to jointly develop a 10 million-tonnes/year refining and petrochemical complex to be located in Van Phong Economic Zone in Khanh Hoa Province, Vietnam.

Sasol secures financing for Louisiana petrochemical complex

Sasol Ltd. has completed a $4 billion credit facility for its proposed integrated ethane cracker and downstream derivatives complex to built adjacent to the company’s existing operations near Lake Charles in Westlake, La.

Regulators approve Unipetrol’s purchase of Czech refinery

Unipetrol AS’s plan to acquire soon-to-be former partner Eni SPA’s interest in Ceska Rafinerska AS (CRC) to become the plant’s sole owner would not violate state antitrust laws, the Czech Republic’s Office for the Protection of Competition (UOHS) said on Dec. 19.

TAEP: TPI still up, but 'contraction unavoidable'

The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Energy Producers (TAEP), set well-permitting and employment records in October, resulting in another record high score overall.

Cenovus trims budget, slows oil sands work

Cenovus Energy Inc., Calgary, is trimming its capital spending in response to falling crude prices and will slow development of some of its thermal oil sands projects in Alberta.

ConocoPhillips slashes 2015 capital budget

ConocoPhillips has elected to reduce its 2015 capital budget to $13.5 billion, down 20% compared with this year's budget. The news comes on the heels of crude oil prices hitting 5-year lows.

Repsol to acquire Talisman in $13 billion deal

Spain's Repsol SA has agreed to acquire all shares of Talisman Energy Inc. of Calgary for $8.3 billion along with assumed debt of $4.7 billion. The deal has been approved and recommended by Talisman's board, and the companies hope to complete it by midyear 2015.

Comstock to suspend 2015 oil drilling in Eagle Ford, TMS

Due to low crude oil prices, Comstock Resources Inc., Frisco, Tex., plans to suspend its 2015 oil-directed drilling activity on properties in the Eagle Ford shale in Texas and Tuscaloosa Marine shale (TMS) in Mississippi.

Mexico uses PSCs in first Round One step

Mexico is offering production-sharing contracts to companies incorporated in the country for exploration of 14 shallow-water areas in Round One bidding for oil and gas opportunities.

BASF, Gazprom cancel asset swap

BASF and OAO Gazprom have agreed not to complete an asset swap that was scheduled for yearend.

Market Connections

Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering Program at the rank of associate or full professor, with an anticipated starting date of July 1, 2015. Texas A&M at Qatar is a partnership with Qatar Foundation, and it is based in a state-of-the-art, 595,000 square foot building that was completed in 2007.

Chair of the Petroleum Engineering Program

Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering ...
Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corporate mission is to help feed the world affordable, wholesome food by supplying superior goods and services to the leading commercial food producers worldwide. The company owns the world's largest methionine plant located at Chocolate Bayou, Texas and is in the early stages of building another plant at a site on the gulf coast of Texas or Louisiana.

Sr. Process Engineers

Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corpora...
Offshore Catering Jobs Available. Offshore Experience Required. Cooks, UTs (Housekeeper/Janitorial), Bakers (Pastry Chefs), Executive Stewards. How to Apply: www.essgulf.com

Offshore Catering Jobs Available

Offshore Catering Jobs Available. Offshore Experience Required. Cooks, UTs (Housekeeper/Janitorial), Bakers (Pastry Chefs), Executive Stewards. How...
Kuwait Institute for Scientific Research Now hiring

Now Hiring

NOW HIRING THE FOLLOWING POSITIONS: 1. Research  Scientist(Heavy Oil Program) Qualification: Ph.D. in petroleum geophysics, petroleum engin...
Transocean

Are You Ready to Unlock Your Potential?

WE UNLOCK POTENTIAL. Our mission is to unlock the world’s natural resources from the deepest parts of the ocean. We know it takes a team of driven,...

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