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CNOOC subsidiary inks deal for grassroots refinery

Hebei Zhongjie Petrochemical Group Co. Ltd., a subsidiary of China National Offshore Oil Corp. (CNOOC), has entered into a $700 million agreement with Genoil Inc., Calgary, to establish a joint venture for the construction of a heavy oil refinery at Zhongie Industrial Park, Hebei Province, China.

EnLink agrees to purchase Coronado Midstream for $600 million

EnLink Midstream has agreed to acquire Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian basin, for $600 million.

Antero trimming, delaying Marcellus drilling

Antero Resources Corp., Denver, has announced a $1.8 billion budget for 2015, which is down 41% from 2014. The independent said it plans to defer completions in the Marcellus during the second and third quarters to limit natural gas volumes sold into low-price markets.

Syncrude sees additional $260-400 million in possible budget cuts

The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on major projects and incorporates $110 million in cost reductions.

Union strike under way at US refineries, petchem plants

The United Steelworkers Union (USW) has instituted a strike at nine US refining and petrochemical production plants following a breakdown in negotiations with oil companies over collective bargaining agreements due to expire on Jan. 31.

Santos acquires interest in block offshore Malaysia

Santos Ltd. has acquired 20% interest in a deepwater permit offshore Sabah, Malaysia. The company will take 10% from each of Japan’s Inpex and operator JX Nippon Oil & Gas Exploration for Block R.

E&Y: Oil-price collapse to boost global M&A activity in 2015

The oil-price collapse will facilitate increased global transaction activity in 2015 as companies revise and implement new strategies, according to a quarterly report on the industry published by Ernst & Young.

Shell cuts $15 billion in spending for 2015-17

Royal Dutch Shell PLC has curtailed more than $15 billion in potential spending over the next 3 years, but is not “not overreacting to current low oil prices,” and is keeping its “best opportunities on the table,” the company says.

Chevron’s $35 billion capital budget down 13% from last year

Chevron Corp. will allocate $35 billion in its capital and exploratory investment program for 2015, including $4 billion of planned expenditures by affiliates that do not require cash outlays by Chevron.

Oxy cuts capital budget by a third

In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from $8.7 billion in 2014.

PwC: Low oil prices might drive surge in restructuring in 2015

Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report from PwC US. The record breaking year was primarily driven by a significant level of deals valued at more than $1 billion, especially in second-half 2014.

Harvest drops Venezuelan arbitration move

Affiliates of Harvest Natural Resources Inc. have withdrawn a request for international arbitration alleging the government of Venezuela hampered efforts to sell interests in the country.

Shell, Iraq ink deal for petrochemicals complex

Royal Dutch Shell PLC has entered a preliminary agreement with Iraq to construct an $11-billion grassroots petrochemicals complex in the country’s southern province of Basra, according to Iraq’s Ministry of Industry and Minerals (MIM).

ASMP report lists routes to shale-stimulated manufacturing rebound

The US shale oil and gas renaissance has created a manufacturing rebound that could produce even more jobs and stimulate further economy growth with the right conditions, the American Shale & Manufacturing Partnership said in a recent report.

ConocoPhillips revises down $2 billion from budget

ConocoPhillips has shed an additional $2 billion from its capital expenditures for 2015, decreasing total spending to $11.5 billion from the previously reported $13.5 billion, in response to the continued decline in oil prices. The $13.5 billion was already down 20% from 2014.

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Vantage Drilling

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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 ...
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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.

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Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corpora...

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