More Oil & Gas News

MARKET WATCH: NYMEX crude oil prices drop below $89/bbl range

Crude oil prices on the New York market for November and December each dropped more than $1/bbl to close the Oct. 7 trading session, and analysts attributed the price dip to rising US production combined with recent downward revisions in global demand forecasts.

EIA continues to cut price forecasts for US crude oil, gasoline

Weakening global demand and higher Libyan oil exports have driven down North Sea Brent crude oil spot prices to an average of $97/bbl in September, a decrease of $5/bbl from August and the first month Brent crude oil prices have fallen below $100/bbl since June 2012.

EIA: Lower US household heating expenditures expected this winter

Average expenditures of US household for natural gas, heating oil, electricity, and propane are projected to decrease this winter heating season (Oct. 1-Mar. 31) compared with last winter, which was 11% colder than the previous 10-year average nationally, according to the US Energy Information Administration’s latest Winter Fuels Outlook.

Williams CEO details regulatory hurdles, growth strategy

Crude oil and natural gas pipeline systems in the US are growing at a very rapid pace as new infrastructure is introduced in an effort to optimize utilization of shale resources. Williams Cos., Tulsa, is an active participant in this growth. Pres. and Chief Executive Officer Alan Armstrong talked with Oil & Gas Journal regarding regulation’s role in this process and Williams’s growth plans during the International Pipeline Conference last week in Calgary.

MARKET WATCH: NYMEX crude oil prices hover slightly above $90/bbl range

Crude oil prices settled on the New York market Oct. 6 slightly above $90/bbl, and analysts said they expect prices will remain subdued pending this week’s US government reports on crude oil inventories and on other upcoming oil-demand forecasts.

US refiners could process more light tight crudes, study finds

US refiners will have the capacity by 2020 to process 3.1-4.3 million b/d more of light, tight crude oil (LTC) than in fourth-quarter 2013, according to a Baker & O’Brien Inc. study commissioned by Consumers & Refiners United for Domestic Energy (CRUDE).

Petrotrin to start up long-delayed ULSD plant early next year

Trinidad and Tobago's state-owned Petrotrin LLC has said its ultralow-sulfur diesel (ULSD) plant will begin production in second-quarter 2015.

KKR, FDL to acquire Permian properties

A partnership of KKR Natural Resources (KKR) and Fleur de Lis Energy (FDL), Dallas, has agreed to acquire certain oil and gas properties in Ector and Midland Counties in West Texas’s Permian basin from Linn Energy LLC for $350 million. The deal is expected to close in the fourth quarter.

Eni: World oil, gas reserves continue to rise

Italy’s Eni SPA has published its thirteenth edition of the World Oil & Gas Review, the annual statistics review of world oil and gas production, reserves, and consumption, with a particular focus on refining industry and crude quality.

MARKET WATCH: Crude oil futures end week below $90/bbl

The New York Mercantile Exchange November crude oil contract fell $1.27 on Oct. 3, closing at $89.74/bbl, while the December contract dripped $1.21 to $88.67/bbl.

Natural Resource Partners to expand Williston assets

Natural Resource Partners LP (NRP), Houston, has agreed to acquire nonoperated working interests in oil and gas properties in the Williston basin’s Bakken-Three Forks play from an affiliate of Kaiser-Francis Oil Co. for $340 million. The deal, effective Oct. 1, is expected to close in November.

Chevron Canada to sell 30% in Duvernay shale to Kufpec Canada for $1.5 billion

Chevron Corp. said its Chevron Canada Ltd. unit plans to sell a 30% interest in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Co.’s Kufpec Canada Inc. unit for $1.5 billion. Chevron will retain 70% and remain operator.

Planned LNG plants must consider potential permit modifications

Although the US Department of Energy (DOE) has so far not modified an LNG import or export permit after issuing it, it is not explicitly prohibited from doing so and the risk of future modification of DOE permits must be carefully analyzed and addressed in contract documents regarding LNG plants and terminals.

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Denationalizing EPA

Concerning the editorial in the Sept. 8, 2014: Few questioned the importance of clean air and clean water when the Environmental Protection Agency was established.

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