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Texas Petro Index sets record for 7th straight month

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), continued to produce record highs last month amid an "economic tsunami."

Algorithm provides new EUR estimates for US shale plays

Since the early 2000s, US shale gas production has grown exponentially and reached a production level of 26 bcfd in 2013, 40% of total US gas output according to the US Energy Information Administration (EIA). This growth was driven by technological advances in horizontal drilling, multistage hydraulic fracturing, and a favorable price environment.

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Apache planning exit of LNG projects in Australia, Canada

In a move “consistent” with its “ongoing repositioning for profitable and repeatable North American onshore growth,” Houston independent Apache Corp. reported July 31 during its quarterly earnings statement that it would exit completely its holdings in the Wheatstone LNG project in Western Australia and the Kitimat LNG project in Bish Cove, British Columbia.

AEP unit completes $2.5-billion Permian acquisition

American Energy–Permian Basin LLC, an affiliate of Oklahoma City-based American Energy Partners LP, has completed its acquisition of 63,000 net acres and associated gathering assets in the southern Permian basin from affiliates of Denver-based Enduring Resources LLC for $2.5 billion.

City approves Chevron’s Richmond refinery revamp

Local officials have issued a final approval for Chevron Corp. to proceed with a long-stalled modernization project at its 257,000-b/d Richmond, Calif.

Senate Democrats call for expanded leasing in next OCS 5-year plan

Energy and Natural Resources Committee Chairwoman Mary L. Landrieu (D-La.) and three other US Senate Democrats urged US Sec. of the Interior Sally Jewell to consider leasing more of the US Outer Continental Shelf for oil and gas exploration and development in the next 5-year program.

Investigation under way into Kansas refinery fire

CVR Refining LP, Sugar Land, Tex., has begun an official investigation into the cause of a fire that broke out on July 29 at the isomerization (isom) unit at its 115,000 b/d refinery at Coffeyville, Kan.

BLM drilling permit bill attracts broad support at Senate hearing

Witnesses and committee members argued over the extent of oil and gas drilling permit delays at US Bureau of Land Management field offices. But they strongly supported a bill that would make permanent a pilot program enacted in 2005 to begin relieving the problem at a July 29 US Senate Energy and Natural Resources Committee hearing.

MARKET WATCH: Crude oil futures prices in New York end July below $100/bbl mark

The New York Mercantile Exchange September crude oil contract dropped $2.10 July 31 to close the month below the $100/bbl level, settling at $98.17/bbl. The October contract decreased $1.72 to $97.32/bbl.

Osum completes purchase of Orion project from Shell

Osum Production Corp., a wholly owned subsidiary of Osum Oil Sands Corp., Calgary, has completed its purchase of the Orion oil sands project in the Cold Lake region of Alberta from Shell Canada for $325 million (Can.).

EPA won’t require 2013 RFS reports until after 2014 quotas are out

Refiners and other obligated parties under the federal Renewable Fuels Standard won’t be required to file 2013 reports until after 2014 quotas for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel have been announced, the US Environmental Protection Agency said.

SM Energy to acquire North Dakota assets from Baytex

SM Energy Co., Denver, has agreed to acquire 61,000 net acres in Divide and Williams Counties, ND, from Baytex Energy Corp., Calgary, for $330.5 million, effective July 1. The deal is expected to close toward the end of the third quarter.

Oregon LNG granted DOE approval to export to non-FTA countries

The US Department of Energy conditionally authorized LNG Development Co. LLC (Oregon LNG) to export the equivalent of up to 1.25 bcfd of US-produced LNG for 20 years to countries that do not have a free-trade agreement (FTA) with the US. The Oregon LNG terminal will be sited in Warrenton, Ore.

Golden Pass partners let contract for LNG export facility

Golden Pass Products LLC (GPP), a Houston-based joint venture of units of Qatar Petroleum International and ExxonMobil Corp., has let a front-end engineering design services contract to CB&I and partner Chiyoda Corp. for a proposed LNG export project at an existing import terminal in Sabine Pass, Tex.

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