More Oil & Gas News

Nexen pipeline leaks 5,000 cu m of emulsion in Alberta

Alberta Energy Regulator (AER) reported that a Nexen Energy ULC pipeline has leaked 5,000 cu m of emulsion—a mixture of bitumen, produced water, and sand—according to Nexen’s initial estimates.

MARKET WATCH: NYMEX crude oil prices drops below $51/bbl

Light, sweet crude oil prices for August delivery dropped modestly to settle at just under $51/bbl on the New York July 16, but Brent crude oil August prices rose on the London market on reports of a power outage at the UK North Sea Buzzard oil field.

API: US petroleum demand rose in June, second quarter

Total US petroleum deliveries, a measure of demand, increased 4.2% from June 2014 to average 19.6 million b/d last month. In the second quarter, demand gained 3.7% compared with the same period last year.

ConocoPhillips plans further capex reduction for deepwater exploration

ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration, with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however.

DOE official: LNG exports could be limited by silt-clogged waterways, ports

Silt, which is increasingly filling US waterways and ports, potentially could limit US LNG exports if it is not dredged soon, a top US Department of Energy official warned.

Fitch notes increase in energy-default rate

Recent actions of two exploration and production companies have pushed the trailing 12-month energy default rate among issuers of high-yield bonds tracked by Fitch Ratings to 2.6%, well above the long-term average of 1.9%.

ENOC trims Turkmen plan in Dragon takeover

Emirates National Oil Co. Ltd. (ENOC), Dubai, will lower target oil production from the Cheleken area offshore Turkmenistan after acquiring full control of Dragon Oil PLC as it expands into upstream oil and gas operations.

KMI to buy Shell’s stake in Elba LNG project for $630 million

Kinder Morgan Inc., Houston, has reached a deal with Royal Dutch Shell PLC to purchase 100% of Shell’s equity interest in Elba Liquefaction Co. LLC (ELC).

Genesis to buy Enterprise offshore pipelines

Genesis Energy LP has agreed to buy the Gulf of Mexico pipelines and services business of Enterprise Products Partners LP for $1.5 billion cash.

Mexican round nets two successful bids

Two of 14 shallow-water blocks received successful bids on July 15 in Mexico’s historic Round One offering of exploration and production rights (OGJ Online, Dec. 19, 2014). A joint venture of Talos Energy LLC, Houston; Sierra Oil & Gas, Mexico City; and Premier Oil PLC, London, submitted both bids.

CAPP: Canada needs global LNG markets for gas production growth

Canada needs to connect to global LNG markets to avoid a decade of decline in natural gas production, according to the Canadian Association of Petroleum Producers (CAPP).

MARKET WATCH: Front-month crude oil price drops to lowest settlement since April

Light, sweet crude oil prices dropped more than $1/bbl on the New York and London markets July 15, dipping to their lowest settlement since early April on concerns about Iranian oil eventually adding to an already oversupplied world oil market.

KMI brings second Texas condensate splitter online

Kinder Morgan Inc., Houston, has commissioned the second of two splitters at the company’s new petroleum condensate processing facility located near its Galena Park terminal along the Houston Ship Channel.

Michigan DEQ report urges ban of heavy oils in Mackinac Straits pipeline

Michigan’s Department of Environmental Quality’s Petroleum Pipeline Task Force issued a report that recommended that heavy crude and oil sands be kept out of an Enbridge Inc. pipeline that crosses the Mackinac Straits between Lakes Huron and Michigan.

PHMSA orders Plains All American to keep Illinois pipeline shut down

The US Pipeline and Hazardous Materials Safety Administration issued a corrective action order directing Plains All American Pipeline LP to keep a southern Illinois crude oil pipeline and pumping station out of operation following a 100-bbl leak on July 10.

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