More Oil & Gas News

Oxy to sell Hugoton field assets for $1.4 billion

Occidental Petroleum Corp. has agreed to sell its Hugoton field assets to an undisclosed buyer for $1.4 billion. Oxy said it anticipates the transaction will be completed by Apr. 30.

Phillips 66 Partners to acquire assets from Phillips 66

Phillips 66 Partners LP has acquired Phillip 66’s Gold Product Pipeline System and Medford Spheres, two newly constructed refinery-grade propylene storage spheres, for $700 million. It’s the partnerships’ first acquisition since its initial public offering last July.

MARKET WATCH: NYMEX March crude oil rebounds to top $100/bbl

Crude oil futures prices on the New York Mercantile Exchange topped $100/bbl on Feb. 12 after a weekly US government inventory report showed a reduction in oil volumes stored in Oklahoma, and analysts attributed the draw to the recent opening of a pipeline.

YPF to buy Apache’s Argentina operations for $800 million

YPF SA has agreed to acquire all of Apache Corp.’s Argentina operations for $800 million plus the assumption of $52 million of bank debt as of June 30, 2013.

Miller Energy selects chief financial officer

Miller Energy Resources Inc., Knoxville, Tenn., has named John M. Brawley as its chief financial officer.

EIA: Short-term global oil supplies face uncertainties

Global consumption of petroleum and other liquids will rise an average of 1.3 million b/d in 2014 and 1.4 million b/d in 2015, exceeding 93 billion b/d by second-half 2015, according to the most recent Short-Term Energy Outlook released by the US Energy Information Administration.

EPA issues revised guidance for fracing with diesel

The US Environmental Protection Agency released revised underground injection control (UIC) program permitting guidance for wells which use diesel fuel during hydraulic fracturing activities. The regulation is expected to have minimal impact since the great majority of domestic oil and gas unconventional production has relied on other frac fluid ingredients for several years.

Infrastructure main US gas development challenge, NARUC panel told

Infrastructure could be the single biggest limitation to the US fully exploiting its abundant unconventional natural gas resources, gas industry association leaders told state utility regulators on Feb. 11.

FAR signs farmout deal for permits offshore Senegal

Perth-based FAR Ltd. (formerly First Australian Resources) has received $5.5 million (Aus.) from UK firm Cairn Energy PLC in a farmout deal in its exploration permits offshore Senegal.

MDU Resources subsidiary acquires Powder River assets

Fidelity Exploration & Production Co., an indirect, wholly owned subsidiary of MDU Resources Group Inc., has agreed to purchase working interests and leasehold positions in oil and natural gas production assets in Wyoming’s southern Powder River basin from undisclosed private sellers. The deal is expected to close on or before Apr. 1.

MARKET WATCH: NYMEX crude prices drop awaiting inventory report

Oil futures fell modestly on the New York market on Feb. 11 awaiting a weekly government inventory report of crude oil and products, and oil futures prices edged upward on the London market.

IHS: Canada’s oil sands an economic boon for jobs

Oil sands production is responsible for significantly boosting Canada’s jobs, economic growth, and government revenue, according to IHS CERA Oil Sands Dialogue study, “Oil Sands Economic Benefits: Today and in the Future.”

DOE allows LNG exports from Cameron terminal to non-FTA nations

The US Department of Energy conditionally approved LNG exports from the Cameron LNG LLC terminal in Louisiana to countries that do not have a free trade agreement with the US.

Newfield completes sale of Malaysian business

Houston independent Newfield Exploration Co. has closed on the sale of its business offshore Malaysia to SapuraKencana Petroleum Bhd. for $898 million.

Dow Chemical urges Australia’s DOI to reform reserves policy

In a submission to the Australian government’s Eastern Australian Gas Market Study, Dow Chemical of Australia has reportedly urged the Department of Industry to apply a “use it or lose it” policy to the country’s onshore gas reserves.

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