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Texas private equity firm to help fund Pennsylvania gas-fired power plant

Panda Power Funds agreed to jointly develop a 1,000-Mw Pennsylvania power project that will use natural gas from the Marcellus shale, the Dallas private equity firm reported.

MARKET WATCH: NYMEX crude oil prices drop before weekly inventory report

US light, sweet crude oil prices for March delivery settled down more than $1/bbl on the New York market Feb. 18 awaiting the government’s weekly report on US oil and petroleum product supplies, which rose to a new record.

Santos finalizes Papua New Guinea permit acquisition

Santos Ltd. has finalized its acquisition of 50% interest in exploration permit PPL 269 in Papua New Guinea from New Guinea Energy for an initial payment of $32 million.

ExxonMobil investigating explosion at Torrance refinery

An investigation is under way into the cause of an explosion and ensuing fire that took place at ExxonMobil Corp.’s 149,500-b/d Torrance, Calif., refinery on Feb. 18.

Murkowski, Heitkamp lead Senate call for crude exports to Mexico

US Sens. Lisa Murkowski (R-Alas.) and Heidi Heitkamp (D-ND) led a coalition asking US Sec. of Commerce Penny Pritzker in a Feb. 18 letter to encourage the administration to authorize crude oil exports to Mexico under the same conditions established for those to Canada.

Pemex cuts budget by $4 billion

The board of Petroleos Mexicanos (Pemex) has approved a $4-billion budget reduction for 2015, an 11.5% decrease compared with the previous expenditure program authorized by Mexico’s Congress.

US should rework Azerbaijan relations carefully, House panel told

The US should pursue relations with Azerbaijan that recognize its strategic importance as an energy supplier to countries farther west but do not ignore human rights questions that have emerged recently, witnesses told a US House Foreign Affairs subcommittee.

Pemex lets contract for Salamanca refinery amid budget cuts

Mexico’s Petroleos Mexicanos (Pemex), through a contractor, has let a contract to SENER Ingeniería y Sistemas SA, Mexico City, a division of SENER Group, Barcelona, for work related to the modernization of the Antonio M. Amor refinery in Salamanca, Guanajuato. The revamp is part of Pemex’s previously announced $2.8 billion investment into increasing ultralow-sulfur diesel (ULSD) production at five of the country’s refineries.

Magnum Hunter slashes budget by 75%

Magnum Hunter Resources Corp., Houston, plans a $100 million upstream capital expenditure budget for 2015, down from the $400 the company planned for 2014.

Gulf Coast Western buys interest in Smackover acreage in South Alabama

Gulf Coast Western LLC (GCW), Dallas, has acquired a large working interest in a block of leases covering 29,000 acres in Conecuh and Covington counties in southern Alabama. Terms of the deal were not disclosed.

Comments sought on Pinedale Anticline gas field noise report

The US Bureau of Land Management’s Pinedale Anticline Project Office (PAPO) is seeking public comments on a 2014 acoustic noise report on sound levels at 19 Greater Sage Grouse leks—places where males gather to attract females during mating season—in western Wyoming’s Pinedale Anticline natural gas field.

Another cut seen in Groningen gas output

Production from giant Groningen natural gas field in the Netherlands might be further curtailed in response to public concern about earthquakes.

MARKET WATCH: NYMEX crude oil prices close above $53/bbl

US light, sweet crude oil prices for March delivery closed above $53/bbl on the New York market Feb. 17 after the market was closed on Feb. 16 for Presidents Day.

BP Energy Outlook projects global energy demand to jump 37% by 2035

Global demand for energy is expected to rise by 37% from 2013 to 2035, or by an average of 1.4%/year, due in large part to ongoing economic expansion in Asia, particularly in China and India, according to the latest BP Energy Outlook 2035.

Devon reduces capital budget by 20% in 2015

Devon Energy Corp., Oklahoma City, plans an exploration and production capital budget of $4.1-4.4 billion in 2015, representing a 20% decline compared with 2014.

Market Connections

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 ...
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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