More Oil & Gas News

Tullow cuts exploration budget amid falling oil prices

Falling crude oil spot prices have caused South Africa’s Tullow Oil PLC to cut its 2015 exploration and appraisal budget to about $300 million, placing more emphasis on development and production assets.

MARKET WATCH: Brent crude oil price falls, but still above $80/bbl

Brent crude oil prices dropped more than $1/bbl but still hovered above $80/bbl in Nov. 12 settlement prices for December and January 2015 delivery while prices for US light, sweet crude dropped more than 70¢/bbl on the New York market.

FWS lists Gunnison sage grouse as a threatened species

The US Fish and Wildlife Service listed the Gunnison sage grouse—a ground-dwelling bird found only in southwestern Colorado and southeastern Utah—as a threatened species under the federal Endangered Species Act. Government officials in both states and oil and gas producers called the action unnecessary while environmental organizations said it did not go far enough.

Petronas to buy out Phillips 66’s interest in Malaysian refinery

Petronas has reached a deal with a subsidiary of Phillips 66 to acquire full ownership of Malaysian Refining Co. Sdn. Bhd. (MRC), which operates of one of two refining trains included in Petronas’ 200,000-b/d refinery complex in Sungai Udang, Melaka state, Malaysia.

EIA: OPEC’s actions bring huge uncertainty on crude oil price forecast

Brent crude oil prices fell to $84/bbl at the end of October from $95/bbl at the beginning of the month. A handful of core drivers for this tumble include weakening outlooks for global economic and oil demand growth, the return to the market of previously disrupted Libyan crude oil production, and continued growth in US tight-oil production.

TC PipeLines to acquire remaining interest in GTN system

TC PipeLines LP (TCPL) will acquire the remaining 30% interest in Gas Transmission Northwest LLC (GTN) from TransCanada Corp., which, through its subsidiaries, currently holds 28% interest in TCPL.

MARKET WATCH: Brent crude dips to 4-year low on expected OPEC inaction

Brent crude oil prices on the London market reached a 4-year low Nov. 11 upon anticipation by traders and analysts that the Organization of Petroleum Exporting Countries will take no action to reduce abundant world oil supply. US light, sweet crude on the New York market gained slightly Nov. 11.

Alon Partners to buy Krotz Springs refinery from Alon Energy

Alon USA Partners LP has agreed to buy the 74,000-b/d Krotz Springs refinery from Alon USA Energy Inc., Dallas, for a total consideration of $437.5 million, which will be payable to Alon Energy in a combination of $100 million cash and $337.5 million in common units representing limited partner interests in Alon Partners, the companies jointly said.

New API standards cover offshore drilling, production structures

The American Petroleum Institute published five new recommended practices (RPs) for the design, construction, and maintenance of structures used in offshore oil and gas drilling and production.

CSB releases final report on Chevron Richmond refinery fire

The US Chemical Safety Board (CSB) has issued the final regulatory report on its investigation of the August 2012 pipe rupture and ensuing fire at Chevron Corp.’s 257,000-b/d Richmond, Calif., refinery, in which the agency reinforced its call for a more-rigorous approach to safety management at US refineries.

Gazprom, CNPC sign agreement on gas supplies via western route

OAO Gazprom and China National Petroleum Corp. signed a framework agreement on gas supplies via the Altai pipeline, known as the “western route.”

MARKET WATCH: Brent, NYMEX crude oil futures drop more than $1/bbl

Crude oil prices fell more than $1/bbl on the New York and London markets during Nov. 10 trading as traders and analysts remain focused on whether the Organization of Petroleum Exporting Countries will cut production quota levels at its Nov. 27 meeting in Vienna.

BLM issues EA about proposed eastern Utah gas interconnect lines

The US Bureau of Land Management is seeking public comments on an environmental assessment analyzing 2 proposed Enduring Resources LLC Rockhouse-Anadarko interconnect pipelines in eastern Utah. Written or e-mailed comments will be accepted until Nov. 21, BLM’s Vernal field office said.

Investors await Mexico’s Round One bid terms

Investors and oil companies expect Mexico to release its bid terms any day now for its upstream bid round, Mayer Brown energy partner Dallas Parker and associate Gabriel Salinas said in a recent interview with Oil & Gas Journal.

Oil sands 2014-38 outlay to top $514 billion

Total investment in Canadian oil sands projects during 2014-38 will exceed $514 billion (2013 Can.), according to the Canadian Energy Research Institute (CERI).

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