More Oil & Gas News

MARKET WATCH: Oil prices jump $2/bbl on a brief rally

Crude oil futures prices gained more than $2/bbl on the New York market on Apr. 1 to settle slightly above $50/bbl while opinions varied among analysts about the timing and strength of an oil-price recovery.

EIA: OPEC’s net oil export revenues declined 11% in 2014

Members of the Organization of Petroleum Exporting Countries, excluding Iran, earned $730 billion in net oil export revenues during 2014, according to estimates from the US Energy Information Administration.

North Dakota joins Wyoming in lawsuit challenging federal fracing rule

The North Dakota Industrial Commission has voted to join Wyoming in a lawsuit challenging a new rule issued by the US Department of the Interior’s Bureau of Land Management, which includes requirements for publicly disclosing chemicals using in hydraulic fracturing.

KMI, Keyera to build crude storage terminal near Edmonton

Kinder Morgan Inc. (KMI) and Keyera Corp. have formed a 50-50 joint venture to build the 4.8-million-bbl Base Line above-ground crude oil storage terminal near Edmonton, Alta.

Oman plans petcoke storage for Sohar refinery’s post-revamp production

Oman Oil Refineries & Petroleum Industries Co. (Orpic) has invited global firms to bid on an engineering, procurement, and construction contract for an installation to store and handle petroleum coke (petcoke) that will be produced following completion of a multibillion dollar modernization project under way its Sohar refinery, about 230 km northwest of the Omani capital of Muscat.

Study says most of California's fracturing done in Kern County

The majority of hydraulic fracturing in California so far has been concentrated in the southwest portion of the San Joaquin basin in Kern County, said a scientific study released by the California Natural Resources Agency, the California Council on Science & Technology, and Lawrence Berkeley National Laboratory.

Alberta tells Duvernay operators to watch for seismic events

The Alberta Energy Regulator said oil and gas companies working in the Duvernay zone near the Fox Creek area are to monitor for seismic events, and companies are to take certain outlined actions in case a seismic event registers greater than 2.0 on the Richter scale.

EnLink Midstream enters Permian basin through acquisitions

EnLink Midstream made two acquisitions early this year to give it a position in the Permian basin. An EnLink subsidiary said it would buy LPC Crude Oil Marketing LLC, and then days later, EnLink agreed to acquire Coronado Midstream Holdings LLC, which owns gas-gathering systems and processing facilities.

E&P companies tapping equity markets

North American exploration and production companies tapped equity markets deeply in this year’s first quarter to address financial problems created by the plunge in crude oil prices.

WoodMac: US record crude stocks set to decline

US crude oil stocks have grown over 30 million bbl each month so far this year, leading to a series of record highs and most recently reaching an estimated 471 million bbl of crude on Mar. 27, yet Wood Mackenzie analysts calculate the US has about 200 million bbl of unused crude storage capacity.

One dead, 45 injured after Pemex platform explodes in Bay of Campeche

One worker has died and at least 45 were injured following an explosion and subsequent fire early Apr. 1 from the Abkatun Permanente platform operated by Petroleos Mexicanos (Pemex) in the Bay of Campeche, the state oil firm reported.

MARKET WATCH: Oil prices end first quarter lower

Crude oil prices on the New York and London markets each fell by more than $1/bbl on Mar. 31 while traders and analysts monitored US-Iran nuclear talks and awaited the government’s weekly inventory report on US oil and product supply levels, which showed another gain in crude oil levels.

Permian Briefs

Thompson elected as AFPM president

Chet M. Thompson, a partner in Crowell & Moring LLP’s Washington office, will become the American Fuel & Petrochemical Manufacturers’ next president effective May 4, the association reported. Thompson succeeds Charles T. Drevna, who is retiring after 8 years.

Matador Resources boosts Delaware basin assets

Matador Resources Co. of Dallas finalized its acquisition of Harvey E. Yates Co. (HEYCO), a subsidiary of HEYCO Energy Group Inc., including oil and natural gas producing properties and undeveloped acreage in the New Mexico counties of Lea and Eddy.

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