Oil and Gas Journal

Oil and Gas Journal

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Biofuel mandates could close more refineries, officials warn

Philadelphia area refinery closures will be only the beginning of shutdowns nationwide if the federal government does not change several key regulations, two oil industry officials warned on Apr. 26.  More »

Eni-Rosneft pact covers Barents, Black Sea exploration

Eni SPA and Rosneft have signed a strategic cooperation agreement covering exploration of licenses in the Barents and Black Seas offshore Russia.  More »

Silurian, Ordovician shales to be explored in Lithuania

UAB Minijos Nafta will spud an exploratory well in May on the Gargzdai license in western Lithuania that will evaluate several targets including shales of Silurian and Ordovician age.  More »

Dow plans Texas ethylene plant based on shale gas

Dow Chemical Co. announced plans to build a 1.5-million tonne/year ethylene plant at its Texas operations in Freeport under a strategy reported a year ago of integrating US operations with feedstocks available from increasing production of natural gas …  More »

BP agrees to pay $7.8 billion in Macondo settlements

BP PLC agreed to pay $7.8 billion in settlement agreements with the Plaintiffs’ Steering Committee (PSC) to resolve most of the private economic loss, property damage, and medical claims stemming from the Macondo well blowout.  More »

USGS updates non-US oil, gas, NGL conventional resource estimates

The US Geological Survey estimates that the world’s undiscovered, technically recoverable conventional oil and gas resources outside the US total 565 billion bbl of oil, 5,606 tcf of natural gas, and 167 billion bbl of natural gas liquids, it said on…  More »

Wells abandoned off Sierra Leone, Ivory Coast

The West African Transform Margin remains “highly prospective” despite two Anadarko Petroleum Corp.-operated exploratory wells that encountered water-bearing reservoirs with oil shows offshore Sierra Leone and Ivory Coast, said Tullow Oil PLC.  More »

EPA outlines new source performance standards

The US Environmental Protection Agency outlined a phased approach as it issued long-awaited final rules Apr. 17 to reduce air pollution from oil and natural gas production, including federal air standards for wells that involve hydraulic fracturing.  More »

BP group okays FEED for second-stage Shah Deniz development

BP PLC and partners in the Shah Deniz consortium have approved initial work on second-stage development of their giant natural gas and condensate field offshore Azerbaijan in a step that will include selection of an export route across Turkey and into …  More »

Obama wants stronger steps to curb oil price speculation

US President Barack Obama called for more aggressive measures to prevent oil-market manipulation, pledging stronger action by his administration and calling on Congress to fund enforcement and increase penalties for violators.  More »

MARKET WATCH: Market events narrow Brent-WTI spread

The price of Brent crude fell Apr. 16 with apparent progress in negotiations between Iran and the United Nations Security Council. But West Texas Intermediate increased slightly in both the futures and spot markets on news Seaway pipeline will start sh…  More »

Copa structure found larger on Llanos Cubiro block

PetroMagdalena Energy Corp., Toronto, said the Copa-4 development well on the Cubiro block in Colombia’s Llanos basin has extended the mapped reservoir area with higher formation tops than predicted and with positive tests of the zones identified pet…  More »

Horn sees petroleum system in Somalia wildcat

Horn Petroleum Corp., Vancouver, BC, said its still-drilling Shabeel wildcat in Puntland, Somalia, has confirmed the presence of an active petroleum system in the Dharoor Valley.  More »

Petrobras discovers presalt oil north of Lula field

Petrobras said an exploratory well north of Lula field in the Santos basin offshore Brazil has discovered good-quality oil in presalt carbonate reservoirs at 5,660 m based on wireline sampling.  More »

Egypt: Sinai Lagia field reentry producing clean oil

The PetroSinai joint venture has established production of 60 b/d of clean oil on a progressive cavity pump after workover of the Lagia-6 well drilled in 2000 in Lagia field on the Sinai Peninsula in Egypt.  More »
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