Data from the American Petroleum Institute pointed to a 2.7-million-barrel drop in US crude stockpiles last week, while inventories of gasoline and distillates recorded declines of 1.1 million barrels and 1.9 million barrels, respectively.
During his career representing the oil and natural gas industry as well as the coal and mining sectors, American Petroleum Institute President and CEO Jack Gerard has made a name for himself as the man who helped change the face of modern lobbying and elevate the role of trade associations from mere event organizers to active advocates. In August, Gerard will retire after 10 years at the helm of API, and he said he desires to leave behind a legacy of respect.
TPG Pace Energy Holdings, an investment firm led by former Occidental Petroleum CEO Steve Chazen, has agreed to acquire EnerVest's 360,000-acre position in the Eagle Ford Shale and Austin Chalk in South Texas for $2.7 billion in cash and stock. Additionally, the two companies are creating a publicly traded firm named Magnolia Oil & Gas, with Chazen serving as chairman, president and CEO.
The Environmental Protection Agency has proposed amendments to the Obama administration's 2015 rule on oil refinery pollution in an effort to enhance clarity and certainty of regulations and make compliance easier. The revisions would affect provisions related to recordkeeping, compliance reporting and work practices and could result in cost savings of $11.5 million per year for the industry.
The Florida Constitution Revision Commission on Tuesday gave preliminary approval to put a proposed ban on offshore drilling in state waters on the 2018 ballot and will hold a final vote by May. If the proposed constitutional amendment qualifies for the ballot, it would then need the support of 60% of voters to go into effect.
The use of advanced geosteering technology to adjust borehole positions during the drilling process can improve performance and save money. Sensors allow drilling teams to get information about the bit's location instantly so they can make adjustments to keep the wellbore on target.
Energy companies submitted winning bids for all 43 southeastern Utah parcels available for oil and natural gas development in a lease auction Tuesday, the Bureau of Land Management said. The auction of over 21,000 hectares, including areas near the Bears Ears National Monument and other environmentally and culturally sensitive sites, brought in $1.56 million.
Turkey says it will work with the Turkish side of Cyprus to look for natural gas off the island nation. Turkey's new drillship will start exploring in the eastern Mediterranean "very soon," President Recep Tayyip Erdogan said Tuesday.
A study by FAR and its partners has added 198 million barrels to the 641 million barrels of estimated potential reserves at the SNE discovery off the coast of Senegal. The Australian company plans to make an investment decision next year on the project.
Statoil has completed an acquisition from Total that gives the Norwegian company a 70% stake in the Martin Linge oil and natural gas field in the North Sea. The field off Norway's coast contains an estimated 300 million barrels of oil equivalent.
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