Expansion – Oil & Gas 360

Industry groups call for expansion of offshore lease sales as DOI plans to limit access

July 5, 2022

World Oil Industry groups reacted to the Department of Interior’s release of its five-year offshore drilling plan that seeks to block new offshore drilling in the Atlantic and Pacific oceans, saying it would be an overall disadvantage to America and its energy security. The Department of Interior on Friday released its five-year offshore leasing plan, which they are required to do

Paramount Resources Closes Sale of Karr 6-18 Nat Gas Facility

August 2, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paramount Resources completes divestiture of its Karr 6-18 facility to CSV Midstream Solutions Paramount Resources Limited, a liquids-focused independent E&P based in Calgary, has completed the sale of its Karr 6-18 natural gas facility to CSV Midstream Solutions for a total of approximately $470 million. The consideration includes approximately $330 million

US Economy Slowed to 2.1% Growth Rate in Second Quarter

July 26, 2019

From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%

McDermott Awarded Offshore Engineering Contract by Qatar Petroleum

July 11, 2019

McDermott Awarded Sizeable Offshore Engineering Contract by Qatar Petroleum

Aramco to Increase Oilfield Production Capacity by 500,000 BOPD

July 10, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Marjan and Berri oilfields to increase capacity by 550,000 BOPD, 2.5 BSCFD of gas Saudi Aramco, the state oil company of Saudi Arabia, has awarded 34 contracts worth $18 billion for increment programs to increase production in its Marjan and Berri oilfields. More specifically, the company plans to add an additional

Largest Energy IPO of 2019 - Oil & Gas 360

Plains Midstream Canada Makes Expansion

July 9, 2019

Plains Midstream Canada Announces Rangeland Pipeline Expansion

OPEC prepares for its 171st meeting to decide on production cuts

Aramco Expands and Signs Downstream Deals

June 12, 2018

From Reuters Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of

Magellan Midstream Looks to Expand West Texas Pipeline System

June 4, 2018

From PR News Wire Magellan Midstream Partners, L.P. (NYSE: MMP) announced today a new open season to solicit additional commitments from shippers to potentially further expand the western leg of its refined petroleum products pipeline system in Texas. Binding commitments are due from interested customers by 5:00 p.m. Central Time on July 11, 2018. Magellan previously announced it is expanding

Russia's May oil output hits 11-month low on dirty oil crisis - Oil & Gas 360

Canada’s Proposed Bill C-69 Would Require Energy Project Environmental Assessments to Take Climate Change into Account

May 31, 2018

Bill gives cabinet and environment minister final power to approve or reject a project regardless of the findings of an environment assessment In February 2018, Catherine McKenna, the federal Minister of Environment and Climate Change, introduced Bill C-69. The bill may replace the Canadian Environmental Assessment Act of 2012 (CEAA 2012) with the Impact Assessment Act. McKenna claimed the new

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

April 25, 2018

Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share. “The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of

Halcón Resources Keeps Expanding in 2017 and 2018

March 1, 2018

Halcón Resources Corporation (ticker: HK) averaged 6,283 BOEPD in Q4 2017, comprised of 70% oil, 15% NGLs and 15% natural gas. The company generated total revenues of $25.3 million for the fourth quarter of 2017, but reported a net loss attributed to common stockholders of $93.1 million, or a net loss per basic and diluted share of $(0.63). For 2017,

Halcon Resources Snaps Up 22,617 Delaware Acres

February 7, 2018

Halcon Resources Corporation (ticker: HK) has recently entered into definitive agreements to acquire 22,617 net acres in Ward County, Texas for approximately $381 million. The properties are currently producing ~1,325 BOEPD which equates to a purchase price of ~$14,674/acre (after adjusting for production using an estimated value of $35,000 per BOEPD). West Quito Draw The largest acquisition is comprised of

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