From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
By Tyler Losier, Energy Reporter, Oil & Gas 360 SCM Crude LLC to solicit binding commitments for interstate gathering and transportation SCM Crude LLC, a wholly-owned subsidiary of Salt Creek Midstream LLC, will begin to solicit binding commitments for priority crude oil interstate gathering and transportation services as part of an open season for its Delaware Basin midstream infrastructure. The
By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Concho Resources and Solaris Water Midstream team up for produced water management in the northern Delaware Basin Concho Resources (stock ticker: CXO), a Permian-focused unconventional shale producer, has formed a strategic joint venture (JV) with Solaris Water Midstream, a wholly-owned subsidiary of Solaris Midstream Holdings LLC. The partnership between the two
By Tyler Losier, Energy Reporter, Oil & Gas 360 Colony Capital agrees to invest up to $500 million in California Resources Corporation California Resources Corporation (stock ticker: CRC) has formed a strategic joint venture with Colony HB2 Energy, the energy investment management arm of private equity firm Colony Capital (stock ticker: CLNY), in which Colony will fund the development of
By Tyler Losier, Energy Reporter, Oil & Gas 360 GulfSlope Energy teams up with unnamed private company Houston-based GulfSlope Energy (stock ticker: GSPE) has signed a letter of intent to form a joint venture with an unnamed, privately held oil and gas company in order to generate and drill shallow depth prospects in the Gulf of Mexico. GulfSlope, who will
By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream to proceed with Double E pipeline project Summit Midstream Partners (stock ticker: SMLP) has made a final investment decision to proceed with its Double E pipeline project, after having secured sufficient commitments pursuant to binding precedent agreements for long-term, firm transportation service. The company also executed a definitive joint
By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,
Nevada Joint Venture Deal Clears All Regulatory Conditions
Expanded pipeline could grow to one million barrels per day of oil takeaway Andeavor (ticker: ANDV), formerly known as Tesoro, will be partnering up with Phillips 66 Partners (ticker: PSXCP) and Buckeye Partners, L.P. (ticker: BPL) in two projects that will help transport Permian Basin oil to market. The first joint venture project, Gray Oak Pipeline, LLC, is owned by
Dominion Energy (ticker: D) issued a statement today saying it would begin commercial operations early next year under the terms of previously negotiated 20-year contracts with ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD. Responding to a report from India’s Oil Minister, reported by
Weatherford International plc (ticker: WFT) said that the U.S. Department of Justice has cleared the proposed OneStimSM joint venture between two oilfield service giants—Weatherford and Schlumberger Ltd. (ticker: SLB)—granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This paves the way for a Q4 2017 closing, which Weatherford had projected in October. Schlumberger
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