Conventional Discoveries Outside North America Lowest Since 1952, IHS Says.Volumes for conventional O&G discoveries made outside of North America have continued their multi-year decline, and the results are dramatic – just 12 billion BOE (includes natural gas) estimated recoverable resources were discovered in 2015, a record low since 1952. [Oilpro]
Oil Prices Little Changed As Dollar Gains, U.S. Drawdown Seen. Oil prices were little changed in thin early Asian trade on Tuesday as a firmer dollar weighed on oil markets while a likely drawdown in U.S. crude and gasoline stockpiles pointed to stronger demand ahead of the U.S. summer driving season. [Reuters, Oilpro]
U.S. Remained Top Global O&G Producer In 2015, EIA Says. Since 2011, the EIA says, the U.S. has been the top global producer of natural gas. Since 2013, the country has been the top global producer of petroleum hydrocarbons. U.S. oil and natural gas production first surpassed Russia in 2012. [Oilpro]
Freeport McMoRan Cancels Plans For IPO Of O&G Unit… Freeport-McMoRan hascancelled its plans to issue an initial public offering for its oil and gas division- Freeport McMoRan Oil & Gas. On Friday, FM O&G filed a request with the SEC requesting the immediate withdrawal of the registration filed last June. [Oilpro]
…& Terminates Rowan Contract. Offshore drilling company Rowan has said that it hasreached an agreement with Freeport-McMoRan over the contract termination for a drillship. [Splash 247, Oilpro]
French Labor Dispute: Strike Strike Hits All 8 Refineries. A strike over new labour laws has spread to all of France’s eight oil refineries, the CGT union says, in an escalating dispute with the government. An estimated 20% of petrol stations have either run dry or are low on supplies. [BBC News]
Diminished Threat Of Alberta Wildfires To Key Oil Sands Sites Prompts Lifting Of Evacuation Order. The Alberta wildfires not yet contained, but the diminished threatthey pose to oil worker camps north of Fort McMurray prompted authorities to green-light the return of the individuals who were ordered to evacuate the region last week. [Oilpro]
‘New Age’ For Oil Prompts Citi To Raise 2017 Forecast To $65. The worst is over for the beaten-down oil market, as a slowdown in production is setting prices up for a steeper rebound than predicted at the beginning of the year, Citigroup has said. [MarketWatch]
Chesapeake Issues Equity… Chesapeake has entered into privately negotiated purchase and exchange agreements under which it has and will exchange shares of the Company’s common stock for certain of its outstanding senior notes. [Chesapeake Energy]
…& Settles Royalty Dispute With Total. Chesapeake Energy and Total E&P USA agreed Monday to pay $52.5 million to 13,000 people who claimed their royalties have been underpaid for leases in the Barnett Shale. [Dallas Morning News]
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