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With oil hovering near $40/bbl and narrow pricing differentials between regions, concerns about overcapacity are hitting midstream operators in numerous parts of the country, Reuters reported.
Phillips 66 Partners contributed $50 million cash, which will be distributed to Plains, in exchange for a 50% interest in the JV.
A subsidiary of the Dallas company, EnLink Midstream LLC, entered an approximately $800 million JV agreement with a NGP affilate to operate and expand EnLink's natural gas, NGL and crude oil midstream assets in the Delaware.
Under the JV agreement, Southern will acquire a 50% equity interest in the SNG pipeline system from Kinder Morgan. The value of the stake in SNG is about $1.47 billion.
Benefit Street Partners, Rex's partner in the Moraine East JV, has elected into the next 12 wells, increasing the total capital commitment to $98.1 million from $51.6 million.
The agreement, between National Fuel's wholly owned E&P subsidiary, Seneca Resources Corp., and an affiliate of IOG Capital, includes the development of 75 total Marcellus wells located in the Clermont/Rich Valley area in Pennsylvania.
Luis Vazquez, chairman and CEO of Grupo Diavaz, said that the JV company will have predictable project delivery and will adhere to industry-recognized safety standards.
Under the farm-out, UJO will acquire a 7.5% working interest in PEDL143 from Europa, paying 15% of the costs to drill the exploration well at Holmwood.
Keppel O&M and Rosneft will have shares of 45% each in the JV, while MHWirth will hold 10% while adhering to existing U.S. and EU sanctions imposed on Russia’s offshore sector, Reuters reported.
Athabasca has appraised and developed its significant Duvernay and Montney land position in Greater Kaybob and Placid, drilling 26 Duvernay wells at Greater Kaybob and five Montney wells at Placid.
Syncrude is a JV operation in the Alberta Sedimentary Basin, which extracts bitumen from oil sands and upgrades it to light synthetic crude oil. Production averaged 15,600 boe/d (net) in the first quarter of 2016.
Callon has entered transactions to boost its position in the Midland Basin to about 34,000 net surface acres, including a new core operating area in one of the basin’s hot spots.