India on Thursday introduced its second auction for small discovered oil and natural gas blocks. The country will accept bids from the first week of September through Dec. 18 before it awards contracts in January, oil minister Dharmendra Pradhan said.
The first multilateral well to be drilled in Romania has started production, providing 1,700 barrels of oil equivalent per day. OMV Petrom's well at the Black Sea's Lebada Vest field has two laterals, drilled to 3,200 and 2,200 meters respectively.
RockRose Energy says it will acquire a 20.43% interest in three UK Central North Sea blocks containing the Arran field from Dana Petroleum. The agreement is subject to approval from other partners and the UK's Oil and Gas Authority.
Calima Energy says a consultant's review found that hydraulic fracturing in the Montney Shale in British Columbia would have potential. Calima plans to drill three wells at the formation starting in December.
Next week's US auction of Gulf of Mexico exploration leases will be the first since Interior Secretary Ryan Zinke announced in April that deepwater royalty rates would remain at 18.75%. Oil companies, which called for lower royalty payments for deepwater sites, may have held off on bidding in a March auction until the government made a decision, a Wood Mackenzie analyst says.
A study estimates that Earth started retaining volatile compounds such as water, noble gases and carbon dioxide from the atmosphere between several hundred million and 2.5 billion years ago before ejecting them via volcanic eruptions. The process, known as degassing/regassing, had a significant effect on the churning of Earth's mantle, say scientists at Washington University in St. Louis.
President Donald Trump's hurry to reach a new NAFTA deal with Mexico may sacrifice crucial investor protections that have so far allowed oil companies to use an independent arbiter to challenge the actions of foreign governments. Removing the arbitration provision from a new NAFTA agreement would "undermine U.S. energy security, investment protections and our global energy leadership," says the American Petroleum Institute.
Occidental Petroleum has agreed to sell its oil export terminal in Ingleside, Texas, to Moda Midstream and its Centurion pipeline system in the Permian Basin to Lotus Midstream in two separate deals worth a combined $2.6 billion.
US crude stockpiles fell by 1.351 million barrels last week, a smaller-than-expected draw than the 2.3 mb initially projected, according to the Energy Information Administration. Gasoline and distillate stocks gained 2.9 mb and 1.2 mb, respectively.