Russia's OAO Lukoil paid Total $725 million for a 45% stake in a Dutch refinery, blocking Valero Energy's attempted acquisition. Total facilitated the deal by exercising its pre-emption rights over shares that Dow Chemical had previously offered to Valero.
XTO Energy projects its rig count to increase starting later this year as natural gas prices bounce back. Chief Financial Officer Louis Baldwin said on Thursday the count has declined from a peak of more than 100 to less than 60.
Saudi Aramco and Total will spend $9.6 billion constructing a 400,000-barrel-a-day refinery in Jubail, Saudi Arabia, according to an unnamed source quoted by Reuters. Reportedly, the SATORP board made the decision in a meeting Tuesday in Paris.
Chevron and Woodside Petroleum are forging ahead with plans for liquefied natural gas projects in Australia by awarding millions of dollars in contracts. Chevron has authorized more than $800 million in contracts for its Gorgon project, including recent approval for a construction village, while Woodside's neighboring Pluto project is 65% complete.
The Norwegian unit of Canada's Talisman Energy has reported an oil discovery of an unknown size in the North Sea near Norway. Officials said the find was made about 150 miles off the country's southwestern coast, close to the Varg field.