Magnolia Oil & Gas Operating LLC Announces Pricing of Private Offering of $400 Million Senior Unsecured Notes due 2026

HOUSTON–(BUSINESS WIRE)–Magnolia Oil & Gas Operating LLC (“Magnolia Operating”) and Magnolia Oil & Gas Finance Corp. (“Finance Corp.” and, together with Magnolia Operating, the “Issuers”), each a consolidated subsidiary of TPG Pace Energy Holdings Corp. (NYSE: TPGE, TPGE.U, TPGE WS) (“TPGE,” “Magnolia” or the “Company”), announced today the pricing of their previously announced private offering [Read More…]

Source: BOE Report

Antipinsky Refinery Delayed Coker

July 11, 2018 – Antipinsky Refinery, the main production enterprise of New Stream Group, has successfully completed technical upgrade of the atmospheric residue deep conversion unit (ARDCU), which resulted in an increase of the complex processing capacity by half: from 375 tons of raw materials per hour to 540 tons per hour. Thus, the annual processing capacity of the ARDCU will increase from 3 million tons to 4.5 million tons.
Antipinsky ARDCU Delayed Coker Upgrade

Antipinsky refinery increased the capacity of the atmospheric residue deep conversion unit by half

Both sections of the complex were upgraded – the vacuum residue reduction unit and the delayed tar coking unit (DCU). As a result, the feedstock processing capacity in the first section increased from 3 to 4.5 million tons per year, in the second – DCU, which uses tar obtained in the first section, from 1.3 to 1.7 million tons per year.

The upgrade included installation UGPM installed a higher capacity piping in the ARDCU as well as more powerful pumps and a compressor for pumping gas. Inside one of the main processing facilities of the unit – the vacuum column – contact devices with a total weight of more than 55 tons were replaced. In addition, the preventative activities at the ARDCU included a complete purging of the pipeline system .

The technical upgrade of the unit was carried out by the general contractor of Antipinsky Refinery – TEHINZHSTROY Construction Company LLC. A significant part of the work was performed by specialists at a height of 65 meters using two cranes with a lifting capacity of up to 160 tons.

Source: https://bit.ly/2NVYehz

Read about more delayed coker projects here

 

Intercontinental Exchange To Launch Houston Oil Contract

Intercontinental Exchange (ICE) on July 17 said it would launch a crude oil futures contract deliverable in Houston later this quarter, capitalizing on the growth in U.S. exports of crude oil that have risen to about 2 million barrels a day. Houston has become the pricing center for U.S. crude oil production and exports, and the new contract is designed to serve hedging and trading opportunities in that market, ICE said in a statement. ICE said the Permian West Texas Intermediate (WTI) futures contract will provide price discovery, settlement and delivery at Magellan Midstream Partners LP Ltd. (NYSE: MMP) terminal in East Houston.

Source: Oilandgasinvestor.com Feeds

Interior announces Region-wide Oil and Gas lease Sale for Gulf of Mexico (Tuesday, 17 July 2018)

In support of President Donald J. Trump's America-First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt announced that the Bureau of Ocean Energy Management (BOEM) will offer approximately 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale scheduled for Aug. 15, 2018, includes all available unleased areas in federal waters of the Gulf of Mexico.

“Responsibly developing our offshore energy resources is a major pillar of this Administration’s energy strategy,” said Deputy Secretary Bernhardt. “We look forward to this important sale, as the Gulf of Mexico continues to be the crown jewel of the Outer Continental Shelf. A strong offshore energy program supports tens of thousands of well-paying jobs and provides the affordable and reliable energy Americans need to heat homes, fuel our cars, and power our economy."

@[email protected]

Lease Sale 251, scheduled to be livestreamed from New Orleans, will be the third offshore sale under the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. Under this program, ten region-wide lease sales are scheduled for the Gulf, where resource potential and industry interest are high, and oil and gas infrastructure is well established. Two Gulf lease sales will be held each year and include all available blocks in the combined Western, Central, and Eastern Gulf of Mexico Planning Areas.

“Powering America and protecting the offshore environment are not mutually exclusive,” said Counselor to the Secretary for Energy Policy, Vincent DeVito. “We can do both. American energy production can be competitive, while remaining safe and environmentally sound. This lease sale is just one piece of the Administration’s comprehensive effort to secure our Nation’s energy future.”

Lease Sale 251 will include approximately 14,622 unleased blocks, located from three to 231 mi offshore, in the Gulf’s Western, Central and Eastern planning areas in water depths ranging from nine to more than 11,115 ft (three to 3,400 m). The Gulf of Mexico OCS, covering about 160 million acres, contains about 48 Bbbl of undiscovered technically recoverable oil and 141 Tcf of undiscovered technically recoverable gas.

Additionally, BOEM has included appropriate fiscal terms that take into account market conditions and ensure taxpayers receive a fair return for use of the OCS. These terms include a 12.5% royalty rate for leases in less than 200 m of water depth, and a royalty rate of 18.75% for all other leases issued pursuant to the sale, in recognition of current hydrocarbon price conditions and the marginal nature of remaining Gulf of Mexico shallow water resources.

Source: www.worldoil.com

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Venezuela Claims It Plans To Raise Oil Production

Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and its struggling oil firm claim that they are revising their production planning in order to increase the country’s oil production capacity and make this year a year of “consolidation and stabilization”, basically no one else thinks or claims that Venezuela could soon be able to reverse its steep production decline which sees it losing…

Source: Oilprice.com

Venezuela Claims It Plans To Raise Oil Production

Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and its struggling oil firm claim that they are revising their production planning in order to increase the country’s oil production capacity and make this year a year of “consolidation and stabilization”, basically no one else thinks or claims that Venezuela could soon be able to reverse its steep production decline which sees it losing…

Source: Oilprice.com

Electricity Investment Exceeds Oil, Gas For Second Year In A Row

As the world’s energy sector moves toward greater electrification, investments in electricity surpassed investment in oil and gas for a second consecutive year in 2017, the International Energy Agency (IEA) said in its World Energy Investment 2018 report on Tuesday. Last year, more than US$750 billion in investment went to the electricity sector, which attracted the largest share of spending amid robust expenditure on grids. In comparison, global investments in oil and gas supply stood at US$715 billion in 2017, the Paris-based agency said…

Source: Oilprice.com

Why Is Venezuela Still Sending Subsidized Oil To Cuba?

In the past, oil has accounted for 96 percent of Venezuela's exports and over 40 percent of government revenues. Now, as the nation’s economy continues to crumble amid sanctions, political strife, and low oil prices, the Venezuela’s all-important oil production is plummeting. In fact, last month’s production was the lowest in 30 years at 1.5 million barrels a day. In desperation, the struggling administration has even begun to shut down production proactively as their terminal storage meets maximum capacity and the government…

Source: Oilprice.com

Electricity Investment Exceeds Oil, Gas For Second Year In A Row

As the world’s energy sector moves toward greater electrification, investments in electricity surpassed investment in oil and gas for a second consecutive year in 2017, the International Energy Agency (IEA) said in its World Energy Investment 2018 report on Tuesday. Last year, more than US$750 billion in investment went to the electricity sector, which attracted the largest share of spending amid robust expenditure on grids. In comparison, global investments in oil and gas supply stood at US$715 billion in 2017, the Paris-based agency said…

Source: Oilprice.com

ConocoPhillips Grows Alaskan Resources; Gears Up For 2019 Campaign

Alaska’s largest oil producer ConocoPhillips (NYSE: COP) said it discovered up to 750 million barrels of oil equivalent (MMboe) of resources in the Greater Willow Area during its latest exploration and appraisal campaign. The resources justify the Greater Willow Area located in the northeast section of National Petroleum Reserve-Alaska as a standalone development. Plus, upside potential exists. But ConocoPhillips estimates it will cost between $2 billion to $3 billion over four to five years following a final investment decision, which is planned for 2021, to develop the resources. First oil is possible as early as 2024. Another $2 billion to $3 billion of drilling capital would also be needed over multiple years to maintain production at the development. The news was delivered July 16 by the Houston-headquartered company as part of an update on its Alaskan operations.

Source: Oilandgasinvestor.com Feeds

New Oil and Gas Jobs From BOE Report Jobs

Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title [Read More…]

Source: BOE Report

Q&A: Rice Energy Brothers Return To Oil And Gas

The wunderkind brothers behind Rice Energy’s Appalachian kingdom can’t seem to stand still. Too young to retire and too restless to settle down in one play, Daniel, Toby and Derek Rice have returned to the oil and gas industry, but not with a new startup as most would expect. Still in love with the energy business, the brothers are back after the $8.2 billion sale of Rice Energy last year with the launch of Rice Investment Group (RIG). The firm, based in Pittsburgh, will invest in all facets of the oil and gas sector with a $200 million multi-strategy fund. Daniel Rice, who led Rice Energy as its CEO, recently spoke with Hart Energy about the new venture and the Rice brothers’ aim to “mentor and grow start-up oil and gas companies in the same way that we grew Rice Energy from scratch into one of the largest energy companies in the country.”

Source: Oilandgasinvestor.com Feeds

Norwegian Firm Reports 60% Oil Production Growth In Kurdistan

Norwegian oil and gas operator DNO ASA has boosted its oil production at the Tawke license in Iraq’s northern Kurdistan region by two-thirds to 25,000 bpd, the company said on Tuesday, after completing a well testing program at the Peshkabir oil field. The Peshkabir-4 well has started to produce at a rate of 10,000 bpd, the Norwegian company said, adding that the Peshkabir-5 well, completed last month, is currently undergoing final testing. DNO plans to bring the fifth well online in August and expects to exceed its 2018 summer production…

Source: Oilprice.com

Trump’s European Gas Plans Aren’t Realistic

In the much-heralded meeting yesterday between President Donald Trump and Russian President Vladimir Putin in Helsinki, Trump said that the U.S. will “compete successfully” against Russia in Europe’s natural gas market. “We’ll have to be competing with the pipeline, and I think we’ll compete successfully, although there is a little advantage locationally,” Trump said. “So, I just wish them luck.” Trump’s statements come just a few days after his controversial meeting last week with NATO…

Source: Oilprice.com

Norwegian Firm Reports 60% Oil Production Growth In Kurdistan

Norwegian oil and gas operator DNO ASA has boosted its oil production at the Tawke license in Iraq’s northern Kurdistan region by two-thirds to 25,000 bpd, the company said on Tuesday, after completing a well testing program at the Peshkabir oil field. The Peshkabir-4 well has started to produce at a rate of 10,000 bpd, the Norwegian company said, adding that the Peshkabir-5 well, completed last month, is currently undergoing final testing. DNO plans to bring the fifth well online in August and expects to exceed its 2018 summer production…

Source: Oilprice.com