A Barrel Fulll Archive

26 March 2012 BP announced today that it has agreed to sell its interests in its southern gas assets (SGA) in the UK North Sea to Perenco UK Ltd for $400 million in cash. As it continues the active management of its business portfolios around the world, focusing on core activities and future growth, BP expects to divest assets with a total value of $38 billion between 2010 and the end of 2013. Including the agreement to sell SGA, the company has now announced divestments with an expected value totalling approximately $23 billion. Perenco has made an initial payment to BP of $100 million in cash and the remaining $300 million will be paid on completion, which is expected before the end of 2012. A further $10 million may be paid in the future contingent on the prevailing gas prices. Completion of the sale is subject to a number of third party and regulatory approvals. It is expected that impacted BP employees working for SGA will transfer with the asset to Perenco. Trevor Garlick, region

Nov. 21, 2018 Chevron Corporation (NYSE:CVX) today announced that the Chevron-operated Big Foot deepwater project , located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located approximately 225 miles (360 km) south of New Orleans, La., in a water depth of approximately 5,200 feet (1,584 m.). The Big Foot field was discovered in 2006, is estimated to contain total recoverable resources of more than 200 million oil-equivalent barrels and has a projected production life of 35 years. The project uses a 15-slot drilling and production tension-leg platform, the deepest of its kind in the world, and is designed for a capacity of 75,000 barrels of oil and 25 million cubic feet of natural gas per day. “The Big Foot project strengthens Chevron’s deepwater portfolio and further demonstrates that the Gulf of Mexico is an integral part of our diverse global portfolio and long-term strategy,” said Jeff Shellebarger, President of Chevron North America Ex

26 November 2018 DNO ASA, the Norwegian oil and gas operator, today announced the terms of an offer to be made by DNO ASA for the whole of the issued and to be issued share capital of Faroe Petroleum plc (other than the 105,247,866 Faroe Shares already held by DNO, representing 28.22 percent of Faroe's issued share capital). The Offer will be 152 pence in cash for each Faroe Share, valuing Faroe's existing issued and to be issued share capital at approximately £607.9 million. Of the Offer value of approximately £443.8 million on a fully diluted basis, £402.6 million is attributable to the current issued share capital of Faroe (other than those Faroe Shares already held by DNO and the Faroe Employment Benefit Trust) and the balance £41.2 million is attributable to DNO's understanding of the number of outstanding share options and awards granted by Faroe to its directors, management and employees, representing approximately 7 percent dilution of Faroe's current issued sha

Tuesday, December 1, 2015 INEOS today completed the purchase of the North Sea natural gas assets of DEA Deutsche Erdoel AG, which is owned by L1 Energy . The platforms, infrastructure and the highly skilled team that runs them will form part of the new INEOS Breagh business division that will be based in London. Geir Tuft, CEO of INEOS Breagh says, “We are pleased to have completed the deal to acquire this strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team.” The transaction includes interests in the Breagh and Clipper South gas fields in the Southern North Sea. The annual production from the fields acquired in this deal account for 8% of the UK’s annual gas production, enough gas to warm 1 in 10 British homes. INEOS has recently announced its intention to become the leading UK player in onshore gas development and, as part of the company's growing interest in energy production, is now evaluating additional opportuni

Sep. 4, 2019 NuStar Energy L.P.(NYSE: NS) announced today that it has completed and is moving volumes on three key pipeline projects that will significantly expand the partnership's capacity to move Permian crude oil to Corpus Christi for export, and to move refined products into Northern Mexico. On the heels of completing a project connecting the partnership's existing 16” pipeline in South Texas to the Plains Cactus II pipeline that transports WTI volumes from the Permian Basin to South Texas, NuStar completed the second stage of its WTI export project, a new eight-mile, 30” pipeline to transport crude oil from a connection to the Plains Cactus II long-haul pipeline in Taft, Texas, to NuStar’s Corpus Christi terminal. NuStar is also building 600,000 barrels of additional storage at the Corpus Christi terminal, which will bring its total capacity to 3.9 million barrels. This storage expansion is expected to be completed in December 2019. “We are very excited about the continue

Sept.1, 2015 CHS, a leading energy, grains and foods company and the nation's leading farmer-owned cooperative, said today it has completed its purchase of the National Cooperative Refinery Association (NCRA) petroleum refinery and related operations based at McPherson Kan ., and is now its sole owner. The refinery has been renamed the CHS Refinery at McPherson, Kan. "As the nation's leading cooperative energy company, becoming the sole owner of this refinery and its related pipelines and terminals is a critical step in adding value for our member-owners and other customers," said Jay Debertin, CHS executive vice president and chief operating officer, Energy and Foods. "Given our 70-year history with this well-run operation and its 700 dedicated employees, we're proud to make this operation fully part of CHS." Today CHS sells more than 3 billion gallons of gasoline and diesel fuel products annually and markets the products under the Cenex brand at more t

Sept. 4, 2014 CHS Inc., the nation's leading farmer-owned cooperative and a global energy, grains and foods company, announced today it will invest $406 million in its Laurel, Mont., refinery to boost efficiency and increase diesel production. "These projects, along with all of our ongoing major refining, distribution and storage investments, underscore our continued commitment to building the CHS energy platform," said Jay Debertin, CHS executive vice president and chief operating officer, Energy and Foods. "We are dedicated to providing long-term dependable supplies of quality refined fuels products that help our owners and rural customers grow." The investments consist of related projects, some of which will begin this fall, and are expected to be completed in phases through 2019. Included in the $406 million investment are:A new hydrogen plant and crude unit modifications that will increase crude oil throughput and increase diesel production. Hyrocracker mo

Feb 17, 2016 Member-owners of CHS Inc. the nation's leading cooperative and a global energy, grains and foods company, are now benefitting from the recently completed coker at the company's central Kansas refinery . Construction of the coker unit at the CHS Refinery at McPherson began in March 2013 and took nearly 2.8 million construction man hours to complete. The unit began operating on Feb. 5, 2016. "The new coker allows the refinery to process a larger variety of crude oils, thus delivering the best value to our owners and customers by purchasing the most cost-effective crude oil available," said Jim Loving, CHS senior vice president, refining, pipelines and terminals. "We're also able to meet increased product demand while creating an even safer operating environment for our employees." During the refining process, the coker converts the heaviest portion of crude oil into more valuable liquid products that can then be converted into gasoline or dies

August 12, 2022 Phillips 66 (NYSE: PSX) announces that its subsidiary, Phillips 66 Carrier, LLC, is launching a binding expansion open season on its Seminoe Pipeline system to solicit shipper commitments for services from Billings, Montana, to Casper, Wyoming. The expansion open season will provide an opportunity for interested shippers to secure long-term refined product transportation with Seminoe Pipeline under binding transportation services agreements. The expansion includes new takeaway capacity of 5,800 barrels per day on Seminoe Pipeline with origination stations in Billings to destination at Casper. The higher capacity is expected to be available during the second quarter of 2023.

August 08, 2022 NGL Energy Partners LP (NYSE:NGL) (“NGL,” or the “Partnership”) announced today the completion of the Ambassador Pipeline in the state of Michigan. The Ambassador Pipeline System consists of a 225-mile bi-directional pipeline with multiple supply and delivery points. The Ambassador Pipeline connects central, northern, and western Michigan propane customers to millions of gallons of underground storage capacity in Eastern Michigan. NGL’s Wheeler Terminal is strategically located at the mid-point of the Pipeline and includes on-site storage of 480,000 gallons of propane. The Kalkaska terminal is located at the northern end of the pipeline and has total storage of 420,000 gallons. Both Wheeler and Kalkaska each utilize two truck loading bays capable of flowing up to 600 gallons per minute, which allows propane transports to load in approximately 25 minutes. “Our Ambassador Pipeline System establishes an integrated infrastructure of pipelines, supply points, storage facili

Jan. 03, 2017 Delek US Holdings, Inc. (NYSE:DK) (“Delek US”) and Alon USA Energy, Inc. (NYSE:ALJ) (“Alon”) today announced a definitive agreement under which Delek US will acquire all of the outstanding shares of Alon common stock which Delek US does not already own in an all-stock transaction. Based on a closing price of $24.07 per share for Delek US common stock on Friday, December 30, 2016, the implied price for Alon common stock is $12.13 per share, or $464 million in equity value for the remaining shares. The enterprise value of this transaction to acquire the remaining 53 percent of Alon shares of common stock not already owned by Delek US is approximately $675 million including the proportionate assumption of $152 million of net debt related to this transaction and $59 million of market value for the non-controlling interest in Alon USA Partners, LP (NYSE:ALDW). This transaction was unanimously approved by the Special Committee of Alon’s board of directors and by the board of di

Apr. 14, 2015 Delek US Holdings Inc. (NYSE: DK) (“Delek US”) announced that it has entered into a definitive stock purchase agreement with Alon Israel Oil Company Ltd. (“Alon Israel”) to acquire approximately 33.7 million shares, or approximately 48 percent of the outstanding shares, of Alon USA Energy, Inc. (NYSE: ALJ) (“Alon USA”) common stock owned by Alon Israel. Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US stated, “We are excited about this opportunity to invest in Alon USA as it broadens our asset diversity while offering future growth opportunities. We would like to thank Alon Israel's management team for their support and efforts in this transaction, and we look forward to working with Alon USA’s Board of Directors and management team to create further value together in the future.” Prior to commencing negotiations with Alon Israel, Delek US entered into a stockholder agreement with Alon USA. During the first year following the closing of this tran

20.11.2023 PGNiG Upstream Norway, a company of the ORLEN Group, is set to assume control of the entire operations of the hydrocarbon producer KUFPEC Norway. Following this transaction, the ORLEN Group's natural gas output in Norway will increase by one-third, reaching over 4 billion cubic meters (bcm) annually. Daily hydrocarbon production is anticipated to surpass 100 thousand barrels of oil equivalent (boe) by the end of 2024. The newly acquired business encompasses interests in five fields where the ORLEN Group is already active. The gas produced from these fields will be transported to Poland via the Baltic Pipe pipeline. Following a competitive acquisition process, the Norwegian arm of the ORLEN Group has entered into an agreement to buy 100 percent of shares in KUFPEC Norway, a subsidiary of Kuwait Foreign Petroleum Exploration Company, k.s.c.c. The acquisition of control of KUFPEC Norway will expand holdings of PGNIG Upstream Norway (PUN) in the producing fields of Gina Kr

30 August 2017  Kuwait Foreign Petroleum Exploration Company k.s.c. (“KUFPEC”) announced today that its wholly-owned subsidiary KUFPEC Norway AS has reached agreement to acquire a 15% interest in the Gina Krog field from Total E&P Norge AS, a wholly-owned subsidiary of TOTAL S.A., for a consideration of $317 million with effective date of 1 January 2017. At closing, KUFPEC will add approximately 34 MMboe in net reserves and approximately 9,000 boe/d of production from Gina Krog, which came on-stream in June 2017 and is operated by Statoil. The addition of the new production will take KUFPEC’s production in Norway close to 25,000 boe/d. KUFPEC Chief Executive Officer Shaikh Nawaf Saud Nasir Al-Sabah stated: “KUFPEC continues to execute its strategy to grow in profitable projects in Norway, and this transaction builds on our 2016 acquisition of Greater Sleipner Area assets from TOTAL, which included a 15% interest in Gina Krog.” The transaction is subject to all requisite Norwegian

January 7, 2020 Total and Apache have made a material oil discovery with the Maka Central-1 well on Block 58 offshore Suriname, on trend with the prolific discoveries in the adjacent Stabroek block in Guyana. The Maka Central-1 well was drilled by a water depth of about 1,000 meters and encountered more than 123 meters net pay of high-quality light oil and gas rich condensate net pay, in multiple stacked reservoirs in Upper Cretaceous Campanian and Santonian formations. Further drilling and testing will be carried out to appraise the resources and productivity of the reservoir. “We are very pleased with this first significant oil discovery, made just after our entry into Block 58. The result is very encouraging and proves the extension of the prolific world-class Guyana Cretaceous oil play into Suriname waters,” said Kevin McLachlan, Senior Vice President Exploration at Total. “We are optimistic about the large remaining potential of the area still to be discovered and will test sever

December 23, 2019 Total has signed an agreement with Apache Corporation to acquire a 50% working interest and operatorship in the highly prospective Block 58 offshore Suriname, further expanding Total’s footprint in the prolific Guyana-Suriname basin. Block 58 is located on trend with the prolific discoveries in the adjacent Stabroek block in Guyana. The Maka-1 exploration well is currently being drilled on the block in a water depth of about 1,000 meters and preliminary results confirm the prospectivity of the license. Two additional exploration wells are planned to be drilled by Apache after the completion of Maka-1 before transferring the operatorship to Total. “Total is pleased with this significant entry in Suriname where Total will become Operator and bring its deepwater expertise. The new license expands our positions in the Guyana-Suriname Basin, a highly favorable petroleum province,” said Arnaud Breuillac, President, Exploration & Production at Total. “We look forward to

February 21, 2022  TotalEnergies and APA Corporation have made a significant new oil and associated gas discovery at the Krabdagu-1 well, in the central area of Block 58 , offshore Suriname. This follows previous discoveries at Maka, Sapakara, Kwaskwasi and Keskesi, and the successfully tested Sapakara South-1 appraisal well. Located 18 kilometers south-east of Sapakara South, Krabdagu-1 was drilled at a water depth of 780 meters and encountered approximately 90 meters of net oil pay in good quality Maastrichtian and Campanian reservoirs. “This successful exploration well at Krabdagu-1 is a significant addition to the discovered resources in the central area of Block 58. This result encourages us to continue our exploration and appraisal strategy of this prolific Block 58 in order to identify sufficient resources by year end 2022 for a first oil development” said Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies. Drilling and logging operations will continue, using t

26 Aug 2021 The Grove North East development well (49/10a-G7) encountered carboniferous reservoir units at the target depth, with around 250ft (gross) gas-bearing B & C sandstones present. The reservoir quality, sand thickness, and gas column height are within the pre-drill expectations and G7 was completed for production. Girish Kabra, Spirit Energy’s Director for North Sea operated assets, said: “We achieved first gas from the well on 25 August. The production is in line with subsurface prognosis and pre-drill estimates. “The commercial discovery is important for Grove as it opens up future growth opportunities in and around the licence blocks. The discovery adds volumes and prolongs the Grove field life from 2022 to at least 2028,” Mr Kabra added. The well targeted an unappraised north eastern segment of the Grove field. The volume range will be updated after the well has been onstream for a while and production data are gathered and analysed. Mr Kabra said: “The project was sa