Oil & Gas
Top stories summarized by our editors
8/15/2018

US crude inventories gained 3.66 million barrels last week, gasoline inventories fell by 1.56 million barrels and distillate supplies added 1.94 million barrels, according to the American Petroleum Institute.

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MarketWatch
8/15/2018

US shale producer Diamondback Energy is taking over Energen in an approximately $9.2 billion all-stock deal including debt that would boost Diamondback's footprint in the Midland and Delaware basins by 85% to 390,000 acres. The company expects the transaction to result in at least $3 billion in cost savings over time.

8/15/2018

Energy Transfer Partners is looking to expand the Dakota Access Pipeline's capacity from 500,000 barrels per day up to 570,000 barrels per day, with an official announcement likely to be made soon, says ETP CEO Kelcy Warren.

8/15/2018

While the Permian Basin remains plagued by pipeline bottlenecks and labor shortages, many US oil producers focused on other shale plays are lifting their 2018 output projections without raising their capital expenditure budgets. Eagle Ford- and Bakken Shale-focused Marathon Oil increased its full-year production target to 400,000-415,000 barrels of oil equivalent per day, while EOG Resources expects to pump 706,700-728,300 barrels of oil equivalent per day, up from the previous forecast of 685,800-728,500 barrels of oil equivalent per day.

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Argus Media
8/15/2018

Williams Cos. has received permission from the Federal Energy Regulatory Commission to proceed with the Rivervale South to Market project, a Transco natural gas pipeline expansion. The project will add 190 million cubic feet per day of firm transportation capacity and should enter service before winter 2019-2020.

8/15/2018

Egypt has approved Eni's plans to manage a hydrocarbon exploration license in the Nile Delta Basin. The Italian company, which also says it received a 10-year extension for exploration rights in the region and a five-year drilling extension in the Western Desert Basin, aims to start drilling in the Nile Delta later this year.

8/15/2018

A seismic survey of the Beehive prospect off the Australian coast has wrapped up, says Melbana Energy, which has a stake in the basin. The survey will give Beehive operators data on where to drill the first exploration well in the prospect, which may contain up to 1.6 billion barrels of oil equivalent.

8/15/2018

Oil and natural gas producer Santos will use a fourth drilling rig at a natural gas project in Australia's Cooper Basin. The rig will drill eight wells by the end of the year in the Big Lake and Moomba South fields.

8/15/2018

Savannah Petroleum has made its fourth oil discovery in a row in the southeast Nigerien Agadem Rift Basin. The UK-based company is studying results from production tests at the Eridal-1 exploration well, which hit a 14-meter oil column.

8/15/2018

The US Geological Survey has mapped the offshore Queen Charlotte-Fairweather Fault system, which runs from Vancouver, British Columbia, to southeast Alaska, to gain a better understanding of the fault and its potential hazards, says Peter Haeussler, a USGS research geologist. The fault, which has spawned earthquakes up to magnitude 8.1 and has been active for a century, is moving at a fast rate of about 5 centimeters annually, Haeussler says.