ExxonMobil will begin exploring the Deepwater Cape Three Points block off the coast of Ghana as part of a proposed deal the company reached with the West African country. Once the deal is approved by Ghana's Parliament, Exxon will have an 80% interest in the block.
Scientists have discovered a possible link between deep-sea volcanic activity and changes in sea level. Iron readings, which are an indicator of magma, change when the sea level does, scientists said.
Jack Gerard announced on Wednesday that he will step down as president and CEO of the American Petroleum Institute this summer after 10 years at the helm. "We have accomplished what few would have imagined: important public policy victories at all levels of government and a revitalized association that has expanded globally and added significant strength to its advocacy capabilities," Gerard said, adding that a new CEO should be appointed by Sept. 1.
Surging demand from European and Asian refiners could help US crude exports hit 1.5 million barrels per day this year, marking a 45% increase from last year, according to consultancy Energy Aspects. US crude exports averaged 1.037 million barrels per day between January and October 2017, up from 591,000 barrels per day in 2016.
As new pipeline projects face increasing regulatory roadblocks and mounting opposition from environmentalists and locals, North America's biggest pipeline operators, including Kinder Morgan and Enbridge, are doubling down on pipeline expansions. Pipeline expansions can be built more quickly and at a lower cost compared with new projects and with minimal impact on the environment, Enbridge President and CEO Al Monaco said, but this strategy comes with its own shortcomings, as it mostly benefits companies with assets in strategic locations.
Operations at several Gulf Coast refineries, including Valero Energy's and Motiva Enterprises' Port Arthur, Texas, facilities, were getting back to normal on Wednesday as weather conditions improved. Subfreezing temperatures overnight caused power outages and instrumentation freezing at some refineries.
A meteor spotted over Ohio, Michigan and Ontario, Canada, on Tuesday caused an explosion that registered a magnitude 2 tremor in eastern Michigan, the US Geological Survey said. Witnesses reported a bright flash, loud bang and shaking houses.
The oil industry's major companies plan to use computer models, electronic data and other technology to determine production potential, drill wells and create hydraulic-fracturing "factories" in the Permian Basin in Texas and New Mexico. The efficient, streamlined manufacturing-style approach adopted by big companies could force out smaller drillers, analysts and executives say.
Argentina-based Pampa Energia will sell oil assets to Vista Oil & Gas as part of the company's effort to focus on electric power and the exploration and production of unconventional natural gas. The $360 million deal will include the sale of a stake in Petrolera Entre Lomas and holdings in several oilfields in Argentina.