Houston-based explorer Lime Rock Resources has signed a definitive agreement with BP America Production Co. to buy oil and natural gas properties in Oklahoma’s Cleveland and McClain counties.
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Native Americans generally, and the Standing Rock Sioux Tribe specifically, said on Friday they don’t intend to give up their opposition to the $6.8 billion Dakota Access Pipeline (DAPL) project, which the Trump administration has fast-tracked into its final completion.
Five years after spinning off its crude oil gathering, transportation, storage and marketing assets in several North American shale plays into a master limited partnership (MLP), SemGroup Corp. said it plans to buy back Rose Rock Midstream LP in an all-stock transaction valued at $391 million.
Occidental Petroleum Corp. (Oxy) is reportedly selling its 300,000 acres in North Dakota’s Bakken Shale play to Houston-based private equity fund Lime Rock Resources in a deal valued at $500 million, far less than Oxy’s holdings were estimated to be worth less than two years ago.
After a 32-year run, Royal Dutch Shell’s U.S. operations are pulling the plug on oil shale research in Colorado, noting that the company has spent tens of millions of dollars and learned a lot. The closing of the operations will be a careful, phased exit to maximize environmental and safety considerations in the Piceance Basin in northwest Colorado, Shell said.
Summit Investments has agreed to acquire Bear Tracker Energy LLC for $513 million from affiliates of GSO Capital Partners LP and Bear Tracker Investments LLC. Midstream company Bear Tracker is focused on oil and natural gas in North Dakota and Colorado.
A U.S. flagged oil tanker arrived at the Port of Corpus Christi, TX, on Wednesday to load Eagle Ford Shale crude for transport to other U.S. ports. The Jones Act of 1920 requires that any goods moved by water from one U.S. port to another must be carried by a U.S. flagged ship. The M/V Pennsylvania passed by the Harbor Bridge gateway to the inner harbor Wednesday and docked at the port’s Oil Dock No. 1, the Corpus Christi Caller Times reported. It is the U.S. built tanker’s first visit to the Corpus Christi port.
PDC Energy Inc. received several joint ownership and development proposals for its Utica Shale position in southeast Ohio from potential joint venture (JV) partners, but they “do not meet PDC’s value expectations,” so the Denver-based company will pursue development in the play independently.
Natural gas use in power generation has risen significantly this summer because of weather-driven demand for air conditioning and rock-bottom natural gas prices, the Energy Information Administration (EIA) said.
Encana Oil & Gas (USA), owner of a natural gas field in Pavillion, WY, that the Environmental Protection Agency (EPA) claims is contaminated by chemicals used in production practices (including hydraulic fracturing, or fracking), has called on the agency to suspend the public comment period on a draft report issued in December.