Eclipse Resources and Blue Ridge Mountain Resources said Thursday they’ve completed their merger, announced last August, with the melded company now known as Montage Resources Corp. The company also announced it has entered into an amended and restated credit agreement to expand its borrowing base from $225 million to $375 million and extended the maturity … Read more
Another international financial institution has publicly said it will not fund drilling for oil in Alaska’s Arctic National Wildlife Refuge, Kallanish Energy reports. The announcement came last week in a new susrtainability report from National Australia Bank. “As an outcome of the oil and gas sector review, we will not finance oil/tar sands extraction projects and … Read more
U.S.-based, Venezuela-owned refiner Citgo Petroleum is set to undergo a restructuring in its leadership following Juan Guaido’s declaration he is Venezuela’s new interim president. Guiado is expected to make an announcement “soon” on plans to revamp Citgo’s board and ease political pressures on the company, Platts reported last week, citing unnamed sources. … Read more
Despite Iraq’s ambitions to expand its crude oil and natural gas production, the country’s policies to support upstream development appear stalled, Kallanish Energy learns from data/analytics firm GlobalData. Iraqi oil production is gradually ramping up thanks to expansion of previously delayed projects, but the existing contracts are still unable to reach their full potential, analysts said … Read more
A new analysis by the U.S. Chamber of Commerce’s Global Energy Institute finds the anti-energy “Keep It in the Ground” movement has prevented at least $91.9 billion in domestic economic activity and eliminated nearly 730,000 job opportunities, Kallanish Energy reports. In recent years, KIITG activists have attempted to derail energy projects with … Read more
European oil majors Shell and Eni reportedly knew of the corruption ongoing during their OPL 245 acquisition in Nigeria, a case in which they are being tried in Milan and could also respond to in a London court. Reuters reported Monday Milan judge Giusy Barbara said “the management of oil companies Eni and … Read more
Hess Corp. has announced it plans to spend $2.9 billion in its 2019 capital and exploratory budget, with 75% of that money earmarked for high-return growth assets in the Bakken Shale and and Guyana, Kallanish Energy reports. The company on Monday said its net production is predicted to be between 270,000 and 280,000 barrels of … Read more
Colombian crude oil production hit a two-year high in October, averaging some 878,854 barrels per day, the country’s energy ministry said in its latest statistic report. Output was at its highest level since June 2016, after a 1.2% growth from the 868,704 Bpd produced in September, and a 1.7% increase year-over-year, Kallanish Energy learns. The … Read more
Oil prices fell Tuesday, briefly entering bear market territory, after the U.S. said it will allow some of Iran’s biggest customers to continue importing the Opec member’s crude without violating reinstated U.S. sanctions. You have reached your allocation of free articles this week. Don’t despair you can keep reading the news. Subscribe or start your free … Read more
Colombia’s state-run oil company, Ecopetrol, has applied for a permit to launch the country’s first hydraulic fracturing project, targeting unconventional resources in Magdalena Medio, central Colombia. According to CEO Felipe Bayon, the company filed a permit request with the country’s environmental agency and upon approval, the project could start in 2019. He didn’t say, however, when … Read more
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