Light, sweet crude oil prices jumped more than $1/bbl on June 6 on the New York market to settle at nearly $49.60/bbl, the highest front-month contract since July 21, 2015, while the August contract for Brent crude oil settled at $50.55/bbl, marking Brent’s highest front-month contract since Oct. 9, 2015. Source: News
Bad climate policies are riskier than fossil fuels, authors argue
Misguided government climate policies that demonize fossil fuels potentially could stifle significant economic growth and improved North American energy security, two speakers warned at the Heritage Foundation. Source: News
Devon to divest upstream assets for $1 billion
Devon Energy Corp., Oklahoma City, said it is selling about $1 billion in upstream assets to undisclosed buyers. The sales are expected to be completed in this year’s third quarter. Source: News
Imperial, Shell update status of Kearl, Albian Sands operations
Imperial Oil Ltd. said operations have returned to normal at its Kearl oil sands site and that the plant was not damaged by the Alberta wildfires. Source: News
Tanzania’s Songo Songo gas plant enters commercial operation
Tanzania Petroleum Development Corp. (TPDC) has commissioned its newly expanded Songo Songo gas plant to process production from Aminex PLC subsidiary Ndovu Resources Ltd.’s Kiliwani North field on Songo Songo Island, 15 km off mainland Tanzania. Source: News
Silva named senior consultant at Petrobras
Nelson Silva has been appointed senior consultant by Petroleo Brasileiro SA (Petrobras), where he will coordinate its strategic review process and help in the “redesign” of its management structure, the Brazilian state-owned firm reported on June 6. Source: News
LNG oversupply faces slowing Asian demand
Prolonged LNG oversupply in the face of slowing Asian demand will be the biggest factor affecting the industry in 2016. Continuing low oil prices will also affect the LNG industry in expected ways (delays and cancellations in export projects) and unexpected ways (takeovers between major players in an already consolidated industry). Source: News
FERC Bear Head, Jordan Cove rulings offer LNG market guidance
The US Federal Energy Regulatory Commission’s (FERC) Bear Head and Jordan Cove decisions highlight the difficulties LNG applicants face when dealing with FERC’s and the Department of Energy Office of Fossil Energy’s (DOE/FE) discretionary authority under the Natural Gas Act (NGA). Source: News
Asphaltenes extraction treatment yields advantaged hydroprocessing feedstock
Selective extraction of asphaltenes (SELEX-Asp) technology-a solvent-based physical separation process capable of selectively removing asphaltenes as dry granulates in heavy crude oils and petroleum residue-has emerged as an alternative treatment option that could deliver cleaner, higher-quality feedstock immediately usable across multiple processing units. Source: News
Train carrying crude oil derails in Oregon
A Union Pacific freight train derailed in Oregon on June 3, overturning 14 tank cars carrying Bakken crude oil and forcing Wasco County authorities to evacuate a nearby town in the upper Columbia River Gorge. Source: News