Americas
EIA: Reporting oil companies’ proved reserves in 2016 decline for second consecutive year
Annual reports of 68 publicly traded oil companies indicated that their aggregate proved liquids reserves declined in 2016 for the second consecutive year.
Weir acquires oil and gas technology provider KOP Surface Products
The Weir Group PLC has entered into an agreement to acquire KOP Surface Products, a provider of advanced surface pressure control technologies, systems and services for the oil and gas industry for $114 MM in cash. KOP’s history stretches back to 1934 and it has market positions in Asia, with an emerging business in the Middle East. The business is being acquired from Akastor ASA, a Norwegian-listed investor in oilfield services.
Accenture research: Refiners set to increase spending on digital technologies
NEW YORK — Nearly two-thirds of refiners plan to increase their investments in digital technologies over the next three to five years, although digital is not one of the top plant investment areas for refiners today, according to new research from Accenture.
API welcomes senate letter supporting North American energy markets
WASHINGTON — API President and CEO Jack Gerard welcomed a letter sent by eight US Senators to US Trade Representative Lighthizer emphasizing the importance of North American energy markets to American consumers and US energy security in advance of the North American Free Trade Agreement (NAFTA) renegotiation.
SemGroup to acquire Houston Fuel Oil Terminal Company
TULSA, Okla. — SemGroup Corporation announced that it has executed a definitive agreement to acquire Houston Fuel Oil Terminal Company (HFOTCO), one of the largest oil terminals in the US, from investment funds managed by Alinda Capital Partners. This acquisition establishes SemGroup’s position in the premier energy market, the Houston Ship Channel.
RigNet awarded systems integration contract for downstream facility
HOUSTON — RigNet, Inc. announced that it was awarded a multi-million dollar contract to provide communications infrastructure for a new downstream energy facility in North America.
Oil comeback for cut-exempt producers threatens to swamp OPEC
LONDON (Reuters) — OPEC's battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic Basin.
Syncrude Canada makes further cuts to June output forecast
CALGARY, Alberta/NEW YORK (Reuters) — Canadian synthetic crude differentials strengthened on Thursday, as market sources said June production forecasts at the Syncrude oil sands project in northern Alberta were trimmed yet again.
MRC Global renews global PVF contract with Chevron
HOUSTON — MRC Global Inc. announced that it has extended its worldwide master contract with Chevron Corporation for seven more years. The contract allows them to provide pipe, valve and fitting (PVF) products and services to Chevron Corporation's global operations and project work.
Petrobras denies Brazil govt meddling in LPG pricing move
RIO DE JANEIRO (Reuters) — The Brazilian government is not meddling in pricing decisions by state-controlled oil producer Petróleo Brasileiro SA, which on Wednesday kept cooking gas out of a pricing system based on international parity.
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