Tag: agreement
Canada ratifies global agreement to reduce hydrofluorocarbons, a powerful greenhouse gas
Canada recently published regulations to reduce hydrofluorocarbons consumption by 85%, by 2036 Canada is now among the first countries to ratify the Kigali Amendment to the Montreal Protocol, which will phase down powerful greenhouse gases, according to a Government of Canada press release. Found in air conditioners and aerosols, hydrofluorocarbons—or HFCs—are thousands of times more […]
Pengrowth sells remaining Swan Hills properties for $150 Million
Properties have 31 million boe of proved plus probable reserves Pengrowth Energy Corporation announced it entered into a sale of its remaining Swan Hills assets in North Central Alberta for total cash consideration of $150 million, according to a press release. When combined with the approximate $18 million deposit from the initial sales process which […]
Western Energy demands $20 million termination fee from Savanna Energy
Demand for payment provides Savanna with 5 business days to pay termination fee Western Energy Services Corp. announced it issued a formal demand for payment to Savanna Energy Services Corp. for payment of a termination fee in the amount of $20,000,000 in respect of the arrangement contemplated by between Western and Savanna, according to a Western […]
ConocoPhillips sells San Juan Basin assets in New Mexico for $3 billion
Full-year 2016 production for San Juan Basin assets was 124,000 BOE per day ConocoPhillips announced it entered into an agreement to sell its interests in the San Juan Basin to an affiliate of Hilcorp Energy Company for up to $3.0 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 […]
Oil traders see no market rebalancing until later in 2017: Kemp
Traders are signalling they expect oil demand to exceed supply in 2nd half of 2017, throughout 2018 By John Kemp LONDON – Crude traders expect the oil market to begin tightening and gradually move into deficit, but the shift is not forecast to occur much before the second half of 2017. The expected timetable for rebalancing is […]
OPEC expected to deliver only half of target production cut – Kemp
By John Kemp LONDON (Reuters) – OPEC will achieve some but not all of the production cuts the organisation agreed last month, according to an informal survey of energy professionals conducted after the agreement was announced. Most energy professionals expect OPEC output will decline to around 33.0 million barrels per day in Jan. 2017, down […]
Paris Agreement emissions goal likely to be missed
“Judging the pace of transition from old to new is among the big difficulties facing companies as they survey this emerging energy landscape” Wood Mackenzie’s latest analysis and preliminary outlook on energy demand shows the emissions goal implied by the current version of the Paris Agreement is likely to be missed. The Paris Agreement comes […]
American Midstream merging with JP Energy creating $2 billion company
HOUSTON – American Midstream Partners, LP and JP Energy Partners LP announced a merger agreement to create a combined midstream platform, according to a press release. American Midstream will acquire 100 per cent of JP Energy in a unit-for-unit merger which is anticipated to have minimal, if any, tax recognition for the unitholders. In conjunction with the transaction, ArcLight […]
Saudi Arabia gambles it can raise oil prices without losing too much market
By John Kemp LONDON, Sept 30 (Reuters) – The Organisation of the Petroleum Exporting Countries surprised oil traders and analysts by announcing a production deal following a hastily convened extraordinary meeting in Algiers on Wednesday. The Algiers agreement seems to have been designed to engineer an increase in prices by changing market sentiment rather than reducing the […]
Oil jumps on talk OPEC may have deal to limit output in Nov.
Iranian Oil Minister Bijan Zanganeh agreed to curb production “at close to 4 million barrels per day” By Barani Krishnan NEW YORK (Reuters) – Oil prices rose more than 2 percent in volatile trade on Wednesday on speculation that OPEC members gathered in Algeria could lay the foundation for a production-limiting deal in November. Crude futures had gyrated after a […]
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