The first regionwide Gulf of Mexico lease sale under the US Bureau of Ocean Energy Management’s new Outer Continental Shelf program was predictably subdued, with supermajors Royal Dutch Shell PLC and Chevron Corp. leading in bidding activity and sum of high bids.
Royal Dutch Shell PLC has completed the sale of its 50% interest in the Saudi Petrochemical Co. (SADAF) joint venture to Saudi Basic Industries Corp. (SABIC), its partner, for $820 million.
US President Donald J. Trump signed an executive order aimed at streamlining federal environmental reviews for energy and other infrastructure projects on Aug. 15.
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 8.9 million bbl for the week ended Aug. 11 compared with the previous week, the Energy Information Administration said in its weekly oil and products inventory report.
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