Abu Dhabi National Oil Co. (ADNOC) reported that a 4% stake in its onshore concession has been acquired by North Petroleum International Co. Ltd., a subsidiary of China ZhenHua Oil Co. Ltd. Previously, the stake was held by CEFC China Energy Co. Ltd.
Virginia Atty. Gen. Mark R. Herring (D) announced that the state’s Department of Environmental Quality (DEQ) and Water Quality Board sued Mountain Valley Pipeline LLC (MVP) for alleged repeated environmental violations in five southwestern Virginia counties over the past year, particularly during major rain events.
Hess Corp. will allocate some 75% of its $2.9-billion 2019 exploration and production capital and expenditure budget to high-return growth assets in the Bakken and in Guyana. Net production is forecast to average 270,000-280,000 boe/d in 2019, excluding Libya, compared with 245,000 boe/d in 2018. Bakken net production is forecast to average 135,000-145,000 boe/d in 2019.
ConocoPhillips has set a capital expenditure budget for 2019 of $6.1 billion, which is flat to its expected full-year 2018 capex, excluding acquisition costs. The 2019 budget does not reflect potential dispositions that may occur in 2019.
Crude oil benchmarks on the New York and London markets climbed by more than $1/bbl on Dec.7 after the Organization of Petroleum Exporting Countries and a group of 10 non-OPEC countries, led by Russia, agreed to cut production by a total 1.2 million b/d effective Jan. 1, 2019.
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