Business news

Statoil ASA has decided to divest a 24.1% direct and indirect stake in Gassled joint venture (jv) for US$ 3.25 billion. Following this transaction, Statoil will continue to own 5.0% in the jv.

PETRONAS has formed a partnership with Progress Progress Energy Resources Corporation to develop the Altares, Lily and Kahta shale gas assets in northeastern British Columbia.

KBR has been chosen by Curtis Island LNG and Asia Pacific LNG to design three massive 42 in. gas pipelines to carry coal seam gas to the Curtis Island terminal from inland gasfields in Queensland, Australia.

McDermott International, Inc. announced today that one of its subsidiaries was awarded a contract by PEMEX Exploración y Producción for procurement, construction and installation of three oil and gas pipelines ranging from 8 to 20 in. in diameter, in Mexico’s Bay of Campeche.

Laura Severs, Edmonton Economic Development Corporation, Canada, discusses the Edmonton service area and its growing status as the world’s most politically stable oil reserves.

The US Department of Energy has issued a conditional authorisation approving an application to export 803 billion ft3/ yr of LNG from the Sabine Pass LNG Terminal in Louisiana.

Nestoil has reached several key milestones on its construction of the Nembe Creek-Cawthorne Channel Trunkline (NCTL) Replacement Project in Nigeria.

Nacap sold to Habau; business efforts to be combined.

Total and ExxonMobil have signed a partnership for the exploration of shale gas in two licensing areas in the Lublin Basin in South eastern Poland.

The President’s plan includes increased development in the Gulf of Mexico and Alaska, as API recognises the strategy as progressive, but with significant limitations.

API believes that the new study understates the potential damage that would be caused should taxes on the US oil and gas industry be raised.

Charles T. Dreva issues a statement strongly criticising Senate proposals to eliminate tax deductions for oil and has producers and refiners.

API president and CEO said the plans would damage the American economy and energy security.

The program for the annual event held in Denver, Colorado on May 24 – 27 is released.

API’s senior tax advisor warns that higher taxes will not help to lower prices, and could damage the US economy.