NEW DELHI, India (Bloomberg) -- Indian Oil Corp. has agreed to buy a 10% stake in Petronas' Canadian natural gas fields and a planned export project. The agreement with Petronas will also give the Indian state oil refiner the right to 1.2 million metric tons of LNG per year for two decades, New Delhi-based Indian Oil said in a stock exchange filing.
PARIS -- Vallourec has been awarded a $100-million contract for the supply of premium pipes with VAM 21 connections for the offshore ML-South project.
WASHINGTON -- In the closing days of the public comment period for the Department of State’s National Interest Determination review of the Keystone XL pipeline, API’s Downstream Operations Senior Manager, Refining and Oil Sands Cindy Schild urged President Obama to approve the project without further delay.
NEW YORK -- Exxon Mobil expects to start production at 10 major projects in 2014, adding new capacity of approximately 300,000 boed net and contributing to profitable production growth, according to Rex W. Tillerson, the company’s chairman and CEO.
LAKE CHARLES, Louisiana -- The U.S. Department of Energy (DOE) has granted authorization for Magnolia LNG, LLC to export an additional 4 mtpa of LNG, from its proposed LNG project site at the Port of Lake Charles, Louisiana.
HOUSTON -- Shell has announced the creation of the first-of-its kind base oil made from natural gas. It is called Shell PurePlus Technology, a patented process of converting natural gas into a clear base oil, which is the main component of motor oils. Shell PurePlus Technology is now being used to create motor oils for motorists in the U.S.
HOUSTON -- SeaBird Exploration announced that Osprey Explorer has been awarded a contract in South America for a major oil company. The contract has an estimated duration of approximately 75 days and a value of approximately $9 million. Startup is expected by the middle of March.
LONDON (Bloomberg) -- BP said regulators in Japan and Korea sought information regarding potential manipulation of oil prices, amid ongoing probes in Europe and the U.S. The Japanese Fair Trade Commission made an initial request for information in June and the Korea Fair Trade Commission began an investigation in December, the London-based company said in its 2013 annual report. The U.S. Commodity Futures Trading Commission requested price-reporting documents from BP in January, BP said.
LONDON -- RAE Energy announced that it has completed an agreement to acquire 100% equity interest in Offshore Joint Services (OJS) from Forum Energy Technologies. The transaction was completed March 1.
HOUSTON (Bloomberg) -- Dozens of multibillion-dollar natural gas shipping terminals proposed from Canada to Mozambique risk being held up by an industry debate over how to determine the fuel’s price.
FORT WORTH, Texas -- Schlumberger has launched the PowerDrive Orbit rotary steerable system (RSS). The new RSS expands the operating envelope of rotary steerable technology by extending system life, delivering precise directional control, and increasing drilling efficiency.
ZWIJNDRECHT, the Netherlands -- On March 6, operator Marathon E.G. Production Limited (MEGPL), a wholly-owned subsidiary of Marathon Oil Corporation, and Heerema Fabrication Group (HFG), together with project partner Iv-Oil & Gas (Iv) marked the ceremonial first cut of steel for the Alba field B3 compression platform project at HFG’s fabrication facility in Opole, Poland.
HOUSTON and FT. WORTH, Texas -- Alcoa Oil & Gas Inc., a business unit of Alcoa, has announced that Maersk Oil will use 10,000 ft of 5-in. Alcoa Aluminum Drill Pipe (AADP) for use in maintenance and abandonment operations.
FORT WORTH, Texas -- The second day of the SPE/IADC Drilling Conference in Fort Worth, Texas, featured a thorough discussion of business trends in the drilling sector of the upstream industry, and products geared to solving specific operating problems were also introduced. In the Plenary Session, Precision Drilling President and CEO Kevin Neveu led a lively discussion, featuring Jeff Flaherty, V.P., U.S. land operations, Helmerich & Payne; Karl Blanchard, V.P., production enhancement, Halliburton; and Michael Power, general manager, unconventional resources drilling & completions, Chevron.
NEW ORLEANS -- PDVSA is moving forward with a series of new heavy oil developments in the Orinoco Oil Belt that will facilitate a significant increase in production, while requiring the development of massive new infrastructure, Ruben Figuera, director of new developments in the Orinoco Oil Belt, told delegates at the World Heavy Oil Congress 2014.
LONDON (Bloomberg) -- BP CEO Bob Dudley saw his total pay triple in 2013 as the board’s renumeration head said the company had made progress recovering from the Macondo oil spill in the Gulf of Mexico.
SAN DIEGO, California -- Royale Energy has completed the field acquisition of its planned seismic survey over the western block of its Alaska North Slope acreage.
PARIS -- Technip has been awarded a major subsea contract by Eni Muara Bakau B.V., the operator of the Muara Bakau PSC, for the Jangkrik project located in the Muara Bakau PSC working area, approximately 70 km off the coast of Makassar Strait, Indonesia, at water depth ranging from 200 to 430 m.
OSLO, Norway (Bloomberg) -- Oil and gas companies operating in Norway, western Europe’s largest producer, maintained estimates for record spending this year even as they become more selective about projects amid rising costs and lower profitability.
CALGARY, Canada -- Jura Energy has announced a commercial gas discovery at the Maru East-1 exploration well in the Guddu block.