Defaults are still occurring in US energy despite higher oil prices, said Fitch Ratings, pointing specifically at exploration and production companies. In August 2016, the distress rate peaked with a 32.1% default rate for E&P companies. In January 2017 the default rate hit 19.7% for energy overall.
Scotland has a government opposed to hydraulic fracturing but not a ban on the completion technique, the Court of Session in Edinburgh has ruled. Ineos Shale, which holds two petroleum exploration and development licenses between Glasgow and Edinburgh, welcomed the ruling even though it represented legal defeat.
Gulfport Energy Corp., Oklahoma City, has updated recent well results on its SCOOP Woodford assets in Oklahoma’s southeastern Anadarko basin. The SCOOP play mainly targets the Devonian to Mississippian Woodford shale.
Waltersmith Petroman Oil subsidiary Waltersmith Refining & Petrochemical has let a contract to Velem—a joint venture of Lambert Electromec and VFuels—to build a 5,000-b/d modular refinery at Ibigwe, Nigeria.
Denbury Resources Inc., Plano, Tex., has sanctioned a carbon dioxide enhanced oil recovery project at Cedar Creek Anticline, which extends across Montana, North Dakota, and South Dakota. Denbury has interest in about 175,000 acres.
The Kuwait Energy Al Jahraa-6, the first of two development wells planned this year on the Abu Sennan license in Egypt’s Western Desert, also will test deeper-pool potential, reports Rockhopper Exploration PLC, a partner in the production-sharing contract.
Occidental Petroleum Corp. and White Energy agreed to evaluate the feasibility of a carbon capture, utilization, and storage project that would capture carbon dioxide at White Energy’s ethanol infrastructure in Hereford and Plainview, Tex.
Ryan Gritzfeldt has been named chief operating officer of Crescent Point Energy Corp., Calgary. He had been vice-president, marketing and innovation, and before that vice-president, engineering and business development east.
Light, sweet crude oil prices gained on the New York market June 18 while Brent crude prices for August climbed by $1.90/bbl in London. Oil prices have fluctuated between gains and losses in recent trading sessions.
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