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Pemex defers projects, cuts 2016 budget by $5.5 billion

Petroleos Mexicanos (Pemex) has reduced its 2016 capital budget by 22% compared with that of 2015 to $20.8 billion. The firm says the sharp decline in crude oil prices “poses serious liquidity problems” necessitating the downward revision.

Gas pipelines don’t lower property values, INGAA Foundation study finds

An underground natural gas pipeline’s presence does not affect residential properties’ sales prices or insurability, a study commissioned by INGAA Foundation Inc. concluded. The study by Integra Realty Resources Inc. for the Interstate Natural Gas Association of America’s foundation based the finding on analysis of property sales in Ohio, New Jersey, Virginia, and Mississippi.

Keep lease sale in OCS plan, 3 Mid-Atlantic House members urge Jewell

Three US House Republicans from Mid-Atlantic coastal states asked US Interior Sec. Sally Jewell to keep all of the proposed area for an oil and gas lease sale off their states in the next 5-year US Outer Continental Shelf management program.

India eyes incentives for high-cost gas

The Indian government is considering incentives for development of high-cost natural gas resources.

Group cancels Douglas Channel LNG project

Work has ceased on the Douglas Channel LNG project near Kitimat, BC.

Libra confirms extension of Petrobras find in presalt block

Petroleo Brasileiro SA (Petrobras) confirmed the discovery of “good-quality” oil in reservoirs showing “excellent productivity” via its 3-BRSA-1305A-RJS well, also known as 3-RJS-739A, in the northwestern portion of the Libra block in the presalt Santos basin.

Lukoil: Oil reserves rise sixfold at field in Timan-Pechora

PJSC Lukoil says recoverable crude oil reserves have increased more than sixfold at a field discovered in late 2011 in the Timan-Pechora basin in northern Russia.

Framework agreement inked for Horn of Africa multiproduct fuel line

Partners have signed a framework agreement for the construction of a 550-km, 240,000-b/d pipeline that will transport jet fuel, diesel, and gasoline from the port of Djibouti on the Gulf of Aden to storage facilities in Awash, near the capital city of Addis Ababa in central Ethiopia.

ONGC, Essar make gas find at shallower depths offshore Mumbai

Essar Energy Ltd. reported the discovery of natural gas in the Pliocene formation offshore India’s west coast. Essar’s consortium partner, Oil & Natural Gas Corp. Ltd., is operator and has 70% interest.

MARKET WATCH: NYMEX crude oil prices drop slightly

Light, sweet crude oil prices on the New York market dropped slightly to settle below $33/bbl on Feb. 26 and appeared to be staying relatively flat in early Feb. 29 trading. Analysts suggested investors are waiting on news about a possible oil-production freeze to set price direction.

EPA administrator ‘revved up’ about regulating energy

People should exult in their work—except when they regulate others for a living, in which case some measure of introspection seems appropriate.

Lieutenant governor asks BOEM to remove Virginia sale from OCS plan

Virginia’s lieutenant governor asked the US Bureau of Ocean Energy Management to remove a lease sale off the commonwealth’s coast from the next US Outer Continental Shelf 5-year program.

BHI: US rig count nearing lowest level in generations

The US rig count dropped 12 units to 502 during the week ended Feb. 26, according to Baker Hughes Inc. data. While the decline is the smallest thus far this year, it represents the eighth straight weekly double-digit drop to begin 2016.

Texas ethane cracker on track for 2017 startup, Mexichem says

Occidental Chemical Corp. (OxyChem) and Mexichem SAB de CV (Mexichem) remain on schedule to commission their 50-50 joint venture Ingleside Ethylene LLC’s 1.2 billion-lb/year (550,000-tonne/year) ethane cracker at Ingleside, Tex., in early 2017.

Eni progresses on Egypt appraisal drilling

Eni SPA has completed drilling its first appraisal well of the Zohr discovery on the Shorouk block offshore Egypt. The Zohr 2X well was drilled to 13,684 ft, encountering 1,614 ft of continuous hydrocarbon column in a carbonate sequence with 305 m of net pay. The well is 1.5 km southeast of Zohr 1X and down-dip of the initial discovery in 4,800 ft of water.

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