10-26-2016, 10:51 PM
OPEC Secretary-General Mohammed Barkindo said the 14-nation group is facing its toughest challenge as members debate oil-production cuts needed to balance the market. “OPEC has gone through good times and conditions for more than half a century and hard ones too, and the current stage is the hardest one,” Barkindo said during a visit to Baghdad in remarks distributed by Iraq’s Oil Ministry. OPEC is working hard on a solution to stabilize the market, he said after meeting Oil Minister Jabbar Al-Luaibi for talks.
OPEC is at ‘hardest’ stage in its history, secretary-general says
Distant wastewater disposal wells likely induced the third largest earthquake in recent Oklahoma record, the Feb. 13, 2016, magnitude 5.1 event roughly 32 km northwest of Fairview, Okla. These findings from the U.S. Geological Survey are available in the online edition of Geophysical Research Letters.
Wastewater disposal likely induced magnitude 5.1 Oklahoma quake: USGS
The first phase of BP Oman’s Khazzan natural gas project is 80% complete and on track to deliver first gas near the end of 2017, the company said in a statement. Situated on a previously undeveloped desert site 350 km south of Muscat, work on the Khazzan tight gas project'>project began in 2014, and the completed development will eventually contribute roughly a third of Oman’s natural gas supply.
First phase of BP’s massive gas project in Oman nears completion
Oil companies continue buying acreage in West Texas’s prolific Permian Basin. This time, it was Denver’s SM Energy, announcing Tuesday it was picking up 35,700 acres in Howard and Martin counties, north and east of Midland, from private-equity backed and Houston-based QStar for $1.6 billion in cash and stock. The deal included 2,400 barrels per day of existing oil and gas production and works out to at least $42,000 per undeveloped acre, analysts said, stacking the purchase up among top prices this year.
Oil companies keep paying for Permian land; ‘High-water numbers,’ analyst says | Fuel Fix