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Apache to sell more Western Canada assets

March 31st, 2014

Houston independent Apache Corp. has agreed to sell its producing oil and gas assets in the Deep basin area of western Alberta and British Columbia for $374 million. The transaction is expected to close on or about Apr. 30.

MARKET WATCH: Crude oil futures end week above $100/bbl mark

March 31st, 2014

The New York Mercantile Exchange May crude oil contract was up 39¢ on Mar. 28, closing at $101.67/bbl. The June contract increased 36¢ to settle at $100.89/bbl.

ORPIC lets contract for ethylene plant

March 31st, 2014

Oman Oil Refineries & Petroleum Industries Co. (ORPIC) has let a contract to CB&I to provide ethylene technology and front-end engineering and design (FEED) services for its proposed Liwa Plastics Project (LPP) at the Sohar Industrial Port Area in Oman.

Workshops planned on offshore voluntary near-miss reporting system

March 31st, 2014

Workshops will be held Apr. 22 in Los Angeles and Apr. 24 in Houston to discuss the federal government’s new voluntary near-miss reporting system for oil and gas producers, the US Bureau of Safety and Environmental Enforcement announced in a Mar. 31 Federal Register notice.

API report unveils economic gains from US crude exports

March 31st, 2014

A recent study details significant US jobs gains, reduced consumer fuel costs, and robust economic growth associated with future crude oil exports, according to Kyle Isakower, vice-president for regulatory and economic policy for the American Petroleum Institute. The new study, by ICF International and EnSys Energy, was released Mar. 31 during an API conference call.

Cooper Energy buys into Basker-Manta-Gummy fields

March 31st, 2014

Cooper Energy Ltd., Adelaide, has acquired a 65% interest and operatorship of the the Basker-Manta-Gummy (BMG) oil and gas fields in Bass Strait.

TPG to acquire Encana’s Jonah field operations for $1.8 billion

March 31st, 2014

An affiliate of TPG Capital has agreed to acquire certain natural gas properties in Jonah field in Sublette County, Wyo., from Encana Oil & Gas Inc., a wholly owned subsidiary of Encana Corp., for $1.8 billion.

Empire names chief executive officer

March 31st, 2014

Empire Oil & Gas NL, Claremont, Western Australia, has selected Ken Aitken as its chief executive officer. He will assume the position in May.

Lukoil starts production at West Qurna-2 field

March 31st, 2014

Lukoil Mid-East Ltd. has started production at Iraq’s West Quarna-2 oil field after reaching its target of 120,000 b/d on Mar. 28. The company says it must maintain that level of production for the next 90 days to begin receiving a return on investment, based on a 2010 agreement with the Iraqi government.

Dong and RWE part-sell UK offshore wind assets

March 31st, 2014

The UK’s Green Investment Bank has been involved in significant transactions involving offshore wind power projects today (Monday).

Japanese bank Marubeni and the UK Green Investment Bank has agreed to acquire 50 per cent of the 210 MW Westernmost Rough UK offshore project from Dong Energy for £240 million (EUR 290 million).

The wind farm, which is located in the English North Sea, is currently under development. It will be co-owned by Dong, Marubeni and the GIB with the latter two committing £500 million to the project's construction.
Wind turbines
Last month, the first foundation was installed at the project. The project's 6 MW Siemens turbine are set for delivery in the summer, with the project expected to be commissioned in the first half of 2015.

Meanwhile, RWE Innogy entered into an agreement with the Green Investment Bank to sell 10 per cent share of Gwynt y Môr offshore wind farm.

RWE Innogy (FWB: RWE) will generate £220m of new capital as a result of the sale, which will be reinvested into other renewable energy projects within its extensive portfolio.

Dr Hans Bünting, CEO of RWE Innogy said “By continuing to open up our projects to investors, we maintain our stated objective of being a trusted partner for the transformation of the European energy system, within which the UK has a key role. Our aim is to raise additional capital for the extension of renewable energy in Europe by creating attractive investment models.”

UK Energy and Climate Change Secretary, Ed Davey, said: "The UK is number one in the world for investment in offshore wind. This news is proof of the strength of investment in British energy infrastructure - and proof that the Government's strategy is working - supporting green jobs across the country and delivering secure energy supplies for the future.

Gwynt y Môr is a greater than £2billion offshore wind farm on schedule to become fully operational in 2014, when it will be capable of generating enough energy from renewable sources to power the equivalent of approximately 400,000 homes - around a third of the total number of homes in all of Wales.

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