Restraint of oil production by members of the Organization of Petroleum Exporting Countries and 10 cooperating nonmembers is to continue through 2018 under agreements reached Nov. 30 in Vienna.

Chinese state-owned China Energy Reserve & Chemical Group has made a $430-million (Aus.) takeover bid for Sydney’s AWE Ltd. AWE, which earlier this week announced the completion of a successful test evaluation of the Waitsia gas field in Western Australia, described the cash bid as “unsolicited, nonbinding, indicative, and conditional.”

Statoil has let a contract to KBR Inc. for the concept and front-end engineering design of its Northern Lights onshore carbon dioxide storage terminal in Norway. The terminal is a key component of the carbon capture and storage demonstration project being undertaken by Gassnova, with Statoil, in partnership with Royal Dutch Shell PLC and Total SA, responsible for transport and storage.

Beach Energy Ltd., Adelaide, has signed a binding agreement with Cue Energy Resources Ltd. of Melbourne to farm into two exploration permits in the Carnarvon basin offshore Western Australia that contain the large Ironbark gas and condensate prospect.

Asdrubal Chavez, a cousin of the late former president of Venezuela, has been named acting president and chief executive officer of Citgo Petroleum Corp. a week after the arrests of his predecessor and five other company executives on charges of corruption. 

The light, sweet crude oil contract for January delivery settled above $57/bbl Nov. 29, dropping modestly before members of the Organization of Petroleum Exporting Countries met Nov. 30 in Vienna. Brent crude oil for January also fell but still settled above $63/bbl.

Coincidence underscores lessons too easily overlooked in the Nov. 19 collapse of government-forming discussions in Germany.

AWE Ltd.’s final well in the current appraisal and development program in Waitsia natural gas field in Western Australia’s onshore Perth basin has tested at one of the highest flow rates in Australian history.