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US Treasury allows Chevron to resume oil production in Venezuela, delivery to US only

Green Car Congress

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Venezuela General License (GL) 41 , authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela. from receiving profits from the oil sales by Chevron. Chevron currently holds a 39.2%

Venezuela 358
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Permian Resources to acquire Earthstone Energy, creating a $14B Delaware Basin independent E&P

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Permian Resources Corporation and Earthstone Energy entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt.

Delaware 195
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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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Exxon Mobil Corporation added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. billion oil-equivalent barrels at year-end 2017. ExxonMobil’s reserves life at current production rates is 14 years. Resource Base. ExxonMobil added 9.8

2017 186
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IndianOil & Praj to form JV to build biofuels production in India

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Indian Oil Corporation and Praj Industries signed a term sheet to advance plans to strengthen biofuels production capacities in India. In pursuit of energy self-reliance by leveraging captive resources, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels.

India 150
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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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IHS Markit: US oil producers to halt 1.75 MMb/d per day of production; Canada to cut 0.5 MMb/d

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Due to the collapse in oil prices, IHS Markit expects US producers are in the process of curtailing about 1.75 This resumption of production may accelerate if WTI remains above $30 per barrel—a price that allows operators to cover their operating costs and that reflects improved storage availability.

Oil 186
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Athabasca Oil Corporation green-lights $536M Hangingstone SAGD oil sands project

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The Board of Directors of Canada-based Athabasca Oil Corporation has given the go-ahead to the company’s $536-million Hangingstone 1 SAGD (steam-assisted gravity drainage) Project; the company also reaffirmed that its Light Oil Division is on track to meet its year-end production target of 10,000 to 11,000 barrels of oil.

Oil-Sands 199