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A subsidiary of PTT Exploration & Production PCL (PTTEP) will pay $2.127 billion to a subsidiary of Murphy Oil Corp. for Murphy’s two primary Malaysian subsidiaries, Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd. A bonus payment of up to $100 million is contingent upon certain future exploratory drilling results prior to October 2020.
The natural gas agreement for the $13-billion Total SA-operated Papua LNG (Elk-Antelope) project in the Eastern Highlands of Papua New Guinea is likely to be signed on Apr. 5, according to the country’s Prime Minister Peter O’Neill. He made the announcement when giving the opening address to the Papua New Guinea Petroleum & Energy Summit Mar. 19 in Port Moresby.
Light, sweet crude oil for May delivery increased just shy of $1 to settle above $60/bbl on Mar. 20. Government data Mar. 20 indicated a tightening of US oil supplies, pushing the price past the $60/bbl mark for the first time since Nov. 9, 2018. Analysts expected a small drawdown in supplies, but the US Energy Information Administration’s weekly oil and products inventory report showed crude oil inventories for the prior week decreased 9.6 million bbl.
The US Environmental Protection Agency published a list of 40 chemicals on Mar. 20 that it intends to review and prioritize for risk evaluation under the amended Toxic Substances Control Act (TSCA). It said it was releasing the list to give the public opportunities to submit relevant information such as the uses, hazards, and exposure for these chemicals.


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