Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
TPG Pace Energy in $2.7B deal to buy EnerVest's South Texas assets
TPG Pace Energy Holdings, an investment firm led by former Occidental Petroleum CEO Steve Chazen, has agreed to acquire EnerVest's 360,000-acre position in the Eagle Ford Shale and Austin Chalk in South Texas for $2.7 billion in cash and stock. Additionally, the two companies are creating a publicly traded firm named Magnolia Oil & Gas, with Chazen serving as chairman, president and CEO.
Strong refining margins prompt switch to summer gasoline production
US refiners have transitioned to summer-blend gasoline several weeks earlier than usual as they rush to take advantage of stronger profit margins for contracts due in June and July. However, some traders warned that the early switch could inflate inventories, putting a lid on prices.
Geosteering technology helps with drilling accuracy
The use of advanced geosteering technology to adjust borehole positions during the drilling process can improve performance and save money. Sensors allow drilling teams to get information about the bit's location instantly so they can make adjustments to keep the wellbore on target.
Offshore drilling platforms to face longer safety inspections
The Bureau of Safety and Environmental Enforcement has unveiled plans to increase the safety inspection time for offshore drilling platforms in a move that is expected to streamline inspections while reducing the taxpayer burden by almost $20 million over 3.5 years. Under the new plan, BSEE inspectors will also get access to electronic records onshore for the first time.
EPA may relax oil refinery pollution rules
The Environmental Protection Agency has proposed amendments to the Obama administration's 2015 rule on oil refinery pollution in an effort to enhance clarity and certainty of regulations and make compliance easier. The revisions would affect provisions related to recordkeeping, compliance reporting and work practices and could result in cost savings of $11.5 million per year for the industry.
Susan Dio becomes first woman to head BP Americas
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