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Pin Oak Energy Partners has acquired 70,000 net acres and midstream properties in the northern Utica-Point Pleasant gas play of Ohio and Pennsylvania from multiple sellers. The acquired lease interests, 90% held by production, are in Mahoning, Trumbull, and Guernsey counties, Ohio, and Mercer County, Pa. Associated pipeline rights-of-way are included. 

Parkmead Group PLC is exploring a new development strategy for Perth and Dolphin oil fields in the Moray Firth area of the Central UK North Sea after expanding its interests to 100%. The company has signed an agreement with Nexen Petroleum to conduct a detailed engineering study of a potential tie-back of its Greater Perth Area project to the Scott platform operated by Nexen 10 km southeast. 

ExxonMobil Corp. has added 2.7 billion boe of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil’s proved reserves totaled 21.2 billion boe at yearend 2017. Liquids represented 57% of the reserves, up from 53% in 2016. ExxonMobil’s reserves life at current production rates is 14 years.

The US energy transportation system already is one of the world’s best, witnesses told the US Senate Energy and Natural Resources Committee. But it won’t help reach the Trump administration’s goal of achieving global energy dominance without more cooperation between state and federal agencies in issuing permits for projects, they warned during a Feb. 8 hearing.

Light, sweet crude oil prices for March delivery dropped modestly to settle above $61/bbl on Feb. 8 on the New York market while Brent crude oil for April delivery also dropped modestly to settle above $64/bbl on the London market.


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