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Lundin Petroleum plans an extended well test and further exploration drilling following positive results on Rolvsnes that derisk the similar on-trend prospectivity on an adjacent license.

LyondellBasell Industries NV officially has broken ground on what it is calling the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant at the company’s Houston-area complex in Channelview, Tex.

Trinidad and Tobago’s state-owned Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin) plans to end the company’s refining operations at its 165,000-b/d Pointe-a-Pierre refinery.

The light, sweet crude oil contract for October fell to settle below $70/bbl on the New York market Aug. 31 while Brent crude oil for October also dropped but still managed to settle above $77/bbl for a third consecutive trading session. Despite moderate losses Aug. 31, oil prices have risen on a weekly basis for two consecutive weeks, which analysts attribute to pending US oil sanctions on Iran scheduled to take effect in nearly November.

Transocean Ltd. plans to acquire Ocean Rig UDW Inc., boosting Transocean’s position in the ultradeepwater and harsh-environment drilling markets. Expected to close in early 2019, the transaction involves cash and stock worth an estimated $2.7 billion, including Ocean Rig’s debt. The transaction adds nine high-specification ultradeepwater drillships, two harsh-environment semisubmersibles, and two high-specification, ultradeepwater drillships currently under construction.

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