Here’s what you need to know this week in oil and gas:
Tillerson confirmed as Secretary of State
Former Exxon CEO Rex Tillerson was confirmed as secretary of state this week in a close Senate vote.
In a 56 to 43 vote, all Republicans, three Democrats and one Independent Senator voted to confirm Tillerson.
According to The New York Times, the votes against Tillerson’s confirmation were the most in Senate history for secretary of state. Despite the division, Tillerson said at his swearing-in ceremony this week that he promised to “represent the interests of all the American people at all times.”
Army will likely approve Dakota pipeline easement
The Army Corps of Engineers has been directed to proceed with the Dakota Access pipeline.
North Dakota Sen. John Hoeven says the acting secretary of the Army has told the Army Corps of Engineers to move ahead with the pipeline. Hoeven spokesman Don Canton says it means the easement “isn’t quite issued yet, but they plan to approve it” within days.
The pipeline is complete except for one section under the Missouri River at Lake Oahe in North Dakota.
ExxonMobil to increase spending, drilling in 2017
ExxonMobil plans to hike its capital expenditures this year to about $22 billion.
The plan makes Exxon one of the few companies this year to announce a major spending increase.
“We want to get to it right away,” said Jeff Woodbury, an ExxonMobil spokesman.
As part of that plan, the company will hike oil production in the Delaware Basin this year and eventually add on 15 rigs or more in the region.
With the addition of the Delaware Basin acreage, the company now has 4,500 wells in the Permian Basin.
Shell sells $4.7 billion in North Sea, Thailand fields
Shell agreed to the sale of $4.7 billion in oil fields in the North Sea and Thailand to help shed assets and cut down on company debt.
Chrysaor Holdings Ltd. bought the North Sea oil and gas asset for about $3.8 billion. Kuwait Petroleum Corp. bought the Thai field for about $900 million.
“The sale helps Shell focus on newer growth projects in the North Sea and gives away smaller, older fields and this makes it more focused,” said Iain Armstrong, a London-based analyst with Brewin Dolphin Ltd., which owns oil company shares. “It’s money in the bank for Shell which helps reduce debt.”
The post The Top 4 Headlines To Know This Week In Oil & Gas appeared first on The Surge™.