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MARKET WATCH: Oil futures prices gain ground after steep fall early in week

08/22/2014

Crude oil futures prices continued to gain traction after falling steeply earlier this week.

Kvaerner to study Oseberg subsea alternative

08/22/2014

Statoil has commissioned Kvaerner for a concept study on a slim-leg wellhead platform that could be used instead of tied-back subsea wells in future development of 25-year-old Oseberg oil field offshore Norway.

NPD completes seismic acquisition season in northern Barents Sea

08/22/2014

The Norwegian Petroleum Directorate reported completion of its seismic acquisition season Aug. 19, nearly a month ahead of schedule.

Tesco appoints new president, chief executive officer

08/22/2014

Tesco Corp., Houston, has named Fernando R. Assing, currently executive vice-president and chief operating officer, as the company’s next president and chief executive officer. Assing will succeed Julio M. Quintana, who will retire Jan. 1, 2015.

Petrobras proves oil, gas extension in Moita Bonita

08/22/2014

Petroleo Brasileiro SA (Petrobras) has proved the extension of the gas and light oil discovery made in 2012 on the BM-SEAL-10 concession block of the Sergipe-Alagoas basin offshore Brazil.

Venezuela advances desalination plant for Paraguana refineries

08/22/2014

Petroleos de Venezuela SA (PDVSA) plans to commission by yearend the first module of a seawater desalination plant designed to supply water requirements for its Paraguana refining complex in northwest Venezuela, the state-owned company said.

Petrobras begins drilling in Libra field offshore Brazil

08/21/2014

Petroleo Brasileiro SA (Petrobras) has spudded the first appraisal well in the presalt Libra field 200 km offshore Brazil. Its target depth will reach 5,850 m.

Second-phase of Halfaya field in Iraq starts production

08/21/2014

The second phase of development of giant Halfaya oil field in Iraq has started crude oil production, reported China National Petroleum Corp.

Agustiawan to step down as Pertamina president director

08/21/2014

Karen Agustiawan, president director of PT Pertamina, has officially confirmed her plan to resign, ending her tenure effective Oct. 1.

DNO reaffirms commitment to Kurdistan operations

08/21/2014

DNO International ASA remains committed to its operations in Iraq’s Kurdistan region despite the area’s recent crises, noted Bijan Mossavar-Rahmani, the company’s executive chairman, in the company’s quarterly report. The second quarter marked DNO’s 10th anniversary as the first Western oil company to explore in Kurdistan.

EIA: Brent crude oil price stability continues

08/21/2014

Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl. Compared with the volatility seen as recently as 2 years ago when Brent spot prices ranged as high as $125/bbl in March 2012 to as low as $95/bbl in June 2012, this price stability has been remarkable, according to the US Energy information Administration.

Pemex outlines restructuring plans

08/21/2014

Petroleos Mexicanos (Pemex) reported it is establishing affiliates to provide drilling, logistics, and electricity services as part of its corporate restructuring in response to Mexico’s sweeping energy reform that ended Pemex’s monopoly on oil and gas activities.

PKN Orlen lets contract for olefins plant in Poland

08/21/2014

Polski Koncern Naftowy SA (PKN Orlen) has let a contract to CB&I, Houston, for the license and engineering design of a metathesis plant for the on-purpose production of propylene at its integrated refining and petrochemical operations in Plock, Poland.

MARKET WATCH: NYMEX oil price jumps on falling US crude oil supplies

08/21/2014

The crude oil price rebounded by more than $1/bbl on the New York market Aug. 20 to settle above $96/bbl after a weekly government report showed a larger-than-expected fall in the US crude oil inventory.

Western gulf lease sale attracts $110 million in high bids

08/20/2014

Gulf of Mexico western planning area Lease Sale 238 drew 93 bids from 14 companies over 81 blocks covering 433,823 acres, totaling $109,951,644 in apparent high bids, reported the US Bureau of Ocean Energy Management (BOEM), which held the event on Aug. 20 in New Orleans.

Angolan oil flow seen above 2 million b/d

08/20/2014

Angola will produce 2.1-2.2 million b/d of crude oil by 2016, predicts Moody’s Investors Service.

TSB report outlines ‘multitude of factors’ behind Lac-Megantic train derailment

08/20/2014

A multitude of factors led to July 6 derailment of a runaway train in Lac Megantic, Que., carrying 72 carloads of Bakken crude oil bound for Irving Oil Ltd.’s refinery in Saint John, NB, according to an investigation report released Aug. 19 by the Transportation Safety Board of Canada (TSB).

USCG proposes higher offshore oil spill liability limits

08/20/2014

The US Coast Guard proposed higher offshore oil spill liability limits under the 1990 Oil Pollution Act to reflect significant increases in the Consumer Price Index.

Lawler to lead BP’s US Lower 48 onshore business

08/20/2014

BP PLC has appointed David Lawler as chief executive officer of its Houston-based US Lower 48 onshore business that’s slated to formally become a separate entity in early 2015.

Lukoil’s West Qurna-2 field production tops 280,000 b/d

08/20/2014

OAO Lukoil issued an update on West Qurna-2 field in Iraq, saying its production has exceeded 280,000 b/d compared with 120,000 b/d when Lukoil started producing from the field in March.

Statoil shuts in production from Troll C platform in North Sea

08/20/2014

Statoil ASA has temporarily shut in production from its Troll C platform in the North Sea after inspectors detected corrosion damage in pipe connected to the oil export system.

MARKET WATCH: NYMEX crude steeply declines, natural gas climbs

08/20/2014

The front-month crude oil price dropped nearly $2/bbl on the New York market Aug. 19 to settle at less than $95/bbl while the natural gas price for September rose on weather forecasts calling for hotter temperatures, meaning more gas-fired electric power demand.

USCG issues interim offshore supply vessel size limit rule

08/20/2014

The US Coast Guard issued an interim offshore supply vessel (OSV) size limit rule after a 2010 law removed the previous statutory limit. The regulation became effective upon its publication in the Aug. 18 Federal Register. Comments on it will be accepted until Nov. 17.

Canadian firms plan BC gas plant, target LNG export

08/19/2014

AltaGas Ltd. and Painted Pony Petroleum Ltd., both of Calgary, have agreed to develop processing and marketing of natural gas and NGLs for Painted Pony’s liquids-rich Montney gas production in northeast British Columbia.

Gabon, Eni leaders discuss development of Nyonie Deep gas discovery

08/19/2014

Eni SPA Chief Executive Officer Claudio Descalzi met with Gabon President Bongo Ondimba in Libreville on Aug. 18 to outline the appraisal campaign programs aimed at bringing the Nyonie Deep natural gas discovery into production over a short period of time.

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