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California lawmakers pass in-state gas system methane emissions bill

Aug 28, 2014

The California Senate passed a bill aimed at curbing methane emissions from intrastate natural gas pipelines and local distribution systems. SB 1371, which was approved by 23 to 11 votes on Aug. 27, passed the state’s Assembly a day earlier by 57 to 20 votes. It now heads to the desk of Gov. Jerry Brown (D) for final action.

Fitch: Drilling downturn might prompt some consolidation

Aug 28, 2014

A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at favorable prices, Fitch Ratings of Chicago said in a recent research note, adding that master limited partnerships (MLPs) in particular can provide financial flexibility.

MARKET WATCH: NYMEX, Brent oil futures rise on Russia-Ukraine conflict

Aug 28, 2014

Crude oil prices rose slightly on the New York and London markets Aug. 27 as international oil traders watched what appears to be an escalating conflict between Russia and Ukraine.

European refiner squeeze seen in W. African crude changes

Aug 27, 2014

European refining is pivotal in “a second wave of structural changes” pummeling West African (WAF) crude oil prices in response to growing production of light oil in North America, notes a report from the Oxford Institute for Energy Studies, London.

WoodMac: Norway’s 10 billion bbl of undeveloped resources could net $106 billion

Aug 27, 2014

Norway holds 10 billion boe of discovered but undeveloped natural resources, of which 60% could be commercialized and potentially add $106 billion to the country’s revenues, Wood Mackenzie reported in its latest upstream estimates released Aug. 26 at the Offshore Northern Seas conference in Stavanger.

Verma named managing director at India’s ONGC Videsh

Aug 27, 2014

India’s ONGC Videsh Ltd. has named Narendra Verma its managing director. Verma’s previous positions include director of exploration of Maharatna ONGC and director of exploration for ONGC Videsh.

CNRL files OSCA application with AER for Grouse oil sands project

Aug 27, 2014

Canadian Natural Resources Ltd. has submitted an Oil Sands Conservation Act application with Alberta Energy Regulator for its Grouse steam-assisted gravity drainage (SAGD) project.

MARKET WATCH: NYMEX prices climb ahead of US oil supply drop

Aug 27, 2014

Crude oil prices rose modestly on the New York market Aug. 26 ahead of the weekly government oil inventory report while analysts correctly anticipated a drop in US oil and product supplies although the statistics showed a bigger decline than expected.


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