More Oil & Gas News

API leads industry call for more OCS access in next 5-year program

The Obama administration should consider all parts of the US Outer Continental Shelf for leasing in the 2017-22 OCS program it has begun to prepare so future national energy policy options can be maximized, the American Petroleum Institute and 10 other oil and gas trade associations jointly said.

IEA: Oil demand growth forecast lowered on downgraded economic outlook

The global oil demand growth forecast for 2014 has been curtailed since last month’s report to a more modest 1 million b/d, according to the International Energy Agency’s most recent Oil Market Report.

EIA: Utica gas output to reach 1.3 bcfd in September

Total natural gas production in Ohio’s Utica region—which includes production from the Utica and Point Pleasant formations as well as legacy production from conventional reservoirs—is expected to increase to 1.3 bcfd in September from just 155 MMcfd in January 2012, according to the US Energy Information Administration’s Drilling Productivity Report (DPR).

INGAA Foundation, ICF jointly release infrastructure study data

Data are now available that underpin a major natural gas infrastructure study the INGAA Foundation Inc. released in March, the foundation and ICF International, which prepared the study, jointly announced on Aug. 11.

MARKET WATCH: NYMEX crude oil futures rise modestly awaiting IEA report

Oil prices rose modestly on the New York market Aug. 11 while analysts awaited the Aug. 12 release of monthly reports from the International Energy Agency and US Energy Information Administration.

Green Dragon enters Chengzhuang cooperation agreement

Green Dragon Gas Ltd. has entered into a cooperation agreement with China National Petroleum Corp. relating to the Chengzhuang block, a 67-sq-km area included within the Shizhuang South production-sharing contract.

House Democrats call for higher federal onshore royalty rates

Rep. Alan Lowenthal (D-Calif.) urged the US Department of the Interior to raise the 12.5% royalty rate oil and gas producers pay for production from onshore federal lands.

Brightoil completes $1.046-billion acquisition of Bohai Bay assets

Brightoil Petroleum Ltd. has closed on its acquisition of interest in two oil producing blocks in Bohai Bay from Anadarko China Holdings 2 Co. Ltd., a wholly owned subsidiary of Anadarko Petroleum Corp., for $1.046 billion.

MARKET WATCH: Crude futures prices continue gains in New York

Crude oil futures prices ended last week on an upswing, continuing to make gains on geopolitical news of ongoing conflict in Iraq and elsewhere.

KMI executes $71-billion consolidation purchase

Kinder Morgan Inc. (KMI), Kinder Morgan Energy Partners LP (KMEP), Kinder Morgan Management LLC (KMR), and El Paso Pipeline Partners LP reported that KMI will acquire all of the outstanding equity securities of KMEP, KMR and El Paso, creating a single publicly traded security, KMI. The total purchase price of the transaction was $71 billion: $40 billion KMI equity, $4 billion cash, and $27 billion assumed debt.

Finlayson appointed InterOil chairman

Chris Finlayson has been named InterOil Corp. chairman-designate. He succeeds Gaylen Byker, who announced at the company’s annual meeting in June that he would retire after 17 years on the board.

PwC: 2Q oil and gas M&A activity strongest in 5 years

The US oil and gas industry experienced a substantial rise in mergers and acquisitions during the second quarter, according to a quarterly report by PwC US Energy Practice.

EPA won't require 2013 RFS reports until after 2014 quotas are out

Refiners and other obligated parties under the federal Renewable Fuels Standard won't be required to file 2013 reports until after 2014 quotas for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel have been announced, the US Environmental Protection Agency said.

DOE unveils initiative to curb methane emissions from US gas systems

The US Department of Energy announced an initiative to reduce methane emissions from natural gas systems nationwide following a series of roundtables with stakeholders.

BLM drilling permit bill attracts broad support at Senate hearing

Witnesses and committee members argued over the extent of oil and gas drilling permit delays at US Bureau of Land Management field offices.

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