More Oil & Gas News

Eni signs PSC for block offshore China

Eni signed a production sharing contract with China National Offshore Oil Corp. for Block 50/34 off the southwestern coast of Hainan Island in the South China Sea.

MARKET WATCH: Oil futures climbing on Iraq’s instability

Crude oil futures climbed on both the New York and London markets June 19, which analysts said was largely driven by rising concerns about instability in Iraq and ongoing risks to Iraqi oil production. Brent crude oil prices briefly reached a 2014 high of $115.71/bbl June 19 before closing just above $115/bbl.

Udall introduces updated bill to accelerate LNG export approvals

US Sen. Mark Udall (D-Colo.) introduced an updated version of his earlier bill aimed at accelerating federal approvals of LNG export projects. The new measure accounts for the US Department of Energy’s proposal to revise the process for determining whether such projects are in the US national interest, he explained on June 18.

API: US production outpaced petroleum demand in May

US crude oil production in May increased 14.7% from May 2013 to 8.3 million b/d—the highest level for the month since 1987—according to a report from the American Petroleum Institute.

FERC approves Cameron LNG liquefaction, export project

The Federal Energy Regulatory Commission authorized Cameron LNG LLC’s plan to build and operate facilities to liquefy and export natural gas from its existing liquefied natural gas import terminal in Hackberry, La.

Bonaparte FLNG partners ponder other development options

The joint venture of GDF Suez and Santos Ltd. in the Bonaparte Gulf has decided to consider other potential development options as well as the floating LNG (FLNG) concept for the development of its Bonaparte natural gas fields.

BLM seeks comments on EA for Koch’s proposed gas wells in Utah

The US Bureau of Land Management’s Vernal, Utah, field office is seeking public comments on an environmental assessment it conducted of Koch Exploration Co. LLC’s proposal to drill up to 135 natural gas wells in eastern Utah.

Crude prices could climb if Iraq instability persists, SAFE warns

Despite continuing US production increases, global crude oil prices could climb as much as $40/bbl if instability in Iraq persists, Securing America’s Future Energy (SAFE) warned in a recent report.

MARKET WATCH: Brent crude tops $114/bbl on Iraqi insurgency

Crude oil futures declined modestly on the New York market June 18 after a weekly inventory report showed US crude oil supplies declined less than analysts had expected for the week ended June 13, and Brent crude oil prices climbed again on the London market given rising concerns about Iraq.

Barrasso questions purpose of Senate Energy panel’s Keystone vote

As he announced his support for it, US Sen. John A. Barrasso (R-Wyo.) said the Energy and Natural Resources Committee’s vote on Chairwoman Mary L. Landrieu’s (D-La.) bill to bypass the White House and approve the Keystone XL crude oil pipeline “seems more like a cheerleading exercise than a meaningful effort to get Keystone built.”

API urges EPA administrator to quit delaying ethanol mandates

The American Petroleum Institute urged the US Environmental Protection Agency to quit dragging its feet and issue final 2014 ethanol blending quotas that are months overdue.

Environmental groups sue FWS over lesser prairie chicken designation

Three environmental organizations sued the US Fish and Wildlife Service over its Mar. 27 decision to list the lesser prairie chicken as a threatened, but not endangered, species.

American Energy, EMG form midstream unit

American Energy Partners LP (AEP) and The Energy & Minerals Group (EMG) have formed American Energy–Midstream LLC (AE-MidCo) to focus on areas where affiliates of both companies have active upstream operations.

Canadian government approves Northern Gateway pipeline

Canada’s federal government approved Enbridge Inc.’s proposed Northern Gateway crude oil pipeline project as long as it meets 209 conditions a joint review panel imposed in December.

MARKET WATCH: Iraqi refinery fire likely to move oil futures

Crude oil futures hovered around $106/bbl on the New York market June 17 awaiting a weekly US government inventory report while international oil markets remained focused on instability in Iraq where militants attacked a refinery.

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