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WoodMac: Brazil, Norway oil to alter markets

An estimated 3.8 million b/d of new supply by 2025 of heavy, sweet crude from large developments offshore Brazil and Norway will help European refiners, says Wood Mackenzie.

Low crude prices may thin, but not kill, US production, speakers say

Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said.

MARKET WATCH: NYMEX oil price drops slightly on stronger dollar

The light, sweet crude oil futures contract for June delivery fell slightly as the dollar strengthened but front-month oil prices held above $59/bbl by settlement May 11 on the New York market.

Shell gets conditional approval for US Arctic drilling plan

The US Bureau of Ocean Energy Management (BOEM) on May 11 conditionally approved Shell Gulf of Mexico Inc.’s revised multiyear exploration plan (EP) that proposes the drilling of as many as six wells on the Burger prospect in the Chukchi Sea.

PwC: Low oil prices reduce 1Q M&A activity in US

Mergers and acquisitions (M&A) activity in the oil and gas industry took a hit in value and volume during the first quarter compared with fourth-quarter 2014, as the drop in oil prices continued to impact companies’ growth strategies, according to a report from PwC US.

NGSA, CLNG report intent to combine

The Natural Gas Supply Association (NGSA) and the Center for Liquefied Natural Gas (CLNG) reported their intent to combine.

Fire hits at Shell’s German integrated refining complex

Royal Dutch Shell PLC has extinguished a fire that occurred at its Shell Deutschland Oil GMBH–operated petrochemicals plant at Wesseling, Germany, which together with the Godorf refinery near Cologne-Godorf, comprise Shell’s 325,000-b/d integrated Rheinland refinery, Germany’s largest.

Seven Group increases interest in Beach Energy

The diversified Seven Group Holdings, Perth, media combine has taken another bite of Beach Energy Ltd., Adelaide. It has increased its interest in Beach from 16.24% up to 18.29% following the acquisition of an extra 26.6 million shares at prices of about $1.12 (Aus.)/share.

Gazprom, CNPC sign heads of agreement on western route

OAO Gazprom and China National Petroleum Corp. signed a heads of agreement for gas supply via the western route from Western Siberia to China. The companies had signed a framework agreement on the western route last November.

Noble to acquire Rosetta for $2.1 billion, enter Permian

Noble Energy Inc., Houston, has agreed to acquire Rosetta Resources Inc., Houston, in an all-stock transaction valued at $2.1 billion, plus the assumption of Rosetta’s net debt of $1.8 billion as of Mar. 31. The deal is expected to close in the third quarter.

MARKET WATCH: NYMEX rise slightly on slower US rig count decline

The light, sweet crude oil futures contract for June delivery rose slightly to settle above $59/bbl on the New York market May 8 after Baker Hughes Inc. reported the US rig count fell to 894 rigs, but it was the smallest drop since early April.

Senate Democrats offer bill to phase out older rail tank cars

Legislation to accelerate the phase-out of older rail tank cars to reduce accidental crude oil spills has been introduced by Finance Committee Ranking Minority Member Ronald L. Wyden (D-Ore.) and six other US Senate Democrats.

US, Canada jointly release crude-by-rail transportation rules

The US and Canada simultaneously issued new regulations governing transportation of crude oil and other hazardous materials by rail.

OTC: Nova Scotia draws deepwater interest with latest bid round

The Canadian province of Nova Scotia reported the addition of seven new offshore blocks in its deepwater region May 5 at the Offshore Technology Conference in Houston.

OTC: Indonesia seeks paradigm shift in developing western deepwater assets

Indonesia is working to change the way it develops its oil and gas resources, according to Ir. I Gusti Nyoman Wiratmaja, Indonesia's acting director general of oil and gas.

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