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Southern Mid-Atlantic US senators petition for OCS revenue sharing

US senators from four southern Mid-Atlantic coastal states asked Energy and Natural Resources Committee leaders to consider comparable federal Outer Continental Shelf revenue sharing for oil and gas activity off their shores to what four US Gulf Coast states now receive.

Virginia taskforce says oil train safety largely up to federal officials

A Virginia Railroad Safety and Security Task Force issued a draft report saying rail safety issues are largely up to the US government to address. The taskforce was formed in response to an Apr. 30, 2014, derailment of a train carrying crude oil from the Bakken formation to York County, Va.

MARKET WATCH: Crude oil prices rebound on volatile New York, London markets

US light, sweet crude oil prices and Brent crude oil prices regained some strength Apr. 9 after both plunged by more than $3.50/bbl the previous day on a volatile market for the week while many traders anticipate a recovery for crude oil although the timing of the recovery is uncertain.

Gazprom Neft takes first batch of Iraqi crude

JSC Gazprom Neft has received the first delivery of Kirkuk-grade oil from Iraq as compensation for its investment in Badra field development in Wasit province.

New partnership seeks Permian basin assets

Three Rivers Natural Resource Holdings III has been formed with an equity commitment of as much as $500 million for acquisition of oil and gas properties in the Permian basin.

MARKET WATCH: Crude oil prices plunge on robust US inventory, record Saudi output

US light, sweet crude oil prices and Brent crude oil prices both plunged by more than $3.50/bbl for front-month delivery on the New York and London markets, which analysts attributed to robust US oil inventories and also reports of record Saudi oil production.

Apache to sell Australian operations for $2.1 billion

Houston independent Apache Corp. reported signing an agreement to sell its Australian subsidiary Apache Energy Ltd. to a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. for cash payment of $2.1 billion.

COS report finds US offshore operations safer, can improve

The US offshore oil and gas industry is safer than ever, though there is still room to improve, according to the first annual performance report released Apr. 8 by the Center for Offshore Safety (COS).

Cedigaz: Russian gas market ‘facing numerous challenges’

The next decade will be critical for the Russian natural gas industry with the outcome largely depending on the nation’s pricing and institutional policies, according to a Cedigaz report, “Russian Gas Market: Entering New Era.”

Shell to acquire BG Group for $70 billion

Royal Dutch Shell PLC has agreed to acquire BG Group PLC in a $70.1-billion cash and shares deal intended to sharpen Shell’s focus on integrated gas projects and deep water.

MARKET WATCH: US crude oil prices reach 2015 high

Light, sweet crude oil prices settled at nearly $54/bbl Apr. 7 on the New York market—the highest level this year—while Brent crude oil prices rose above $59/bbl on the London market.

Houssin to lead IFP Energies nouvelles

Didier Houssin has been appointed by the French government to be chairman and chief executive officer of IFP Energies nouvelles. He succeeds Olivier Appert, who led the public research and training organization for 12 years.

EIA: Global oil inventories continue to build

Global oil production continues to exceed demand, resulting in inventory builds, according to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO).

Mexico takes flexible approach in its energy reforms, officials say

Mexico is responding to depressed crude oil prices by taking a flexible approach as it implements far-reaching energy reforms, officials said at an Atlantic Council event. “Low oil prices have an impact,” conceded Lourdes Melgar, Mexico’s deputy energy secretary for hydrocarbons. “Given that Mexico is the last country to open its energy sector, we are looking at other countries’ best practices.”

Gazprom Neft inks deal for stake in Vietnamese refinery

Russia’s JSC Gazprom Neft has entered an agreement with Vietnam National Oil & Gas Group (PetroVietnam) to purchase a 49% interest in the 6.5 million-tonne/year Dung Quat refinery.

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