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Statoil reports 2013 income of $25 billion, to reduce 2014-16 spending

Statoil ASA reported its 2013 net operating income was $25 billion along with plans to reduce capital expenditures by more than $5 billion from 2014-16.

Energy exports could help national security, new report suggests

The US should encourage oil and gas exports as part of a broader strategy that also includes accepting the reality of energy interdependence, taking steps to reduce domestic consumption and diversify supplies, and integrating energy security into strategic policy and military planning, a recent report recommended.

Mexico hydrocarbon undersecretary vows careful energy regulation, contract transparency

Mexico’s government realizes it’s crucial to establish competitive contract terms and effective, transparent regulations to attract international investors as Mexico implements its pending energy reforms, panelists told a Houston gathering on Feb. 7.

MARKET WATCH: Oil futures price up; spot gas price continues to climb

The New York Mercantile Exchange March crude contract gained 46¢ on Feb. 6, closing at $97.84/bbl. The April contract added 56¢ to settle at $97.32/bbl.

Baytex to acquire Aurora for $2.6 billion

Baytex Energy Corp., Calgary, has agreed to acquire Aurora Oil & Gas Ltd., Subiaco, Western Australia, for $2.6 billion, providing Baytex with 22,200 net contiguous acres in the Sugarkane field in the Eagle Ford shale of South Texas.

Noble to farm out part of Leviathan interest

Noble Energy Inc. has signed a nonbinding memorandum of understanding regarding the sale of 9.66% interest in the Leviathan licenses offshore Israel to Woodside Petroleum Ltd.

Washington state debates cutting tax break for refiners

Washington state lawmakers are reviewing proposed legislation that would do away with a tax exemption currently applicable to refineries operating in the state.

Australian power generator switches from gas to coal

Queensland state-owned power generator Stanwell Corp. has decided to mothball its largest natural gas-fired electric power station in October for as long as 3 years.

Senators ask EIA to study crude exports’ gasoline price effect

US Sens. Maria E. Cantwell (D-Wash.) and Ronald L. Wyden (D-Ore.) asked the US Energy Information Administration for more information on possible domestic gasoline price impacts from allowing more US crude oil to be exported.

Improve federal pipeline permitting process, UTA white paper urges

Federal oil and gas pipeline permitting processes need to be accelerated and improved if they are to keep pace with rapidly expanding production, a new white paper produced for United Transportation Advisors LLC argued.

MARKET WATCH: NYMEX natural gas prices dip on warmer forecasts

Natural gas prices for March delivery were volatile during Feb. 5 trading on the New York market, briefly reaching a 4-year high before closing for the day down by 3.45¢/MMbtu from the Feb. 4 settlement, and analysts attributed the closing decline to forecasts calling for warming temperatures.

Witnesses attack, defend recent BLM policies at House hearing

Policies adopted during the Obama administration have created unnecessary and unproductive obstacles to oil and gas activity on onshore federal lands, witnesses told a US House Natural Resources Committee subcommittee. Other witnesses defended the more prudent approach adopted by the US Bureau of Land Management.

MARKET WATCH: Natural gas, oil futures price climbs on US heating demand

Natural gas prices surged on the New York market on Feb. 4 as parts of the US experienced more winter weather while oil prices climbed awaiting the weekly government oil and product inventory numbers.

VAALCO gets IFC loan for work off Gabon

VAALCO Energy Inc., Houston, has received a $65-million reserve-based loan facility from IFC, part of the World Bank Group, to support further oil and gas development on the Etame Marin Block offshore Gabon.

Keystone XL supporters, opponents press Obama for prompt decision

Supporters and opponents of the proposed Keystone XL crude oil pipeline separately urged US President Barack Obama to decide promptly on whether the project should receive a cross-border permit. Their calls came days after the US Department of State released its final supplemental environmental impact statement on the project.

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