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Statoil expanding project that captures flare gas in North Dakota

Statoil ASA says a pilot project that captures flare gas in North Dakota is expanding to power six drilling rigs and a hydraulic fracturing fleet.

Roc Oil approves Fosun takeover bid

After the failure of the proposed Roc Oil-Horizon Oil merger, the board of Roc Oil Ltd., Sydney, has unanimously voted to accept the most recent $474 million (Aus.) all-cash takeover offer by Chinese combine Fosun International Group.

EIA: Natural gas storage deficit to 5-year average is narrowing

Natural gas storage injections continued to outpace the 5-year (2009-13) average, with inventories as of Sept. 5 at 2.80 tcf, according to data from the Weekly Natural Gas Storage Report (WNGSR) by the US Energy Information Administration.

MARKET WATCH: Oil prices rebound briefly pending more sanctions against Russia

Oil prices rebounded by more than $1/bbl on the New York market on Sept. 11 in a second consecutive week for roller-coaster energy prices as traders reacted to various revised forecasts this week calling for slower 2014-15 global oil demand growth than previously anticipated.

Wintershall to acquire interests off Norway

Wintershall has agreed to acquire a package of production, development, and pipeline interests offshore Norway from Statoil for $1.25 billion.

Linn completes acquisition of Pioneer’s Hugoton assets

Linn Energy LLC, Houston, has closed on its purchase of Hugoton field assets in Kansas from Pioneer Natural Resources Co., Dallas, for cash proceeds of $340 million.

Keep partisan politics out of biofuel mandates, API tells White House

The White House should stay away from partisan politics as its Office of Management and Budget reviews the US Environmental Protection Agency proposed 2014 biofuel quotas under the Renewable Fuels Standard, an American Petroleum Institute official said.

Eni acquisition of Nigerian stake probed

Eni said it is cooperating with authorities in Milan investigating its 2011 acquisition of an interest in a block offshore Nigeria from a Shell subsidiary.

India okays sale of 5% interest in ONGC

The government of India has approved the public sale of a 5% interest in state-owned Oil & Natural Gas Corp. as part of a broader divestment program.

IEA: Oil prices down on abundant supplies, slow demand growth

Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency.

MARKET WATCH: Oil prices slump again on reduced oil demand forecasts

Oil prices slumped on the New York and London markets on Sept. 10 following reduced global oil demand forecasts from the Organization of Petroleum Exporting Countries and the US Energy Information Administration.

DOE approves Cameron, Carib applications to export LNG

The US Department of Energy approved Cameron Energy LLC and Carib Energy LLC’s requests for authorization to export LNG to countries that do not have a free-trade agreement with the US. Both applicants had completed reviews required under the National Environmental Policy Act, DOE said.

ESAI: Shifts in LAC refining sector to alter global trade flows

Additional refining capacity planned for Latin America and the Caribbean (LAC) by 2020 will limit the region’s current demand for surplus global product supplies, particularly those presently arriving from the US Gulf Coast, according to a recent study from ESAI Energy LLC.

It’s clearly time to end US crude export ban, Summers declares

Lawrence H. Summers, who was US Treasury Secretary during Bill Clinton’s presidency and was President Barack Obama’s National Economic Council Director, said there are no significant reasons for the US to continue restricting exports of domestically produced crude oil.

MARKET WATCH: Brent crude oil prices drop more than $1/bbl on low demand growth forecast

Oil prices gained modestly on the New York market Sept. 9 but dropped by more than $1/bbl on the London market, which analysts attributed to expectations of weak global oil demand growth.

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