More Oil & Gas News

MARKET WATCH: Crude oil futures close week modestly lower

Crude oil futures prices closed out the week ended Aug. 22 modestly lower after staging a bit of a recovery midweek (OGJ Online, Aug. 22, 2014).

Earthquake interrupts operations at Chilean refinery

Chile’s Empresa Nacional del Petroleo (Enap) has halted partial operations at its 104,000-b/d Aconcagua refinery at Concon, Chile, following an Aug. 23 earthquake in the Valparaiso region along the country’s Pacific coast, the state-owned company said.

Canada’s NEB to hear Aboriginal viewpoint on Trans Mountain expansion

Canada’s National Energy Board will hear the viewpoint of Aboriginal groups on the Trans Mountain expansion project on Aug. 25 in Edmonton, the first of four scheduled hearings through Nov. 28.

MARKET WATCH: Oil futures prices gain ground after steep fall early in week

Crude oil futures prices continued to gain traction after falling steeply earlier this week.

Tesco appoints new president, chief executive officer

Tesco Corp., Houston, has named Fernando R. Assing, currently executive vice-president and chief operating officer, as the company’s next president and chief executive officer. Assing will succeed Julio M. Quintana, who will retire Jan. 1, 2015.

Agustiawan to step down as Pertamina president director

Karen Agustiawan, president director of PT Pertamina, has officially confirmed her plan to resign, ending her tenure effective Oct. 1.

EIA: Brent crude oil price stability continues

Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl. Compared with the volatility seen as recently as 2 years ago when Brent spot prices ranged as high as $125/bbl in March 2012 to as low as $95/bbl in June 2012, this price stability has been remarkable, according to the US Energy information Administration.

Pemex outlines restructuring plans

Petroleos Mexicanos (Pemex) reported it is establishing affiliates to provide drilling, logistics, and electricity services as part of its corporate restructuring in response to Mexico’s sweeping energy reform that ended Pemex’s monopoly on oil and gas activities.

MARKET WATCH: NYMEX oil price jumps on falling US crude oil supplies

The crude oil price rebounded by more than $1/bbl on the New York market Aug. 20 to settle above $96/bbl after a weekly government report showed a larger-than-expected fall in the US crude oil inventory.

Western gulf lease sale attracts $110 million in high bids

Gulf of Mexico western planning area Lease Sale 238 drew 93 bids from 14 companies over 81 blocks covering 433,823 acres, totaling $109,951,644 in apparent high bids, reported the US Bureau of Ocean Energy Management (BOEM), which held the event on Aug. 20 in New Orleans.

TSB report outlines ‘multitude of factors’ behind Lac-Megantic train derailment

A multitude of factors led to July 6 derailment of a runaway train in Lac Megantic, Que., carrying 72 carloads of Bakken crude oil bound for Irving Oil Ltd.’s refinery in Saint John, NB, according to an investigation report released Aug. 19 by the Transportation Safety Board of Canada (TSB).

USCG proposes higher offshore oil spill liability limits

The US Coast Guard proposed higher offshore oil spill liability limits under the 1990 Oil Pollution Act to reflect significant increases in the Consumer Price Index.

Lawler to lead BP’s US Lower 48 onshore business

BP PLC has appointed David Lawler as chief executive officer of its Houston-based US Lower 48 onshore business that’s slated to formally become a separate entity in early 2015.

MARKET WATCH: NYMEX crude steeply declines, natural gas climbs

The front-month crude oil price dropped nearly $2/bbl on the New York market Aug. 19 to settle at less than $95/bbl while the natural gas price for September rose on weather forecasts calling for hotter temperatures, meaning more gas-fired electric power demand.

USCG issues interim offshore supply vessel size limit rule

The US Coast Guard issued an interim offshore supply vessel (OSV) size limit rule after a 2010 law removed the previous statutory limit. The regulation became effective upon its publication in the Aug. 18 Federal Register. Comments on it will be accepted until Nov. 17.

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