More Oil & Gas News

Oil prices continued rising June 13 with front-month crude up 0.8% in the New York futures market among positive economic indicators.

BG Group has completed the sale of its 64.12% interest in Gujarat Gas Co. Ltd., a nongovernment gas distribution company in India, to Gujarat State Petroleum Corp. (OGJ Online, Oct. 3, 2012).

Two workers were killed and another injured on the Danish North Sea L5A gas platform operated by GDF Suez SA, the company comfirmed.

The US Bureau of Land Management opened a new public comment period for its proposed revisions to its commercial oil shale regulations. Comments will be accepted until July 15, it said.

Oil and gas prices rebounded moderately June 12 largely due to a weaker dollar, but broader markets fell with the Dow Jones Industrial Average marking “its worst losing streak of the year.”

Lee M. Tillman, most recently vice-president of engineering for ExxonMobil Development Co., has been named president and chief executive officer of Marathon Oil Corp., succeeding Clarence P. Cazalot Jr.

Centrica PLC bought a 25% interest in a license for the Bowland basin shale project in Lancashire, UK, from Cuadrilla Resources Ltd. and AJ Lucas for $62.6 million. Centrica owns British Gas.

The US recorded the largest single-year increase in oil production in 2012, according to the BP Statistical Review of World Energy. The review, released June 12, was the company’s 62nd annual report.

Wood Group is looking to acquire a Canadian company as a way to expand its own production services network (PSN) brownfield group there.

Substantial US tight oil resources could reshape global energy geopolitics, three experts suggested at a Bipartisan Policy Center conference on the subject. But the changes could be subtler and more gradual than some people think, they added.

Energy prices continued to slump June 11 with front-month crude down 0.6% in the New York market after the Organization of Petroleum Exporting Countries said it produced 30.57 million b/d in May.

Oil & Gas UK commended the European Parliament for working together to achieve the EU Council of Ministers’ June 10 final adoption of the EU directive on offshore safety.

Rosneft and ExxonMobil Corp. have signed final agreements supporting the Arctic research center they made part of a long-term strategic cooperation agreement centered on exploration of the Russian Arctic (OGJ Online, Feb. 18, 2013).

US government policymakers should use the opportunity that a dramatically improved US oil and gas outlook provides to generate more federal revenue by reforming the federal tax code, increasing access to public lands, and encouraging more thoughtful environmental policies, Chevron Corp. Chief Executive Officer John S. Watson suggested.