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MARKET WATCH: NYMEX crude oil drops back below $49/bbl

Crude oil futures retreated Mar. 10, settling below $49/bbl on the New York market as traders awaited the weekly government oil and product inventory report, and also on a strengthening dollar, analysts said.

Low crude prices alter challenges in sub-Saharan Africa, speakers say

Significantly lower crude oil prices have reduced foreign companies’ interest in developing oil and gas resources in sub-Saharan Africa nations, speakers at a Woodrow Wilson Center for International Studies seminar agreed. Lower prices also could give governments some time to develop better frameworks so economic and social benefits reach their countries’ general populations, they added.

Cairn Energy disputing Indian tax claim

Cairn Energy PLC, Edinburgh, is disputing a tax claim by the Indian government for $1.6 billion related to the 2006 reorganization of its former Indian subsidiary.

EIA: Monthly average Brent price up for first time in 8 months

North Sea Brent crude oil prices averaged $58/bbl in February—up $10/bbl from the January average—representing the first monthly average price increase since June 2014, according to the US Energy Information Administration’s latest Short-Term Energy Outlook (STEO).

Tap Oil awarded two blocks on North West Shelf

Tap Oil Ltd. has been awarded 100% interest in Blocks W14-7 and W14-16 in the prospective Barrow and Dampier sub-basins on the North West Shelf as part of Australia’s 2014 Offshore Petroleum Exploration Acreage Release.

API is examining dilbit’s environmental impacts when released

The American Petroleum Institute is studying the properties of diluted bitumen (dilbit) and expects to develop findings about how oil sands crude behaves when it is accidentally released, API Pipeline Director Peter Lidiak told a National Academies hearing on the same subject.

Dunn named president of Questar Pipeline

Micheal Dunn has been named executive vice-president of Questar Corp., Salt Lake City, and president of the company’s interstate pipeline subsidiary, Questar Pipeline. He succeeds Allen Bradley, who will retire June 1.

MARKET WATCH: NYMEX crude oil prices rebound to $50/bbl

Crude oil futures settled higher on the New York market Mar. 9, and the contract for April delivery reached $50/bbl after falling sharply in previous trading sessions. Meanwhile, US natural gas futures prices for April delivery dropped on weather forecasts calling for higher-than-normal temperatures across much of the nation for several days.

Sasol takes more cost-cutting measures as oil prices stay low

Sasol Ltd. hopes to cut $2.5-4.1 billion over a 30-month period, using Dec. 31 as the baseline, in response to what is describes as the “lower-for-longer oil price environment.”

Outlook for US industrial gas use trimmed

Industrial demand for natural gas in the US will rise to 22.1 bcfd in 2020 from 19.8 bcfd in 2012, according to an updated analysis of projects in progress by the Center for Energy Economics (CEE), Bureau of Economic Geology at the University of Texas at Austin.

Ecopetrol appoints Echeverry as chief executive officer

Ecopetrol SA reported it has appointed Juan Carlos Echeverry as its chief executive officer, effective Apr. 6.

Cairn India cuts spending to $500 million for FY 2016

Cairn India Ltd. reported it will cut its capital spending to $500 million from the previously projected $1.2 billion for fiscal year 2016, which begins Apr. 1.

Fire hits Pemex’s Tula refinery

Petroleos Mexicanos (Pemex) is investigating a fire that took place on Mar. 6 at the resid hydrodesulfurization plant of its 315,000-b/d Miguel Hidalgo refinery in Tula, Hidalgo, Mexico.

GOP senators ask Obama to stop attacks on OCS revenue sharing

Seven Republican US senators asked US President Barack Obama to reconsider his proposal to deprive Gulf Coast states of a fair share of revenue from energy produced off their shores in federally controlled waters as promised under the 2006 Gulf of Mexico Energy Security Act (GOMESA).

MARKET WATCH: NYMEX prices fall on strengthening dollar

Oil prices fell more than $1/bbl on the New York market Mar. 6 on a strengthening dollar, prompted by statistics showing the US employment rate was improving.

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Kuwait Institute for Scientific Research Now hiring

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Now Hiring: Offshore Utility Hands and Prep Cooks

We are seeking experienced applicants to fill openings we have in Offshore Catering for: Utility Hands and Prep Cooks Having a TWIC card is a requ...
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Sodexo is Hiring Cooks, Bakers, Housekeeping & Janitorial Workers

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Texas A&M University at Qatar (TAMUQ) ( invites applications for the position of Chair of the Petroleum Engineering Program at the rank of associate or full professor, with an anticipated starting date of July 1, 2015. Texas A&M at Qatar is a partnership with Qatar Foundation, and it is based in a state-of-the-art, 595,000 square foot building that was completed in 2007.

Chair of the Petroleum Engineering Program

Texas A&M University at Qatar (TAMUQ) ( invites applications for the position of Chair of the Petroleum Engineering ...
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