More Oil & Gas News

BP seeks Supreme Court review of oil spill payments to certain gulf businesses

BP PLC said it would ask the US Supreme Court to review a federal appeals court’s rejection of the company’s effort to stop businesses along the Gulf of Mexico coast that have “no apparent connection” with the April 2010 deepwater Macondo oil spill from collecting settlement payments.

Marathon to buy retail unit from Hess for $2.87 billion

Speedway LLC, a subsidiary of Marathon Petroleum Corp. (MPC), has agreed to acquire Hess Retail Holdings LLC, the East Coast’s largest chain of company operated retail outlets and convenience stores with 1,342 locations, from Hess Corp. for $2.87 billion.

XTO, Linn swap Hugoton, Wolfcamp acreage

XTO Energy Inc., a subsidiary of ExxonMobil Corp., has agreed to acquire 26,000 acres, mostly in the Midland basin, from Linn Energy LLC in exchange for a portion of XTO’s interest in the Hugoton gas field in Kansas and Oklahoma, effective June 1. The transaction is expected to close in the third quarter.

Sanchez to buy Eagle Ford acreage from Shell for $639 million

Sanchez Energy Corp., Houston, has agreed to acquire 100% working interest in 106,000 net acres in Dimmit, LaSalle, and Webb Counties, Tex., from Royal Dutch Shell PLC for $639 million, effective Jan. 1. The agreement is expected to close at the end of the second quarter.

FWS, producers split on proposed changes in wildlife refuge rules

The US Fish and Wildlife Service (FWS) believes changes are necessary in regulations covering oil and gas activity within federal wildlife refuges, an FWS official told a US House Natural Resources Committee subcommittee. Three other witnesses representing producers with such operations strongly disagreed, while another from an environmental group called for stricter requirements.

Gazprom, CNPC sign 30-year natural gas supply contract

OAO Gazprom and China National Petroleum Corp. signed a 30-year natural gas supply contract reportedly worth $400 billion that earlier this year the two firms announced they were preparing to sign.

MARKET WATCH: NYMEX oil prices drop awaiting inventory report

Crude oil futures prices declined modestly on the New York market May 20 in anticipation of a weekly government report that unexpectedly showed a significant drop in US oil inventories, which analysts attributed to increased refinery runs and reduced crude oil imports.

W&T Offshore completes purchase of deepwater gulf assets

Houston-based independent W&T Energy VI LLC, a wholly owned subsidiary of W&T Offshore Inc., has completed its acquisition of exploration and production properties in the deepwater of the Gulf of Mexico from Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Ltd., for $51 million.

Noble, Woodside terminate $2.5 billion MOU for Leviathan

The nonbinding memorandum of understanding (MOU) for the $2.5 billion sale of interest in the Leviathan licenses offshore Israel between Noble Energy Inc. and Woodside Petroleum, first reported in December 2012, has been terminated by the companies.

Gazprom says Ukraine’s debt at $3.508 billion for gas supplies

OAO Gazprom says Ukraine’s debt for Russian natural gas supplies amounts to $3.508 billion, including unpaid deliveries for March and April.

MARKET WATCH: Crude oil prices mixed on global geopolitical concerns

Crude oil futures prices rose on the New York market May 19 while benchmark Brent crude oil prices declined on the London market. Analysts said the market was getting mixed signals based on robust US oil supplies and also on geopolitical uncertainty in Ukraine and Libya.

FERC issues FEIS for Maine’s Downeast LNG project

The US Federal Energy Regulatory Commission has issued its final environmental impact statement (FEIS) for the Downeast LNG project in Washington County, Maine, proposed by Downeast LNG Inc. and Downeast Pipeline LLC.

BLM to prepare EIS on large proposed Wyoming oil, gas project

The US Bureau of Land Management plans to prepare an environmental impact statement based on five independent producers’ plans to develop natural gas resources in 1.5 million federally managed acres in Converse County, Wyo., BLM announced.

MARKET WATCH: Crude oil futures end week higher

The New York Mercantile Exchange June crude oil contract price was up 52¢ on May 16, closing at $102.02/bbl. The July contract increased 45¢ to $101.58/bbl.

House panel's Republicans seek information about DOE's SPR management

US House Energy and Commerce Committee Republican leaders requested a meeting with US Sec. of Energy Ernest J. Moniz and other appropriate officials concerning management of the US Strategic Petroleum Reserve as the summer driving season approaches.

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