More Oil & Gas News

EIA: Fuel economy standards to cut gasoline use through 2040

More-stringent vehicle fuel economy standards will contribute to a decline in gasoline consumption through 2040, the US Energy Information Administration projected in the reference case in its Annual Energy Outlook 2014.

MARKET WATCH: US light, sweet crude narrows price gap with Brent

Crude oil prices on the New York market briefly declined in trading June 25 after a weekly government report showed an unexpected gain in US crude oil inventories, but oil prices rebounded before the closing, which analysts attributed in part to refineries running at higher capacity than anticipated.

ICF: US needs ethane export capacity to sustain shale gas boom

Greater investment in infrastructure is needed to ensure that rising NGL production in the US can reach international markets. Without it, a glut will form, placing downward pressure on prices and eroding the economics of shale gas drilling.

Gazprom, OMV to complete Austrian South Stream leg by 2016

OAO Gazprom and OMV AG signed a shareholders’ agreement for South Stream Austria GMBH, completing the final investment decision for the natural gas pipeline’s Austrian section with an eye on commissioning in late 2016.

DOC authorizes EPP, Pioneer to export condensate

Two companies have received authorization from the US Department of Commerce to sell condensate to buyers outside the US, and analysts expect the sales—probably involving condensate from the Eagle Ford in South Texas—could begin in August.

Durrant named chief executive officer of Premier Oil

Premier Oil PLC has appointed Tony Durrant as chief executive officer, effective immediately. He succeeds Simon Lockett, who served in the role since 2005.

MARKET WATCH: Brent crude prices continue to rise on Iraqi insurgency

Crude oil futures prices on the New York market fell modestly on June 24 awaiting weekly inventory numbers while crude oil prices rose again on the London market, which analysts attributed to ongoing instability in Iraq.

Lukoil to acquire interest in Etinde offshore Cameroon

OAO Lukoil plans to acquire 37.5% interest in the Etinde production sharing agreement offshore Cameroon from Bowleven PLC.

E&Y: US oil, gas companies’ reserves, profits up in 2013

A slight decrease in capital spending by US oil and gas companies in 2013 gave way to a 9% increase in oil and gas reserves, strong oil prices, and improving natural gas prices, Ernst & Young reported on June 24 in its annual US oil and gas reserves study.

MARKET WATCH: Crude oil futures prices decline while Kerry visits Baghdad

Crude oil futures prices declined on both the New York and London markets on June 22 while analysts noted Iraq's oil production, concentrated in southern Iraq, has been unchanged by militant attacks on cities in northern Iraq.

Shell sells down its shareholder interest in Woodside

Royal Dutch Shell PLC reported it will sell 156.5 million shares in Woodside Petroleum Ltd. for $5 billion. The sale will reduce Shell's shareholding to 4.5% from 23.1%.

US backs new MENA supply growth, official says

The US recognizes there are many important oil and gas opportunities in the Middle East and North Africa (MENA), Persian Gulf, and Eastern Mediterranean, and intends to ensure they are cooperatively developed in ways that benefit all people in the countries involved, a US Department of State official told a US House subcommittee.

Next 5-year OCS plan to include South, Mid-Atlantic G&G data

The US Department of the Interior's next 5-year Outer Continental Shelf oil and gas program will likely include fresh geologic and geophysical (G&G) data for the South and Mid-Atlantic OCS, US Bureau of Ocean Energy Management Acting Director Walter D. Cruickshank said.

Rising US production may stimulate more OPA scrutiny, ELI forum told

Federal requirements under the 1990 Oil Pollution Act (OPA), which came into question following the 2010 Macondo deepwater well blowout and crude oil spill, appear likely to get a fresh look as US onshore crude production climbs and producers scramble to get it to market, suggested some participants in a recent Environmental Law Institute seminar.

Keystone and climate

The Keystone XL pipeline border crossing will not receive the approval it needs from the Executive Branch of the US government.

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