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Arctic nations adopt marine oil pollution preparedness agreement

The world’s Arctic nations formally agreed to cooperate on marine oil pollution preparedness and response at the Arctic Council’s May 15 meeting in Kiruna, Sweden.

MARKET WATCH: Oil prices continue climbing as gas price drops

Oil prices continued rising with the front-month crude contract up 0.9% in the New York futures market May 16 despite a report from the US Department of Labor showing a rise in claims for unemployment benefits, stimulating worries about economic recovery.

DOI releases revised proposal to regulate hydraulic fracturing

The US Department of the Interior released a revised proposal to regulate hydraulic fracturing on public and Indian lands that it said would maintain important safety standards, improve integration with existing state and tribal rules, and increase flexibility for oil and gas producers.

Bill aims to protect states' shares of federal royalties

US Rep. Cynthia Lummis (R-Wyo.) introduced legislation to ensure states that normally receive half of federal onshore oil and gas royalties under the Mineral Leasing Act actually receive the money.

BLM seeks comments on Devon's proposed Horseshoe basin project

The US Bureau of Land Management’s Rock Springs, Wyo., field office began a 30-day public scoping period on May 6 before it prepares an environmental assessment of Devon Energy Production Co. LP’s proposal to develop up to 20 new oil and gas wells within the Horseshoe basin unit.

MARKET WATCH: Crude barely breaks losing streak

Front-month crude managed a minimal gain May 15 after four sessions of price declines in the New York market. Natural gas continued its increase, up 1%.

RWI report measures resource-rich countries’ accountability

The lives of more than 1 billion people worldwide could be transformed if their governments managed their countries’ oil, gas, and mineral resources in a more open and accountable manner, a new Revenue Watch Institute analysis concluded.

MARKET WATCH: Oil prices continue retreat in weak economy

Oil prices continued retreating May 14, with front-month crude down 1% in the New York market after the International Energy Agency cut its global demand estimates for the next 4 years.

Rosneft, Petrovietnam ink cooperation MOU

Rosneft and Petrovietnam have signed a memorandum of understanding to strengthen cooperation in upstream and downstream oil and gas operations in Russia, Vietnam, and third countries.

European officials launch oil-price probe

Officials of the European Commission and European Free Trade Association Surveillance Authority made unannounced inspections at offices of BP, Shell, Statoil, and Platts in a step the EC described as “a preliminary step to investigate suspected anticompetitive practices.”

MARKET WATCH: Stronger dollar undercuts oil prices

Energy prices continued declining May 13 with crude down 1% in the New York futures market as the US dollar climbed against the yen and euro for the third consecutive session and the US Department of Commerce announced a surprise gain in April retail sales.

House bill aims to expedite US gas pipeline construction

US Rep. Mike Pompeo (R-Kan.) introduced a bill on May 9 that aims to expedite construction of US natural gas pipelines by streamlining the permitting process and expediting approvals.

MARKET WATCH: Oil prices decline in lackluster market

Energy prices declined May 10 with the benchmark front-month crude contract continuing its retreat in the New York futures market. For the week as a whole, crude traded flat while natural gas fell 3% on a bearish injection report.

Statoil, Total swap Barents Sea interests

Statoil AS and Total SA have agreed to swap 10% interests in two petroleum licenses in the Barents Sea offshore Norway.

San Leon Energy to buy Talisman’s share of Poland shale gas JV

San Leon Energy PLC agreed to buy Talisman Energy Inc.’s share of a shale gas joint venture in Poland. Talisman is the second international major oil company to withdraw from Poland, following a decision last year by ExxonMobil Corp. to exit Poland after early results failed to produce commercial wells.

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