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LNG Ltd. to buy Nova Scotia site for exports

Liquefied Natural Gas Ltd. signed an agreement to buy 100% of Bear Head LNG Corp. (BHLC) in Nova Scotia from a subsidiary of Anadarko Petroleum Corp.

IG’s office recommends EPA begin regulating LDC methane emissions

The US Environmental Protection Agency, which does not regulate methane emissions from natural gas local distribution companies (LDC), should start working with the US Pipeline & Hazardous Materials Safety Administration to address the problem, EPA’s inspector general’s office said in a July 25 report.

MARKET WATCH: Crude oil futures prices hold steady above $102/bbl

The New York Mercantile Exchange September crude oil contract ticked up 2¢ on July 25, closing out the week at $102.09/bbl. The October contract increased 15¢ to $100.87/bbl.

EIA: OPEC’s 2013 oil export revenues fall 7%

According to recent estimates from the US Energy Information Administration, members of the Organization of the Petroleum Exporting Countries, excluding Iran, earned about $826 billion in net oil export revenues in 2013, a 7% decrease from 2012 earnings. But this was still the second-largest earnings totals during 1975-2013—the timespan of how long EIA has tracked OPEC oil revenues.

EIA: Summer natural gas injection continues at a record pace

The US Energy Information Administration’s current Short-Term Energy Outlook projects a record build of nearly 2,600 bcf from the beginning of April through the end of October, which would put inventories at 3,431 bcf at the end of October. In line with EIA's expectations, working natural gas storage midway through the summer storage injection season is on pace to for a record overall build.

BOEM seeks information for possible 2017 Beaufort Sea lease sale

The US Bureau of Ocean Energy Management issued a call for information and nominations on July 25 for a possible 2017 oil and gas lease sale in the Beaufort Sea off Alaska’s coast. Comments for what would be OCS Lease Sale 242 will be accepted for 45 days, it said.

States with fracing are economically stronger, House panel told

US states that embraced hydraulic fracturing and horizontal drilling staged stronger economic recoveries than those that did not since 2008 when the country plunged into recession, an economist told a House Energy and Commerce subcommittee.

Australia repeals climate sacrifice; who will be next?

European response to Australia's abandonment of a carbon tax illuminates the impossibly narrow margin of political acceptability within which governments must work as they try to rearrange climate.

Australia repeals carbon tax legislation

Australia's Parliament has repealed the carbon tax legislation that this year imposed $24.15 (Aus.)/tonne of carbon dioxide emissions.

Obama's latest sanctions against Russia include oil, gas firms

In response to continued unrest in Ukraine, US President Barack Obama has announced new sanctions against Russia that include - for the first time - operations of Russian state-owned energy firms.

BLM director: Fee system needed for increased onshore well inspections

A shortage of inspectors, reduced budgets, and a record number of wells on public lands make necessary the US Bureau of Land Management's budget request for a fee system to increase its oil and gas inspection capacity, BLM Director Neil Kornze said.

LNG export bill offers a compromise, Hoeven says

US Sen. John Hoeven (R-SD) introduced an LNG export bill that he said represents a compromise between measures introduced from both sides of the aisle. S. 2638 would give the US Department of Energy 45 days to make a national interest determination after an export project sponsor filed an application with the US Federal Energy Regulatory Commission, Hoeven said on July 24.

MARKET WATCH: Crude futures prices continue drawback from recent highs

Crude oil futures prices in New York and London markets continued to draw back July 24 from recent high levels. Analysts with Raymond James & Associates Inc. noted that investors shrugged off fears that sanctions imposed by the European Union could impact Russian oil supplies.

Texas Petro Index sets record for 7th straight month

The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Energy Producers (TAEP), continued to produce record highs last month amid an “economic tsunami.”

Breitburn, QR Energy to merge into upstream MLP

Breitburn Energy Partners LP, Los Angeles, and Houston-based QR Energy LP have signed a definitive merger agreement where Breitburn will purchase QR Energy in an all-stock transaction valued at $3 billion by the companies.

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