More Oil & Gas News

MARKET WATCH: Brent crude oil prices drop more than $1/bbl on low demand growth forecast

Oil prices gained modestly on the New York market Sept. 9 but dropped by more than $1/bbl on the London market, which analysts attributed to expectations of weak global oil demand growth.

EIA: Brent spot prices fell outside the $5/bbl range in August

According to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO), weakening global demand and growing Libyan oil exports drove down North Sea Brent crude oil spot prices to an average of $102/bbl in August, $5/bbl lower than the July average and $10/bbl below the average in June.

IEO2014: World liquid fuels consumption to rise 38% by 2040

In the 2014 edition of its International Energy Outlook (IEO2014), the US Energy Information Administration projected world liquid fuels consumption to rise 38% by 2040. The agency also pointed out that world markets for petroleum and other liquid fuels have entered a period of dynamic change—in supply and demand.

MARKET WATCH: NYMEX crude oil prices drop for third trading session

Crude oil futures prices settled lower for a third consecutive trading session Sept. 8 on the New York market, and the front-month price for US light, sweet crude reached its lowest level since Jan. 14 awaiting a weekly government oil inventory report.

Eland Oil & Gas names chief executive officer

Eland Oil & Gas PLC has appointed George Maxwell as chief executive officer, elevating him from his previous position as chief financial officer.

Punitive regulations would harm Pennsylvania, PIOGA president says

A severance tax and other election-year proposals potentially could dismantle Pennsylvania’s unprecedented natural gas production growth, the Pennsylvania Independent Oil & Gas Association’s president warned.

IPAA rejects CRUDE claim that condensate export decision was wrong

The Independent Petroleum Association of America rejected claims a coalition of four independent US refiners made in a Sept. 4 letter to the US Department of Commerce that a late-June decision making two producers’ crude oil condensates eligible for export was wrong.

Alaska LNG submits project prefiling request with FERC

Alaska LNG project partners have submitted a formal request to the US Federal Energy Regulatory Commission to start the prefile process for the major natural gas project. The FERC prefile milestone sets the stage for activity associated with the environmental review required for the siting, design, and permitting for construction of the proposed project.

MARKET WATCH: Crude oil futures end week lower

Crude oil futures prices ended last week trading lower. The New York Mercantile Exchange October crude oil contract fell $1.16 in trading Sept. 5 to $93.29/bbl. The November contract dropped $1 to settle at $92.71/bbl.

Industry a target as inversions revive talk of tax reform

New talk in the US about tax reform should make oil and gas companies nervous.

Athabasca Oil appoints president, chief executive officer

Sveinung Svarte, president and chief executive officer of Athabasca Oil Corp. since 2006, will retire Sept. 30. Tom Buchanan, chairman, will assume Svarte’s responsibilities.

Shell submits revisions to its 2015 Chukchi Sea exploration plan

Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed.

BLM announces California oil, gas strategy as CCST issues report

The US Bureau of Land Management's California state office announced a comprehensive strategy for its oil and gas program in the state after receiving an independent review of well stimulation technologies it asked the California Council on Science and Technology (CCST) to conduct in September 2013.

Fitch: Drilling downturn might prompt some consolidation

A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at favorable prices, Fitch Ratings of Chicago said in a recent research note, adding that master limited partnerships (MLPs) in particular can provide financial flexibility.

WRI: Shale oil, gas face tight competition for water

Governments and businesses trying to develop tight oil and gas resources could face intense competition for water that would be used in hydraulic fracturing, the World Resources Institute said in a recent report.

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