More Oil & Gas News

Broad, bipartisan support is building among lawmakers at the state and federal levels for expanding access to offshore oil and gas drilling and development, said Erik Milito, American Petroleum Institute director of upstream and industry operations.

Chevron Corp. has named Jeff Shellebarger as president of Chevron North America Exploration & Production Co., effective Aug. 1.

The front-month US benchmark crude contract continued to waffle, retreating 0.1% June 4 in the New York futures market.

Summit Midstream Partners LP agreed to buy certain gas gathering assets from MarkWest Energy Partners LP in Doddridge County, W.Va., for $210 million.

Using more natural gas could help reduce US greenhouse gas emissions in the near to medium term, but deeper long-term reductions will require broader deployment of other low-carbon energy sources as well, a new Center for Climate and Energy Solutions (C2ES) report concluded.

US Bureau of Safety and Environmental Enforcement Director James A. Watson and US Coast Guard Rear Adm. Joseph Servidio signed a memorandum of agreement for regulating mobile offshore drilling units on the US Outer Continental Shelf.

The UK House of Commons has defeated a proposed amendment to the government’s energy bill that would have set an aggressive 2030 target for lowering carbon emissions in electric power generation.

Oil prices bounced back June 3, recouping much of the previous session’s losses as they followed the rise of broader markets, while natural gas prices increased marginally.

Global exploration and production spending is forecast to reach a record $678 billion this year, a 10% increase over last year, according to a recent global E&P spending update report from Barclays.

US oil and gas producers boosted exploration, development, and acquisition spending in 2012 despite a steep decline in aftertax profits driven largely by low natural gas prices, Ernst & Young reported June 4 in the latest issue of its US oil and gas reserves study.

Sinochem Group has closed its previously announced $1.7 billion purchase of Wolfcamp assets in Texas from Pioneer Natural Resources Co.

Tesoro Corp. has closed its purchase of BP PLC’s 266,000-b/d Carson refinery near Los Angeles and related marketing and logistics businesses (OGJ Online, May 17, 2013).

Oil and gas prices fell May 31 as the generally anticipated decision by the Organization of Petroleum Exporting Countries to maintain current production targets appeared nevertheless to weigh on markets.