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MARKET WATCH: Oil futures prices drop despite upside demand potential

Oil prices fell on both New York and London markets Aug. 5, and analysts expected price volatility to continue for months given upside oil demand potential amid ongoing international conflicts and unrest.

AEP units complete Marcellus, Utica acquisitions

Two affiliates of American Energy Partners LP (AEP) have closed on acquisitions of assets totaling $1.75 billion.

Study: Bakken no greater transport risk than other light crudes

The North Dakota Petroleum Council (NDPC) has released the final report on a study it commissioned to examine the characteristics of crude oil produced from the Bakken shale region.

KMEP plans additional expansion to KMCC pipeline

Kinder Morgan Energy Partners LP (KMEP) has entered into a long-term transportation agreement with Republic Midstream Marketing LLC to build an interconnect and other facilities for the Kinder Morgan Crude & Condensate (KMCC) pipeline.

Hickenlooper forms task force to address oil, gas siting questions

Colorado Gov. John W. Hickenlooper (D) announced that he has formed a task force to develop recommendations that would reduce land use conflicts when oil and gas facilities are located near homes, schools, businesses, and recreation areas.

EIA: Marcellus accounts for 40% of US shale gas production

Natural gas production from the Marcellus shale has surpassed 15 bcfd through July and now represents 40% of US shale gas production, making it the largest producing shale gas basin in the country, according to the US Energy Information Administration’s Drilling Productivity Report.

MARKET WATCH: Kansas refinery fire boosts NYMEX oil futures prices

Crude oil futures rebounded somewhat on the New York market Aug. 4 but stayed below $100/bbl following news that a July 29 fire in an isomerization unit at a Coffeyville, Kan., refinery was likely to close the refinery for up to 4 weeks.

Pioneer to sell Hugoton, Barnett assets in separate deals

Pioneer Natural Resources Co., Dallas, has agreed to sell all of its assets in both the Hugoton field to Linn Energy LLC, Houston, and the Barnett shale to an undisclosed private buyer for total cash proceeds of $495 million.

BP gets key approval for $12-billion Tangguh LNG expansion

Indonesia’s Ministry of Environment has approved the environmental and social impact assessment, known as AMDAL, for the BP PLC-led Tangguh LNG expansion project in Teluk Bintuni, Papua Barat province, and an environmental permit has been issued.

Europe's renewable future

With European offshore hydrocarbon production on the decline, a host of developments promise to breathe new life into several regions.

MARKET WATCH: Crude oil, gas futures start August lower

The New York Mercantile Exchange September crude oil contract declined 29¢ on Aug. 1, closing at $97.88/bbl. The October contract decreased 38¢ to $96.94/bbl.

Vanguard to acquire Cotton Valley, East Haynesville acreage

Vanguard Natural Resources LLC, Houston, has entered into a definitive agreement to acquire natural gas, natural gas liquids, and oil assets in North Louisiana and East Texas from Dallas-based Hunt Oil Co. for $278 million, effective June 1.

Contests of fairness

While sidling toward a sensible-sounding appeal for tax reform recently, President Barack Obama couldn't resist a swerve into populism. "You don't get to pick which rules you play by or which tax rate you pay," Obama said in his weekly address on July 26. "And neither should these companies."

New development expected to arrest European offshore decline

After playing a pivotal role in the European economy for decades, offshore hydrocarbon production has declined steeply in recent years and is struggling to arrest the dive.

Climate testimony by EPA chief light on facts, balance

A government official proposing to overhaul energy use should ground arguments in facts and present them with balance.

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