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MARKET WATCH: Crude oil futures drop with rising Libyan production

Crude oil prices fell by more than $1/bbl on the New York market July 9 on reports that Libya’s largest oil field had resumed production following the lifting of a force majeure on two ports, Ras Lanuf and Es Sider, which together account for about half of Libya’s oil exports.

API releases unconventional production community engagement standard

The American Petroleum Institute issued a new standard specifically aimed at effectively engaging with US communities affected by exploration and development of unconventional oil and gas resources. ANSI-API Bulletin 100-3 emerged following 3 years of meetings and discussions with producers, community leaders, state regulators, property owners and other stakeholders, API Standards Director David Miller said.

Phillips 66 boosts capital expenditures for 2014

The board of Phillips 66 has approved a $1.2-billion increase for the company’s capital expenditures this year to $3.9 billion to support the company’s growth strategy.

Lukoil Overseas makes management appointments

Lukoil Overseas has made several management appointments.

 

KKR, Riverstone to form Barnett-focused Trinity River Energy

Kohlberg Kravis Roberts & Co. LP (KKR) and Riverstone Holdings LLC have signed a definitive agreement to combine the existing assets held by KKR Natural Resources Funds with the assets of Legend Production Holdings LLC, a Riverstone company, to create a Fort Worth-based oil and gas company named Trinity River Energy LLC.

Suncor, GE aim to reduce GHG emissions, water usage in oil sands

Suncor Energy Inc., Calgary, and GE have signed two agreements that aim to reduce greenhouse gas (GHG) emissions and water usage in the oil sands.

MARKET WATCH: Oil prices continue down on London, New York markets

Crude oil prices on the New York market dropped modestly on July 8, settling down for the seventh consecutive session while oil prices on the London market dropped by more than $1/bbl, marking Brent’s sixth consecutive trading session that ended with a decline.

EIA: Low-permeability formations driving Permian oil production surge

Crude oil production in the Permian basin has increased to 1.35 million b/d in 2013 from 850,000 b/d in 2007. Since March 2013, the Permian basin has become the largest crude oil producing region in the US, with production exceeding that from the federal offshore Gulf of Mexico region. In 2013, the Permian basin’s production accounted for 18% of total US crude oil production, said the US Energy Information Administration.

EIA expects higher gasoline prices for driving season, full year

During the April-September summer driving season this year in the US, regular gasoline retail prices will average $3.66/gal, 8¢/gal higher than last year and 4¢ higher than projected last month, according to a forecast from the US Energy Information Administration in its July Short-Term Energy Outlook (STEO).

Maersk to divest oil field, write off $1.7 billion in Brazil assets

Maersk Oil, a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, has opted to write off $1.7 billion in investments in Brazil’s Wahoo and Itaipu fields while divesting its ownership share in Polvo field.

Shell bows out of Kidan gas project in Saudi Arabia

Royal Dutch Shell PLC confirmed it will bow out of the Kidan natural gas development project in Saudi Arabia’s Empty Quarter.

Mongolian petroleum law passage aims to boost foreign investment

Wolf Petroleum Ltd., Perth, reported the passing of a new petroleum law in Mongolia designed to boost foreign investment in the country.

Golden Pass files formal FERC application for LNG project

Golden Pass Products LLC, Houston, has submitted a formal application with the US Federal Energy Regulatory Commission to construct and operate its proposed LNG project at the existing Golden Pass LNG import facility in Sabine Pass, Tex.

MARKET WATCH: NYMEX crude, gas futures settle lower

Crude oil prices on the New York market declined in trading July 7 as did natural gas futures prices on forecasts for cooler temperatures in the US Midwest and Northeast for 6-10 days.

Wintershall to farm in to Luno II lease offshore Norway

Wintershall Norge AS has agreed to acquire 15% interest in production license 359 (PL359), which encompasses the Luno II discovery, from Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB.

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