More Oil & Gas News

Statoil to divest interest in Angola blocks

Statoil ASA has divested 10% interest to Colombia’s state-owned Ecopetrol SA in Blocks 38 and 39 in the Kwanza basin offshore Angola.

MARKET WATCH: Libyan news contributes to lower crude oil futures prices

An agreement between the Libyan government and rebels to reopen two oil ports in eastern Libya contributed to a slip in crude oil prices in July 2 trading in both New York and London markets although analysts noted that similar agreements have fallen through in recent months.

Chile looking to gas to meet energy demand, energy minister says

Chile is focusing most of its attention on natural gas to meet the country’s energy demand challenges, stated Maximo Pacheco Matte, the newly appointed Minister of Energy, during a July 2 panel discussion in Houston.

Talos Energy to buy gulf assets from Stone Energy

Talos Energy Offshore LLC signed a definitive agreement to buy certain Gulf of Mexico Outer Continental Shelf properties from Stone Energy Corp., Lafayette, La., for $200 million in cash and assumed future undiscounted abandonment liabilities of $117 million. Stone has deemed these assets to be “noncore” to its operations.

North Dakota gives teeth to flaring reduction plan

North Dakota operators that fail to meet the state’s flaring reduction targets may soon be forced to curtail oil production from wells targeting the Bakken and Three Forks formations, according to an order issued July 1 by state regulators.

EIA: US gasoline reaches highs heading into Fourth of July

US national average retail gasoline price on June 30 was $3.70/gal, the highest average heading into the Fourth of July holiday since 2008. Gasoline prices in 2014, however, have remained well below the spring peaks reached in each of the previous 3 years, according to the US Energy Information Administration.

MARKET WATCH: Oil futures drop slightly in mixed July 1 energy market

Crude oil prices for August delivery fell marginally on the New York market July 1 while other energy commodity prices were mixed upon what analysts called easing short-term worries over Iraqi oil supply and as US market participants awaited a weekly government inventory report.

Fatal gas line blast in India investigated

GAIL (India) Ltd. and the Indian government are investigating a natural gas pipeline explosion that killed 19 persons and injured 19 in the village of Nagaram near a gas collection station in Tatipaka in Andhra Pradesh, India. The cause hasn’t been determined.

EIA: Texas, N. Dakota provided nearly half of US crude production in April

Crude oil production in the US during April totaled 8.4 million b/d, with Texas and North Dakota accounting for 4 million b/d, according to data from the US Energy Information Administration's Petroleum Supply Monthly Report.

Hawkwood acquires East Texas interests

Hawkwood Energy LLC, Denver, has entered the Eagle Ford and Woodbine plays of East Texas with two acquisitions.

Premier sells interest in Indonesian block

Premier Oil PLC, London, has sold the wholly owned subsidiary that holds a 41.67% equity interest in Block A, Aceh Province, in North Sumatra, Indonesia, to KrisEnergy Asia Holdings BV for after-tax consideration of $40 million plus working capital adjustments.

OMV completes sale of Bayernoil interest

OMV AG has closed the sale of its 45% interest in the Bayernoil refining complex near Ingolstadt, Germany, and related businesses to Varo Energy BV.

MARKET WATCH: Oil futures prices ease; Brent stays above $112/bbl

Crude oil prices for August delivery on the New York market fell for a third consecutive session on June 30, and analysts noted the front-month price reached its lowest level since June 11, which was the day before crude prices had spiked upon concerns about possible interruptions to Iraqi crude supply.

Woodside, Cheniere unit sign LNG supply deal

Woodside Energy Trading Singapore has signed a binding LNG supply agreement with Cheniere Energy’s subsidiary Corpus Christi Liquefaction LLC for the purchase of 850,000 tonnes/year of LNG from the Corpus Christi LNG project when the second train at the export facility comes on stream. The facility will eventually have three trains with a combined capacity of 13.5 million tpy.

AFPM’s Drevna says more clarity needed on future condensate exports

The oil and gas industry awaits greater clarification from the US Department of Commerce’s Bureau of Industry and Security (BIS), which recently issued private rulings for two companies concerning condensate specifications and possible exports.

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