More Oil & Gas News

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.

Freeport-McMoRan completes $1.4 billion purchase of deepwater gulf assets

Freeport-McMoRan Oil & Gas LLC, a subsidiary of Freeport-McMoRan Copper & Gold Inc., has completed its $1.4 billion acquisition of certain interests in the deepwater Gulf of Mexico from Apache Corp.

API urges EPA administrator to quit delaying ethanol mandates

The American Petroleum Institute urged the US Environmental Protection Agency to quit dragging its feet and issue final 2014 ethanol blending quotas that are months overdue.

Eni signs contract for block offshore Vietnam

Eni SPA has signed a production-sharing contract with PetroVietnam for exploration of Block 122 offshore Vietnam.

Leviathan partners, BG sign gas supply letter of intent

Noble Energy Inc. reported the signing of a nonbinding letter of intent (LOI) between partners in the Leviathan natural gas field offshore Israel and BG International Ltd. for the supply of gas from Leviathan to BG’s existing LNG facilities in Egypt.

Linn to purchase acreage from Devon for $2.3 billion

Linn Energy LLC, Houston, has agreed to acquire assets in five US operating areas from Devon Energy Corp., Oklahoma City, for $2.3 billion, effective Apr. 1.

Puma to buy InterOil’s downstream Papua New Guinea businesses

Singapore-based Puma Energy Group Pte. has acquired the InterOil Corp. subsidiaries holding the company’s Papua New Guinea refining and petroleum products distribution businesses for $525.6 million.

MARKET WATCH: WTI crude posts first weekly loss in 3 weeks

West Texas Intermediate crude posted its first weekly loss in 3 weeks “as the immediate threat of losing Iraqi oil supply seemed to lessen,” said analysts at Raymond James & Associates Inc.

MOL to acquire licenses in UK North Sea

MOL Group has agreed to acquire interest in six licenses in the UK North Sea from Premier Oil UK Ltd. for $130 million.

A gulf fish tale

About 35 years ago, 10 exploratory wells were drilled in the US portion of the Georges Bank basin 120 miles off Cape Cod, Mass. Environmentalists came out against drilling, and their arguments, including the claim that the fishing industry would be destroyed, were ultimately persuasive. Drilling ceased, yet to be restarted.

When judges set policy

Environmental policy set by judges can thrill lawyers but confound everyone else. This, of course, explains the energetic litigiousness of environmental groups unable to work their will politically.

Watching Government: Reforming Indian oil valuation

The US Department of the Interior has proposed regulations for valuing crude oil produced on American Indian leases. The rules would offer greater simplicity, certainty, and clarity in Indian oil valuation and could boost Indian Country royalties by $20 million/year, DOI said on June 18.

Barrasso questions purpose of Senate Energy panel's Keystone vote

As he announced his support for it, US Sen. John A. Barrasso (R-Wyo.) said the Energy and Natural Resources Committee's vote on Chairwoman Mary L. Landrieu's (D-La.) bill to bypass the White House and approve the Keystone XL crude oil pipeline "seems more like a cheerleading exercise than a meaningful effort to get Keystone built."

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