More Oil & Gas News

Shell submits revisions to its 2015 Chukchi Sea exploration plan

Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. The step was necessary to preserve the option to drill its Chukchi Sea leases in 2015, but should not be seen as a final decision to drill next summer, he told OGJ in an Aug. 29 e-mail.

BLM announces California oil, gas strategy as CCST issues report

The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiving an independent review of well stimulation technologies it asked the California Council on Science and Technology (CCST) to conduct in September 2013.

MARKET WATCH: Crude oil futures end trading session higher in New York

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US since 2010, according to data from the US Energy Information Administration. The average price at the pump is now 25¢/gal lower than it was at the end of June.

India’s ONGC to invest in Daman development in Arabian Sea

India’s Oil & Natural Gas Corp. will invest $864.5 million to enhance natural gas and condensate production from its Tapti Daman block in the Arabian Sea.

Nexen boosts CNOOC’s first-half production

Nexen Energy ULC contributed 36.3 million boe during this year’s first half to CNOOC Ltd.’s total net oil and gas production of 211.6 million boe, a 6.8% year-over-year increase, the company reported. In comparison, Nexen produced 24.8 million boe in its first few months under CNOOC control during last year’s first half.

California lawmakers pass in-state gas system methane emissions bill

The California Senate passed a bill aimed at curbing methane emissions from intrastate natural gas pipelines and local distribution systems. SB 1371, which was approved by 23 to 11 votes on Aug. 27, passed the state’s Assembly a day earlier by 57 to 20 votes. It now heads to the desk of Gov. Jerry Brown (D) for final action.

Fitch: Drilling downturn might prompt some consolidation

A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at favorable prices, Fitch Ratings of Chicago said in a recent research note, adding that master limited partnerships (MLPs) in particular can provide financial flexibility.

MARKET WATCH: NYMEX, Brent oil futures rise on Russia-Ukraine conflict

Crude oil prices rose slightly on the New York and London markets Aug. 27 as international oil traders watched what appears to be an escalating conflict between Russia and Ukraine.

European refiner squeeze seen in W. African crude changes

European refining is pivotal in “a second wave of structural changes” pummeling West African (WAF) crude oil prices in response to growing production of light oil in North America, notes a report from the Oxford Institute for Energy Studies, London.

WoodMac: Norway’s 10 billion bbl of undeveloped resources could net $106 billion

Norway holds 10 billion boe of discovered but undeveloped natural resources, of which 60% could be commercialized and potentially add $106 billion to the country’s revenues, Wood Mackenzie reported in its latest upstream estimates released Aug. 26 at the Offshore Northern Seas conference in Stavanger.

Verma named managing director at India’s ONGC Videsh

India’s ONGC Videsh Ltd. has named Narendra Verma its managing director. Verma’s previous positions include director of exploration of Maharatna ONGC and director of exploration for ONGC Videsh.

CNRL files OSCA application with AER for Grouse oil sands project

Canadian Natural Resources Ltd. has submitted an Oil Sands Conservation Act application with Alberta Energy Regulator for its Grouse steam-assisted gravity drainage (SAGD) project.

MARKET WATCH: NYMEX prices climb ahead of US oil supply drop

Crude oil prices rose modestly on the New York market Aug. 26 ahead of the weekly government oil inventory report while analysts correctly anticipated a drop in US oil and product supplies although the statistics showed a bigger decline than expected.

ExxonMobil Pipeline settles charges from 2012 Louisiana spill

Exxon Pipeline Co. agreed to pay more than $1.4 million to resolve federal charges that a 2012 spill from the company’s North Line near Torbert, La., violated the Clean Water Act, the US Department of Justice and Environmental Protection Agency jointly announced.

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