More Oil & Gas News

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."

Supreme Court ruling mixed on GHG regulation

The US Supreme Court has asserted limits to the Environmental Protection Agency's authority to regulate greenhouse gases (GHGs) specifically but approved limitation of GHG emissions from plants subject to control of other pollutants covered by the Clean Air Act.

Starfish start-up could ease Trinidad and Tobago’s tight gas supplies

Trinidad and Tobago’s tight natural gas supply could be eased within the next 4 months with the startup of 300 MMscfd of gas from BG Group’s Starfish development. BG Group said the project, which involves the drilling of four subsea wells and a 10-km subsea tieback to the Dolphin A platform, is on schedule for this year’s fourth quarter.

QEP Resources moves ahead with midstream spinoff

QEP Resources Inc., Denver, has filed a Form 10 registration statement for the tax-free spinoff of wholly owned, midstream subsidiary QEP Field Services Co. (QEPFS) into a separate publicly traded company to be named Entrada Midstream Inc.

MARKET WATCH: Oil, gas futures prices continue to wane after hitting highs

Oil and natural gas futures prices continued to wane after hitting highs earlier in the week.

Jupiter to acquire Bighorn assets from Encana for $1.8 billion

Jupiter Resources Inc., Calgary, has signed an agreement with Encana Corp. to acquire the firm’s Bighorn assets in Alberta for $1.8 billion, effective May 1.

EIA: Fuel economy standards to cut gasoline use through 2040

More-stringent vehicle fuel economy standards will contribute to a decline in gasoline consumption through 2040, the US Energy Information Administration projected in the reference case in its Annual Energy Outlook 2014.

MARKET WATCH: US light, sweet crude narrows price gap with Brent

Crude oil prices on the New York market briefly declined in trading June 25 after a weekly government report showed an unexpected gain in US crude oil inventories, but oil prices rebounded before the closing, which analysts attributed in part to refineries running at higher capacity than anticipated.

ICF: US needs ethane export capacity to sustain shale gas boom

Greater investment in infrastructure is needed to ensure that rising NGL production in the US can reach international markets. Without it, a glut will form, placing downward pressure on prices and eroding the economics of shale gas drilling.

Gazprom, OMV to complete Austrian South Stream leg by 2016

OAO Gazprom and OMV AG signed a shareholders’ agreement for South Stream Austria GMBH, completing the final investment decision for the natural gas pipeline’s Austrian section with an eye on commissioning in late 2016.

DOC authorizes EPP, Pioneer to export condensate

Two companies have received authorization from the US Department of Commerce to sell condensate to buyers outside the US, and analysts expect the sales—probably involving condensate from the Eagle Ford in South Texas—could begin in August.

Durrant named chief executive officer of Premier Oil

Premier Oil PLC has appointed Tony Durrant as chief executive officer, effective immediately. He succeeds Simon Lockett, who served in the role since 2005.

MARKET WATCH: Brent crude prices continue to rise on Iraqi insurgency

Crude oil futures prices on the New York market fell modestly on June 24 awaiting weekly inventory numbers while crude oil prices rose again on the London market, which analysts attributed to ongoing instability in Iraq.

Lukoil to acquire interest in Etinde offshore Cameroon

OAO Lukoil plans to acquire 37.5% interest in the Etinde production sharing agreement offshore Cameroon from Bowleven PLC.

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