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NGSA asks Congress to pass bills facilitating LNG exports

The Natural Gas Supply Association called on Congress to support legislation that would facilitate more LNG exports. “Exporting LNG overseas will have broad economic benefits by flowing money back into the US economy and creating American jobs,” NGSA Pres. Skip Horvath said.

IHS: Western sanctions indirectly could hinder Russian oil, gas revenues

Western sanctions imposed against Russian government officials and business executives regarding Russia’s conflict with Ukraine could slow the availability of capital for Russian oil and gas companies trying to launch major new projects, IHS said.

US, European energy leaders to discuss gas diversification measures

Top US government energy officials and their counterparts from other G7 nations will meet early next week to discuss reducing Europe’s heavy reliance on Russian natural gas, US President Barack Obama and two major European Union officials announced on Mar. 26.

EIA: Cushing inventories down 32% over the last 2 months

According to the US Energy Information Administration, crude oil inventories at Cushing, Okla., the primary crude oil storage location in the US, decreased 13 million bbl (-32%) over the last 2 months.

MARKET WATCH: NYMEX oil climbs back above $100/bbl

Crude oil futures on the New York market climbed above $100/bbl for the first time in a week on Mar. 26. The momentum continued in early Mar. 27 trading as two US government agencies issued positive economic indicators that could mean higher oil demand, analysts said.

EPA leads investigation of crude discharge at BP Whiting refinery

The US Environmental Protection Agency took formal charge of investigation and cleanup efforts after an undetermined amount of crude oil spilled into Lake Michigan from BP PLC’s Whiting, Ind., refinery.

EIA: China exceeds US as the largest net petroleum importer

In September 2013, China’s net imports of petroleum and other liquids exceeded those of the US on a monthly basis, making it the world’s largest net importer of crude oil and other liquids, according to the US Energy Information Administration.

EIA: Tight oil production pushes US supply to more than 10% of world’s total

US tight oil production averaged 3.22 million b/d in the fourth quarter of 2013, pushing overall US crude oil production to more than 10% of the world’s total production, up from 9% in fourth-quarter 2012, according to the US Energy Information Administration.

MARKET WATCH: NYMEX oil futures drop with HSC partially reopened

Crude oil prices fluctuated but ended the New York trading session down modestly Mar. 25 after the US Coast Guard reopened the Houston Ship Channel to limited traffic during daylight hours while cleanup efforts continue on an oil spill off Texas City, Tex.

Total, InterOil close Papua New Guinea deal

InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licence 15 (PRL15) in the eastern highlands of Papua New Guinea.

LNG exports’ immediate geopolitical impacts limited, senators told

Direct geopolitical impacts from the US authorizing LNG exports more quickly would be limited, witnesses told a US Senate committee. But global market consequences could be substantial because it would send a definite signal that the country is committed to becoming a major player, which potentially could accelerate changes indirectly, they added.

WoodMac: US tight-oil market ‘too robust to bust’

A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of the ways the North American tight-oil boom could go bust, according to a recent analysis from Wood Mackenzie.

Gorder named Valero chief executive officer

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As part of the transition, the company is changing its name to Escalera Resources Co., also effective Apr. 1.

MOL closes purchase of North Sea assets from Wintershall

MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in the North Sea for $375 million.

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