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Beach exits Romania with sale of Block 28 interest

Beach Energy Ltd., Adelaide, reported that its wholly owned subsidiary, Beach Petroleum (CEE) SRL, has transferred its 30% interest in Block 28 Est Cobalcescu to the operator, Petroceltic Romania BV, a wholly owned subsidiary of Petroceltic International PLC, for “nominal consideration.”

MARKET WATCH: NYMEX crude oil prices rebound modestly awaiting inventory report

Crude oil futures for July delivery regained some ground on the New York market June 16 to settle at just under $60/bbl as market participants awaited news from the Federal Reserve and as well as the weekly government inventory numbers on US crude oil and product supplies.

Petrovietnam acquires Chevron assets in Vietnam

Petrovietnam has acquired Chevron Corp. assets in Vietnam for an undisclosed price. The deal includes a 42.38% operating interest in a production-sharing contract for Blocks B and 48/95, and a 43.4% operating interest in a PSC for Block 52/97, all offshore southwestern Vietnam.

ESAI: Wave of new petroleum product supply yet to materialize

Despite a jump in world petroleum-product demand during the first quarter, product supply underperformed in key Middle Eastern and Latin American countries where refining capacity has risen, according to ESAI Energy LLC’s recently published Global Fuels Outlook.

Salerno considers same-season relief wells basic Arctic offshore tool

US Bureau of Safety and Environmental Enforcement Director Brian Salerno disagreed with oil and gas industry comments that a requirement in proposed regulations for oil and gas operators working offshore Alaska’s north coast be capable of deploying a same-season relief well to control a blowout as unreasonable and impractical.

Shell, BG merger clears US antitrust hurdle

The US Federal Trade Commission (FTC) has granted early termination for the US antitrust waiting period for the $70-billion merger of Royal Dutch Shell PLC and BG Group PLC.

Statoil to trim up to 2,025 jobs by yearend 2016

Statoil ASA reported a “next phase” of workforce reductions affecting as many as 1,500 employees and 525 consultants in the next 18 months.

Poor BIA management has hindered tribal energy development, GAO says

The US Bureau of Indian Affairs does not have data it needs to verify ownership of some Indian oil and gas resources, easily identify resources available for lease, or identify where leases are in effect, the Government Accountability Office said.

MARKET WATCH: NYMEX oil prices edge up on tropical storm threat in gulf

Crude oil futures for July delivery dropped modestly on the New York market June 15 to remain below $60/bbl, but prices were edging up again in early trading June 16 as Tropical Storm Bill developed in the Gulf of Mexico and headed toward Texas.

US crude export debate increasingly geopolitical, EIA conference told

The ongoing debate over whether more US crude oil exports should be authorized has more in common with conditions in the 1980s when supplies were ample and prices were low than the 1970s when supplies were tight and prices were high, a leading market observer said.

Merged Houston oil and gas firm skips interest payment

Sabine Oil & Gas Corp., Houston, which drills for oil and gas in Texas and Louisiana, has decided to skip a $21 million interest payment and enter a 30-day grace period to either make the payment or slip into a debt default.

Cairn India to merge with Vedanta

Cairn India Ltd. plans to merge with Vedanta Ltd. in a transaction expected to close in early 2016.

Recognize industry know-how in US Arctic policies, API officials urge

US Arctic oil and gas policies should recognize the industry’s extensive global Far North experience and technology, American Petroleum Institute officials said. “If we don’t use this knowledge, other Arctic nations will move to the forefront of energy development there,” API Upstream Operations Director Erik Milito told reporters at a June 12 briefing.

MARKET WATCH: NYMEX crude oil prices drop below $60/bbl

Crude oil futures for July delivery fell to less than $60/bbl on the New York market June 12 after trading in a tight range pivoting around $60/bbl recently. A tropical weather system developing in the Gulf of Mexico could influence energy prices this week.

Political, technical problems seen for energy-subsidy reform

Fossil-energy subsidies receive more talk than action, too much of it politically opportunistic.

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