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MARKET WATCH: Oil futures drop slightly in mixed July 1 energy market

Crude oil prices for August delivery fell marginally on the New York market July 1 while other energy commodity prices were mixed upon what analysts called easing short-term worries over Iraqi oil supply and as US market participants awaited a weekly government inventory report.

Fatal gas line blast in India investigated

GAIL (India) Ltd. and the Indian government are investigating a natural gas pipeline explosion that killed 19 persons and injured 19 in the village of Nagaram near a gas collection station in Tatipaka in Andhra Pradesh, India. The cause hasn’t been determined.

EIA: Texas, N. Dakota provided nearly half of US crude production in April

Crude oil production in the US during April totaled 8.4 million b/d, with Texas and North Dakota accounting for 4 million b/d, according to data from the US Energy Information Administration's Petroleum Supply Monthly Report.

Hawkwood acquires East Texas interests

Hawkwood Energy LLC, Denver, has entered the Eagle Ford and Woodbine plays of East Texas with two acquisitions.

Premier sells interest in Indonesian block

Premier Oil PLC, London, has sold the wholly owned subsidiary that holds a 41.67% equity interest in Block A, Aceh Province, in North Sumatra, Indonesia, to KrisEnergy Asia Holdings BV for after-tax consideration of $40 million plus working capital adjustments.

OMV completes sale of Bayernoil interest

OMV AG has closed the sale of its 45% interest in the Bayernoil refining complex near Ingolstadt, Germany, and related businesses to Varo Energy BV.

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.

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