DOI removes Virginia lease sale from proposed 2017-22 OCS plan

The US Department of the Interior announced its proposed 2017-21 US Outer Continental Shelf oil and gas program, which deleted a planned 2021 lease sale offshore Virginia. Officials said this was largely in response to US military and public concerns that were much stronger this time than 5 years earlier. Source: News


Niko Resources agrees on plan with lenders to maintain core assets

Niko Resources Ltd., Calgary, has agreed with various institutional lenders and noteholders on a plan that would allow Niko to maintain its core assets for at least 2 years until values can potentially be enhanced. Source: News


India misses oil, gas production targets

India’s public upstream companies missed targets for crude oil and natural gas production in recent years, according to India’s Press Information Bureau. Source: News


Tap Oil to make cuts to operations, jobs

Tap Oil Ltd., Perth, reported it plans to axe jobs and operations so it can meet its restructured debt repayment commitments. Source: News


MARKET WATCH: New York, London oil prices tumble on oversupply concerns

Crude oil prices tumbled more than $1 on the New York market to settle at just above $37/bbl on Mar. 14 following news reports that Iranian Oil Minister Bijan Zanganeh said his nation would not participate in an oil production freeze until Iran’s production reaches 4 million b/d. Source: News


Hofmeister named chairman of Erin Energy

John Hofmeister has been appointed chairman of Houston-based Erin Energy Corp. He previously served as president of Shell Oil Co. from 2005 to 2008. Source: News