Santos Ltd., Adelaide, has completed the sale of its 35% interest in Kipper gas-condensate field in offshore Gippsland basin to Mitsui E&P Australia for $520 million (Aus.). Source: News

Statoil ASA has terminated its contract with COSL Offshore Management AS for the COSL Innovator mobile drilling rig, which has been operating in Troll field west of Bergen in the North Sea. Source: News

Light, sweet crude oil prices for April delivery on the New York market climbed $1.35 to settle at nearly $36/bbl on Mar. 4, marking a third consecutive week for price gains. The number of active US oil rigs dropped to the lowest level since 2009. Source: News

Geochemical analysis suggests that the Barnett shale is the source rock for the large majority of producible hydrocarbons in the Fort Worth basin, but there is the possibility that other strata may have also contributed. Source: News

Ali Al-Naimi, Saudi Arabia minister of petroleum and mineral resources, remains “optimistic” that the world oil market will rebalance supply with demand, and therefore usher in higher oil prices. Source: News

Oil prices and the stock market have moved in close alignment recently, drawing much attention from the financial press. Source: News

A decade after forecasts of increased construction of LNG import terminals in the US, the first LNG export shipment of this century from the Lower 48 departed Sabine Pass, La., last month for Brazil. Source: News