Price pressure on oil exporting countries mounting, Senate panel told

Economic pressure on crude oil exporting countries is likely to increase if prices remain depressed, two economists told the US Senate Foreign Relations Committee. The US and other major consuming nations will need to consider possible policy adjustments before significant problems developed, they said on Mar. 2. Source: News

Economist: Industry ‘bloodletting’ to continue in Texas

Dramatic decreases in Texas upstream oil and gas industry economic indicators—even crude oil production—suggest a continued “bloodletting” in 2016, an economist indicated this week. Source: News

Murkowski: Latest CRS analysis raises key oil tax questions

A new Congressional Research Service (CRS) report examines eight important questions about US President Barack Obama’s proposed crude oil tax, US Senate Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alas.) said as she released a third CRS study following the president’s initial announcement. Source: News

Det norske adds seven NCS licenses

Det norske oljeselskap ASA has agreed to acquire Noreco Norway AS’s Norwegian license portfolio, including a $5-million cash balance. The deal is effective Jan. 1. Source: News

Lukoil, Bashneft JV begins exploration drilling on Yuzhno-Visovaya prospect

Vostok NAO, a 50-50 joint venture of PJSC Lukoil and PJSOC Bashneft, has begun drilling exploration well No. 1 on the Yuzhno-Visovaya prospect on the Severo-Yareyyaginsky block of the Nenets Autonomous District. The target depth of the well is 4,000 m. Source: News

Eni group installs Zubair treatment plants

The group led by Eni redeveloping supergiant Zubair oil field in southern Iraq has completed three new oil, gas, and water treatment plants. Source: News