Report estimates losses if US adopts ‘keep-it-in-the-ground’ policy

It would cost the US an estimated $11.3 billion/year of royalties, 380,000 jobs, and $70 billion/year of gross domestic product if proposals to stop oil, natural gas, and coal extraction from federal lands and offshore water were adopted, the US Chamber of Commerce’s Institute for 21st Century Energy said in a recent report. Source: […]

Fire hits Rompetrol Rafinare Petromidia refinery

Rompetrol Rafinare SA, a subsidiary of Kazakhstan’s state-owned KazMunayGas, is investigating a fire that broke out at a major processing unit of its 5 million-tonne/year Petromidia refinery in Navodari, Romania, on the Black Sea. Source: News

MARKET WATCH: NYMEX oil price drops more than $1/bbl on inventory gain

The light, sweet crude oil price for October delivery dropped by more than $1 to settle under $47/bbl on the New York market Aug. 24 after the weekly US oil and product inventory report showed crude oil supplies rose 2.5 million bbl. Source: News

Casey, Warner assume new EVP roles at Tesoro

Keith Casey has been appointed Tesoro Corp. executive vice-president, marketing and commercial, while CJ Warner has been named executive vice-president, operations. Source: News

Western Gulf of Mexico lease sale activity continues to dwindle

Results published by the US Bureau of Ocean Energy Management (BOEM) indicate a new low in industry interest for western Gulf of Mexico lease sales. Just three firms submitted 24 bids on 24 blocks in Lease Sale 248 on Aug. 24, BOEM reported from the event in New Orleans. Bids totaled $18 million. Source: […]